KHCKraft Heinz Co

Canned, Frozen & Preservd Fruit, Veg & Food Specialties

Revenue: $24.9B; 3.5% YoY
Operating margin: -18.7%; 387% YoY
EBITDA: −$3.7B; 241% YoY
Market cap: $28.9B
Employees: 35,000; $713K revenue each
Net debt / EBITDA: —; $15.2B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$713K · 56th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$28.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$26.0B	$26.5B	$26.6B	$25.8B	$24.9B	3.5%
Operating income	$3.5B	$3.6B	$4.6B	$1.7B	−$4.7B	377%
Net income	$1.0B	$2.4B	$2.9B	$2.7B	−$5.8B	313%
Operating cash flow	$5.4B	$2.5B	$4.0B	$4.2B	$4.5B	6.6%
Capex	$905M	$916M	$1.0B	$1.0B	$801M	22%
Stock-based comp	$197M	$148M	$141M	$109M	$95M	13%
Buybacks	$271M	$280M	$455M	$988M	$436M	56%
Dividends	$2.0B	$2.0B	$2.0B	$1.9B	$1.9B	1.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 3, 2026	Link Co	SCHEDULE 13D	10.0%	Passive

Insider trading

Open-market buys, 12 mo: $5M · 1
Open-market sells, 12 mo: $7M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.