PFGCPerformance Food Group Co

Wholesale-Groceries, General Line

Revenue: $67.8B; 7.2% YoY
Operating margin: 1.3%; 1.4% YoY
EBITDA: $1.7B; 11% YoY
Market cap: $15.5B
Employees: 44,000; $2M revenue each
Net debt / EBITDA: 0.7×; $1.2B net debt
AI in 10-K: 3.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
393% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 81st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$50.9B	$57.3B	$58.3B	$63.3B	$67.8B	7.2%
Operating income	$327M	$766M	$826M	$816M	$888M	8.7%
Net income	$113M	$397M	$436M	$340M	$359M	5.6%
Operating cash flow	$277M	$832M	$1.2B	$1.2B	$1.4B	17%
Capex	$216M	$270M	$396M	$506M	$384M	24%
Stock-based comp	$44M	$43M	$42M	$48M	$52M	7.7%
Buybacks	$0	$11M	$78M	$58M	$2M	97%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 51
Net: −$28M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	230	152
FY2025	—	—	182	122
FY2024	—	—	138	113
FY2023	—	—	126	100
FY2022	—	—	99	86