Forensic Analysis · Consumer Staples / Food & Beverage · as of Jun 28, 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
2.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-16.8%
ROE
$336M
Market cap
9.50%
Dividend yield
B&G Foods, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.1, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.3%/yrShare-count dilution.Diluted share count changed +13% over the last 4 years to FY2026 (+3.3%/yr). The count is GROWING — existing holders are being diluted. That's ~3.3% 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 FY2022 has been diluted ~13%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 19% of free cash flow in FY2026 — about $0.17 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$71MGoodwill impairments.Took $71M of goodwill writedowns across 1 year(s) (FY2024 ($71M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-58%Dividend — cut.The payout was CUT ~58% in FY2023 (from FY2022). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-2.4%
Debt / Equity4.31x
Free Cash Flow$70.7M
Latest Revenue$1.83B
Return on Equity-9.6%
Revenue Growth YoY-5.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on B&G Foods, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BGS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown