Latest Ratios: P/E Ratio 5.9x · EV/EBITDA 8.5x · ROE 13.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.9B | $10.7B | $14.5B | $16.7B | $16.0B | $18.6B | $17.0B | $11.9B | $15.1B | $16.8B | $15.5B |
| Enterprise Value | $14.9B | $18.7B | $23.1B | $26.1B | $25.1B | $27.7B | $26.4B | $22.4B | $18.8B | $19.5B | $20.3B |
| P/E Ratio → | 5.95 | 9.29 | 42.06 | 24.54 | 18.02 | 14.32 | 20.23 | 17.61 | 18.72 | 26.40 | — |
| P/S Ratio | 0.59 | 0.92 | 1.21 | 1.36 | 1.39 | 1.66 | 1.54 | 1.25 | 1.90 | 2.15 | 1.79 |
| P/B Ratio | 0.77 | 1.20 | 1.71 | 1.90 | 1.80 | 2.15 | 2.14 | 1.60 | 4.02 | 4.12 | 4.09 |
| P/FCF | 5.26 | 8.23 | 8.93 | 26.45 | 22.42 | 19.33 | 11.54 | 15.44 | 21.49 | 18.00 | 20.22 |
| P/OCF | 4.05 | 6.33 | 7.21 | 16.82 | 13.58 | 12.66 | 9.23 | 10.60 | 15.82 | 14.29 | 12.85 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.91 | 2.12 | 2.17 | 2.48 | 2.39 | 2.35 | 2.37 | 2.50 | 2.34 |
| EV / EBITDA | 8.47 | 10.66 | 18.40 | 18.04 | 14.57 | 12.80 | 14.38 | 14.80 | 15.52 | 17.18 | 29.70 |
| EV / EBIT | 10.89 | 11.88 | 22.05 | 19.82 | 16.07 | 15.11 | 18.08 | 18.33 | 18.11 | 21.05 | 50.00 |
| EV / FCF | — | 14.37 | 14.18 | 41.18 | 35.18 | 28.80 | 17.92 | 28.99 | 26.74 | 20.94 | 26.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9% | 25.9% | 27.7% | 26.6% | 24.6% | 28.4% | 27.8% | 27.8% | 29.6% | 29.9% | 28.0% |
| Operating Margin | 11.8% | 11.8% | 7.1% | 8.8% | 11.7% | 15.9% | 13.1% | 12.4% | 12.0% | 11.1% | 4.7% |
| Net Profit Margin | 9.9% | 9.9% | 2.9% | 5.6% | 7.7% | 11.6% | 7.6% | 7.1% | 10.2% | 8.2% | -7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 4.0% | 7.7% | 10.2% | 15.7% | 10.9% | 12.1% | 20.6% | 16.2% | -16.1% |
| ROA | 5.5% | 5.5% | 1.6% | 3.1% | 4.0% | 5.8% | 3.8% | 4.2% | 7.9% | 5.4% | -4.4% |
| ROIC | 6.0% | 6.0% | 3.6% | 4.5% | 5.7% | 7.6% | 6.2% | 7.0% | 10.0% | 8.5% | 2.9% |
| ROCE | 8.0% | 8.0% | 4.8% | 5.9% | 7.1% | 9.4% | 7.4% | 8.4% | 11.6% | 9.0% | 3.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 1.01 | 1.07 | 1.04 | 1.06 | 1.25 | 1.43 | 1.02 | 0.73 | 1.47 |
| Debt / EBITDA | 4.60 | 4.60 | 6.87 | 6.52 | 5.33 | 4.25 | 5.42 | 7.07 | 3.15 | 2.63 | 8.16 |
| Net Debt / Equity | — | 0.90 | 1.00 | 1.06 | 1.03 | 1.06 | 1.18 | 1.40 | 0.98 | 0.67 | 1.26 |
| Net Debt / EBITDA | 4.56 | 4.56 | 6.81 | 6.45 | 5.28 | 4.21 | 5.12 | 6.92 | 3.05 | 2.41 | 7.00 |
| Debt / FCF | — | 6.14 | 5.24 | 14.73 | 12.76 | 9.47 | 6.38 | 13.54 | 5.25 | 2.94 | 6.23 |
| Interest Coverage | 3.78 | 3.78 | 2.40 | 3.18 | 4.09 | 4.34 | 2.98 | 3.07 | 6.38 | 4.66 | 1.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.97 | 0.76 | 0.86 | 0.82 | 0.88 | 1.28 | 0.83 | 1.17 | 1.41 |
| Quick Ratio | 0.24 | 0.24 | 0.36 | 0.26 | 0.30 | 0.30 | 0.46 | 0.55 | 0.41 | 0.63 | 1.00 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.17 | 0.11 | 0.05 | 0.15 | 0.32 |
| Asset Turnover | — | 0.55 | 0.58 | 0.56 | 0.51 | 0.50 | 0.50 | 0.43 | 0.76 | 0.78 | 0.65 |
| Inventory Turnover | 4.20 | 4.20 | 4.40 | 4.07 | 4.42 | 4.68 | 5.85 | 4.45 | 5.65 | 5.91 | 5.97 |
| Days Sales Outstanding | — | 24.20 | 26.41 | 28.33 | 27.44 | 25.91 | 28.42 | 31.31 | 26.18 | 26.27 | 27.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.8% | 6.2% | 4.5% | 3.7% | 3.6% | 2.6% | 2.4% | 3.0% | 2.3% | 2.5% | 2.8% |
| Payout Ratio | 58.1% | 58.1% | 189.9% | 91.3% | 65.5% | 36.5% | 49.2% | 52.5% | 42.3% | 64.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.8% | 10.8% | 2.4% | 4.1% | 5.6% | 7.0% | 4.9% | 5.7% | 5.3% | 3.8% | — |
| FCF Yield | 19.0% | 12.2% | 11.2% | 3.8% | 4.5% | 5.2% | 8.7% | 6.5% | 4.7% | 5.6% | 4.9% |
| Buyback Yield | 0.9% | 0.6% | 0.0% | 0.9% | 0.3% | 1.6% | 0.0% | 0.0% | 6.4% | 6.0% | 0.0% |
| Total Shareholder Yield | 10.7% | 6.8% | 4.5% | 4.6% | 4.0% | 4.2% | 2.4% | 3.0% | 8.7% | 8.4% | 2.8% |
| Shares Outstanding | — | $478M | $480M | $481M | $482M | $488M | $489M | $446M | $407M | $436M | $439M |
Volume elasticity and leverage
According to current market data, Conagra trades at a P/E of 5.83 and a P/S of 0.58, suggesting that investors are pricing in a permanent decline in earnings power rather than a temporary cyclical downturn compared to the broader packaged food peer group.
The low valuation multiples appear to reflect significant market skepticism regarding the company's ability to return to organic growth. While the 10% dividend yield may attract income-focused investors, the forward P/E of 8.29 implies that the market anticipates continued earnings pressure, potentially due to the high capital intensity of the frozen food segment.
Based on reported figures, Conagra's ROIC has hovered between 1.2% and 2.0% over the last ten quarters, indicating that the company is struggling to generate returns that exceed its cost of capital, a trend that warrants further investigation into its asset allocation strategy.
The consistently low ROIC suggests that the company's heavy investment in the frozen cold chain and past acquisitions may not be yielding the expected operational synergies. Investors should monitor whether management can improve capital efficiency through divestitures or if the current asset base remains a structural drag on long-term value creation.
As reported in recent financial statements, the cash conversion cycle has remained elevated, with days inventory outstanding reaching 89 days in 2026Q3, suggesting that the company faces challenges in optimizing its supply chain and managing inventory levels in a softening demand environment.
The high DIO relative to historical norms indicates potential inefficiencies in managing the frozen product lifecycle, which is particularly sensitive to storage costs. The reliance on extended payables to manage liquidity may provide temporary relief but could signal strained relationships with suppliers if volume declines persist.
Based on the provided data, the interest coverage ratio has fluctuated significantly, dropping to -5.61 in 2026Q2 and recovering to 3.45 in 2026Q3, which highlights the company's vulnerability to earnings volatility and the ongoing pressure of its debt service obligations.
The high D/EBITDA ratio, consistently above 15x in recent periods, suggests that the company's leverage is a significant constraint on its financial flexibility. This level of indebtedness leaves little room for error, making the company highly sensitive to interest rate fluctuations and any further deterioration in operating margins.
Investors frequently misapply the dividend yield as a proxy for safety, yet as reported in recent filings, the company's FCF volatility and thin liquidity buffers suggest that the dividend payout may be less sustainable than the headline yield implies for a defensive consumer stock.
The dividend yield is often used to justify a 'defensive' thesis, but this obscures the underlying cash flow instability and the high capital requirements of the frozen food business. A more appropriate metric for evaluating Conagra's true financial health would be the FCF-to-dividend coverage ratio, which accounts for the company's recurring need to reinvest in its cold-chain infrastructure.
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Quick answers to the most common questions about buying CAG stock.
Conagra Brands, Inc.'s current P/E ratio is 5.9x. The historical average is 18.8x.
Conagra Brands, Inc.'s current EV/EBITDA is 8.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Conagra Brands, Inc.'s return on equity (ROE) is 13.2%. The historical average is 12.5%.
Based on historical data, Conagra Brands, Inc. is trading at a P/E of 5.9x. Compare with industry peers and growth rates for a complete picture.
Conagra Brands, Inc.'s current dividend yield is 9.76% with a payout ratio of 58.1%.
Conagra Brands, Inc. has 25.9% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Conagra Brands, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.