Forensic Analysis · Consumer Staples / Food & Beverage · as of Sep 24, 2026
B&G Foods, Inc. (BGS)
A forensic read on B&G Foods, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-3.5
P / E (ttm)
-9.6%
ROE
$255M
Market cap
8.09%
Dividend yield
-5.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
B&G Foods, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.0%
FY2025
Return on invested capital.Return on invested capital is 3.0% in the latest fiscal year, against 2% in FY2023, having run between -5.2% and 3.0% across FY2023–FY2025 with no direction held. The capital base behind it came down -20% across FY2023–FY2025, from $3.2B to $2.6B, so this is a return struck on a smaller base rather than a record of money put to work.
+3.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~7%.
0.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.7% of revenue and 19% of free cash flow in FY2025 — about $0.17 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$71M
FY2024–FY2024
Goodwill impairments.Took $71M of goodwill writedowns across 1 year (FY2024 ($71M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.83B
Revenue Growth YoY-5.4%
Revenue CAGR (2yr)-5.8%
Net Margin-2.4%
Free Cash Flow$70.7M
Return on Equity-9.6%
Debt / Equity4.31x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from B&G Foods, Inc.'s actual 10-K/10-Q/8-K filings?