Campbell's (CPB)
Market Price (5/12/2026): $20.59 | Market Cap: $6.1 BilSector: Consumer Staples | Industry: Packaged Foods & Meats
Campbell's (CPB)
Market Price (5/12/2026): $20.59Market Cap: $6.1 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Organic & Natural Products, Functional Foods & Beverages, Show more. | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -139% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 106% Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.5% Key risksCPB key risks include [1] declining sales as consumer preferences shift away from its processed foods and snacks, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Vegan & Alternative Foods. Themes include Organic & Natural Products, Functional Foods & Beverages, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -139% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 106% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.5% |
| Key risksCPB key risks include [1] declining sales as consumer preferences shift away from its processed foods and snacks, Show more. |
Qualitative Assessment
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Campbell's (CPB) stock has lost about 25% since 1/31/2026 because of the following key factors:
1. Campbell's reported a significant earnings and revenue miss for its second quarter fiscal 2026, which ended February 1, 2026, and was announced on March 11, 2026. Adjusted earnings per share (EPS) decreased 31% to $0.51, missing the consensus estimate of $0.57 by $0.06. Net sales declined 5% to $2.56 billion, falling short of the $2.61 billion consensus. This marked the first earnings miss since Q4 2023 and the second consecutive year-over-year sales decline. The company subsequently lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $2.15 to $2.25, a notable reduction from the prior estimate of $2.40 to $2.55, and revised its organic net sales outlook to a decline of 1% to 2%.
2. The Snacks business experienced weaker-than-expected performance and significant sales declines, compounded by shifting consumer behavior towards private labels. Organic sales in the Snacks division fell 6% in the second quarter, with net sales dropping to $914 million, marking the first time snack sales were below $1 billion in four years. Management acknowledged that overall results fell short of expectations partly due to this weaker performance. This decline is largely attributed to consumers reaching their limit with price increases and increasingly migrating to private-label alternatives.
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1. Campbell's reported a significant earnings and revenue miss for its second quarter fiscal 2026, which ended February 1, 2026, and was announced on March 11, 2026. Adjusted earnings per share (EPS) decreased 31% to $0.51, missing the consensus estimate of $0.57 by $0.06. Net sales declined 5% to $2.56 billion, falling short of the $2.61 billion consensus. This marked the first earnings miss since Q4 2023 and the second consecutive year-over-year sales decline. The company subsequently lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $2.15 to $2.25, a notable reduction from the prior estimate of $2.40 to $2.55, and revised its organic net sales outlook to a decline of 1% to 2%.
2. The Snacks business experienced weaker-than-expected performance and significant sales declines, compounded by shifting consumer behavior towards private labels. Organic sales in the Snacks division fell 6% in the second quarter, with net sales dropping to $914 million, marking the first time snack sales were below $1 billion in four years. Management acknowledged that overall results fell short of expectations partly due to this weaker performance. This decline is largely attributed to consumers reaching their limit with price increases and increasingly migrating to private-label alternatives.
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Stock Movement Drivers
Fundamental Drivers
The -25.0% change in CPB stock from 1/31/2026 to 5/11/2026 was primarily driven by a -21.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.49 | 20.63 | -25.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,158 | 10,037 | -1.2% |
| Net Income Margin (%) | 5.7% | 5.5% | -3.7% |
| P/E Multiple | 14.2 | 11.2 | -21.1% |
| Shares Outstanding (Mil) | 298 | 298 | 0.0% |
| Cumulative Contribution | -25.0% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| CPB | -25.0% | |
| Market (SPY) | 3.6% | -11.1% |
| Sector (XLP) | 0.4% | 46.7% |
Fundamental Drivers
The -29.3% change in CPB stock from 10/31/2025 to 5/11/2026 was primarily driven by a -22.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.17 | 20.63 | -29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,253 | 10,037 | -2.1% |
| Net Income Margin (%) | 5.9% | 5.5% | -6.7% |
| P/E Multiple | 14.4 | 11.2 | -22.6% |
| Shares Outstanding (Mil) | 298 | 298 | 0.0% |
| Cumulative Contribution | -29.3% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| CPB | -29.3% | |
| Market (SPY) | 5.5% | -12.4% |
| Sector (XLP) | 10.8% | 49.0% |
Fundamental Drivers
The -40.1% change in CPB stock from 4/30/2025 to 5/11/2026 was primarily driven by a -43.3% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.44 | 20.63 | -40.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,119 | 10,037 | -0.8% |
| Net Income Margin (%) | 5.1% | 5.5% | 6.4% |
| P/E Multiple | 19.7 | 11.2 | -43.3% |
| Shares Outstanding (Mil) | 298 | 298 | 0.0% |
| Cumulative Contribution | -40.1% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| CPB | -40.1% | |
| Market (SPY) | 30.4% | -1.6% |
| Sector (XLP) | 4.7% | 47.9% |
Fundamental Drivers
The -56.9% change in CPB stock from 4/30/2023 to 5/11/2026 was primarily driven by a -38.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.86 | 20.63 | -56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,177 | 10,037 | 9.4% |
| Net Income Margin (%) | 8.9% | 5.5% | -38.1% |
| P/E Multiple | 17.6 | 11.2 | -36.5% |
| Shares Outstanding (Mil) | 299 | 298 | 0.3% |
| Cumulative Contribution | -56.9% |
Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| CPB | -56.9% | |
| Market (SPY) | 78.7% | 3.0% |
| Sector (XLP) | 16.8% | 52.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CPB Return | -7% | 35% | -21% | 0% | -30% | -23% | -47% |
| Peers Return | 12% | 15% | -8% | -7% | -16% | -3% | -10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CPB Win Rate | 50% | 83% | 33% | 50% | 33% | 40% | |
| Peers Win Rate | 48% | 57% | 45% | 45% | 40% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CPB Max Drawdown | -15% | -3% | -31% | -5% | -31% | -26% | |
| Peers Max Drawdown | -10% | -10% | -19% | -10% | -21% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KHC, GIS, MDLZ, PEP, CAG. See CPB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
| Event | CPB | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.0% | -9.5% |
| % Gain to Breakeven | 20.4% | 10.5% |
| Time to Breakeven | 193 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.9% | -6.7% |
| % Gain to Breakeven | 13.5% | 7.1% |
| Time to Breakeven | 413 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -13.4% | -33.7% |
| % Gain to Breakeven | 15.4% | 50.9% |
| Time to Breakeven | 9 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.8% | -19.2% |
| % Gain to Breakeven | 12.1% | 23.7% |
| Time to Breakeven | 56 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -15.2% | -0.2% |
| % Gain to Breakeven | 17.9% | 0.2% |
| Time to Breakeven | 140 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.9% | -17.9% |
| % Gain to Breakeven | 13.6% | 21.8% |
| Time to Breakeven | 69 days | 123 days |
In The Past
Campbell's's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% gain to breakeven.
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| Event | CPB | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -27.1% | -53.4% |
| % Gain to Breakeven | 37.1% | 114.4% |
| Time to Breakeven | 257 days | 1085 days |
In The Past
Campbell's's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Campbell's (CPB)
Campbell Soup Company, together with its subsidiaries, manufactures and markets food and beverage products the United States and internationally. The company operates through Meals & Beverages and Snacks segments. The Meals & Beverages segment engages in the retail and foodservice businesses in the United States and Canada. This segment provides Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups, and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pasta, beans, and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell's tomato juice. The Snacks segment retails Pepperidge Farm cookies, crackers, fresh bakery, and frozen products; Milano cookies and Goldfish crackers; and Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products. This segment is also involved in the retail business in Latin America. It sells its products through retail food chains, mass discounters and merchandisers, club stores, convenience stores, drug stores, and dollar stores, as well as e-commerce and other retail, commercial, and non-commercial establishments, and independent contractor distributors. The company was founded in 1869 and is headquartered in Camden, New Jersey.
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It's like General Mills for your pantry, known for classic soups, sauces, and popular snacks like Goldfish crackers.
A lot like Kraft Heinz, but with a focus on heritage soups, broths, and beloved snack brands like Pepperidge Farm and Snyder's of Hanover.
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- Campbell's Soups and Meal Components: Core line of condensed and ready-to-serve soups, gravies, pasta, beans, and dinner sauces.
- Swanson Broth, Stocks, and Canned Poultry: Essential cooking ingredients like broths and stocks, and canned poultry products.
- Pacific Foods Products: Organic broths, soups, and non-dairy beverages.
- Prego Pasta Sauces: A variety of popular pasta sauces.
- Pace Mexican Sauces: Salsas and other Mexican-style sauces.
- Plum Baby Food and Snacks: Organic baby food purees and snack options.
- V8 Juices and Beverages: A range of vegetable and fruit juices and drinks.
- Pepperidge Farm Products: Includes cookies (e.g., Milano), crackers (e.g., Goldfish), fresh bakery items, and frozen products.
- Snyder's of Hanover Pretzels: Various pretzel products.
- Lance Sandwich Crackers: Crackers with cheese or other fillings.
- Cape Cod and Kettle Brand Potato Chips: Premium line of potato chips.
- Late July Snacks: Organic tortilla chips and crackers.
- Snack Factory Pretzel Crisps: Thin, crispy pretzel snacks.
- Pop Secret Popcorn: Microwaveable popcorn products.
- Emerald Nuts: Packaged nuts and trail mixes.
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Campbell's (CPB) sells its products primarily to other businesses rather than directly to individual consumers. Its major customers are the retail chains, wholesale clubs, mass merchandisers, e-commerce platforms, and foodservice distributors that stock and sell Campbell's wide range of food and beverage products to the end consumer. Some of its major customer companies include:
- Walmart Inc. (WMT) - A leading multinational retail corporation operating hypermarkets, discount department stores, and grocery stores, as well as Sam's Club warehouses.
- The Kroger Co. (KR) - One of the largest supermarket chains in the United States.
- Costco Wholesale Corporation (COST) - A major membership-only warehouse club chain.
- Target Corporation (TGT) - A general merchandise retailer with a significant grocery presence.
- Amazon.com, Inc. (AMZN) - A dominant e-commerce platform that also owns Whole Foods Market.
- Sysco Corporation (SYY) - A global leader in selling, marketing, and distributing food products to restaurants, healthcare, and educational facilities, hotels, and other foodservice customers.
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Mick Beekhuizen, President and Chief Executive Officer
Mick Beekhuizen was appointed President and Chief Executive Officer of Campbell's, effective February 1, 2025, becoming the 15th leader in the company's more than 155-year history. He joined Campbell's in September 2019 as Chief Financial Officer and later served as President of the Meals & Beverages division from November 2022 until January 2025. Prior to Campbell's, Beekhuizen was Executive Vice President and Chief Financial Officer at Chobani from March 2016 to September 2019, where he was instrumental in improving the company's capital structure and supporting its growth. He also spent 13 years with Goldman Sachs, including a role as Managing Director in the merchant banking division from 2000 to 2013.
Todd E. Cunfer, Executive Vice President and Chief Financial Officer
Todd E. Cunfer was appointed Executive Vice President and Chief Financial Officer, effective October 20, 2025. He previously served as Chief Financial Officer of Freshpet, Inc. starting in December 2022. Before Freshpet, Cunfer was the CFO of The Simply Good Foods Company from August 2017 to October 2022. His career also includes over two decades at The Hershey Company, where he held various senior finance positions, including Vice President roles in international finance, global supply chain finance, and North America finance.
Mohit Anand, Executive Vice President and President, Snacks Division
Mohit Anand was appointed Executive Vice President and President, Snacks Division, effective February 23, 2026.
Risa Cretella, Executive Vice President and President, Meals & Beverages
Risa Cretella was appointed Executive Vice President and President, Meals & Beverages, effective February 1, 2025.
Charles A. Brawley, III, Executive Vice President, General Counsel and Corporate Secretary
Charles A. Brawley, III serves as Executive Vice President, General Counsel, and Corporate Secretary for Campbell's.
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The key risks to Campbell's business (CPB) include inflationary pressures on costs and resulting margin compression, intense competition coupled with changing consumer preferences, and significant financial leverage.
- Inflationary Pressures and Margin Compression: Campbell's faces substantial risks from rising costs for raw and packaging materials, labor, and distribution. The company's inability to fully offset these increased expenses through price adjustments or productivity initiatives could adversely affect its financial results and profit margins. This challenge has led to concerns over earnings per share and has contributed to lowered sales growth outlooks and potential profit risks for the company.
- Competition and Changing Consumer Preferences: Operating in a highly competitive food and beverage industry, Campbell's faces ongoing challenges from numerous branded and private-label manufacturers. Key competitive factors include brand recognition, taste, nutritional value, price, promotion, and innovation. The company also needs to adapt to evolving consumer preferences, which is a sector-specific risk that can impact demand for its products. The snacks business, in particular, has shown signs of struggle against market leaders.
- High Financial Leverage: Campbell's exhibits a high debt-to-equity ratio and significant financial leverage, which has been a concern for analysts. This financial burden, coupled with liquidity constraints indicated by low current and quick ratios, could impact the company's financial health and flexibility. There are also concerns about earnings per share and the sustainability of dividend increases until a business recovery gains traction.
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- The increasing consumer preference for fresh, minimally processed foods, combined with the rise of convenient meal kits and prepared food services (e.g., grocery store ready-to-eat meals, meal subscription boxes). These alternatives directly compete with Campbell's packaged and canned meal solutions by offering convenience alongside a stronger emphasis on freshness, customization, and perceived health benefits, thus diverting consumer spending.
- The proliferation of agile, direct-to-consumer (DTC) food and beverage brands that leverage e-commerce and social media to target specific health and wellness trends (e.g., plant-based, organic, low-sugar/sodium snacks, specialized beverages). This model allows for rapid innovation and direct engagement with consumers, challenging Campbell's established brands and traditional retail distribution channels by capturing market share in premium and niche segments.
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The addressable markets for Campbell's main products and services are significant across various food and beverage categories, both globally and within the United States.
Meals & Beverages Segment
- Soups (Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups):
- Globally, the soup market was valued at USD 12.6 billion in 2025 and is estimated to reach USD 17.2 billion by 2034.
- In the U.S., the soup market stood at approximately US$ 5.030 billion in 2024 and is anticipated to reach around US$ 6.940 billion in 2033.
- Pasta Sauces (Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pasta, beans, and dinner sauces):
- The global pasta sauce market was valued at USD 11,322.42 million (USD 11.32 billion) in 2025 and is estimated to reach USD 13,995.46 million (USD 14.0 billion) by 2034.
- The United States pasta sauce market size reached USD 2.54 billion in 2024 and is projected to reach USD 3.01 billion by 2033.
- Juices and Beverages (V8 juices and beverages; Campbell's tomato juice):
- The global juices market is expected to grow from USD 142.10 billion in 2025 to USD 173.75 billion by 2031.
- In the U.S., the juice market size was estimated at USD 24.97 billion in 2025 and is expected to grow to USD 26.78 billion by 2032.
- Non-Dairy Beverages (Pacific Foods non-dairy beverages):
- The global non-dairy beverages market size was valued at USD 21.16 billion in 2024 and is expected to reach USD 52.41 billion by 2032.
- The U.S. plant-based beverages market generated a revenue of USD 2,622.5 million (USD 2.62 billion) in 2021 and is expected to reach USD 7,947.6 million (USD 7.95 billion) by 2030.
- Baby Food and Snacks (Plum baby food and snacks):
- The global baby food market size was valued at USD 115.79 billion in 2025 and is projected to grow to USD 214.28 billion by 2034.
- The USA baby food market is valued at USD 8.3 billion. The U.S. baby food market size is projected to reach USD 16.72 billion by 2032.
Snacks Segment
- Cookies (Pepperidge Farm cookies, Milano cookies):
- The global cookies market size was valued at USD 44.66 billion in 2025 and is projected to grow to USD 67.89 billion by 2034.
- The U.S. cookies market size was estimated at USD 10,170.9 million (USD 10.17 billion) in 2024 and is expected to reach USD 17,900.5 million (USD 17.9 billion) by 2035.
- Pretzels (Snyder's of Hanover pretzels, Lance sandwich crackers, Snack Factory Pretzel Crisps):
- The global pretzel market size was valued at USD 7.51 billion in 2025 and is projected to grow to USD 9.92 billion by 2034.
- The U.S. pretzel market size was estimated at USD 2,257.9 million (USD 2.26 billion) in 2024 and is expected to reach USD 3,193.9 million (USD 3.19 billion) by 2035.
- Savory Snacks (Goldfish crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Pop Secret popcorn, Emerald nuts, and other snacking products):
- The global savory snacks market size was valued at USD 316.97 billion in 2025 and is projected to grow to USD 538.24 billion by 2034.
- The US savory snacks market size was valued at USD 70 billion in 2025 and is projected to reach USD 73 billion in 2026.
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Here are 3-5 expected drivers of future revenue growth for Campbell's (CPB) over the next 2-3 years:
- Continued Growth of the Rao's Brand: The Rao's brand has been a significant growth engine for Campbell's, recently surpassing $1 billion in trailing twelve-month net sales. The company anticipates continued growth driven by sustained increases in household penetration and high repeat purchase rates, as consumers continue to prioritize premium at-home dining experiences.
- Strategic Acquisitions and Partnerships: Campbell's has actively pursued strategic partnerships and acquisitions to bolster its portfolio. A notable example is the agreement to acquire a 49% interest in La Regina, which is expected to close in the second half of fiscal 2026. This move, building on the success of the earlier Sovos Brands acquisition which brought Rao's into the portfolio, demonstrates a strategy to expand through adding complementary and high-growth brands.
- Accelerated Cost Savings Initiatives: Campbell's is focused on achieving $375 million in cost savings by fiscal 2028. While primarily impacting profitability, these efficiencies can free up capital for reinvestment into brand building, product innovation, and marketing efforts, which indirectly supports future revenue growth by enhancing competitive positioning and market share. Management expects these initiatives to improve performance in the latter part of fiscal 2026 and contribute to recovery in fiscal 2027.
- Targeted Promotional Activity and New Product Innovation in Snacks: Despite recent challenges in the Snacks segment, Campbell's management is implementing decisive actions to stabilize and grow this division. This includes sharpening value propositions through targeted promotional activity to maintain price competitiveness, particularly in Salty Snacks. Additionally, new product innovation and improved in-market execution are key components of their strategy to reinvigorate performance and drive revenue growth in this segment.
- Sustained In-Market Consumption Growth and Stable Market Share for Core Meals & Beverages Brands: The core Meals & Beverages portfolio has demonstrated in-market consumption growth and maintained stable share performance for its leadership brands, marking the ninth consecutive quarter of holding or growing share. Sustaining this performance and defending market share in its established categories will provide a stable revenue base and enable focused investments in growth areas.
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Share Repurchases
- Campbell's completed a buyback program, announced in September 2021, by February 2026, repurchasing 4,176,095 shares for $198.09 million.
- As of August 3, 2025, the company had approximately $198 million remaining under its anti-dilutive share repurchase program and $301 million remaining under its September 2021 strategic share repurchase program.
- Campbell's repurchased approximately $62 million worth of common stock in fiscal year 2025 and $24 million in the first quarter of fiscal year 2026.
Outbound Investments
- Campbell's acquired Sovos Brands, Inc., including brands like Rao's, Michael Angelo's, and noosa yogurt, for approximately $2.7 billion, with the transaction completed on March 12, 2024.
- The company divested its noosa yogurt business, acquired as part of Sovos Brands, to Lakeview Farms on February 24, 2025.
- Campbell's agreed to acquire a 49% stake in La Regina, a producer of Rao's pasta sauces, for $286 million, with an option to purchase the remaining 51% starting in 2026.
Capital Expenditures
- Capital expenditures for Campbell's were $426 million in fiscal year 2025, following $517 million in fiscal year 2024 and $370 million in fiscal year 2023.
- Expected capital expenditures for fiscal year 2026 are similar to fiscal year 2025, around 4% of net sales, equating to a bit over $400 million.
- Campbell's announced plans to invest $230 million in network-wide projects by fiscal year 2026, including $150 million for new aseptic soup production in Maxton, North Carolina, and $72 million for additional potato chip kettles in Hanover, Pennsylvania, to enhance manufacturing capabilities and supply chain competitiveness.
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| 03272026 | TAP | Molson Coors Beverage | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.5% | -1.5% | -2.3% |
| 11282025 | CPB | Campbell's | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -29.5% | -29.5% | -32.2% |
| 05312025 | CPB | Campbell's | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -8.2% | -35.3% | -37.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.53 |
| Mkt Cap | 22.8 |
| Rev LTM | 21,883 |
| Op Inc LTM | 3,355 |
| FCF LTM | 2,179 |
| FCF 3Y Avg | 2,752 |
| CFO LTM | 3,124 |
| CFO 3Y Avg | 3,693 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.3% |
| Rev Chg 3Y Avg | 0.9% |
| Rev Chg Q | -0.5% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | -11.7% |
| Op Inc Chg 3Y Avg | 2.8% |
| Op Mgn LTM | 13.4% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 11.9% |
| CFO/Rev 3Y Avg | 13.9% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 9.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.8 |
| P/S | 1.0 |
| P/Op Inc | 6.1 |
| P/EBIT | 9.2 |
| P/E | 9.2 |
| P/CFO | 6.7 |
| Total Yield | 8.7% |
| Dividend Yield | 6.3% |
| FCF Yield 3Y Avg | 7.1% |
| D/E | 0.8 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.0% |
| 3M Rtn | -17.5% |
| 6M Rtn | -7.8% |
| 12M Rtn | -23.1% |
| 3Y Rtn | -43.9% |
| 1M Excs Rtn | -10.7% |
| 3M Excs Rtn | -23.9% |
| 6M Excs Rtn | -16.1% |
| 12M Excs Rtn | -54.8% |
| 3Y Excs Rtn | -127.1% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $20.63 | |
| Market Cap ($ Bil) | 6.1 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -39.2% | |
| 50 Days | 200 Days | |
| DMA Price | $21.56 | $27.27 |
| DMA Trend | down | down |
| Distance from DMA | -4.3% | -24.4% |
| 3M | 1YR | |
| Volatility | 33.2% | 29.4% |
| Downside Capture | 0.24 | 0.11 |
| Upside Capture | -111.20 | -42.11 |
| Correlation (SPY) | -11.4% | -2.1% |
CPB Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.13 | -0.20 | -0.30 | -0.30 | -0.04 | 0.05 |
| Up Beta | 0.35 | 0.40 | 0.52 | -0.03 | 0.34 | 0.27 |
| Down Beta | 1.07 | -1.53 | -0.65 | -0.75 | -0.34 | -0.10 |
| Up Capture | -41% | -73% | -80% | -48% | -22% | -3% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 17 | 30 | 58 | 110 | 353 |
| Down Capture | 111% | 72% | 4% | 18% | 31% | 32% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 12 | 26 | 34 | 66 | 140 | 393 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPB | |
|---|---|---|---|---|
| CPB | -38.7% | 29.3% | -1.66 | - |
| Sector ETF (XLP) | 5.3% | 12.6% | 0.14 | 47.8% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | -1.7% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | 3.5% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -8.9% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 35.0% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | -13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPB | |
|---|---|---|---|---|
| CPB | -12.4% | 24.0% | -0.58 | - |
| Sector ETF (XLP) | 6.4% | 13.2% | 0.27 | 54.8% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 9.2% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | 2.7% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | -3.1% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 24.6% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | -4.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPB | |
|---|---|---|---|---|
| CPB | -7.4% | 25.6% | -0.28 | - |
| Sector ETF (XLP) | 7.5% | 14.7% | 0.38 | 51.5% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 17.7% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 4.7% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | -1.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 25.7% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | -0.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/11/2026 | -7.1% | -12.6% | -14.3% |
| 12/9/2025 | -5.2% | -5.9% | -10.6% |
| 9/3/2025 | 7.2% | 7.2% | 1.7% |
| 6/2/2025 | 0.6% | 1.3% | -6.9% |
| 3/5/2025 | -2.9% | -0.9% | -2.3% |
| 12/3/2024 | -6.2% | -4.4% | -7.5% |
| 8/29/2024 | -1.8% | 2.3% | -1.6% |
| 6/5/2024 | -0.2% | -2.4% | 3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 1.9% | 3.1% | 5.1% |
| Median Negative | -5.2% | -4.8% | -6.6% |
| Max Positive | 7.2% | 10.0% | 10.4% |
| Max Negative | -8.9% | -13.6% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/11/2026 | 10-Q |
| 10/31/2025 | 12/09/2025 | 10-Q |
| 07/31/2025 | 09/18/2025 | 10-K |
| 04/30/2025 | 06/02/2025 | 10-Q |
| 01/31/2025 | 03/05/2025 | 10-Q |
| 10/31/2024 | 12/04/2024 | 10-Q |
| 07/31/2024 | 09/19/2024 | 10-K |
| 04/30/2024 | 06/05/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | 10-Q |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/21/2023 | 10-K |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/22/2022 | 10-K |
| 04/30/2022 | 06/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 3/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | -2.0% | -1.5% | -1.0% | -1.5% | Lowered | Guidance: 0.0% for 2026 | |
| 2026 Operating Income | -0.2 | -0.18 | -0.17 | 68.2% | -7.5% | Lowered | Guidance: -0.11 for 2026 |
| 2026 EPS | 2.15 | 2.2 | 2.25 | -11.1% | Lowered | Guidance: 2.48 for 2026 | |
Prior: Q1 2026 Earnings Reported 12/9/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Net Sales | -0.01 | 0 | 0.01 | 0.0% | 0.0% | Affirmed | Guidance: 0 for 2026 |
| 2026 Adjusted EBIT | -0.13 | -0.11 | -0.09 | 0.0% | 0.0% | Affirmed | Guidance: -0.11 for 2026 |
| 2026 Adjusted EPS | 2.4 | 2.48 | 2.55 | Higher New | Guidance: -0.15 for 2026 | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sanzio, Anthony | EVP, Chief Comms Officer | Direct | Sell | 1122026 | 26.51 | 2,700 | 71,578 | 669,761 | Form |
| 2 | Brawley, Charles A Iii | EVP, Gen Counsel, and Corp Sec | Direct | Sell | 12312025 | 28.14 | 11,550 | 325,075 | 1,232,104 | Form |
| 3 | Brawley, Charles A Iii | EVP, Gen Counsel, and Corp Sec | Direct | Sell | 4022025 | 40.03 | 2,498 | 100,000 | 1,504,803 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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