MeritValue

CONAGRA BRANDS INC.

CAGdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.2B1$11.5B2$12.3B3$12.1B3$11.6B3
Net income$1.3B4$888.2M5$683.6M6$347.2M6$1.15B6
Operating cash flow$1.47B7$1.18B8$995.4M9$2.02B9$1.69B9
Capital expenditure$506.4M10$464.4M11$362.2M12$388.1M12$389.3M12
Free cash flow (derived)$961.7M7$712.9M8$633.2M9$1.63B9$1.3B9
Total debt$17.3B13$17.8B14$17.8B15$16B16$15.3B16
Cash & equivalents$79.2M17$83.3M18$93.3M19$77.7M20$68M20
Diluted shares487.8M482.2M480.7M480.0M479.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000021%
of the whole company
Your share of last year’s profit
$24.02
Your share of its debt
$319.52
Your share of free cash flow
$27.15
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$50.62
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth10.6%
  • fcfBase$1.3B
DCF · Growth Exit 5Y
$30.77
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth10.6%
  • fcfBase$1.3B
Earnings Power Value
$19.51
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$888.2M
  • growthAssumed0.0%
Graham Number
$31.71
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years10.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $30.77

Default growth 10.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-05-30 · accession 0001437749-23-019879 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-05-29 · accession 0001558370-24-009764 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-05-28 · accession 0001558370-25-009180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-05-30 · accession 0001437749-23-019879 (NetIncomeLoss)
  5. 10-K · period ending 2022-05-29 · accession 0001558370-24-009764 (NetIncomeLoss)
  6. 10-K · period ending 2023-05-28 · accession 0001558370-25-009180 (NetIncomeLoss)
  7. 10-K · period ending 2021-05-30 · accession 0001437749-23-019879 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-05-29 · accession 0001558370-24-009764 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-05-28 · accession 0001558370-25-009180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-05-30 · accession 0001437749-23-019879 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-05-29 · accession 0001558370-24-009764 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-05-28 · accession 0001558370-25-009180 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-05-30 · accession 0001437749-22-017530 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-05-29 · accession 0001437749-23-019879 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-05-28 · accession 0001558370-24-009764 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-05-26 · accession 0001558370-25-009180 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-05-30 · accession 0001437749-22-017530 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-05-29 · accession 0001437749-23-019879 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-05-28 · accession 0001558370-24-009764 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-05-26 · accession 0001558370-25-009180 (CashAndCashEquivalentsAtCarryingValue)