Forensic Analysis · Packaged Foods · as of Nov 10, 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

-25.1%

ROE

-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 (auditor quality, say on pay, board independence, going concern). 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. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-8.0%

FY2026

Return on invested capital. Return on invested capital is -8.0% in the latest fiscal year, against 3.2% in FY2024, having run between -8.0% and 7.0% across FY2024–FY2026 with no direction held. After-tax operating profit was $554M in FY2024 and ($1.3B) in FY2026, with operating income at 7.1% of revenue in FY2024, 11.8% in FY2025 and -14.4% in FY2026. The capital base behind it went from $17.6B in FY2024 to $16.1B in FY2026 (-8%), while the revenue it carried went from $12.1B to $11.3B. FY2024's operating profit carried a $999M asset write-down and a $526M goodwill write-off that took about 5.6 points off that year's return, and FY2026's carried a $3.0B asset write-down and a $2.4B goodwill write-off that took about 26.1 points off the latest; so, net of each other, the two charges take about 20.5 points off the -11.2-point change across FY2024–FY2026. A non-cash write-down lowers the reported return in the year it lands.

$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-25.1%

Debt / Equity1.14x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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