Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our careers saying that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. Conagra is not quite a bad business — it is something more common and, in its way, more dangerous to your capital: a mediocre business that looks like a good one. It owns famous brands, sells products everyone recognizes, and trades at a single-digit multiple of earnings. Every few years it seduces a new crop of value investors who mistake familiarity for franchise. The past twelve months — a $2.9 billion year of impairment charges, a dividend cut in half, adjusted earnings down 25%, and guidance for another down year — are not an aberration. They are the business model telling you the truth about itself.
Recent filings analysed: DEF 14A (2026-08-11), 8-K (2026-07-28), 8-K (2026-07-28), FWP (2026-07-21).
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