Kraft Heinz
KHC on NYSE. Kraft Heinz sells food and drinks to people and stores worldwide. Market value $25.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $14.61 of spare cash in the past 12 months. A savings account pays about $4.
You pay 10.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 63 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$22.03 a share, 5% above its 1-year low
Over the past year the price has ranged from $21.03 to $28.09.
Dividend: 7.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $26.0bn | $26.5bn | $26.6bn | $25.8bn | $24.9bn |
| Operating margin | |||||
| Operating margin | 13.3% | 13.7% | 17.2% | 6.5% | -18.7% |
| Debt to equity | |||||
| Debt to equity | 0.44 | 0.41 | 0.40 | 0.40 | 0.51 |
| Shares outstanding | |||||
| Shares outstanding | 1.22bn | 1.23bn | 1.21bn | 1.18bn | 1.19bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- Debt0.51× equity
- Revenue growth, five yearsShrinking, 1.0% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.3 billion last quarter, down 1% on a year ago.
- A loss of $5.5 billion, compared with a loss of $7.8 billion a year ago.
- It loses 13 cents on each $1 of sales, compared with 27 cents a year earlier.
- Spare cash over the past 12 months: $3.8 billion, up from $3.5 billion.
- About the same number of shares as a year ago.
- Debt is $16.6 billion more than cash, down from $19.6 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.4bn |
| December 2024 | $6.6bn |
| March 2025 | $6.0bn |
| June 2025 | $6.4bn |
| September 2025 | $6.2bn |
| December 2025 | $6.4bn |
| March 2026 | $6.0bn |
| June 2026 | $6.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$290m |
| December 2024 | $2.1bn |
| March 2025 | $712m |
| June 2025 | -$7.8bn |
| September 2025 | $615m |
| December 2025 | $651m |
| March 2026 | $798m |
| June 2026 | -$5.5bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
15 long-term investors we follow own it, unchanged from 15 last quarter. 1,107 funds in all.
- Berkshire HathawayWarren Buffett
- Value
- $7.7bn
- Share of fund
- 2.6%
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $359m
- Share of fund
- 1.0%
- LSV Asset ManagementJosef Lakonishok
- Value
- $185m
- Share of fund
- 0.3%
- GMOJeremy Grantham
- Value
- $26m
- Share of fund
- <0.1%
- Royce & AssociatesChuck Royce
- Value
- $6m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
- Chou AssociatesFrancis Chou
- Value
- $2m
- Share of fund
- 0.8%
- Barrow HanleyBarrow Hanley team
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Berkshire HathawayWarren Buffett | $7.7bn | 2.6% | |
| Hotchkis & WileyHotchkis & Wiley team | $359m | 1.0% | |
| Fairfax FinancialPrem Watsa | $338m | 12.8% | Added |
| LSV Asset ManagementJosef Lakonishok | $185m | 0.3% | |
| Cooke & BielerCooke & Bieler partners | $88m | 1.0% | Cut |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $85m | 4.4% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $32m | <0.1% | Added |
| GMOJeremy Grantham | $26m | <0.1% | |
| Royce & AssociatesChuck Royce | $6m | <0.1% | |
| Fairholme Capital ManagementBruce Berkowitz | $5m | 0.3% | Added |
| Hillman Capital ManagementMark Hillman | $5m | 3.4% | Cut |
| Mairs & PowerAndy Adams | $4m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Chou AssociatesFrancis Chou | $2m | 0.8% | |
| Barrow HanleyBarrow Hanley team | $1m | <0.1% |
Largest holders overall
- Berkshire Hathaway$7.7bn
- BlackRock$1.8bn
- Vanguard Capital Management$1.3bn
- Invesco$1.2bnAdded
- State Street$1.1bn
- Vanguard Portfolio Management$963m
- Geode Capital Management$731mAdded
- UBS Group AG$448mAdded
- Morgan Stanley$412mCut
- Nordea Investment Management AB$399mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Link CoPassive investor10.0%Since 24 September 2015
What they said
This filing is made to formally record the Reporting Owners 10 percent interest and to facilitate the Institutional Repatriation and asset reconciliation of equity entitlements. The Reporting Owner intends to maintain this position for long-term administrative and investment…
Read the filing - BlackRock, Inc.Passive investor5.8%Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Link Co Passive investor | 10.0% | 24 September 2015 | What they saidThis filing is made to formally record the Reporting Owners 10 percent interest and to facilitate the Institutional Repatriation and asset reconciliation of equity entitlements. The Reporting Owner intends to maintain this position for long-term administrative and investment… Read the filing |
BlackRock, Inc. Passive investor | 5.8% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $5m of shares on the open market. 3 sold $7m, $7m of it under preset trading plans.
- Frost DianaGlbl Chief Growth OfficerSold
- Date
- 18 June 2026
- Shares
- 18,502
- Price
- $23.05
- Value
- $426,471
- CAHILLANE STEVEN AChief Executive Officer, DirectorBought
- Date
- 12 May 2026
- Shares
- 213,106
- Price
- $23.46
- Value
- $5m
- Onell CoryChief Omnich Sales & AEM OfcrSoldunder a preset trading plan
- Date
- 3 March 2026
- Shares
- 4,991
- Price
- $24.34
- Value
- $121,481
- Onell CoryChief Omnich Sales & AEM OfcrSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 9,045
- Price
- $24.61
- Value
- $222,597
- Patricio MiguelExecutive Chair, DirectorSoldunder a preset trading plan
- Date
- 18 December 2025
- Shares
- 125,000
- Price
- $24.84
- Value
- $3m
- Patricio MiguelExecutive Chair, DirectorSoldunder a preset trading plan
- Date
- 17 December 2025
- Shares
- 125,000
- Price
- $24.82
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 June 2026 | Frost Diana Glbl Chief Growth Officer | Sold | 18,502 | $23.05 | $426,471 |
| 12 May 2026 | CAHILLANE STEVEN A Chief Executive Officer, Director | Bought | 213,106 | $23.46 | $5m |
| 3 March 2026 | Onell Cory Chief Omnich Sales & AEM Ofcr | Sold under a preset trading plan | 4,991 | $24.34 | $121,481 |
| 2 March 2026 | Onell Cory Chief Omnich Sales & AEM Ofcr | Sold under a preset trading plan | 9,045 | $24.61 | $222,597 |
| 18 December 2025 | Patricio Miguel Executive Chair, Director | Sold under a preset trading plan | 125,000 | $24.84 | $3m |
| 17 December 2025 | Patricio Miguel Executive Chair, Director | Sold under a preset trading plan | 125,000 | $24.82 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 1.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.