Forensic Analysis · Consumer Staples / Food & Beverage · as of Sep 24, 2026

Conagra Brands Inc. (CAG)

A forensic read on Conagra Brands 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

Distress

Financial health

0.7

Distress distance

Clean

Earnings quality

Forensic signals

-3.8

P / E (ttm)

-30.1%

ROE

$7.1B

Market cap

4.91%

Dividend yield

-2.9%

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.

Conagra Brands Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-8.8%

FY2026

Return on invested capital. Return on invested capital is -8.8% in the latest fiscal year, against 3% in FY2024, having run between -8.8% and 7.0% across FY2024–FY2026 with no direction held. The capital base behind it came down -17% across FY2024–FY2026, from $17.6B to $14.6B, so this is a return struck on a smaller base rather than a record of money put to work.

-0.1%/yr

FY2024–FY2026

Share count. Diluted share count changed 0% over the last 2 years to FY2026 (-0.1%/yr). Roughly flat — buybacks ($15M) are about offsetting stock comp ($55M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

$2.9B

FY2024–FY2026

Goodwill impairments. Took $2.9B of goodwill writedowns across 2 years (FY2024 ($526M), FY2026 ($2.4B)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$11.28B

Revenue Growth YoY-2.9%

Revenue CAGR (2yr)-3.2%

Net Margin-17.0%

Free Cash Flow$978.7M

Return on Equity-30.1%

Debt / Equity1.14x

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Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.