CluenexConagra Brands CAG
Conagra Brands scores weak on business quality (3.1 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Conagra Brands does
Conagra Brands manufactures and sells packaged food products, including frozen meals, snacks, and condiments, generating revenue primarily through grocery retailers and food service channels. The company is managing declining top-line figures while attempting to stabilize margins through operational adjustments.
- What it does best
Conagra maintains a large frozen food portfolio, but with revenue growth sitting in the bottom quartile at -2.8% and gross margin at 24.0% compared to SJM's 39.2%, its historical scale advantage is currently under intense pressure from competitors.
- The main risk
Net debt stands at $7.05 billion with interest coverage at 3.3x, leaving the balance sheet vulnerable if cash generation continues its downward trend from $1.6B in 2024 to $979 million.
Quality, check by check
Scored against its own industry, from company filings.
Net margin fell to -17.0% alongside a negative ROE of 24.3%, reflecting severe pressure that prevents typical scale-driven margin expansion.
Scale and brand recognition lock grocery retailers into distribution agreements, though sector percentiles show gross margin ranking in the lower half at 28th percentile.
Revenue shrank to $11.3 billion from $12.1 billion in 2024, continuing a clear multi-year deceleration visible across annual filings.
Total debt is $7.27 billion against $218 million in cash, while free cash flow dropped to $979 million, pointing to a softening financial position.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 insider bought $511K on the open market.
Our sealed record on CAG
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Conagra Brands scores weak on the Cluenex quality check (3.1 of 10), measured against its own industry. Profitability is weak, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: 1 insider bought $511K on the open market.
Dec 17, 2026.
See CAG today
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Cite this page: Cluenex, “Conagra Brands (CAG)”, https://cluenex.com/stocks/cag/, data as of Oct 10, 2026.