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US Foods Holding

USFD on NYSE. US Foods sells food and kitchen supplies to restaurants and foodservice operators. Market value $20.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
4.5%fair

For every $100 of what the whole company costs, it produced $4.53 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
20.7×full

You pay 20.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
8.8%five-year median

Each dollar kept in the business earns 9 cents a year. Above 10 is good.

Quality score: 73 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$96.53 a share, 38% above its 1-year low

Over the past year the price has ranged from $69.88 to $111.42.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.5
0.8
0.8
1.0
0.9
2021202220232024202512 monthsto Jun '26
Revenue
$29.5bn$34.1bn$35.6bn$37.9bn$39.4bn
Operating margin
1.4%1.7%2.9%2.9%3.0%
Debt to equity
1.341.230.981.091.21
Shares outstanding
0.22bn0.25bn0.23bn0.22bn0.22bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt1.21× equity
  • Revenue growth, five yearsStrong, 11.5% a year
  • Buying back its own sharesYes, 4% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $10.5 billion last quarter, up 4% on a year ago.
  • Profit: $275 million, up 23% on a year ago.
  • It keeps 3 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $946 million, up from $932 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $5.2 billion more than cash, up from $4.8 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$9.7bn
December 2024$9.5bn
March 2025$9.4bn
June 2025$10.1bn
September 2025$10.2bn
December 2025$9.8bn
March 2026$9.6bn
June 2026$10.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$148m
December 2024$66m
March 2025$115m
June 2025$224m
September 2025$153m
December 2025$184m
March 2026$116m
June 2026$275m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

6 long-term investors we follow own it, unchanged from 6 last quarter. 667 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $18m, $4m of it under preset trading plans.

  • Taylor Randy J
    See Remarks
    Sold
    Date
    13 August 2026
    Shares
    11,630
    Price
    $110.37
    Value
    $1m
  • Hancock William Spencer
    See Remarks
    Sold
    Date
    7 August 2026
    Shares
    21,754
    Price
    $108.29
    Value
    $2m
  • Locascio Dirk J.
    EVP, Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    30 March 2026
    Shares
    20,000
    Price
    $91.19
    Value
    $2m
  • Locascio Dirk J.
    EVP, Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    25 February 2026
    Shares
    25,101
    Price
    $96.59
    Value
    $2m
  • Works James David Jr
    See Remarks
    Sold
    Date
    18 February 2026
    Shares
    65,737
    Price
    $96.52
    Value
    $6m
  • Guberman Steven
    See Remarks
    Sold
    Date
    11 November 2025
    Shares
    58,632
    Price
    $72.00
    Value
    $4m

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 6 Aug 2026 and 5 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

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • As we integrate Artificial Intelligence (“AI”) technologies into our processes, these technologies may present business, compliance, security, and reputational risks.

    Could happen
    We previously have and plan to continue to incorporate AI, including machine learning, into certain of our operations, such as sales, support and supply chain, and may in the future incorporate AI into more of our operations. Flaws, breaches or malfunctions in these systems could lead to operational disruptions, data loss, or erroneous decision-making, impacting our operations, financial condition and reputation. Legal challenges may arise, including or as a result of cybersecurity incidents, non-compliance with data protection regulations, and lack of transparency relating to the use of AI. The legal and regulatory landscape and industry standards surrounding AI technologies is rapidly evolving and remains uncertain, and compliance may impose significant operational costs and may limit our ability to develop, deploy or use AI technologies. Furthermore, the rapid evolution and increasing deployment of AI systems could both intensify our cybersecurity risks, such as data breaches and unauthorized access, and introduce new risks, leading to financial losses, legal liabilities, and reputational damage. We also face competitive risks if we fail to adopt Artificial Intelligence or other machine-learning technologies in a timely manner.
    Read more

Read it in the annual report

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
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What a finished deep dive looks like

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.