Conagra is a major North American branded packaged food company specializing in frozen meals and snacks. As the largest frozen food manufacturer in North America, the company sells products under brands such as Healthy Choice, Marie Callender’s, and Birds Eye. Its snacking portfolio focuses on protein-forward products like Slim Jim and Angie’s BOOMCHICKAPOP. Beyond these growth areas, Conagra manages a stable of staple brands, including Hunt’s and Reddi-wip, which generate cash to fund investment in its core categories. The company operates through four segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. Conagra primarily sells to large retailers, with Walmart serving as its largest customer. The business model depends on maintaining a price premium for branded goods over input costs like animal proteins, packaging, and logistics. To improve profitability, Conagra is insourcing production for its chicken products and utilizing AI to streamline supply chain processes and reduce complexity. Management is pursuing a portfolio simplification strategy centered on rationalizing SKUs and divesting non-core assets to reduce debt. The company also maintains a significant equity stake in Ardent Mills, a large flour-milling joint venture.