CPBCAMPBELL'S Co

Food And Kindred Products

Revenue: $9.7B; 5.0% YoY
Operating margin: 8.7%; 20% YoY
EBITDA: $1.3B; 19% YoY
Market cap: $6.4B
Employees: —
Net debt / EBITDA: 5.3×; $6.7B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
257% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
48% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$390K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$8.6B	$9.4B	$9.6B	$10.3B	$9.7B	5.0%
Operating income	$1.2B	$1.3B	$1.0B	$1.1B	$852M	24%
Net income	$757M	$858M	$567M	$602M	$405M	33%
Operating cash flow	$1.2B	$1.1B	$1.2B	$1.1B	$1.0B	8.1%
Capex	$242M	$370M	$517M	$426M	$361M	15%
Stock-based comp	$59M	$63M	$99M	$57M	$56M	1.8%
Buybacks	$167M	$142M	$67M	$62M	$26M	58%
Dividends	$451M	$447M	$445M	$459M	$470M	2.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 7, 2020	Third Point LLC	SC 13D/A	4.1%	Passive
Sep 4, 2019	Third Point LLC	SC 13D/A	5.7%	Passive

Insider trading

Open-market buys, 12 mo: $6K · 3
Open-market sells, 12 mo: $397K · 2
Net: −$390K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	61	95
FY2025	—	—	85	100
FY2024	—	—	118	106
FY2023	—	—	113	119
FY2022	—	—	117	113