B&G Foods (BGS) Sales Shrink 5.4% Annually, Debt Surges Amid 12.2% Share Drop

B&G Foods (NYSE: BGS) shares declined 12.2% over the six months ended June 1, 2026, to $4.09, trailing the S&P 500’s 10.9% gain, as the packaged-food company confronts shrinking demand and a leveraged balance sheet. Revenue fell at a 5.4% annual rate over the last three years, while earnings per share dropped 19.4% annually, reflecting fixed costs that squeezed margins on lower sales. The company’s debt totaled $2.01 billion against just $64.54 million in cash, yielding a net-debt-to-EBITDA ratio of 7x based on trailing 12-month EBITDA of $270.7 million. At $4.09, the stock trades at a forward price-to-earnings ratio of 6.8x, but the high debt load and persistent top-line erosion signal substantial downside risk.