Conagra Brands

The balance sheet carries material leverage but is manageable given cash generation and investment‑grade access. At Q1 FY26 the carrying amount of long‑term debt (including current installments) was about 8.24 billion with cash around 698 million, implying net debt near 7.6 billion.

Conagra issued new long‑term debt and indicated it expects to address the 1.0 billion November 2025 maturity using proceeds, cash, and commercial paper. FY25 operating cash flow was ~1.69 billion against ~389 million capex, translating to ~1.30 billion FCF. Covenants allow funded debt to EBITDA up to 4.5x, and management remains in compliance.

Overall liquidity is sound, but leverage and interest expense (weighted average coupon ~4.9%) constrain flexibility.