Performance Food Group Company (PFGC)
割安ファンダメンタル
64
株価
$91.51
時価総額
$14.19B
パート1 · 企業の価値
概要
Performance Food Group buys food and related products in bulk from manufacturers and resells them, delivered by truck, to restaurants, convenience stores and institutions across North America. It does not make the food it sells: its business is the logistics of buying, warehousing and distributing more than 300,000 products from over 150 distribution centers to more than 300,000 customer locations that would otherwise have to source from many separate suppliers.
収益の仕組み
Revenue comes from marking up products bought from suppliers and reselling them, mostly against individual purchase orders rather than long-term contracts. Because it only handles and moves goods rather than manufacturing them, margins are thin by nature, so profit depends on volume, purchasing scale and selling higher-margin private-label "Performance Brands" products rather than on pricing power over any single item.
セグメント別売上高
Delivery of food, equipment and supplies to independent and chain restaurants and other food-away-from-home outlets.
Distribution of snacks, beverages, tobacco and other packaged goods to convenience stores and gas-station retailers.
Distribution of candy, snacks and other specialty products to vending operators, theaters and other non-traditional channels.
競争優位性(moat)
規模の経済 · 狭いThe company points to economies of scale in purchasing and a nationwide network of over 150 distribution centers as its edge in a business it itself calls low-margin and intensely competitive. Most customers buy order-by-order with no exclusivity, so the advantage lies in buying and routing goods more cheaply than smaller regional rivals, not in locking customers in.
需要を左右する要因
景気循環型Demand tracks how often people eat away from home, which the company itself ties to consumer confidence and discretionary spending — both of which contract in a downturn. Foodservice volumes therefore move with the broader economy more than a typical grocery distributor, even though eating is a basic need.
主なリスク
- Thin margins amplify swings — The company operates in what it calls a low-margin industry, so a small decline in sales or a small rise in costs can produce a disproportionately large swing in net income.
- No exclusivity with customers — Many customers buy under individual purchase orders with no obligation to keep buying, so a competitor offering better pricing or service can take business away with little friction.
- Reliance on third-party suppliers — The company depends on outside suppliers for the products it distributes, so labor shortages, weather, recalls or disease outbreaks upstream can interrupt supply or raise costs.
- Significant debt load — Total indebtedness of about $6.8 billion constrains financial flexibility and increases exposure to interest-rate movements on variable-rate borrowings.
- Sensitivity to consumer spending — Unfavorable economic conditions, inflation or tariffs can reduce consumer confidence and discretionary spending, directly lowering demand for food-away-from-home.
顧客集中度
The company states that no single customer accounted for more than 10% of consolidated net sales in fiscal 2025, 2024 or 2023, without disclosing an exact figure for the largest one.
強気材料
Buyers argue that a nationwide distribution network built through years of acquisitions gives the company purchasing scale that smaller regional distributors cannot match, and that growing the mix of higher-margin independent restaurant and private-label sales can lift profitability even in a structurally thin-margin industry.
弱気材料
Sellers fear that a low-margin, largely order-by-order business tied to discretionary restaurant spending leaves little cushion in a downturn, and that nearly $6.8 billion of debt limits room to maneuver if sales volumes or interest rates move against the company.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Named in Performance Food Group's own 10-K as one of the two large broadline distributors with a national footprint, Sysco supplies the same independent restaurants, chains and institutional kitchens across the United States.
The other national broadline distributor named in PFG's 10-K, competing case by case for the same restaurant and hospitality accounts, often with overlapping delivery territories.
A Berkshire Hathaway subsidiary and the largest wholesale supplier to US convenience stores, it competes head-on with PFG's Convenience segment for the same chain c-store and quick-service accounts.
The largest privately held broadline foodservice distributor in North America, serving the same restaurants, schools and healthcare kitchens PFG's Foodservice segment targets, with particular strength in the Midwest and Canada.
A large private wholesaler of tobacco, candy, snacks and grocery items to convenience retailers across the eastern United States, overlapping directly with PFG's Convenience and Specialty distribution.
貸借対照表と流動性
売上高
$67.84B
直近12か月(2026/6/27まで)
純利益
$359M
直近12か月(2026/6/27まで)
フリーキャッシュフロー
$1.03B
自己資本合計
$4.90B
負債合計
$13.95B
流動比率
1.51
利払い倍率
2.15
負債/EBITDA
4.57
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$242.12
現在株価
$91.51
安全マージン
+62.2%
適正価値レンジ
$157.37 - $326.86
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
39.96
ROE
7.3%
P/B レシオ
2.94
P/FCF
14.00
粗利益率
11.9%
ROIC
5.1%
収益性レーダー
価値創造(経済的モート)
ROIC
5.1%
WACC
7.7%
ROIC − WACC
-2.6 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格(19)
- EPS shows upward trend
- EPS CAGR 23.61%
- Price CAGR 14.23%
- ROIC 5.1%
- P/FCF 14.00
- P/B Ratio 2.94
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 7.6%
- Revenue Growth 5Y 17.4%
- Analyst Consensus 90% Buy
- PEG Ratio 0.80
- Earnings Quality (OCF/NI) 3.93
- Share Dilution 0.5%
- Piotroski F-Score 8/9
不合格(8)
- Gross Margin 11.9%
- Operating Margin 1.3%
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -4.6%
- Net Margin Trend 0.5% vs 0.5%
データなし(1)
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. George L. Holm | Executive Chair | 70 |
| Mr. Scott E. McPherson | CEO, President & Director | 55 |
| Mr. H. Patrick Hatcher | Executive VP & CFO | 55 |
| Mr. Allen Brent King J.D. | Executive VP, General Counsel & Secretary | 56 |
| Ms. Chasity Grosh | Senior VP & Chief Accounting Officer | 47 |
| Mr. Donald S. Bulmer | Executive VP & Chief Information Officer | 60 |
| Mr. Bill Marshall C.F.A. | Senior Vice President of Investor Relations | - |
| Mr. Scott Golden | Director of Communications & Engagement | - |
| Ms. Erika T. Davis CCP | Executive VP & Chief Human Resources Officer | 61 |
| Mr. George Hearn | Senior VP & CFO of Performance Foodservice | - |
監査リスク
5
取締役会リスク
4
報酬リスク
1
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for PFGC, sourced from Markets Gazette.