# Utz Brands, Inc. (UTZ)

> Source: Nexqual · https://nexqual.com/UTZ · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Utz Brands, Inc. (UTZ), nexqual.com/UTZ" · informational, not investment advice.

## UTZ major shareholder filing: Schedule 13D/A, Jul 22, 2026
Series U of UM Partners, LLC, Series R of UM Partners LLC, Rice Family Foundation filed a Schedule 13D/A on Jul 22, 2026, reporting up to 37.30% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Merger Agreement; Merger Consideration and Treatment of Equity Awards As summarized under Item 3 above, on July 20, 2026, the Issuer, Acquiror, Merger Sub and Parent entered into the Merger Agreement. The Issuer's board of directors, acting on the unanimous recommendation of a special committee of the Issuer's board of directors, consisting only of directors that the Issuer's board of directors determined to each be a "disinterested director" (as defined in Section 144 of the General Corporation Law of the State of Delaware, as amended (the "DGCL")), with respect to the contemplated transactions (the "Special Committee"), has unanimously of all voting, among other things, (i) determined that the Merger Agreement, the other Transaction Agreements and the transactions contemplated thereby are fair to, and in the best interests of, the Issuer and its stockholders, including (x) the holders of the outstanding shares of Class A Common Stock par value $0.0001 per share, of the Issuer ("Class A Common Stock"), excluding (a) Parent, Acquiror and Merger Sub and their respective controlled Affiliates (if applicable), (b) Series U and Series R, (c) the parties to the Voting Agreement (as defined below) (other than Acquiror and the Issuer) and their respective controlled Affiliates, (d) certain other persons identified in the Merger Agreement and (e) any person that the Issuer's Board of Directors has determined to be an "officer" of the Issuer within the meaning of Rule 16a-1(f) of the  …

Source: https://www.sec.gov/Archives/edgar/data/1739566/000110465926085854/0001104659-26-085854-index.htm

**Price:** USD 14.29 (-0.07% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 14.3 · day 14.28–14.32 · 52w 6.78–14.36 · market cap $1.27B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $1.45B, net income -$29.0M (-2.0% margin), free cash flow $51.1M (SEC filings).
- 2 of 80 tracked superinvestors hold UTZ (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.80 on a 1–5 scale) (10 analysts), mean target USD 14.31 (range 14–15).
- Total return with dividends: 1Y +23.0% vs S&P 500 +13.6%; 5Y +0.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-06, EPS estimate USD 0.23, revenue estimate $384M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.41B | $1.44B | $1.41B | $1.44B | $1.45B |
| Gross profit | $384M | $449M | $351M | $369M | $358M | — |
| Operating income | $10.6M | $5.3M | $16.0M | $58.9M | $19.5M | $9.7M |
| Net income | $20.6M | -$392K | -$24.9M | $15.9M | $800K | -$29.0M |
| EPS (diluted) | $0.25 | $0.00 | -$0.31 | $0.19 | $0.01 | — |
| Free cash flow | $16.6M | -$39.8M | $20.9M | $7.6M | $9.4M | $51.1M |
| Gross margin | 32.5% | 31.9% | 24.4% | 26.2% | 24.9% | — |
| Operating margin | 0.9% | 0.4% | 1.1% | 4.2% | 1.4% | 0.7% |
| Net margin | 1.7% | 0.0% | -1.7% | 1.1% | 0.1% | -2.0% |
| Revenue growth | — | +19.3% | +2.1% | -2.0% | +2.1% | — |
| Cash + short-term investments | $41.9M | $72.9M | $52.0M | $56.1M | $120M | — |
| Total debt | $842M | $912M | $900M | $769M | $850M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/S 0.9x · EV/EBITDA 25.9x · EV/Sales 1.4x · P/FCF 24.8x · P/B 1.8x · FCF yield 4.04% · Earnings yield -2.29% · Dividend yield (paid, TTM) 1.78% · Net debt $780M · EV $2.05B
P/E at fiscal year-ends: Dec 2025 1138.9x, Dec 2024 84.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold UTZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $10.2M | Added +16.7% |
| Lee Ainslie | Maverick Capital | 0.02% | $2.0M | New position |

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 10 analysts; mean target USD 14.31 (low 14, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-23 | Piper Sandler | Downgrade | Overweight → Neutral | $10 → $14.25 |
| 2026-07-22 | DA Davidson | Downgrade | Buy → Neutral | $15 → $14.25 |
| 2026-07-21 | Barclays | Downgrade | Overweight → Equal-Weight | $14 |
| 2026-07-21 | Stephens & Co. | Downgrade | Overweight → Equal-Weight |  |
| 2026-07-16 | UBS | Target lowered | Neutral | $8.5 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +23.0% | +0.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +23.1% | +0.1% |
| Volatility (annualized) | 76.6% | 46.4% |
| Max drawdown | -42.3% (Oct 2025→Jun 2026) | -61.9% (Apr 2024→May 2026) |

## Peers (Packaged Foods)
INGR (Ingredion Incorporated) USD 94.25 -0.49% · CPB (The Campbell's Company) USD 20.59 -0.44% · PPC (Pilgrim's Pride Corporation) USD 26.38 -2.62% · CAG (ConAgra Brands, Inc.) USD 13.92 -2.25% · SFD (Smithfield Foods, Inc.) USD 18.46 +0.71% · LW (Lamb Weston Holdings, Inc.) USD 53.49 -0.54%

## More
Full page: https://nexqual.com/UTZ · 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 UTZ's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | PepsiCo (PEP) | "Our principal identified competitors include PepsiCo, Campbell's, Mars, General Mills, Grupo Bimbo, Hershey's, Hain Celestial, and Arca Continental, among others." |

## Customer concentration

Period ended 2025-12-28: 13% of revenue from unnamed direct customers (10-K, filed 2026-02-12).

## Company outlook (8-K filed 2026-08-05)

- "Due to the pending take private transaction, the Company will not be providing further updates to forward-looking guidance for 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.23 | +0.0% | $384.5M | 10 |
| Next quarter (ends 2026-12-31) | $0.22 | $0.22 | -0.3% | $375.0M | 10 |
| Current fiscal year (ends 2026-12-31) | $0.78 | $0.78 | -0.0% | $1.49B | 10 |
| Next fiscal year (ends 2027-12-31) | $0.83 | $0.84 | -0.2% | $1.51B | 9 |

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

Expected move by 2027-01-15 (includes earnings 2026-11-06): ±5.9%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 79 | 8.1% | ±5.9% |
| 2027-03-19 | 142 | 6.0% | ±5.9% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.19 | $0.20 | Miss −5.0% | +0.4% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.15 | $0.14 | Beat +7.1% | +0.4% |
| Feb 12, 2026 | Quarter ended Dec 31, 2025 | $0.26 | $0.25 | Beat +4.0% | -16.0% |
| Feb 3, 2026 | Quarter ended Dec 31, 2025 | $0.26 | $0.25 | Beat +4.0% | -1.6% |
| Jan 12, 2026 | Quarter ended Dec 31, 2025 | $0.26 | $0.25 | Beat +4.0% | +4.1% |
| Oct 30, 2025 | Quarter ended Sep 30, 2025 | $0.23 | $0.23 | In line | -11.9% |
| Jul 31, 2025 | — | — | — | — | -2.1% |
| May 1, 2025 | — | — | — | — | -10.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-09 | Schedule 13G | Glazer Capital, LLC, Paul J. Glazer: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1739566/000107680926000119/0001076809-26-000119-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 28, 2026 | https://www.sec.gov/Archives/edgar/data/1739566/000162828026052899/0001628280-26-052899-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1739566/000162828026052888/0001628280-26-052888-index.htm |
| 2026-07-22 | Schedule 13D/A | Series U of UM Partners, LLC, Series R of UM Partners LLC: 37.3% of shares, 5%+ holder that may seek to influence the company (amended) — “Merger Agreement; Merger Consideration and Treatment of Equity Awards As summarized under Item 3 above, on July 20, 2026, the Issuer, Acquiror, Merger Sub and Parent entered into the Merger Agreement. The Issuer's board of directors, acting on the unanimous recommendation of a…” | https://www.sec.gov/Archives/edgar/data/1739566/000110465926085854/0001104659-26-085854-index.htm |
| 2026-07-22 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1739566/000119312526311442/0001193125-26-311442-index.htm |
| 2026-07-22 | 8-K | Entered a material agreement; Bylaws or fiscal-year change — “Merger Agreement On July 20, 2026, Utz Brands, Inc., a Delaware corporation (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Idaho USA, Inc. a Delaware corporation ("Acquiror"), Idaho Merger Sub, Inc., a Delaware corporation and direct or indirect wholly-owned subsidiary of Acquiror ("Merger Sub"), and Intersnack Group GmbH & Co. KG, a German limited partnership ( Kommanditgesellschaft ) ("Parent"). The Merger Agreement provides that, on the terms and subject to the…” | https://www.sec.gov/Archives/edgar/data/1739566/000119312526311373/0001193125-26-311373-index.htm |
| 2026-07-21 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1739566/000119312526310423/0001193125-26-310423-index.htm |
| 2026-07-21 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1739566/000119312526309598/0001193125-26-309598-index.htm |
| 2026-07-21 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1739566/000119312526309597/0001193125-26-309597-index.htm |
| 2026-07-21 | 8-K | Other material event — “On July 21, 2026, Utz Brands, Inc., a Delaware corporation (the "Company"), and Intersnack Group GmbH & Co. KG, a German limited partnership ( Kommanditgesellschaft ) ("Parent"), issued a joint press release announcing the execution of an Agreement and Plan of Merger, by and among the Company, Parent, Idaho USA, Inc., a Delaware corporation ("Acquiror"), and Idaho Merger Sub, Inc., a Delaware corporation and direct or indirect wholly-owned subsidiary of Acquiror. A copy of the press release is attached as Exhibit…” | https://www.sec.gov/Archives/edgar/data/1739566/000119312526309592/0001193125-26-309592-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.