Does CONAGRA BRANDS, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores CONAGRA BRANDS, INC. (CAG) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 45, returns on capital 21, balance-sheet safety 28, capital discipline 24.

Is CAG stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $16.05 per share versus a recent price of $14.28 — 11% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CAG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CONAGRA BRANDS, INC.

CAG · Consumer Staples · $6.8B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power45

Median gross margin 27.7% over 10y, very stable.

Returns on capital21

Median ROIC 7.5%, above the 9% hurdle in 30% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

11% below value

Owner earnings (normalized): $691.3M
Est. intrinsic value / share: $16.05
Recent price: $14.28
Discount to value: 11% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

CONAGRA BRANDS, INC. booked $11.3B of revenue in FY2026 in the Consumer Staples sector and kept 23.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, −17.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue held roughly flat, from $11.2B (FY2008) to $11.3B (FY2026) — about 0.0% a year compounded over 18 years.

It earned −9.6% on invested capital in FY2026, with a median of 8.3% across 18 filed years. The Returns on Capital filter above scores it 21/100.

The balance sheet carried $7.3B of total debt in FY2026. Balance-Sheet Safety scores it 28/100.

The share count rose 8.1% between FY2010 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (45/100) and Returns on Capital the weakest (21/100), which is how CAG lands at 30/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$11.3B FY2026

Gross marginRevenue kept after cost of goods23.9% FY2026

Return on invested capitalOperating profit on the capital employed−9.6% FY2026

Owner earningsCash an owner could take out−$1.9B FY2026

Gaps in a line mean that item isn’t in CAG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CAG has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Staples context

#44 of 66 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

#42HCMC HEALTHIER CHOICES MANAGEMENT CORP.31.8 out of 100, No moatNo moat
#43TAP MOLSON COORS BEVERAGE CO30.5 out of 100, No moatNo moat
#45DAR DARLING INGREDIENTS INC.29.8 out of 100, No moatNo moat
#46FRPT FRESHPET, INC.29.5 out of 100, No moatNo moat

Compare CAG with its nearest peers →All Consumer Staples companies on the Index →

Common questions about CAG

Does CONAGRA BRANDS, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores CONAGRA BRANDS, INC. (CAG) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 45, returns on capital 21, balance-sheet safety 28, capital discipline 24.
Is CAG stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $16.05 per share versus a recent price of $14.28 — 11% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CAG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CAG. See the disclaimer.