CAGCONAGRA BRANDS INC.

Food And Kindred Products

Revenue: $11.3B; 2.9% YoY
Operating margin: -14.4%; 223% YoY
EBITDA: −$1.2B; 170% YoY
Market cap: $7.0B
Employees: 17,400; $648K revenue each
Net debt / EBITDA: —; $7.4B net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
46% of assets
Over 40% of assets
Shareholder dissentYes
51% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$648K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$896K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$11.5B	$12.3B	$12.1B	$11.6B	$11.3B	2.9%
Operating income	$1.6B	$1.1B	$853M	$1.4B	−$1.6B	219%
Net income	$888M	$683M	$348M	$1.2B	−$1.9B	266%
Operating cash flow	$1.2B	$995M	$2.0B	$1.7B	$1.4B	17%
Capex	$464M	$362M	$388M	$389M	$423M	8.8%
Stock-based comp	$26M	$79M	$31M	$42M	$55M	32%
Buybacks	$50M	$150M	—	$64M	$15M	76%
Dividends	$582M	$624M	$659M	$669M	$670M	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 3
Open-market sells, 12 mo: $224K · 1
Net: $896K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$14M	$5M	45	88
FY2025	$13M	−$2M	70	95
FY2024	$24M	$7M	90	104
FY2023	$19M	$31M	98	116
FY2022	$12M	−$897K	90	105