The Campbell's Company (CPB)
被低估基本面
55
价格
$19.83
市值
$5.92B
第一部分 · 这家公司值多少
概览
The Campbell's Company makes and sells packaged food sold mainly through US grocery, club and convenience stores: canned soups, broths, pasta sauces, snacks and beverages under brands like Campbell's, Prego, V8, Pace, Rao's, Goldfish and Pepperidge Farm. It owns its brands and much of its manufacturing, and grows mainly by acquiring established food brands — most recently the premium pasta-sauce maker Rao's — rather than by building entirely new ones from scratch.
盈利方式
Revenue comes from selling packaged products to retailers, who resell them to consumers; Campbell's negotiates shelf space, promotional pricing and volume terms directly with a small number of very large grocery chains. Profitability depends on keeping input costs (grain, protein, packaging, energy) below the price increases it can push through to retailers, and on shifting the product mix toward higher-margin, faster-growing brands like Rao's rather than legacy soup, which has been losing volume for years.
分部营收
Soups, broths, pasta sauces, beverages like V8 and prepared meals; the larger and, after the Rao's acquisition, faster-growing of the two divisions.
Crackers, cookies and salty snacks including the Goldfish, Pepperidge Farm and Snyder's-Lance brands; the smaller division and the one under the most category pressure.
护城河
品牌 · 狭窄Decades of advertising and shelf presence have made Campbell's soup and several of its other brands household names that consumers reach for out of habit, which supports pricing and secures retailer shelf space. But the moat is narrow: private-label alternatives are a close substitute in the low-growth soup category, and several Campbell's brands have lost volume for years despite the name recognition.
需求驱动因素
防御型Packaged food is a staple category: people keep buying soup, crackers and pasta sauce in good times and bad, which makes revenue relatively insensitive to the broader economic cycle. The bigger swing factor is not the economy but shifting consumer taste away from processed food toward fresher or better-for-you alternatives, a slower-moving but persistent headwind.
主要风险
- Retailer concentration and negotiating power — A handful of large retail chains, led by Walmart, control access to shelf space and can demand better terms or delist products, directly threatening volume and margin.
- Shifting consumer preferences away from processed food — Consumers increasingly favor fresh, organic or minimally processed foods over shelf-stable canned and packaged products, a long-running trend that pressures volumes across much of the portfolio.
- Input cost volatility — Prices for wheat, tomatoes, proteins, packaging materials and transportation fluctuate, and Campbell's cannot always pass cost increases through to retailers quickly enough to protect margins.
- Integration risk from recent acquisitions — A large part of recent growth depends on successfully integrating the Sovos Brands acquisition and scaling Rao's, and any stumble in that integration or a slowdown in Rao's growth would remove the company's main growth engine.
客户集中度
主要客户占营收的47%
Walmart alone accounts for approximately 22% of net sales, and the five largest customers together for about 47%, so shelf-space and pricing decisions at a handful of retail chains have an outsized effect on results.
看多理由
Buyers argue that Rao's and other recent acquisitions are proof Campbell's can keep finding and scaling premium brands even as legacy soup volumes decline, that the Meals & Beverages division's growth shows the strategy is working, and that a staple, recession-resistant product mix supports a defensive dividend.
看空理由
Sellers fear that legacy soup and snack brands will keep losing volume to private label and fresher alternatives faster than newer brands like Rao's can offset it, that heavy reliance on Walmart and a handful of retailers caps pricing power, and that debt taken on for recent acquisitions limits flexibility.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Its Progresso line is the main branded rival to Campbell's ready-to-serve soup on the same US supermarket shelf, and its Chex Mix and Annie's snacks compete for the same snacking dollar.
Sells soups, broths, pasta sauces and other ambient meal staples to the same US and Canadian grocery buyers Campbell's Meals & Beverages segment serves.
Its Ritz, Wheat Thins and Oreo brands fight for the same cracker and sweet-biscuit purchase as Goldfish, Lance and Pepperidge Farm cookies.
Through Frito-Lay it is the dominant US salty-snack maker, the scale competitor Campbell's Snacks segment faces for shelf space and promotional support in every grocery chain.
Competes across shelf-stable and frozen meals with Healthy Choice, Marie Callender's and Chef Boyardee, the same easy-meal occasion Campbell's soups and Rao's frozen entrées are sold for.
Head-to-head rival of Snyder's of Hanover, Cape Cod and Kettle Brand in US pretzels and kettle chips, competing for the same salty-snack shelf space.
资产负债表与流动性
营收
$9.74B
最近12个月（截至2026/8/2）
净利润
$403M
最近12个月（截至2026/8/2）
自由现金流
$678M
股东权益合计
$3.85B
负债合计
$11.49B
流动比率
0.82
利息覆盖率
2.57
债务/EBITDA
6.18
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$27.22
当前价格
$19.83
安全边际
+27.2%
公允价值区间
$17.69 - $36.75
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
15.14
ROE
10.5%
市净率（P/B）
1.54
P/FCF
8.72
毛利率
28.1%
ROIC
5.5%
盈利能力雷达图
价值创造（经济护城河）
ROIC
5.5%
WACC
5.4%
ROIC − WACC
+0.1 pp
ROIC 与资本成本大致持平：公司仅仅覆盖了资本成本。
基本面分析标准
通过（13）
- ROIC 5.5%
- P/FCF 8.72
- P/B Ratio 1.54
- Debt/Equity ratio
- Operating Margin 8.7%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Return on Tangible Assets
- DCF valuation (Undervalued)
- ROE 10.1%
- Earnings Quality (OCF/NI) 2.58
- Piotroski F-Score 5/9
未通过（13）
- EPS shows upward trend
- EPS CAGR -4.55%
- Price CAGR -10.32%
- Gross Margin 28.1%
- CapEx intensity
- Debt/EBITDA
- Low reliance on intangibles
- Price below Graham Number
- Revenue Growth 5Y 2.8%
- Analyst Consensus 4% Buy
- Earnings Surprise avg -0.9%
- Share Dilution 2.7%
- Net Margin Trend 4.1% vs 5.9%
不可用（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在发行新股，稀释所有权
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Mick J. Beekhuizen | CEO, President & Director | 49 |
| Ms. Diane Johnson May | Executive VP & Chief People and Culture Officer | 67 |
| Mr. Daniel L. Poland | Advisor | 62 |
| Mr. Todd E. Cunfer | Executive VP & Chief Financial Officer | 60 |
| Ms. Kelly L. Palumbo | Senior VP, Controller & Chief Accounting Officer | - |
| Mr. Joshua Levine | Chief Investor Relations Officer | - |
| Ms. Beth Jolly | Senior VP & Chief Communications Officer | - |
| Ms. Janda Lukin | Executive VP & Chief Growth Officer | - |
| Ms. Risa Cretella | Executive VP and President of Meals & Beverages | 45 |
| Ms. Cassandra Green | Executive VP & Chief Supply Chain Officer | - |
审计风险
3
董事会风险
1
薪酬风险
1
股东权利风险
3
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for CPB, sourced from Markets Gazette.
- 28d agoNEGATIVECampbell’s Shares Slump on Sales Drop, Dividend Cut, Outlook
Campbell Soup Company's stock experienced a significant decline following the announcement of its fourth consecutive quarterly sales drop. The company also enacted a dividend cut and introduced a cost-savings initiative. This combination of declining revenue, reduced shareholder payouts, and cost-cutting measures signals underlying business challenges. Investors will be closely watching the effectiveness of the cost-savings plan in reversing the negative sales trend and its impact on future profitability and dividend sustainability.
- 6/9/2026POSITIVEWall Street's Most Accurate Analysts Spotlight On 3 Risk Off Stocks Delivering High-Dividend Yields
In a volatile market, investors are increasingly seeking refuge in high-dividend yield stocks. Analysts have identified Campbell Soup Company (CPB), General Mills Inc. (GIS), and Kraft Heinz Co. (KHC) as top picks offering attractive dividend payouts. These companies are favored for their perceived stability and consistent returns, providing a potential hedge against market downturns. For investors, these selections suggest a defensive strategy, prioritizing income generation and capital preservation over aggressive growth in the current economic climate.
- 6/8/2026POSITIVECampbell's Earnings Beat; Eli Lilly Obesity Drug Results | Stock Movers
Campbell Soup Company (CPB) shares saw a modest increase pre-market after reporting third-quarter adjusted earnings per share that surpassed analyst expectations. While the exact figures were not detailed, this beat suggests operational efficiency and demand resilience for its products. The company's stock movement indicates positive investor sentiment following the earnings release. This news, coupled with potential inclusion in the S&P 500, signals a favorable outlook for the canned soup maker, potentially attracting further investment interest.
- 6/8/2026NEUTRALFull Transcript: Campbell's Q3 2026 Earnings Call
Campbell Soup Company (CPB) held its Q3 2026 Earnings Call on June 8, 2026. While the transcript is available, the provided snippet does not contain specific financial results, forward-looking statements, or market-moving information. Therefore, it is not possible to ascertain the financial performance or outlook for Campbell Soup Company based solely on this title and date. Investors would need to review the full earnings call transcript and accompanying financial reports for detailed insights into sales, earnings, margins, and strategic initiatives that could impact the stock.
- 3/17/2026NEGATIVEContrarian Take: This 6.9%-Yielding Dividend Stock Is a Buy at a 23-Year Low
Campbell Soup Company's stock is experiencing a significant downturn following its latest earnings report, which failed to meet investor expectations. The company's shares have fallen to a 23-year low, despite offering a substantial dividend yield of 6.9%. This price action suggests a deep-seated concern among market participants regarding the company's future growth prospects or operational efficiency, overshadowing the attractive dividend payout for now. Investors are likely reassessing the stock's value proposition in light of these recent performance issues.
- 3/15/2026POSITIVECampbell's Is Dangerously Close to Getting Kicked Out of the S&P 500. Here's Why the High-Yield Dividend Stock Is a Buy Anyway.
Campbell Soup Company (CPB) is trading at a significant discount, presenting an attractive valuation for investors. Despite potential exclusion from the S&P 500, the company boasts one of the highest dividend yields within the index. This high yield, coupled with its 'dirt cheap' valuation, suggests a compelling opportunity for income-focused investors. The news implies that the market may be overreacting to the S&P 500 index inclusion risk, overlooking the fundamental value and dividend payout of the stock.
- 3/11/2026NEGATIVECampbell’s stock heads toward a 23-year low, as it warns of more price cuts to recharge demand
Campbell Soup Company's stock is approaching a 23-year low following a warning from its CEO about a more cautious outlook for the remainder of the year. The company indicated a need for further price reductions to stimulate consumer demand, suggesting ongoing challenges in maintaining sales volume and market share. This cautious sentiment and the necessity for aggressive pricing strategies signal potential headwinds for future revenue and profitability. Investors are likely reassessing the company's growth prospects amid these pressures.
- 3/11/2026NEUTRALCampbell (CPB) Q2 2026 Earnings Call Transcript
Campbell Soup Company (CPB) is scheduled to hold its Q2 2026 Earnings Call on March 11, 2026. While the specific financial results are not detailed in this announcement, the upcoming earnings call indicates a regular reporting cycle. Investors will be looking for updates on sales performance, profit margins, and management's outlook for the remainder of the fiscal year. The market will closely analyze any forward-looking guidance provided during the call for potential impacts on the company's stock valuation.
via Markets Gazette