CPB

Campbell's is a defensive packaged-food company trading at a value multiple: 10.5x earnings and 0.6x sales at $21.15. FY2025 revenue grew 6.4% to $10.3B and operating income rose a healthy 12.4% to $1.12B (an 11.0% operating margin), with net income up 6.2% to $602M and EPS up 6.3% to $2.01. The revenue growth has been supported by acquisitions (the long-term-debt history shows a large debt-funded deal), so much of the top-line gain is inorganic rather than underlying volume — a key nuance for a mature staple.

The income case is solid. Operating cash flow of $1.13B (down a modest 4.6%) covers the $459M dividend (raised 3.1%) and $426M capex (cut 17.6%), and the company runs a 15.4% ROE. Current liabilities fell 18.7% and the current portion of debt dropped 65.2%, suggesting active liability management. For income-oriented investors, the cheap multiple plus a well-covered, growing dividend is the attraction.