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Campbell Soup Company

CSC.DE
49
Packaged Foods · Consumer Defensive
Price
€20.49
+0.14 (+0.69%)
Market Cap
€6.11B
Exchange
Frankfurt Stock Exchange
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Apr 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Mixed
Valuation
Good
Dividends
Good

Share count falling — buybacks

1.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 305.0M (2021) → 300.0M (2025)

Winston Score History

The full picture

Campbell Soup Company makes food that people buy at grocery stores. Its most well-known product is canned soup, sold under the Campbell's brand, but it also owns snack brands like Goldfish crackers, Pepperidge Farm cookies, and Prego pasta sauce. The company sells to everyday consumers across North America, mostly through large supermarket chains and mass retailers.

Campbell earns money by selling packaged food products directly to retailers, who then sell them to shoppers. Most of its revenue comes from the United States, with a smaller international presence. Its moat comes from strong brand recognition built over more than 150 years, though it faces real competition from store-brand products and other large food companies like General Mills and Kraft Heinz. The company recently took on significant debt after acquiring Sovos Brands in 2024, and managing that debt load while keeping sales steady in a cost-conscious consumer environment is the key challenge ahead.

Score breakdown

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Quality

Profit per sale
Gross Margin
27.0%
Modest — 27.0% gross margin
Profit after running costs
Operating Margin
10.5%
Modest — 10.5% operating margin
Return on the money invested
ROCE
10.7%
Below par — 10.7% 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
+36.1%
Earnings growing fast (+36.1% YoY)

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

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
183%
Turns 183% of profit into real cash
Spare cash per sale
FCF Margin
6.9%
Modest free cash flow (6.9%)

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
1.75
Elevated debt (1.75)
Covers its interest
Interest Cover
3.59x
Tight — interest eats into profit (3.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
10.0x
Attractive valuation — P/E 10.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-2.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.52%
Healthy income — 6.52% yield

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

Dividend record
Dividend Growth
-4.1%
Dividend cut (-4.1% YoY) — warning sign

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