Campbell's Company (The)

Campbell’s moat derives from a portfolio of entrenched shelf-stable and snack brands, long-standing retailer relationships, and scaled manufacturing and DSD distribution in Snacks.

Intangible assets: Strong brand awareness for Campbell’s soup, Prego, Swanson, V8, Goldfish, Pepperidge Farm cookies, Snyder’s, and now Rao’s; however, trademark impairments (for example Snyder’s) and ongoing promo intensity indicate that brand strength varies by banner.

We score intangible assets at 75/100 given resilience but acknowledge unevenness across the portfolio. Cost advantages: Scale buying, networked plants, and DSD routes provide meaningful cost leverage, partially offset by commodity and packaging volatility and tariffs.

Score 60/100. Efficient scale: Shelf space and DSD route density limit local competition and support retail execution, but do not eliminate national challengers or private label. Score 70/100. Switching costs: Minimal for consumers in center-store categories. Score 30/100. Network effects: Not applicable.

Score 5/100. Weighted together, the moat is solid but not impregnable, and it can erode if promotions accelerate or private label closes quality gaps, particularly against premium Rao’s. Management’s push to focus on 16 leadership brands and raise cost-savings to 375 million dollars by FY28 should modestly reinforce the moat if executed.

Citations: FY25 10-K and Q4 FY25 results, cost-savings target, Sovos close, and balance sheet disclosures.