Conagra Brands, Inc. (CAG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+17.2%

$17.13

vs $14.61 price

Levered DCF

$58.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-3.28×	9.5×	41.48×	24.36×	17.92×	14.27×	20.19×	18.84×
P/B	0.99×	1.23×	1.72×	1.91×	1.81×	2.16×	2.15×	1.73×
P/S	0.56×	0.94×	1.2×	1.36×	1.38×	1.65×	1.53×	1.34×
EV / EBITDA	-12.75×	9.64×	15.91×	15.43×	12.92×	12.44×	14.23×	14.95×
Gross margin	23.9%	25.9%	27.7%	26.6%	24.6%	28.4%	27.8%	27.8%
Operating margin	-14.4%	11.8%	7.1%	8.8%	11.7%	15.9%	13.1%	12.4%
Net margin	-17.0%	9.9%	2.9%	5.6%	7.7%	11.6%	7.6%	7.1%
Current ratio	0.9×	0.71×	0.97×	0.76×	0.86×	0.82×	0.88×	1.28×
Debt / equity	1.14×	0.9×	1.02×	1.08×	1.04×	1.07×	1.26×	1.45×
Interest coverage	-4.26×	3.27×	1.96×	2.6×	3.52×	4.21×	2.95×	2.96×
Dividend yield	10.7%	6.1%	4.5%	3.7%	3.7%	2.6%	2.4%	2.8%
Payout ratio	-34.9%	58.1%	189.9%	91.3%	65.5%	36.5%	49.2%	52.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-30.1%	12.9%	4.1%	7.8%	10.1%	15.2%	10.7%	9.2%
Return on invested capital	-10.9%	7.4%	2.6%	4.1%	5.1%	7.9%	5.9%	4.4%
Return on assets	-11.1%	5.5%	1.7%	3.1%	4.0%	5.9%	3.8%	3.1%
Free cash flow yield	15.6%	11.9%	11.2%	3.8%	4.5%	5.2%	8.7%	6.0%
Earnings yield	-30.5%	10.5%	2.4%	4.1%	5.6%	7.0%	5.0%	5.3%
Enterprise value	$13.3B	$18.9B	$23B	$26B	$25B	$27.6B	$26.3B	$23.2B
Net debt / EBITDA	-6.74×	4.07×	5.9×	5.53×	4.7×	4.1×	5.08×	6.72×
Cash conversion cycle (days)	38	44	47	56	32	28	22	47