Bell Food Group (BELL) AI Stock Analysis

• Market Cap: CHF1.36B
• Dividend Yield: 3.18%
• Average Volume (3M): 1.73K
• Price to Earnings (P/E): 19.5
• Beta (1Y): 0.01
• Revenue Growth: 4.59%
• EPS Growth: -3.22%
• Country: CH
• Employees: 13,496
• Sector: General
• Sector Strength: N/A
• Industry: Packaged Foods
• EPS (TTM): 3.82
• Shares Outstanding: 6,285,712
• 10 Day Avg. Volume: 2,042
• 30 Day Avg. Volume: 1,732
• PEG Ratio: -0.46
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 0.29
• P/FCF Ratio: 424.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: CHF220.00 ▼(-1.57% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

CH:BELL scores in the low-50s mainly due to pressured fundamentals (weaker 2025 profitability and inconsistent/weak free cash flow) and a soft technical setup (price below key moving averages with negative MACD). Valuation is a partial offset, supported by a reasonable P/E and a 3.23% dividend yield.

Positive Factors

Diversified product and channel footprint

Bell's wide product mix (meat, ready-to-eat, convenience, vegetarian alternatives) and distribution across retail and foodservice create durable revenue diversification. This breadth reduces single-channel exposure, supports scale efficiencies, and preserves bargaining power with large retail partners over time.

Consistent low-to-mid single-digit revenue growth

A multi-year pattern of steady low-to-mid single-digit top-line growth provides predictable demand and planning visibility for a packaged-foods business. This trend supports utilization of manufacturing capacity, gradual margin recovery potential and stable long-term relationships with retailers.

Positive operating cash flow and improving leverage

Sustained positive operating cash flow underpins the core business's cash generation, enabling working-capital support and investment. Combined with observable improvement in debt-to-equity, this points to strengthening balance-sheet resilience and greater financial flexibility versus peers with weaker cash conversion.

Negative Factors

Volatile and often negative free cash flow

Recurring negative or highly variable free cash flow limits the company's ability to self-fund capital expenditure, acquisitions, or sustained dividend growth. Over months, this raises reliance on external financing and restricts strategic flexibility when investing in efficiency or new product development.

Recent material net income decline and margin pressure

A sizeable earnings decline in 2025 and softer operating profit indicate structural margin headwinds (costs, pricing, or mix). Persistent margin pressure erodes reinvestable cash, depresses returns on capital, and makes the business more vulnerable to cyclical downturns over the medium term.

Total debt sizeable relative to earnings power

Although leverage improved, the remaining debt burden is large versus earnings, limiting room to absorb shocks. If cash conversion or margins worsen, servicing and refinancing risk rises, constraining investment and increasing the chance of covenant pressure under stressed scenarios.

Bell Food Group Business Overview & Revenue Model

Company Description

Bell Food Group AG engages in the processing of meat and convenience products in Europe. Its products include meat, poultry, charcuterie, and seafood; and convenience products, such as salads, sandwiches, fresh meals, pasta, sauces, dressings, and spices, as well as soups, bouillons, seasoning mixes, dips, functional foods, desserts, chilled herb products, menu components, and vegetarian and vegan products. The company offers its products primarily under the Bell, Eisberg, Hilcona, and Hügli brands. Its customers include the retail trade and food service sectors, as well as the food processing industry. The company was founded in 1869 and is headquartered in Basel, Switzerland. Bell Food Group AG operates as a subsidiary of Coop-Gruppe Genossenschaft.

How the Company Makes Money

Bell Food Group generates revenue primarily through the sale of its meat and convenience products. The company operates several key revenue streams, including the sale of fresh and processed meats, ready-to-eat meals, and other food products. A significant portion of its earnings comes from partnerships with major retailers and food service providers, allowing for widespread distribution of its products. Additionally, the company benefits from economies of scale in production and a strong brand presence, which contribute to its profitability. High-quality standards and innovation in product development further enhance customer loyalty and drive sales.

Bell Food Group Financial Statement Overview

Summary

Income statement is stable but pressured: steady low-to-mid single-digit revenue growth (2021–2024) is offset by a material net income drop in 2025 and weaker operating profit, suggesting margin pressure. Balance sheet is moderately supportive with improving debt-to-equity and rising equity, but debt remains sizeable versus earnings power. Cash flow is the main weakness: operating cash flow is positive, yet free cash flow has been volatile and often negative (2022–2024) and near breakeven again in 2025.

Income Statement

Revenue has grown steadily over 2021–2024 (roughly low-to-mid single digits), supporting a stable top-line profile for a packaged foods business. Profitability, however, is thin and has weakened recently: net income fell materially in 2025 versus 2024, and operating profit also stepped down, pointing to margin pressure and/or higher costs. Overall, the income statement shows decent stability and growth, but softer recent earnings momentum and low margins cap the score.

Balance Sheet

Leverage looks moderate with debt-to-equity improving from 2023 to 2024 (moving from higher leverage toward a more balanced capital structure), and equity has trended upward over the period shown. Returns on equity in 2021–2024 were steady in the high-single-digit range, indicating consistent (though not exceptional) profitability on the capital base. The main watch-out is that total debt remains sizeable relative to earnings power, so sustained margin pressure could reduce financial flexibility.

Cash Flow

Operating cash flow has been consistently positive, which supports underlying business resilience. However, free cash flow has been volatile and often negative (2022–2024), with a sharp decline again in 2025 (near breakeven), suggesting elevated capital spending, working-capital swings, or lower conversion of profits into cash. This uneven free-cash generation is the key weakness and drives a below-average cash flow score despite healthy operating cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.88B	4.73B	4.51B	4.32B	4.15B
Gross Profit	560.90M	1.88B	591.40M	553.50M	544.90M
EBITDA	367.00M	351.20M	335.70M	320.30M	324.90M
Net Income	69.60M	123.70M	129.60M	127.80M	127.40M
Balance Sheet
Total Assets	3.19B	3.20B	3.27B	3.08B	2.80B
Cash, Cash Equivalents and Short-Term Investments	126.10M	170.80M	425.70M	315.70M	187.20M
Total Debt	991.90M	1.02B	1.23B	1.06B	867.70M
Total Liabilities	1.57B	1.60B	1.77B	1.60B	1.38B
Stockholders Equity	1.61B	1.60B	1.51B	1.47B	1.41B
Cash Flow
Free Cash Flow	3.30M	-11.50M	-18.40M	-13.80M	54.60M
Operating Cash Flow	274.80M	301.30M	311.70M	241.40M	293.50M
Investing Cash Flow	-239.20M	-311.00M	-325.90M	-254.80M	-246.60M
Financing Cash Flow	-80.10M	-245.50M	124.90M	144.70M	-39.60M

Bell Food Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 223.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:BELL, the sentiment is Neutral. The current price of 223.5 is above the 20-day moving average (MA) of 217.20, above the 50-day MA of 219.34, and below the 200-day MA of 240.03, indicating a bearish trend. The MACD of -2.06 indicates Positive momentum. The RSI at 48.14 is Neutral, neither overbought nor oversold. The STOCH value of 48.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:BELL.

Bell Food Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EMMN	71 Outperform	CHF4.36B	20.46	18.34%	2.26%	10.78%	10.53%
ARYN	69 Neutral	CHF1.37B	13.86	24.18%	―	0.90%	30.62%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BELL	53 Neutral	CHF1.36B	19.49	7.93%	3.18%	4.59%	-3.22%
HT5	46 Neutral	CHF35.51M	-0.13	―	―	―	―
ORON	44 Neutral	CHF75.46M	-1.66	―	―	-1.86%	-303.03%