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1. Company Snapshot

1.a. Company Description

B&G Foods, Inc.manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico.The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.


It markets its products under various brands, including Ac'cent, B&G, B&M, Back to Nature, Baker's Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary's, Clabber Girl, Cream of Rice, Cream of Wheat, Crisco, Dash, Davis, Devonsheer, Don Pepino, Durkee, Emeril's, Grandma's Molasses, Green Giant, Joan of Arc, Las Palmas, Le Sueur, MacDonald's, Mama Mary's, Maple Grove Farms of Vermont, McCann's, Molly McButter, New York Flatbreads, New York Style, Old London, Ortega, Polaner, Red Devil, Regina, Rumford, Sa-són, Sclafani, Spice Islands, Spring Tree, Sugar Twin, Tone's, Trappey's, TrueNorth, Underwood, Vermont Maid, Victoria, and Weber and Wright's.The company also sells, markets, and distributes household products under the Static Guard brand.It sells and distributes its products directly, as well as through a network of independent brokers and distributors to supermarket chains, foodservice outlets, mass merchants, warehouse clubs, non-food outlets, and specialty distributors.


The company was formerly known as B&G Foods Holdings Corp.and changed its name to B&G Foods, Inc.in October 2004.


B&G Foods, Inc.was founded in 1822 and is headquartered in Parsippany, New Jersey.

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1.b. Last Insights on BGS

B&G Foods' recent performance was driven by its Q4 earnings release, which matched estimates at $0.31 per share. Despite a dip in sales due to lower unit volumes and the impact of the Green Giant U.S. shelf-stable product line sale, the company's results were partly offset by better net pricing and product mix. The company's high dividend yield of 10.4% remains a key attraction, although its high debt and low margins contribute to its risk profile. A recent tax treatment announcement on common stock dividends suggests the company's focus on shareholder value."

1.c. Company Highlights

2. B&G Foods' Q3 2025 Earnings: A Closer Look

B&G Foods reported a 4.7% decline in net sales to $439.3 million in Q3 2025 compared to the same period last year. However, base business net sales, excluding divestitures, were down 2.7%. Adjusted EBITDA was $70.4 million, remaining flat on a reported basis but showing growth when excluding divestitures. The company's adjusted diluted earnings per share (EPS) came in at $0.15, beating estimates of $0.11. Adjusted gross profit was $98.8 million, or 22.5% of net sales, with promotional trade spend increasing by approximately 110 basis points.

Publication Date: Nov -21

📋 Highlights
  • Net Sales Decline:: Q3 net sales fell 4.7% to $439.3M, with base business sales down 2.7%, driven by a $4.1M drop in Crisco sales.
  • Adjusted EBITDA Stability:: Adjusted EBITDA remained flat at $70.4M (16% of net sales), recovering in Frozen & Vegetables and growing 2.1% in Spices & Seasonings.
  • Divestiture Impact:: Completed sales of Green Giant Canada, Don Pepino, Sclafani, and Le Sieur U.S. businesses, reducing leverage and focusing the portfolio.
  • 2025 Guidance Revisions:: Net sales updated to $1.82B–$1.84B, adjusted EBITDA to $273M–$280M, and adjusted EPS to $0.50–$0.58, factoring a 53rd week and stable tariffs.
  • Cost & Leverage Progress:: Interest expense dropped $4.9M to $37.3M; $20M in bond repurchases and leverage target of 6x by mid-2026 (down from 4.5–5.5x long-term goal).

Segment Performance

The Spices & Flavor Solutions business unit led the company's top-line performance, with net sales increasing by 2.1%. The Frozen & Vegetables business unit showed a strong recovery in segment adjusted EBITDA. However, the Specialty business unit, particularly the Crisco brand, experienced a decline in net sales. The Meals business unit had reasonable top-line performance despite a challenging retail grocery environment.

Guidance and Outlook

B&G Foods revised its fiscal 2025 guidance to $1.82 billion to $1.84 billion in net sales and $273 million to $280 million in adjusted EBITDA. The company expects the fourth quarter to show continued improvement, with flat net sales excluding divestitures and year-over-year growth in adjusted EBITDA. The guidance takes into account a modestly soft economic environment, a 53rd week, modest pricing around tariffs, and stable material input costs.

Valuation and Leverage

With a P/E Ratio of -1.35 and an EV/EBITDA of -37.86, the market is pricing in significant challenges for the company. However, B&G Foods is working to reduce its consolidated leverage ratio to approximately 6x by mid-2026. The company's net debt to EBITDA ratio is -32.39, indicating a significant debt burden. Analysts estimate next year's revenue growth at -1.8%, which may put further pressure on the company's valuation multiples.

Operational Focus

B&G Foods is prioritizing improving base business net sales trends, reshaping its portfolio for future growth, reducing leverage, and structuring key platforms for future acquisition growth. The company has completed the divestitures of several businesses, including Green Giant Canada, as part of its strategy to become a more focused and stronger company. As Casey Keller noted, "We're making progress on getting the Green Giant U.S. sale done, but we can't comment on the timing." This strategic focus is expected to drive long-term growth and stability.

3. NewsRoom

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B&G Foods, Inc. $BGS Shares Acquired by Ensign Peak Advisors Inc

Dec -01

Source: defenseworld.net

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B&G Foods' Q3 Earnings Beat Estimates Despite Soft Sales

Nov -06

Source: zacks.com

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B&G Foods, Inc. (BGS) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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B&G Foods Reports Financial Results for Third Quarter 2025

Nov -05

Source: businesswire.com

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B&G Foods Announces Agreement to Sell the Green Giant brand in Canada to Nortera Foods

Oct -27

Source: businesswire.com

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B&G Foods Announces Date of Third Quarter 2025 Earnings Conference Call

Oct -22

Source: businesswire.com

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Discover the Elite Stocks Delivering 12%+ Yields for Ultimate Passive Income Domination

Oct -03

Source: 247wallst.com

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Can B&G Foods Achieve 20% Adjusted EBITDA Margin by Year-End?

Sep -17

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.74%)

6. Segments

Specialty Brands - Crisco

Expected Growth: 4.83%

Crisco's 4.83% growth is driven by increasing demand for baking and cooking products, particularly among health-conscious consumers seeking natural and organic ingredients. Additionally, B&G Foods' strategic marketing efforts, product innovation, and expanded distribution channels have contributed to the brand's growth.

Frozen & Vegetable Brands - Green Giant - Frozen

Expected Growth: 4.83%

Green Giant's 4.83% growth is driven by increasing demand for convenient, healthy meal options, and B&G Foods' successful brand revitalization efforts. The company's focus on product innovation, expanded distribution channels, and targeted marketing campaigns have also contributed to the brand's growth.

Spices & Flavor Solutions Brands - Spices & Seasonings

Expected Growth: 4.65%

B&G Foods' Spices & Flavor Solutions Brands, particularly Spices & Seasonings, have demonstrated a 4.65% growth driven by increasing demand for at-home cooking, health-conscious consumers seeking natural ingredients, and the company's strategic acquisitions and product innovations, such as the Ortega and Victoria brands.

Specialty Brands - All Other Specialty Brands

Expected Growth: 4.65%

The 4.65% growth of All Other Specialty Brands from B&G Foods, Inc. is driven by increasing demand for premium and gourmet products, expansion into new distribution channels, and strategic acquisitions. Additionally, the company's focus on innovation, product diversification, and effective cost management have contributed to the segment's growth.

Meals Brands - All Other Meals Brands

Expected Growth: 4.65%

The 4.65% growth of Meals Brands - All Other Meals Brands from B&G Foods, Inc. is driven by increasing demand for convenient and affordable meal solutions, expansion into new distribution channels, and strategic product innovation. Additionally, the company's focus on cost savings initiatives and operational efficiencies has also contributed to the growth.

Meals Brands - Ortega

Expected Growth: 4.65%

Ortega's 4.65% growth is driven by increasing demand for Mexican food, successful product innovation, and effective marketing strategies. Additionally, B&G Foods' strong distribution network and efficient supply chain management contribute to the brand's growth. Furthermore, the rising popularity of meal kits and convenient meal solutions also supports Ortega's growth.

Specialty Brands - Clabber Girl

Expected Growth: 4.83%

Clabber Girl's 4.83% growth is driven by increasing demand for baking products, particularly in the specialty and gourmet segments. Strong brand recognition, expanded distribution channels, and innovative product offerings also contribute to growth. Additionally, B&G Foods' strategic acquisitions and cost savings initiatives have enhanced operational efficiency, further fueling growth.

Frozen & Vegetable Brands - Green Giant - Shelf Stable

Expected Growth: 4.73%

Green Giant's 4.73% growth in Shelf Stable segment is driven by increasing demand for convenient, healthy, and sustainable food options. Strong brand recognition, product innovation, and strategic distribution expansion contribute to the growth. Additionally, the rising popularity of meal kits and online grocery shopping also boost sales.

Meals Brands - Maple Grove Farms of Vermont

Expected Growth: 4.83%

Maple Grove Farms of Vermont's 4.83% growth is driven by increasing demand for natural and organic food products, expanding distribution channels, and strategic marketing efforts. The brand's strong reputation for quality and authenticity resonates with health-conscious consumers, contributing to its growth. Additionally, B&G Foods' investment in e-commerce and digital marketing has enhanced the brand's online presence, further fueling growth.

Meals Brands - Cream of Wheat

Expected Growth: 4.83%

The 4.83% growth of Meals Brands - Cream of Wheat from B&G Foods, Inc. is driven by increasing demand for convenient and healthy breakfast options, expanding distribution channels, and successful marketing campaigns targeting health-conscious consumers. Additionally, the brand's strong heritage and nostalgic appeal contribute to its continued growth.

Spices & Flavor Solutions Brands - Dash

Expected Growth: 4.83%

Dash's 4.83% growth is driven by increasing demand for convenient, healthy, and flavorful meal solutions. Expanding distribution channels, innovative product launches, and strategic marketing efforts have contributed to the brand's success. Additionally, the growing trend of home cooking and meal prep, particularly among millennials, has fueled demand for spices and flavor solutions.

Spices & Flavor Solutions Brands - All Other Spices & Flavor Solutions Brands

Expected Growth: 4.65%

The 4.65% growth of Spices & Flavor Solutions Brands - All Other Spices & Flavor Solutions Brands from B&G Foods, Inc. is driven by increasing demand for premium and organic spices, expanding distribution channels, and strategic product innovation. Additionally, the company's focus on e-commerce and digital marketing has contributed to the growth.

Frozen & Vegetable Brands - Green Giant - Le Sueur

Expected Growth: 4.65%

Strong brand recognition, increasing demand for healthy and convenient food options, and strategic product innovation drive growth for Green Giant and Le Sueur. Expansion in e-commerce and online grocery shopping channels, as well as effective marketing campaigns, also contribute to the 4.65% growth.

Specialty Brands - Back to Nature

Expected Growth: 4.83%

Back to Nature's 4.83% growth is driven by increasing consumer demand for natural and organic products, strategic product innovation, and effective distribution expansion. Additionally, B&G Foods' strong brand management and marketing efforts have contributed to the segment's growth.

7. Detailed Products

Green Giant Canned and Frozen Vegetables

Canned and frozen vegetables, including corn, peas, carrots, and other varieties

Ortega Mexican Foods

Mexican food products, including taco shells, seasonings, and sauces

Cream of Wheat Hot Cereal

Hot cereal made from wheat farina, available in various flavors

Polly-O String Cheese

String cheese made from mozzarella cheese, perfect for snacking

Mrs. Dash Seasoning Blends

Salt-free seasoning blends for various cuisines, including Italian, Mexican, and more

Back to Nature Snack Foods

Natural and organic snack foods, including granola, crackers, and cookies

Weetabix Whole Grain Cereal

Whole grain cereal made from wheat, oats, and barley

Rickland Orchards Greek Yogurt

Greek yogurt with live and active cultures, available in various flavors

8. B&G Foods, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

B&G Foods, Inc. operates in the food industry, where substitutes are readily available. However, the company's strong brand portfolio and product diversification mitigate the threat of substitutes.

Bargaining Power Of Customers

B&G Foods, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are widely distributed, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

B&G Foods, Inc. relies on a network of suppliers for raw materials and ingredients. While the company has some bargaining power due to its scale, suppliers can still exert some pressure on prices and terms.

Threat Of New Entrants

The food industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants and allows B&G Foods, Inc. to maintain its market position.

Intensity Of Rivalry

The food industry is highly competitive, with many established players vying for market share. B&G Foods, Inc. faces intense competition from other food manufacturers, which can lead to pricing pressure and advertising wars.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.18%
Debt Cost 7.29%
Equity Weight 28.82%
Equity Cost 7.61%
WACC 7.38%
Leverage 246.94%

11. Quality Control: B&G Foods, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bridgford Foods

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Value: 9.6

Growth: 4.1

Quality: 5.1

Yield: 0.0

Momentum: 6.0

Volatility: 5.7

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B&G Foods

A-Score: 4.8/10

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Growth: 2.6

Quality: 2.8

Yield: 10.0

Momentum: 0.0

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Quality: 4.8

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Momentum: 4.5

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Growth: 2.2

Quality: 5.8

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NAI

A-Score: 3.3/10

Value: 9.5

Growth: 2.9

Quality: 2.8

Yield: 0.0

Momentum: 0.5

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.52$

Current Price

4.52$

Potential

-0.00%

Expected Cash-Flows