Over the past three months, Seneca Foods has risen 21.1% and has gained 56.1% over the last year, significantly outpacing Conagra Brands’ 11.2% and –25.4% moves, respectively. Seneca trades at a 0.70X trailing 12-month EV/S, above its five-year median of 0.53X, while Conagra sits at 1.38X versus its 1.85X median.

Seneca leverages an extensive network of U.S. processing facilities to produce canned, frozen and jarred fruits and vegetables, supplying both branded and private-label customers. Higher selling prices, an improved product mix and more normalized input costs have boosted sales growth and cash flow, enabling net debt reduction and strengthening its financial position.

Conagra’s diversified portfolio spans shelf-stable, refrigerated and frozen categories, with frozen foods and protein-centric snacks targeted for growth. Its 1.38X EV/S ratio reflects ongoing portfolio transitions and margin pressures, while Project Catalyst aims to enhance efficiency through data, automation and AI.

Seneca’s valuation and momentum suggest underappreciated fundamentals in the produce processing segment, while Conagra’s lower multiple may offer recovery potential if volume and margin trends improve. Investors choosing between the two must weigh Seneca’s growth trajectory against Conagra’s turnaround opportunity.