At a glance
ConAgra Foods Inc is worth $6.65B. Revenue fell 2.9% to $11.28B in fiscal 2026, at a loss; over 5 years it has grown 0.2% a year. It pays a 8.84% dividend yield, and returned $3.48B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −17.0% over the past year with dividends reinvested and −11.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.2% in the 2020 crash (S&P 500: 33.7%) and 16.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The business in plain English
Conagra Brands is a Chicago-based packaged food company that calls itself one of North America's leading branded food makers. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim and Angie's BOOMCHICKAPOP. It also sells some products under licensed names such as P.F. Chang's, Bertolli, Wendy's and Libby's. The company began as a Midwestern flour miller and was first incorporated in 1919.
Conagra turns raw materials, most of them commodities, into branded food. It sells directly and through distributors to grocery chains, club stores, convenience stores and drugstores, and to online retailers. It also sells to foodservice customers such as restaurants, schools and health care facilities. Walmart and its affiliates accounted for about 29% of net sales in fiscal 2026, which ended May 31, 2026.
Revenue for fiscal 2026 was $11.3 billion. Refrigerated & Frozen, which sells temperature-controlled foods in US stores, brought in 41.1%. Grocery & Snacks, the shelf-stable US business (foods that need no refrigeration), added 40.9%. Foodservice contributed 9.9%. It supplies meals, sauces and custom-made products to restaurants. International, which covers sales outside the United States, made up 8.1%. Frozen food was the largest product group, at 34.7% of sales. Conagra also owns part of Ardent Mills, a milling joint venture (a business it owns together with partners).
Price history
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CAG -17.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Frozen | $3.92B | 34.7% |
| Other Shelf Stable | $2.38B | 21.1% |
| Snacks | $2.23B | 19.7% |
| Foodservice | $1.12B | 9.9% |
| International | $913.9M | 8.1% |
| Refrigerated | $725.1M | 6.4% |
By business segment
| Refrigerated And Frozen | $4.64B | 41.1% |
| Grocery And Snacks | $4.61B | 40.9% |
| Foodservice | $1.12B | 9.9% |
| International | $913.9M | 8.1% |
Latest results
- In Q1 FY2027 (ended Aug 30, 2026), revenue was $2.60B, down 1.4% from a year earlier, and net income was $174.3M (+6.0%).
- For fiscal 2026, revenue was $11.28B (-2.9% year over year; +0.2% a year from FY2021 to FY2026) with a -17% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +0.2% watch |
|---|---|
| Operating margin | -14.4% weak |
| Free cash flow margin | 8.7% watch |
| Return on equity (FY2026) | -30.1% weak |
| Return on assets (FY2026) | -11.1% weak |
| Net cash (cash minus debt) | $-7.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $11.18B | $1.30B | $961.7M |
| FY2022 | $11.54B | $888.2M | $712.9M |
| FY2023 | $12.28B | $683.6M | $633.2M |
| FY2024 | $12.05B | $347.2M | $1.63B |
| FY2025 | $11.61B | $1.15B | $1.30B |
| FY2026 | $11.28B | $-1.92B | $978.7M |
Valuation snapshot
| Market value | $6.65B |
|---|---|
| P/E ratio | — |
| Dividend yield | 8.84% |
Rank among 1514 US companies
Market value at each year end
ConAgra Foods’s market value went from $17.21B at the end of 2016 to $6.65B on Oct 28, 2026, down 61%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.65B | -19.7% |
| 2025 | $8.28B | -37.5% |
| 2024 | $13.25B | -3.3% |
| 2023 | $13.70B | -25.7% |
| 2022 | $18.45B | +12.6% |
| 2021 | $16.38B | -7.5% |
| 2020 | $17.72B | +6.3% |
| 2019 | $16.67B | +60.7% |
| 2018 | $10.37B | -31.3% |
| 2017 | $15.09B | -12.3% |
| 2016 | $17.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CAG price data to Oct 28, 2026 | -15.0% | -17.0% | -15.0% | -11.3% | -5.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.0% |
| 2025 | -33.4% |
| 2024 | +1.4% |
| 2023 | -22.8% |
| 2022 | +17.5% |
| 2021 | -2.5% |
| 2020 | +8.7% |
| 2019 | +65.5% |
| 2018 | -42.0% |
| 2017 | -2.6% |
| 2016 | +25.6% |
| 2015 | +19.2% |
| 2014 | +11.1% |
| 2013 | +17.6% |
| 2012 | +16.5% |
| 2011 | +21.4% |
| 2010 | +1.5% |
| 2009 | +45.4% |
| 2008 | -28.1% |
| 2007 | -9.3% |
| 2006 | +37.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.5% over that stretch · deepest drop along the way 44.8%, back to its old high 14.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.6% over that stretch · deepest drop along the way 19.2%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.3% over that stretch · deepest drop along the way 16.4%, back to its old high 1.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($511K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 17, 2026 | John P Brase President and CEO, Director | buy | $511K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.15% | Jun 30, 2026 |
| Vanguard Capital Management | 5.28% | Jun 30, 2026 |
| STATE STREET CORPORATION | 3.5% | Jun 30, 2026 |
ETFs with the most weight in CAG
| WBIY WBI Power Factor High Dividend ETF | 4.65% |
| FTXG First Trust Nasdaq Food & Beverage ETF | 3.91% |
| BAMD Brookstone Dividend Stock ETF | 3.6% |
| MDPL Monarch Dividend Plus ETF | 3.16% |
| RSPS Invesco S&P 500 Equal Weight Consumer Staples ETF | 2.64% |
| SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 2.32% |
| UPGD Invesco Bloomberg Analyst Rating Improvers ETF | 2.31% |
| SPDV AAM S&P 500 High Dividend Value ETF | 2.19% |
What could go wrong
- One retailer brings in 29% of sales. Walmart and its affiliates accounted for about 29% of net sales in fiscal 2026. A weaker relationship, or pressure from big retailers on prices and terms, could cut revenue and profits.
- Tariffs and commodity costs squeeze margins. Most raw materials are commodities. Tariffs have already raised costs for ingredients and packaging, including the tinplate steel used for cans. Price increases and cost cuts may not offset this fully or quickly.
- Large debt load, little cash. As of August 30, 2026, Conagra had about $7.8 billion of debt and $372 million of cash. That debt could limit investment and leave less for dividends. Refinancing could also cost more if rates rise.
- Shoppers trading down to cheaper brands. In tough times, shoppers may switch to store brands or cheaper options, or skip purchases. That hurts sales of higher-margin products. Conagra also competes with larger rivals and must keep up with changing tastes.
- Writedowns of brand and goodwill values. Goodwill (the premium paid for acquired businesses) and brand values sit on Conagra's books. If brands underperform, writedowns could cut reported earnings and net worth, even though no cash leaves the company.
- Recalls and labeling claims. Conagra has faced product recalls and product liability and labeling claims before. Another recall or lawsuit could bring costs, lost sales and damage to brands that depend on shopper trust.
Recent events
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Executive or board change
- Quarterly results released
- Executive or board change
- Bylaws or fiscal year changed
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Conagra has no streak of dividend increases. Dividends per share rose from $1.04 in fiscal 2021 to $1.40 in fiscal 2024, then stayed at $1.40 through fiscal 2026. Fiscal 2026 brought a loss of $4.00 per share, so earnings did not cover the dividend. Dividends did use only 68.4% of free cash flow (cash left after capital spending). The yield was 8.84% as of October 28, 2026, pushed up by a 45% share price fall over five years. Share repurchases were small: $279 million over fiscal 2022–2026, versus $3.2 billion in dividends.
In the 2008 financial crisis the shares fell 44.8% and recovered 14 months after bottoming. In the 2020 COVID crash they dropped 19.2% and recovered within weeks. In the 2022 bear market they dipped 16.4% but ended the period 1.3% higher. The latest slump is deeper: a 56.7% maximum decline over the three years to October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Conagra Brands make money?
Conagra makes money by selling branded packaged food, mostly through US stores. In the fiscal year ended May 31, 2026, revenue was $11.3 billion. Refrigerated & Frozen brought in 41.1% and shelf-stable Grocery & Snacks 40.9%. Foodservice, which sells to restaurants and similar outlets, added 9.9%. International, which covers sales outside the United States, added 8.1%. Brands include Birds Eye, Healthy Choice, Marie Callender's, Duncan Hines and Slim Jim. Walmart alone accounted for about 29% of net sales.
Does Conagra raise its dividend every year?
No. Conagra paid $1.40 per share in each of fiscal 2024, 2025 and 2026, so it has no running streak of increases. Before the pause, the dividend grew from about $1.04 per share in fiscal 2021 to $1.25 in fiscal 2022, $1.32 in fiscal 2023 and $1.40 in fiscal 2024. From fiscal 2021 to 2026 that averages 6.2% growth a year, but the raises stopped after fiscal 2024.
Why is Conagra's dividend yield so high?
Mainly because the share price has fallen while the dividend held steady. The yield is the yearly dividend divided by the share price. It was 8.84% as of October 28, 2026. By that date the shares were down 17% over one year and 45% over five years. Very high yields can reflect market doubts about a payout. In fiscal 2026 Conagra reported a net loss, though dividends used 68.4% of its free cash flow (cash left after capital spending).
Is Conagra Brands profitable?
Not on a reported basis in its latest full year. For the fiscal year ended May 31, 2026, Conagra posted a net loss of $1.9 billion, or $4.00 per diluted share. The year before, it earned $1.15 billion. Revenue fell 2.9% to $11.3 billion. The business still produced $979 million of free cash flow. In the quarter ended August 30, 2026, Conagra earned $174 million, up 6% from a year earlier, even though revenue fell 1.4%.
How much debt does Conagra Brands have?
About $7.8 billion as of August 30, 2026, against $372 million of cash and investments. That leaves net debt (debt minus cash) of roughly $7.4 billion. For comparison, shareholders' equity was $6.4 billion. The company's stock market value was about $6.6 billion as of October 28, 2026. Conagra's annual report warns that its debt may limit the cash available to run the business and to return money to shareholders.