Key Points
Shares of Nike, Kimberly-Clark, and Conagra Brands are all down more than 30% in the past five years.
These businesses have strong brands, but they have been facing adversity.
While these stocks look cheap, investors should be aware of their risks.
The S&P 500 may be down 3% this year, but its decline is nothing compared to the sell-off that's been taking place in some top stocks in recent years. Below, I'll go over some stocks that have been declining so much that they're at levels they haven't been at in more than a decade.
There's going to be some inherent risk with buying stocks amid such weakness. They don't, after all, plunge to such levels unless things aren't going well. But if you're willing to take on some risk, these stocks may potentially have room to rise considerably higher in the long term, given how lowly they are trading right now.
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Nike (NYSE: NKE), Kimberly Clark (NASDAQ: KMB), and Conagra Brands (NYSE: CAG) are all down big, and here's a look at what's weighing them down and whether they might be worth buying today.
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Nike
Footwear and apparel giant Nike has struggled mightily, with its share price crashing close to 70% over the past five years. The last time the stock was trading this low was all the way back in 2014. The business has been facing considerable headwinds due to rising competition from abroad, the growing popularity of fast fashion, rising inflation, and troubling economic conditions.
The company changed CEOs in 2024 in an effort to focus more on in-store sales, but the results thus far haven't been all that great, suggesting that it won't be an easy fix. Nike continues to have an uphill battle in generating much growth; meanwhile, its profits have also taken a beating as it spends more on demand creation, and its margins are getting squeezed due to competition and tariffs.
I believe Nike can turn things around if it makes bold moves, such as cutting its store count drastically and focusing on margins rather than sheer growth. It may need to get smaller, but much more profitable. The good news is that, with an iconic brand that resonates with young people, it's in better shape than most companies attempting turnarounds. It won't be easy for Nike, but it is possible.
The stock trades at a forward price-to-earnings (P/E) multiple of 18, which isn't high. If you're willing to stomach the risk and hang on for the long term, the shoe stock could generate some incredible returns, but its turnaround is also by no means a guarantee.
Kimberly Clark
Another top consumer goods stock that has been in a free fall is Kimberly Clark. Its shares are down more than 30% in five years. The sell-off hasn't been as steep as for Nike, but Kimberly Clark is also generally a far safer and more stable investment -- it has a beta value of 0.30, which suggests good long-term stability. A decline like this isn't common. The stock hasn't been at these levels since 2013.
What rattled investors was when Kimberly Clark announced in November that it was planning to acquire Kenvue in a deal worth nearly $49 billion. Kenvue previously spun off from Johnson & Johnson, and Kimberly Clark believes the deal will help to create a "global health and wellness leader." Kenvue owns iconic brands such as Tylenol, Neutrogena, and Aveeno. It would undoubtedly be complementary with Kimberly Clark's business, which already has many top consumer brands under its umbrella, including Huggies, Kleenex, and Kotex.
Investors are, however, right to be worried about the deal as it makes a once-safe stock much riskier due to the uncertainty ahead. But if the business is able to pull it off successfully, or perhaps the deal ends up falling through, then the stock may be due for a rally. It trades at just 13 times its estimated future earnings.
Conagra Brands
Rounding out this list of troubled stocks is Conagra Brands, which owns many top food brands, including Slim Jim, Vlasic, and Orville Redenbacher's. Despite the strong portfolio of products, shares of Conagra have declined nearly 60% in five years. The sell-off has pushed the stock to levels it hasn't reached since 2009.
The company has been struggling to generate much growth over the years. And to make matters worse, GLP-1 drugs are curbing consumer appetites, food costs are rising, and recently, elevated oil prices are adding more uncertainty into the mix; it's been a flurry of bad news weighing on Conagra's stock of late. It recently reported earnings, and sales for the third quarter (which ended Feb. 22) were down 1.9%.
Investors are also concerned that the stock's high-yielding dividend, which pays around 9%, may be unsustainable. The company's margins are light, and a cut to the payout may be inevitable.
At a forward P/E of less than nine, Conagra is looking incredibly cheap these days. But this is also a business that isn't winning over growth investors, and even dividend investors are having second thoughts. This may be the riskiest stock on this list, so you will want to tread carefully if you're considering taking a chance on Conagra.
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Kenvue and Nike. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.
