CP
The Campbell's Co
CPB—
The Campbell's Co AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 5.0B is 128% of equity (3.9B) - tangible book value is NEGATIVE (-5.4B). Acquisition-heavy strategy creates impairment risk.[Goodwill TTM]
- Debt/equity of 1.85x with 7.2B total debt vs 132M cash. Interest expense (345M TTM) consumes 57% of operating income.[Debt to Equity]
- Operating margin 13.2% TTM is 2.5x industry median (5.2%), but ROIC of 5.4% barely exceeds cost of capital.[Operating Margin TTM]
Watch Triggers
- Goodwill TTM: Any impairment charge announced — 5.0B goodwill exceeds total equity - even 20% writedown would halve book value
- Operating Margin TTM: Falls below 11% — Interest coverage would compress to <3x, threatening dividend sustainability
- Total Debt TTM: Reduction below 6B — Signals deleveraging progress and potential for increased shareholder returns
Bull Case
Defensive staples business with 13.2% operating margin (2.5x industry) generates consistent 705M FCF TTM despite leverage. P/E of 11.7x vs industry 17.8x offers value if margins hold.
Operating Margin TTMPE RatioFree Cash Flow TTM
Dividend yield ~5.1% (1.54/share) with 60% payout ratio is sustainable from FCF. Staples demand is recession-resistant.
Dividends Paid Per Share TTMDividend Payout Ratio Avg 7yr
Bear Case
Negative tangible book (-5.4B) means equity holders own goodwill, not assets. Any impairment directly destroys equity - 4.99B goodwill vs 3.9B equity.
Tangible Book Value TTMGoodwill TTM
4.2x net debt/EBITDA with 345M interest expense limits strategic flexibility. Rising rates or margin compression could stress coverage.
Net Debt TTMInterest Expense TTMEBITDA TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Deleveraging will be primary value driver as debt service crowds out shareholder returns
1-3yhigh
- Interest expense 345M vs FCF 705M leaves minimal flexibility
- 7.2B debt load from Sovos acquisition needs servicing
- Dividend payout ratio 60% constrains debt paydown
Net debt 6.7B vs EBITDA 1.6B = 4.2x leverageFCF 705M TTM with 462M dividend commitmentOnly 2M in buybacks TTM - capital constrained
Valuation Context
Caveats
Public Strategies Rankings
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CPB Fundamentals
Manufacturing → Food Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.8B | — | ||
$14.6B | — | ||
11 | — | ||
$10.16B | +2.7% | — | |
$2.44 | +2.2% | — | |
12.7% | +0.0% | — | |
5.69% | +0.1% | — | |
$687.0M | -8.6% | — | |
0.15 | +0.3% | — | |
Beta 5Y (Monthly) | unknown | — |
CPB Dividend History
104 dividends
2026
$0.390001/08/26$0.3900
2025
$1.560010/02/25$0.3900
07/03/25$0.3900
04/03/25$0.3900
01/02/25$0.3900
2024
$1.480010/03/24$0.3700
07/03/24$0.3700
04/03/24$0.3700
01/03/24$0.3700
2023
$1.480010/04/23$0.3700
07/05/23$0.3700
04/05/23$0.3700
01/04/23$0.3700
2022
$1.480010/05/22$0.3700
07/06/22$0.3700
04/06/22$0.3700
01/05/22$0.3700
2021
$1.480010/06/21$0.3700
07/13/21$0.3700
04/07/21$0.3700
01/07/21$0.3700
2020
$1.400010/07/20$0.3500
07/14/20$0.3500
04/08/20$0.3500
01/07/20$0.3500
2019
$1.400010/09/19$0.3500
07/11/19$0.3500
04/10/19$0.3500
01/08/19$0.3500
2018
$1.400010/11/18$0.3500
07/12/18$0.3500
04/10/18$0.3500
01/09/18$0.3500
2017
$1.400010/12/17$0.3500
07/11/17$0.3500
04/10/17$0.3500
01/09/17$0.3500
2016
$1.286010/07/16$0.3500
07/07/16$0.3120
04/07/16$0.3120
01/07/16$0.3120
2015
$1.248010/09/15$0.3120
07/09/15$0.3120
04/09/15$0.3120
01/08/15$0.3120
2014
$1.248010/08/14$0.3120
07/03/14$0.3120
04/04/14$0.3120
01/03/14$0.3120
2013
$0.602010/04/13$0.3120
07/03/13$0.2900
2012
$1.450012/12/12$0.5800
10/04/12$0.2900
07/05/12$0.2900
04/04/12$0.2900
2011
$1.160012/22/11$0.2900
10/06/11$0.2900
07/07/11$0.2900
04/07/11$0.2900
2010
$1.115012/22/10$0.2900
10/07/10$0.2750
07/01/10$0.2750
03/31/10$0.2750
2009
$1.025012/28/09$0.2750
10/01/09$0.2500
07/01/09$0.2500
04/02/09$0.2500
2008
$0.940012/18/08$0.2500
10/02/08$0.2500
07/02/08$0.2200
04/03/08$0.2200
2007
$0.840012/27/07$0.2200
10/04/07$0.2200
07/05/07$0.2000
04/04/07$0.2000
2006
$0.760012/28/06$0.2000
10/04/06$0.2000
07/06/06$0.1800
04/06/06$0.1800
2005
$0.700012/28/05$0.1800
10/05/05$0.1800
07/07/05$0.1700
04/07/05$0.1700
2004
$0.655012/30/04$0.1700
10/06/04$0.1700
07/08/04$0.1575
04/07/04$0.1575
2003
$0.630012/30/03$0.1575
10/08/03$0.1575
07/02/03$0.1575
04/09/03$0.1575
2002
$0.787512/31/02$0.1575
10/09/02$0.1575
07/02/02$0.1575
04/10/02$0.1575
01/02/02$0.1575
2001
$0.832510/03/01$0.1575
07/03/01$0.2250
04/04/01$0.2250
01/03/01$0.2250
2000
$0.900010/04/00$0.2250
07/05/00$0.2250
04/05/00$0.2250
01/05/00$0.2250
CPB Stock Splits
No stock splits
CPB SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/09/25 | 11/02/25 | 10-Q | |
09/18/25 | 08/03/25 | 10-K | |
06/02/25 | 04/27/25 | 10-Q | |
03/05/25 | 01/26/25 | 10-Q | |
12/04/24 | 10/27/24 | 10-Q | |
09/19/24 | 07/28/24 | 10-K | |
06/05/24 | 04/28/24 | 10-Q | |
03/06/24 | 01/28/24 | 10-Q | |
12/06/23 | 10/29/23 | 10-Q | |
09/21/23 | 07/31/23 | 10-K | |
06/07/23 | 04/30/23 | 10-Q | |
03/08/23 | 01/29/23 | 10-Q | |
12/07/22 | 10/30/22 | 10-Q | |
09/22/22 | 07/31/22 | 10-K | |
06/08/22 | 05/01/22 | 10-Q | |
03/09/22 | 01/30/22 | 10-Q | |
12/08/21 | 10/31/21 | 10-Q | |
09/23/21 | 08/01/21 | 10-K | |
06/09/21 | 05/02/21 | 10-Q | |
03/10/21 | 01/31/21 | 10-Q | |
12/09/20 | 11/01/20 | 10-Q | |
09/24/20 | 08/02/20 | 10-K | |
06/03/20 | 04/26/20 | 10-Q | |
03/04/20 | 01/26/20 | 10-Q | |
12/04/19 | 10/27/19 | 10-Q | |
09/26/19 | 07/28/19 | 10-K | |
06/05/19 | 04/28/19 | 10-Q | |
03/06/19 | 01/27/19 | 10-Q | |
12/06/18 | 10/28/18 | 10-Q | |
09/27/18 | 07/29/18 | 10-K | |
06/05/18 | 04/29/18 | 10-Q | |
03/05/18 | 01/28/18 | 10-Q | |
12/08/17 | 10/29/17 | 10-Q | |
09/27/17 | 07/30/17 | 10-K | |
06/08/17 | 04/30/17 | 10-Q | |
03/09/17 | 01/29/17 | 10-Q | |
12/07/16 | 10/30/16 | 10-Q | |
09/22/16 | 07/31/16 | 10-K | |
06/07/16 | 05/01/16 | 10-Q | |
03/10/16 | 01/31/16 | 10-Q | |
12/10/15 | 11/01/15 | 10-Q | |
09/29/15 | 08/02/15 | 10-K | |
06/11/15 | 05/03/15 | 10-Q | |
03/11/15 | 02/01/15 | 10-Q | |
12/11/14 | 11/02/14 | 10-Q | |
09/24/14 | 08/03/14 | 10-K | |
06/04/14 | 04/27/14 | 10-Q | |
03/06/14 | 01/26/14 | 10-Q | |
12/05/13 | 10/27/13 | 10-Q | |
09/26/13 | 07/28/13 | 10-K | |
06/05/13 | 04/28/13 | 10-Q | |
03/07/13 | 01/27/13 | 10-Q | |
12/05/12 | 10/28/12 | 10-Q | |
09/27/12 | 07/29/12 | 10-K | |
06/06/12 | 04/29/12 | 10-Q | |
03/07/12 | 01/29/12 | 10-Q | |
12/07/11 | 10/30/11 | 10-Q | |
09/28/11 | 07/31/11 | 10-K | |
06/09/11 | 05/01/11 | 10-Q | |
03/09/11 | 01/30/11 | 10-Q | |
12/09/10 | 10/31/10 | 10-Q | |
09/29/10 | 08/01/10 | 10-K | |
06/10/10 | 05/02/10 | 10-Q | |
03/10/10 | 01/31/10 | 10-Q | |
12/10/09 | 11/01/09 | 10-Q | |
09/30/09 | 07/31/09 | 10-K | |
06/10/09 | 05/03/09 | 10-Q | |
03/11/09 | 01/28/09 | Unknown | -- |
12/11/08 | 10/30/08 | Unknown | -- |
10/01/08 | 07/31/08 | Unknown | -- |
06/04/08 | 04/30/08 | Unknown | -- |
03/04/08 | 01/29/08 | Unknown | -- |
12/05/07 | 10/30/07 | Unknown | -- |
09/26/07 | 07/31/07 | Unknown | -- |
06/06/07 | 04/30/07 | Unknown | -- |
03/07/07 | 01/31/07 | 10-Q | |
12/05/06 | 10/30/06 | Unknown | -- |
10/11/06 | 07/31/06 | Unknown | -- |
06/07/06 | 04/30/06 | 10-Q | |
03/08/06 | 01/28/06 | Unknown | -- |
12/07/05 | 10/31/05 | 10-Q | |
10/11/05 | 07/31/05 | 10-K | |
06/07/05 | 04/30/05 | Unknown | -- |
03/09/05 | 01/28/05 | Unknown | -- |
12/09/04 | 10/30/04 | Unknown | -- |
10/12/04 | 07/31/04 | Unknown | -- |
06/15/04 | 04/30/04 | Unknown | -- |
03/16/04 | 01/29/04 | Unknown | -- |
12/16/03 | 10/30/03 | Unknown | -- |
10/09/03 | 07/31/03 | 4 | |
06/10/03 | 04/30/03 | Unknown | -- |
03/11/03 | 01/28/03 | Unknown | -- |
12/10/02 | 10/30/02 | Unknown | -- |
10/11/02 | 07/31/02 | Unknown | -- |
06/11/02 | 04/30/02 | Unknown | -- |
03/12/02 | 01/28/02 | Unknown | -- |
12/12/01 | 10/30/01 | Unknown | -- |
10/10/01 | 07/31/01 | Unknown | -- |
06/13/01 | 04/30/01 | Unknown | -- |
03/14/01 | 01/31/01 | 10-Q | |
12/13/00 | 10/30/00 | Unknown | -- |
10/19/00 | 07/31/00 | Unknown | -- |
06/13/00 | 04/30/00 | 10-Q | |
03/15/00 | 01/29/00 | Unknown | -- |