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The Kraft Heinz Company (KHC)

被低估
Consumer DefensivePackaged FoodsUnited States

基本面

53

价格

$22.05

市值

$28.29B

第一部分 · 这家公司值多少

概览

Kraft Heinz makes and sells packaged food and drinks under brands including Heinz, Kraft, Oscar Mayer, Philadelphia and Planters — ketchup and other condiments, macaroni and cheese, packaged meats, coffee and more. It sells almost entirely through third parties: supermarkets, mass retailers, club stores, drugstores and foodservice distributors that serve restaurants, rather than directly to households. North America is by far its largest market, with a smaller international business spanning Europe, Latin America and other regions.

盈利方式

Revenue comes from selling branded packaged food to retailers and foodservice operators, who mark it up and resell it to consumers. A relatively small number of very large retail chains account for a large share of sales, giving them real leverage to negotiate price and shelf space, while Kraft Heinz's own leverage rests on brand names consumers specifically look for, such as Heinz Ketchup, that retailers feel they must stock.

分部营收

North America74.52%

Branded packaged food and beverages sold to US and Canadian retailers, club stores and foodservice operators — the company's largest and most mature market.

International Developed Markets14.19%

Sales across Western Europe, the United Kingdom, Australia, New Zealand and Japan, where Heinz condiments are typically the strongest brand.

Emerging Markets11.3%

Sales across Latin America, Eastern Europe, the Middle East, Africa and parts of Asia — smaller today but generally growing faster than the other two regions.

护城河

品牌 · 狭窄

Heinz Ketchup, Kraft cheese and other brands built over a century of advertising and habit still make consumers ask for them by name and give Kraft Heinz leverage in getting shelf space. That advantage has narrowed, though: private-label alternatives have improved in quality and price, and North American volumes have been declining as shoppers trade down, so the brand edge no longer guarantees growth.

需求驱动因素

防御型

People keep buying condiments, packaged cheese and coffee regardless of the economic cycle, which is why packaged food is considered a defensive business. But within that stability, Kraft Heinz's North American volumes fell as shoppers traded down to cheaper private-label alternatives, showing that 'defensive' protects the category more than it protects any one company's brand or market share within it.

主要风险

  • Reliance on a few very large retail customers — A handful of large mass-market and club-store chains account for a substantial share of sales, giving them significant leverage over pricing, promotions and shelf placement.
  • Private-label and value competition — Store-brand alternatives have narrowed the price and quality gap with Kraft Heinz products, and North American volumes have already declined as shoppers traded down.
  • Commodity cost volatility — Meat, dairy, grains and packaging material costs fluctuate with global commodity markets, and Kraft Heinz cannot always pass higher input costs on to retailers through price increases.
  • Shifting consumer preferences — Demand is gradually shifting toward fresher, less processed food, which pressures some legacy packaged-food categories that make up a large part of Kraft Heinz's portfolio.
  • Brand and goodwill impairment risk — Many Kraft Heinz brands are carried on the balance sheet at values set when they were acquired; if a brand underperforms for long enough, the company can be forced to write down its value.

客户集中度

Kraft Heinz does not break out individual retailer names in the results reviewed here, but a small number of very large mass-market and club-store chains account for a substantial share of North American sales.

看多理由

Buyers argue that Kraft Heinz's iconic, decades-old brands still command shelf space and pricing power that smaller and private-label rivals cannot easily replicate, and that cost discipline can offset near-term volume softness while the portfolio is reshaped.

看空理由

Sellers fear that shrinking North American volumes, a handful of powerful retail customers, and consumers steadily trading down to private label point to structural decline that brand strength alone is no longer enough to reverse.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 50Market cap: $17.97B

General Mills competes for the same center-of-store grocery budget in the United States with packaged meals, soups, yogurt and snacks sold through the same retailers.

P/E: 15.1Score: 54Market cap: $5.92B

Campbell's overlaps with Kraft Heinz in soups, pasta sauces and shelf-stable meals in North America, where the two brands sit side by side on the same shelf.

P/E: 7.7Score: 65Market cap: —

McCormick competes head-on in condiments, seasonings and sauces — with French's mustard and Frank's RedHot against Heinz mustard and sauces — in both retail and foodservice channels.

Unilever PLCULVR

Unilever's Hellmann's and Knorr fight Heinz brand for brand for the same condiments, sauces and bouillon shelf space in supermarkets worldwide, the category that generates most of Kraft Heinz's sales.

Nestlé S.A.NESN

Nestlé sells seasonings and sauces under Maggi, plus ready meals, coffee and cheese products, to the same grocery shoppers and the same retail chains Kraft Heinz depends on, especially in emerging markets.

Conagra Brands, Inc.CAG

Conagra competes directly in North American shelf-stable and frozen ready meals, snacks and condiments, the aisles where Kraft Heinz brands such as Kraft Mac & Cheese and Ore-Ida sit.

资产负债表与流动性

营收

$24.90B

最近12个月(截至2026/6/27)

净利润

$-3.40B

最近12个月(截至2026/6/27)

自由现金流

$3.66B

股东权益合计

$41.66B

负债合计

$40.00B

流动比率

1.06

利息覆盖率

4.65

债务/EBITDA

-

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被低估

公允价值

$53.80

当前价格

$22.05

安全边际

+59.0%

公允价值区间

$34.97 - $72.63

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$25.47
现金流折现法(DCF):$96.29
市盈率法(P/E):数据不足,无法计算
格雷厄姆成长公式:数据不足,无法计算
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):$19.94
P/FFO(运营资金):数据不足,无法计算
周期中段收益:$47.42
市销率法(P/S):$24.87
分析师共识:持有 (2B / 17H / 9S)
最近财报超预期:+4.79%

估值指标

市盈率(P/E)

-

ROE

-14.0%

市净率(P/B)

0.75

P/FCF

7.06

毛利率

33.4%

ROIC

-3.9%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-3.9%

WACC

6.4%

ROIC − WACC

-10.3 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(13)

  • Gross Margin 33.4%
  • P/FCF 7.06
  • P/B Ratio 0.75
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • DCF valuation (Undervalued)
  • Earnings Surprise avg 8.0%
  • Share Dilution -2.3%
  • Net Margin Trend -13.6% vs -20.8%
  • Piotroski F-Score 5/9

未通过(9)

  • EPS shows upward trend
  • Price CAGR -12.19%
  • ROIC -3.9%
  • Operating Margin -12.8%
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE -8.4%
  • Revenue Growth 5Y -1.0%
  • Analyst Consensus 7% Buy

不可用(5)

  • Dividend Payout NaN%
  • Debt/EBITDA
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-评分

5/9

信号混杂:部分领域需关注

score
criteria

盈利质量

-

低质量:需深入审查会计处理

股权稀释

-2.3%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Andre MacielExecutive VP & Global CFO50
Ms. Angel Shelton Willis J.D.Executive VP, Global General Counsel & Corporate Affairs Officer54
Mr. Cory OnellAdvisor51
Mr. Steven A. CahillaneCEO & Director60
Mr. Chris AsherVP, Global Controller & Principal Accounting Officer44
Ms. Anne-Marie MegelaVP & Global Head of Investor Relations-
Rodolfo M. CamachoGlobal Chief People Officer36
Mr. Eduardo Machado de Carvalho PelleissoneExecutive Vice President of Operations51
Mr. Jan KruiseUK & Ireland Managing Director-
Mr. Flavio Barros TorresExecutive VP & Global Supply Chain Officer56

审计风险

5

董事会风险

2

薪酬风险

6

股东权利风险

3

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-12

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-05

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-26

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for KHC, sourced from Markets Gazette.

  • 5/7/2026NEUTRAL
    Kraft Heinz Joins Reverse Yankee Boom to Fund Debt Buyback

    Kraft Heinz Foods Co is issuing euro-denominated debt in Europe, marking its first foray into this market in over a year. The proceeds are earmarked for repurchasing outstanding dollar-denominated notes. This move aims to optimize the company's capital structure and manage its debt obligations more efficiently. While this is a standard corporate finance activity, investors will monitor the terms of the new debt issuance and the success of the buyback in potentially reducing interest expenses and improving the company's leverage profile.

  • 5/6/2026NEUTRAL
    'The Consumer Can Only Absorb So Much': Kraft Heinz Gets Real About Inflation

    Kraft Heinz reported Q1 earnings that surpassed analyst expectations, though the company cautioned that consumers are nearing their limit for absorbing further price increases due to persistent inflation. Despite this consumer sentiment warning, the company maintained its 2026 financial outlook. This mixed message suggests that while current performance is robust, future growth may face headwinds from price sensitivity. Investors will monitor consumer spending trends and Kraft Heinz's ability to innovate or manage costs to sustain profitability.

  • 3/5/2026NEUTRAL
    Berkshire Has No Plans for Kraft Heinz Stake With Split Halted

    Berkshire Hathaway, led by CEO Greg Abel, stated it has no immediate plans to alter its stake in Kraft Heinz Co. This follows the food company's decision to pause its plans to split into two separate entities. The news is neutral for investors as it indicates neither an increased nor decreased interest from Berkshire in KHC, but rather an operational standstill pending future developments. The absence of strategic moves from such a significant investor suggests caution, but not necessarily a deterioration of the stock's intrinsic value.

via Markets Gazette