USFDUS Foods Holding Corp.

Wholesale-Groceries & Related Products

Revenue: $39.4B; 4.1% YoY
Operating margin: 3.0%; 4.8% YoY
EBITDA: $1.7B; 8.1% YoY
Market cap: $22.4B
Employees: 30,000; $1M revenue each
Net debt / EBITDA: 3.0×; $5.0B net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
203% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
40% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 69th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$22.9B	$34.1B	$35.6B	$37.9B	$39.4B	4.1%
Operating income	−$77M	$594M	$1.0B	$1.1B	$1.2B	9.1%
Net income	−$226M	$265M	$506M	$494M	$676M	37%
Operating cash flow	$413M	$765M	$1.1B	$1.2B	$1.4B	17%
Capex	$189M	$265M	$309M	$341M	$410M	20%
Stock-based comp	$40M	$45M	$56M	$63M	$83M	32%
Buybacks	$0	$14M	$294M	$948M	$926M	2.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 13, 2024	Sachem Head Capital Management LP	SC 13D/A	4.0%	Passive
Feb 29, 2024	Sachem Head Capital Management LP	SC 13D/A	6.5%	Passive
Dec 12, 2023	Sachem Head Capital Management LP	SC 13D/A	6.5%	Passive
May 26, 2023	KKR Fresh Aggregator L.P.	SC 13D/A	0.0%	Passive
Mar 9, 2023	KKR Fresh Aggregator L.P.	SC 13D/A	—	Passive
May 10, 2022	Sachem Head Capital Management LP	SC 13D/A	8.7%	Active
Apr 15, 2022	Sachem Head Capital Management LP	SC 13D/A	8.7%	Active
Feb 15, 2022	Sachem Head Capital Management LP	SC 13D/A	8.7%	Active
Dec 15, 2021	Sachem Head Capital Management LP	SC 13D/A	8.7%	Passive
Dec 8, 2021	Sachem Head Capital Management LP	SC 13D/A	7.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 8
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.