Forensic Analysis · Consumer Staples / Food & Beverage · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-0.5%
ROE
$6.7B
Market cap
10.89%
Dividend yield
CONAGRA BRANDS INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by goodwill impairments.
What the filings flag
$668MGoodwill impairments.Took $668M of goodwill writedowns across 2 year(s) (FY2023 ($142M), FY2024 ($526M)) — about 31% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
8%Return on invested capital.Return on invested capital is 8% and rising from 6% — around its ~8% cost of capital, so growth is roughly value-neutral — watch the trend.
-0.2%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin9.9%
Debt / Equity0.81x
Free Cash Flow$1.30B
Latest Revenue$11.61B
Return on Equity12.9%
Revenue Growth YoY-3.6%
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 CONAGRA BRANDS INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CAG'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