TacticScaleWhat Conagra Brands Does & How It Makes Money (CAG)
Updated October 2026 · reflects Conagra Brands's latest reported financials
Branded U.S. packaged foods maker of frozen meals, snacks, and pantry staples. Conagra earns revenue by manufacturing branded food products and selling them through retail channels, mainly in the United States.
How Conagra Brands makes money
Conagra earns revenue by manufacturing branded food products and selling them through retail channels, mainly in the United States. It also sells branded and custom-made meals, entrees, and sauces to restaurants and other foodservice operators, plus food products to international retail and foodservice customers.
What Conagra Brands does
Conagra Brands, Inc. is a branded consumer packaged goods food company that sells mainly in the United States. It operates four segments. Grocery & Snacks covers shelf-stable foods, and Refrigerated & Frozen covers temperature-controlled foods; both are sold through retail channels. International sells food products in various temperature states outside the U.S., and Foodservice supplies branded and custom-manufactured meals, entrees, sauces, and culinary products to restaurants and other foodservice establishments. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP. The company was incorporated in 1919 and is headquartered in Chicago, Illinois. It sits in the consumer defensive sector, which is generally considered less sensitive to economic cycles.
Products & services
- Birds Eye frozen vegetables
- Marie Callender's frozen meals
- Healthy Choice meals
- Slim Jim meat snacks
- Duncan Hines baking mixes
- Reddi-wip whipped topping
What is Conagra Brands worth?
On an owner-earnings DCF, Conagra Brands's most-likely value is about $23 versus a recent price near $13 (74% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$19) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $13 is below even the no-growth floor ($19); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -4.1%/yr. A bargain only if that pessimism is overdone.
⚠ High leverage — net debt is 7.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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