Does THE CAMPBELL'S COMPANY have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores THE CAMPBELL'S COMPANY (CPB) 39.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 50, returns on capital 47, balance-sheet safety 3, capital discipline 47.

Is CPB 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 $31.77 per share versus a recent price of $22.08 — 30% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CPB's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.2 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

THE CAMPBELL'S COMPANY

CPB · Consumer Staples · $6.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power50

Median gross margin 33.2% over 10y, stable.

Returns on capital47

Median ROIC 11.0%, above the 9% hurdle in 60% of years.

Balance-sheet safety3

Net debt/EBITDA 4.3x, interest coverage 3x.

Capital discipline47

Owner earnings +0.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

30% below value

Owner earnings (normalized): $852.0M
Est. intrinsic value / share: $31.77
Recent price: $22.08
Discount to value: 30% below value

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

19 years of fundamentals

The business, in plain English

THE CAMPBELL'S COMPANY booked $10.3B of revenue in FY2025 in the Consumer Staples sector and kept 30.4% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $8.0B (FY2008) to $10.3B (FY2025) — about 1.5% a year compounded over 17 years.

It earned 8.0% on invested capital in FY2025, with a median of 52.7% across 18 filed years. The Returns on Capital filter above scores it 47/100.

The balance sheet carried $6.9B of total debt in FY2025 against $610.0M of owner earnings — roughly 11.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 3/100.

The share count fell 11.3% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 47/100.

Put together: Pricing Power is the strongest of the four filters (50/100) and Balance-Sheet Safety the weakest (3/100), which is how CPB lands at 39/100 — 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$10.3B FY2025

Gross marginRevenue kept after cost of goods30.4% FY2025

Return on invested capitalOperating profit on the capital employed8.0% FY2025

Owner earningsCash an owner could take out$610.0M FY2025

Gaps in a line mean that item isn’t in CPB’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 scale39.2 / 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 — CPB 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

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

Nearest peers by Moat Score

#30MKC McCORMICK & COMPANY, INCORPORATED45.2 out of 100, Shallow moatShallow moat
#31CWGL Crimson Wine Group, Ltd.42.9 out of 100, Shallow moatShallow moat
#33SJM THE J. M. SMUCKER COMPANY39.0 out of 100, No moatNo moat
#34ZVIA Zevia PBC38.8 out of 100, No moatNo moat

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

Common questions about CPB

Does THE CAMPBELL'S COMPANY have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores THE CAMPBELL'S COMPANY (CPB) 39.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 50, returns on capital 47, balance-sheet safety 3, capital discipline 47.
Is CPB 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 $31.77 per share versus a recent price of $22.08 — 30% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CPB's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.2 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 CPB. See the disclaimer.