US Foods Holding Corp. USFD

Consumer StaplesFood & Drug RetailingUnited States of America

Last close 103.61 USD on Nov 1, 2026, +37.6% year to date

Quant rating

Quant rating B Rank 22 of 124 in Consumer Staples

Growth A 15 of 124
Valuation C 73 of 124
Quality B 32 of 124
Revisions C 54 of 124
Momentum A 11 of 124

Wall Street consensus Buy (1.80)Average target 114.73 USD +10.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 22.4B
Enterprise value: 27.8B
52-week range: 69.92 – 111.42
3-year range: 39.44 – 111.42
Dividend yield: –
Beta (5 years): 0.89
Shares outstanding: 216M
Next earnings: Nov 5, 2026

About the company

US Foods Holding Corp. is a foodservice distributor. The Company provides its customers with a range of food offering and a comprehensive suite of e-commerce, technology and business solutions. The Company is primarily engaged in marketing, selling and distributing fresh, frozen and dry food and non-food products to foodservice customers throughout the United States. Its products include meat and seafood, dry grocery products, refrigerated and frozen grocery products, dairy, equipment disposables and supplies and beverage products. It serves customers including independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations. The Company operates a network of over 70 distribution facilities and a fleet of over 6,500 trucks, along with approximately 90 cash and carry locations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	39,424	37,877	35,597	34,057	29,487	–
Revenue growth	4.1%	6.4%	4.5%	15.5%	28.8%	11.5%
EPS (basic, normalized)	3.98	3.15	2.63	2.14	1.55	–
EPS growth	26.3%	19.8%	22.9%	38.1%	–	–
Gross margin	17.4%	17.3%	17.3%	16.1%	15.8%	16.8%
Net margin	1.7%	1.3%	1.4%	0.7%	0.4%	1.1%
ROE	15.3%	10.6%	10.9%	6.0%	3.9%	9.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	56.0
Current ratio	1.14x
Long-term debt (mil)	5,087
Net debt (mil)	5,349
Total equity (mil)	4,279
Net debt / equity	1.25x
Net debt / EBITDA	2.77x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	39,424	+4.1%	0.7x	1,932	+11.2%	14.4x	3.98	+26.3%	26.0x
2026	41,474	+5.2%	0.7x	2,111	+9.3%	13.2x	4.76	+19.7%	21.7x
2027	43,116	+4.0%	0.6x	2,304	+9.2%	12.0x	5.54	+16.2%	18.7x
2028	45,480	+5.5%	0.6x	2,517	+9.2%	11.0x	6.31	+13.9%	16.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	41,474	−0.1%	+0.1%	−0.3%	4.76	−0.3%	+1.5%	−0.2%
2027	43,116	−0.1%	+0.1%	−0.3%	5.54	−0.1%	+1.5%	−0.8%
2028	45,480	−0.1%	+0.3%	−0.4%	6.31	−3.3%	+0.3%	−3.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	8,949	9,709	9,728	9,491	9,351	10,082	10,191	9,800	9,610	10,532
Sales mean (mil)	8,915	9,623	9,718	9,490	9,382	10,178	10,178	9,905	9,647	10,461
Surprise	+0.4%	+0.9%	+0.1%	0.0%	−0.3%	−0.9%	+0.1%	−1.1%	−0.4%	+0.7%
EPS reported	0.54	0.93	0.85	0.84	0.68	1.19	1.07	1.04	0.78	1.43
EPS mean	0.53	0.93	0.83	0.80	0.69	1.13	1.03	1.00	0.81	1.36
Surprise	+1.5%	+0.2%	+2.4%	+4.6%	−2.0%	+5.1%	+3.5%	+4.3%	−3.6%	+5.1%

Peer comparison Food & Drug Retailing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
USFD US Foods Holding Corp.	22.4B	2.77x	1.7%	5.24x	21.7x	18.7x	13.2x	12.0x
WMT Walmart Inc.	979.9B	1.16x	3.1%	9.99x	42.9x	38.3x	20.9x	19.3x
SYY Sysco Corporation	40.8B	2.67x	2.1%	14.88x	16.4x	15.4x	10.9x	10.4x
KR Kroger Co	39.4B	1.86x	0.7%	6.81x	12.9x	12.2x	6.7x	6.6x
CASY Caseys General Stores Inc	25.1B	1.29x	4.1%	6.14x	31.8x	29.0x	16.6x	15.3x
PFGC Performance Food Group Company	15.6B	3.48x	0.5%	3.16x	17.5x	14.9x	10.1x	9.2x
Mean		2.20x	2.0%	7.70x	23.9x	21.4x	13.1x	12.2x
Median		2.27x	1.9%	6.48x	19.6x	17.0x	12.0x	11.2x

Technical analysis

1M+10.6%
3M+2.1%
1Y+39.4%
3Y+180.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, US Foods Holding Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	39,424	37,877	35,597	34,057	29,487	22,885
Cost of revenue	32,560	31,343	29,449	28,565	24,832	19,166
Gross profit	6,864	6,534	6,148	5,492	4,655	3,719
Selling, general & administrative expenses	5,525	5,317	5,027	4,793	4,125	3,678
Research & development	–	–	–	–	–	–
Depreciation/amortization	95.0	88.0	86.0	70.0	73.0	79.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	45.0	164	39.0	35.0	56.0	39.0
Other operating expenses	0	0	0	0	0	0
Operating income	1,199	965	996	594	401	−77.0
Net interest income (expense)	−305	−315	−324	−255	−213	−238
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.0	−6.0	6.0	22.0	26.0	21.0
Net income before taxes	898	644	678	361	214	−294
Provision for taxes	222	150	172	96.0	50.0	−68.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	676	494	506	265	164	−226
Extraordinary items	–	–	–	–	–	–
Net income	676	494	506	265	164	−226
EBIT, normalized	1,330	1,192	1,104	731	438	140
EBITDA, normalized	1,792	1,630	1,499	1,103	816	562
Basic EPS, normalized	3.98	3.15	2.63	2.14	1.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, US Foods Holding Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	41.0	59.0	269	211	148	828
Receivables	2,262	2,167	2,045	1,877	1,641	1,205
Total inventory	1,711	1,626	1,600	1,616	1,686	1,273
Prepaid expenses	90.0	103	103	95.0	93.0	132
Other current assets	60.0	19.0	14.0	21.0	26.0	27.0
Total current assets	4,164	3,974	4,031	3,820	3,594	3,465
Property, plant & equipment	3,013	2,669	2,570	2,436	2,308	2,305
Goodwill	5,794	5,766	5,697	5,625	5,625	5,637
Intangibles	781	836	803	785	830	892
Long-term investments	–	–	–	–	–	–
Note receivable	74.0	50.0	39.0	31.0	26.0	–
Other long-term assets	117	141	47.0	76.0	138	124
Total assets	13,943	13,436	13,187	12,773	12,521	12,423
Liabilities
Accounts payable	2,447	2,231	2,051	1,855	1,662	1,218
Payable/accrued	–	–	–	–	–	–
Accrued expenses	529	438	419	364	384	318
Short-term debt	168	216	220	175	183	136
Current portion of long-term debt	137	109	110	116	95.0	131
Other current liabilities	310	302	312	286	226	179
Total current liabilities	3,591	3,296	3,112	2,796	2,550	1,982
Long-term debt	5,063	4,819	4,564	4,738	4,916	5,617
Minority interest	–	–	–	–	–	–
Other liabilities	982	793	762	744	786	775
Total liabilities	9,636	8,908	8,438	8,278	8,252	8,374
Shareholders' equity
Preferred stock	–	–	0	534	534	519
Common stock	3.0	3.0	3.0	2.0	2.0	2.0
Additional paid-in capital	3,777	3,748	3,663	3,036	2,970	2,901
Retained earnings (accumulated deficit)	2,679	2,003	1,509	1,010	782	661
Treasury stock	−2,200	−1,269	−311	−14.0	–	–
Other equity	48.0	43.0	−115	−73.0	−19.0	−34.0
Total equity	4,307	4,528	4,749	4,495	4,269	4,049
Total liabilities & shareholders' equity	13,943	13,436	13,187	12,773	12,521	12,423

Cash flow statement in millions of USD, fiscal years

Cash flow statement, US Foods Holding Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	676	494	506	265	164	−226
Depreciation, depletion & amortization	462	438	395	372	378	422
Deferred taxes	86.0	−10.0	9.0	17.0	38.0	−51.0
Non-cash items	140	234	113	68.0	69.0	114
Changes in working capital	5.0	18.0	117	43.0	−230	154
Cash from operations	1,369	1,174	1,140	765	419	413
Investing activities
Capital expenditures	−410	−341	−309	−265	−274	−189
Other investing cash flows	−87.0	−211	−186	10.0	12.0	−921
Cash from investing	−497	−552	−495	−255	−262	−1,110
Financing activities
Financing cash flow items	−39.0	−34.0	−26.0	−20.0	−44.0	−38.0
Cash dividends paid	0	0	−7.0	−37.0	−28.0	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−851	−797	−554	−390	−765	1,465
Cash from financing	−890	−831	−587	−447	−837	1,427
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−18.0	−209	58.0	63.0	−680	730
Free cash flow	959	833	831	500	145	224

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.