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Campbell Soup Company

CPB
49
Packaged Foods · Consumer Defensive
Also trades as: 0HST.L
Exchange
NASDAQ
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through May 3, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Mixed
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Campbell Soup Company makes food products that millions of people buy at grocery stores. Its most famous product is canned soup, but it also owns well-known brands like Pepperidge Farm (cookies and bread), Goldfish crackers, Prego pasta sauce, and Pace salsa. The company sells mostly to everyday consumers through supermarkets, big-box stores like Walmart, and online retailers across North America.

Campbell earns money by selling packaged food products directly to retailers, who then sell them to shoppers. The company operates primarily in the United States, with some international sales, and generates roughly $9–10 billion in annual revenue. Its main competitive advantage is brand recognition — products like Goldfish and Campbell's soup have loyal customers built over decades. However, the company carries significant debt from past acquisitions, and it faces ongoing pressure from consumers shifting toward fresher, less-processed foods, which could slowly shrink demand for traditional canned and packaged goods.

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Score breakdown

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Quality

Profit per sale
Gross Margin
27.5%
Modest — 27.5% gross margin
Profit after running costs
Operating Margin
10.1%
Modest — 10.1% operating margin
Return on the money invested
ROCE
10.4%
Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-2.9%
Shrinking sales (-2.9% YoY)
Profit growth
EPS YoY
+34.9%
Earnings growing fast (+34.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
181%
Turns 181% of profit into real cash
Spare cash per sale
FCF Margin
6.5%
Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.74
Elevated debt (1.74)
Covers its interest
Interest Cover
3.45x
Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.7x
no trend
Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.5
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
6.88%
no trend
Healthy income — 6.88% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+1.3%
no trend
Dividend flat

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