회사 개요
US Foods Holding Corp. operates as a major player in the food distribution landscape, facilitating the marketing, sale, and distribution of fresh, frozen, dry food, and non-food products specifically for the United States foodservice sector. Alongside these core logistical operations, the company provides MOXe, an integrated application designed to streamline foodservice business management. This enterprise is categorized within the Consumer Defensive sector and the Food Distribution industry, classifications that reflect its essential role in supplying restaurants and institutions with necessities regardless of broader economic cycles. The company commands a substantial market capitalization of $20.22B and generates annual revenues totaling $39.42B, supported by a workforce of 30,000 employees. These valuation and revenue figures indicate that US Foods holds a significant market position, serving as a critical infrastructure provider where the scale of operations directly correlates with its ability to influence pricing and maintain supply chain stability in the competitive foodservice environment.
재무 건전성
The company's financial performance over the trailing twelve months is characterized by revenue of $39.42B, net income of $676.00M, and EBITDA of $1.71B, highlighting a distinct gap between top-line growth and bottom-line profitability. This substantial disparity between revenue and net income reveals a cost structure heavily influenced by the low-margin nature of the wholesale food distribution business, where operational efficiencies are paramount. Despite the narrow profit margins, the entity generated free cash flow of $825.37M, which provides the necessary financial flexibility to manage working capital requirements, service debt obligations, and fund operational expansions without immediate reliance on external equity financing. Profitability analysis shows a gross margin of 17.4%, an operating margin of 3.6%, and a profit margin of 1.7%, indicating that while the company captures significant value in the supply chain, the final conversion to shareholder profit is highly sensitive to cost of goods sold and operating expenses. On the liability side, the company holds cash of $41.00M against total debt of $5.72B, resulting in a debt-to-equity ratio of 132.88, which signifies a leveraged balance sheet strategy typical for capital-intensive distribution firms. Liquidity is assessed via a current ratio of 1.16, suggesting the company maintains just sufficient current assets to cover its short-term liabilities, requiring careful management of cash conversion cycles to avoid liquidity stress. Return on Equity stands at 15.3% while Return on Assets is 5.7%, metrics that collectively demonstrate the effectiveness of management in deploying capital to generate returns relative to the equity base and total asset utilization.
밸류에이션 평가
Investors analyzing USFD must consider a trailing P/E ratio of 31.18 against a forward P/E of 16.29, a significant divergence that implies the market expects a substantial expansion in earnings relative to current levels, though the forward multiple suggests a more normalized valuation if those growth expectations materialize. The price-to-book ratio is recorded at 4.69, indicating that the market values the company's equity at a substantial premium above its tangible book value, reflecting the intangible nature of its distribution network and brand. Alternative valuation metrics include a price-to-sales ratio of 0.51 and an EV/EBITDA of 15.15, figures that provide context by normalizing earnings for interest, taxes, depreciation, and amortization while offering a sales-based perspective that is often more stable for cyclical sectors. In terms of trading range, the stock has experienced a 52-week high of $102.13 and a low of $59.43, placing the current valuation context within this historical volatility band. The beta of 0.98 indicates that the stock's price volatility closely mirrors the broader market movements, suggesting it does not offer significant defensive characteristics relative to the S&P 500 but tracks systemic risk with near unity correlation.
Growth & Income
The company's growth profile is defined by a revenue growth rate of 3.3% year-over-year and an earnings growth rate of 205.9% year-over-year, demonstrating that earnings are expanding at a pace vastly superior to revenue growth, likely driven by the previously mentioned massive recovery in net income. Because the company does not pay dividends, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, the entity channels all generated earnings back into the business for reinvestment rather than distributing cash to shareholders. This absence of dividend payouts aligns with the capital-intensive nature of food distribution, where retained earnings are often prioritized for logistics expansion and operational efficiency improvements over shareholder income distributions. The overall growth and income profile presents a high-yield earnings growth opportunity without the income buffer of dividends, relying entirely on capital appreciation and fundamental earnings recovery to drive total shareholder return.