# Performance Food Group Company (PFGC)

> Source: Nexqual · https://nexqual.com/PFGC · data as of 2026-10-23 14:58 UTC · cite as "Nexqual, Performance Food Group Company (PFGC), nexqual.com/PFGC" · informational, not investment advice.

**Price:** USD 95.47 (-2.48% today) · US market open, as of October 23, 2026 at 14:58 UTC; quotes may be delayed. Prev close 97.89 · day 94.72–96.86 · 52w 80.82–117.48 · market cap $15.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $67.8B, net income $359M (0.5% margin), free cash flow $1.03B (SEC filings).
- Valuation: P/E 41.7x (avg 37.6x at the last 3 fiscal year-ends), EV/EBITDA 11.7x, net debt $4.91B.
- Earnings quality: non-operating income -$402M vs operating income $888M over the last four quarters; P/E excluding non-operating income ≈22.8x (estimate: non-operating income taxed at the company's 26% effective rate).
- 4 of 80 tracked superinvestors hold PFGC (13F, Q2 2026): 2 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.23 on a 1–5 scale) (13 analysts), mean target USD 125.33 (range 79–144).
- Total return with dividends: 1Y -6.2% vs S&P 500 +14.5%; 5Y +111.1% vs S&P 500 +77.2%.
- Next earnings: 2026-11-04, EPS estimate USD 1.28, revenue estimate $18.0B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $50.9B | $57.3B | $58.3B | $63.3B | $67.8B | $67.8B |
| Gross profit | $5.26B | $6.25B | $6.58B | $7.42B | $8.09B | — |
| Operating income | $327M | $766M | $826M | $816M | $888M | $888M |
| Net income | $113M | $397M | $436M | $340M | $359M | $359M |
| EPS (diluted) | $0.74 | $2.54 | $2.79 | $2.18 | $2.29 | — |
| Free cash flow | $61.0M | $562M | $767M | $704M | $1.03B | $1.03B |
| Gross margin | 10.3% | 10.9% | 11.3% | 11.7% | 11.9% | — |
| Operating margin | 0.6% | 1.3% | 1.4% | 1.3% | 1.3% | 1.3% |
| Net margin | 0.2% | 0.7% | 0.7% | 0.5% | 0.5% | 0.5% |
| Revenue growth | +67.4% | +12.5% | +1.8% | +8.6% | +7.2% | — |
| Cash + short-term investments | $11.6M | $12.7M | $20.0M | $78.5M | $92.4M | — |
| Total debt | $3.91B | $3.46B | $3.20B | $5.39B | $5.01B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 41.7x · P/E ex non-operating (est.) ≈22.8x · P/S 0.2x · EV/EBITDA 11.7x · EV/Sales 0.3x · P/FCF 14.6x · P/B 3.1x · FCF yield 6.87% · Earnings yield 2.40% · Buyback yield (TTM) 0.01% · Net debt $4.91B · EV $19.9B
P/E at fiscal year-ends: Jun 2026 48.8x, Jun 2025 40.2x, Jun 2024 23.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold PFGC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 4.00% | $654M | Added +47.1% |
| Daniel Loeb | Third Point | 1.63% | $75.5M | New position |
| Lee Ainslie | Maverick Capital | 1.27% | $141M | New position |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.0M | Added +3.8% |

## Analysts
Consensus Buy (mean 2.23 on a 1–5 scale), 13 analysts; mean target USD 125.33 (low 79, high 144).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target raised | Overweight | $131 → $136 |
| 2026-10-15 | TD Cowen | Target lowered | Buy | $115 → $110 |
| 2026-09-11 | TD Cowen | Target lowered | Buy | $120 → $115 |
| 2026-08-14 | UBS | Target lowered | Buy | $132 → $130 |
| 2026-08-13 | Citigroup | Target raised | Buy | $143 → $144 |
| 2026-08-13 | TD Cowen | Target lowered | Buy | $128 → $120 |
| 2026-07-22 | Citigroup | Target raised | Buy | $135 → $143 |
| 2026-07-16 | Morgan Stanley | Target raised | Overweight | $120 → $131 |
| 2026-07-14 | Wells Fargo | Target raised | Overweight | $115 → $130 |
| 2026-07-07 | TD Cowen | Initiated | Buy | $128 |
| 2026-06-29 | Guggenheim | Target raised | Buy | $115 → $125 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -6.2% | +111.1% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | -6.2% | +16.1% |
| Volatility (annualized) | 29.3% | 30.2% |
| Max drawdown | -23.7% (Jul 2026→Sep 2026) | -28.7% (Feb 2022→May 2022) |

## Peers (Food Distribution)
USFD (US Foods Holding Corp.) USD 101.48 -2.47% · SYY (Sysco Corporation) USD 81.95 -2.41% · CHEF (The Chefs' Warehouse, Inc.) USD 106.47 -0.76% · UNFI (United Natural Foods, Inc.) USD 46.12 -2.45% · ANDE (The Andersons, Inc.) USD 64.62 -0.74% · AVO (Mission Produce, Inc.) USD 11.66 -1.35%

## More
Full page: https://nexqual.com/PFGC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PFGC's own 10-K filed 2026-08-12 (https://www.sec.gov/Archives/edgar/data/1618673/000119312526346886/pfgc-20260627.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ALTRIA GROUP, INC. (MO) | "The Company's significant suppliers include Altria Group, Inc. (parent company of Philip Morris USA Inc.) and R.J." |
| Partner | US Foods Holding Corp. (USFD) | "Additionally, for the fiscal year ended June 27, 2026, Other adjustments includes $20.2 million of legal and professional fees incurred in connection with shareholder activism and the clean team agreement with US Foods H…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Foodservice | $9.81B | 54.4% | +6.8% |
| Convenience | $6.81B | 37.7% | +5.7% |
| Specialty | $1.34B | 7.4% | +6.6% |
| Corporate & Other | $76.0M | 0.4% | +20.4% |
| Total revenue | $18.03B | 100% | — |

## Revenue by product line (fiscal year ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cigarettes | $14.99B | 22.1% | +3.2% |
| Center Of The Plate | $14.89B | 22.0% | +13.2% |
| Canned & Dry Groceries | $6.77B | 10.0% | +11.6% |
| Frozen Foods | $6.46B | 9.5% | -1.7% |
| Candy Snack Theater & Concession | $5.77B | 8.5% | +7.3% |
| Refrigerated & Dairy Products | $5.15B | 7.6% | -0.2% |
| Paper Products & Cleaning Supplies | $3.81B | 5.6% | +6.8% |
| Beverage | $3.77B | 5.6% | +8.1% |
| Alternative Nicotine Products | $3.75B | 5.5% | +9.5% |
| Produce | $1.58B | 2.3% | +10.8% |
| Other Miscellaneous Goods & Services | $888.7M | 1.3% | +67.2% |
| Total revenue | $67.84B | 100% | — |

## Company outlook (8-K filed 2026-08-12)

- "We enter fiscal 2027 with significant momentum, reflected in the outlook we are providing today."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.28 | $1.39 | -7.4% | $18.03B | 11 |
| Next quarter (ends 2026-12-31) | $1.21 | $1.27 | -4.0% | $17.39B | 11 |
| Current fiscal year (ends 2027-06-30) | $5.65 | $5.71 | -1.0% | $72.82B | 13 |
| Next fiscal year (ends 2028-06-30) | $6.71 | $6.87 | -2.3% | $75.00B | 13 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 41.1% | ±9.1% |
| 2026-12-18 | 56 | 35.0% | ±11.0% |
| 2027-03-19 | 147 | 31.2% | ±15.9% |
| 2027-06-17 | 237 | 32.2% | ±20.8% |