# US Foods Holding Corp. (USFD)

> Source: Nexqual · https://nexqual.com/USFD · data as of 2026-10-23 15:29 UTC · cite as "Nexqual, US Foods Holding Corp. (USFD), nexqual.com/USFD" · informational, not investment advice.

**Price:** USD 101.58 (-2.37% today) · US market open, as of October 23, 2026 at 15:29 UTC; quotes may be delayed. Prev close 104.05 · day 101–103.77 · 52w 69.88–111.42 · market cap $22.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $40.1B, net income $728M (1.8% margin), free cash flow $946M (SEC filings).
- Valuation: P/E 30.2x (avg 27.1x at the last 3 fiscal year-ends), EV/EBITDA 15.9x, net debt $5.18B.
- 2 of 80 tracked superinvestors hold USFD (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $3.6M; 2 not under a Rule 10b5-1 plan ($3.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.27 on a 1–5 scale) (15 analysts), mean target USD 116.27 (range 65–130).
- Total return with dividends: 1Y +33.9% vs S&P 500 +14.8%; 5Y +193.0% vs S&P 500 +77.6%.
- Next earnings: 2026-11-05, EPS estimate USD 1.25, revenue estimate $10.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.5B | $34.1B | $35.6B | $37.9B | $39.4B | $40.1B |
| Gross profit | $4.66B | $5.49B | $6.15B | $6.53B | $6.86B | — |
| Operating income | $424M | $594M | $1.02B | $1.10B | $1.20B | $1.26B |
| Net income | $164M | $265M | $506M | $494M | $676M | $728M |
| EPS (diluted) | $0.54 | $1.01 | $2.02 | $2.02 | $2.94 | — |
| Free cash flow | $145M | $500M | $831M | $833M | $959M | $946M |
| Gross margin | 15.8% | 16.1% | 17.3% | 17.3% | 17.4% | — |
| Operating margin | 1.4% | 1.7% | 2.9% | 2.9% | 3.0% | 3.1% |
| Net margin | 0.6% | 0.8% | 1.4% | 1.3% | 1.7% | 1.8% |
| Revenue growth | +28.8% | +15.5% | +4.5% | +6.4% | +4.1% | — |
| Cash + short-term investments | $148M | $211M | $269M | $59.0M | $41.0M | — |
| Total debt | $5.01B | $4.85B | $4.67B | $4.93B | $5.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 30.2x · P/S 0.6x · EV/EBITDA 15.9x · EV/Sales 0.7x · P/FCF 23.2x · P/B 5.1x · FCF yield 4.30% · Earnings yield 3.31% · Buyback yield (TTM) 5.01% · Net debt $5.18B · EV $27.2B
P/E at fiscal year-ends: Dec 2025 25.6x, Dec 2024 33.3x, Dec 2023 22.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold USFD. 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 | 3.07% | $503M | Added +29.5% |
| Viking Global | Viking Global Investors | 0.51% | $177M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Taylor Randy J | See Remarks | 11,630 | $1.3M | 13.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Hancock William Spencer | See Remarks | 21,754 | $2.4M | 17.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 15 analysts; mean target USD 116.27 (low 65, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $107 → $111 |
| 2026-09-29 | JP Morgan | Target lowered | Neutral | $108 → $98 |
| 2026-08-12 | Piper Sandler | Target raised | Neutral | $88 → $108 |
| 2026-08-07 | UBS | Target raised | Buy | $117 → $127 |
| 2026-08-07 | Citigroup | Target raised | Buy | $110 → $124 |
| 2026-08-07 | Guggenheim | Target raised | Buy | $115 → $120 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $110 → $125 |
| 2026-08-07 | BTIG | Target raised | Buy | $105 → $120 |
| 2026-08-07 | TD Cowen | Target raised | Buy | $116 → $119 |
| 2026-07-16 | Morgan Stanley | Target raised | Equal-Weight | $94 → $103 |
| 2026-07-07 | TD Cowen | Initiated | Buy | $116 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +33.9% | +193.0% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | +34.0% | +24.0% |
| Volatility (annualized) | 30.1% | 30.4% |
| Max drawdown | -21.1% (Feb 2026→May 2026) | -32.7% (Feb 2022→Sep 2022) |

## Peers (Food Distribution)
PFGC (Performance Food Group Company) USD 95.39 -2.56% · SYY (Sysco Corporation) USD 82.05 -2.29% · CHEF (The Chefs' Warehouse, Inc.) USD 106.13 -1.08% · UNFI (United Natural Foods, Inc.) USD 46.2 -2.28% · ANDE (The Andersons, Inc.) USD 64.6 -0.77% · AVO (Mission Produce, Inc.) USD 11.61 -1.78%

## More
Full page: https://nexqual.com/USFD · 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 USFD's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1665918/000166591826000008/usfd-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FedEx (FDX) | "Customers can explore a wide array of products delivered right to their door via FedEx." |

Other companies that name USFD in their own reports (relationship from USFD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Performance Food Group Co (PFGC) | 10-K 2026-08-12 | "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 agree…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Meats and seafood | $3.77B | 35.8% | +6.0% |
| Dry grocery products | $1.79B | 17.0% | +6.0% |
| Refrigerated and frozen grocery products | $1.74B | 16.5% | +3.6% |
| Dairy | $1.02B | 9.7% | -6.5% |
| Equipment, disposables and supplies | $977.0M | 9.3% | +0.6% |
| Beverage products | $651.0M | 6.2% | +8.5% |
| Produce | $581.0M | 5.5% | +17.8% |
| Total revenue | $10.53B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.25 | $1.25 | -0.3% | $10.59B | 13 |
| Next quarter (ends 2026-12-31) | $1.31 | $1.32 | -1.0% | $10.76B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.77 | $4.70 | +1.5% | $41.48B | 15 |
| Next fiscal year (ends 2027-12-31) | $5.54 | $5.48 | +1.1% | $43.19B | 15 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±8.1%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.9% | ±8.1% |
| 2026-12-18 | 56 | 31.4% | ±10.0% |
| 2027-01-15 | 84 | 29.5% | ±11.3% |
| 2027-04-16 | 175 | 29.6% | ±16.7% |