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Performance Food Group Company (PFGC)

被低估
Consumer DefensiveFood DistributionUnited States

基本面

64

价格

$91.28

市值

$14.19B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Foodservice53.4%

Delivery of food, equipment and supplies to independent and chain restaurants and other food-away-from-home outlets.

Convenience38.9%

Distribution of snacks, beverages, tobacco and other packaged goods to convenience stores and gas-station retailers.

Specialty7.8%

Distribution of candy, snacks and other specialty products to vending operators, theaters and other non-traditional channels.

护城河

规模效应 · 狭窄

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.

需求驱动因素

周期性

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.

主要风险

  • 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.

客户集中度

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.

看多理由

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.

看空理由

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

Compare

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

P/E: 21.3Score: 64Market cap: $37.64B

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.

P/E: 28.4Score: 73Market cap: $20.27B

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.

McLane Company, Inc.Not tracked

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.

Gordon Food Service, Inc.Not tracked

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.

The H.T. Hackney Co.Not tracked

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.

资产负债表与流动性

营收

$67.84B

最近12个月(截至2026/6/27)

净利润

$359M

最近12个月(截至2026/6/27)

自由现金流

$1.03B

股东权益合计

$4.90B

负债合计

$13.95B

流动比率

1.51

利息覆盖率

2.15

债务/EBITDA

4.57

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

$242.12

当前价格

$91.28

安全边际

+62.3%

公允价值区间

$157.37 - $326.86

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:$123.23
现金流折现法(DCF):$524.58
市盈率法(P/E):$36.52
格雷厄姆成长公式:$117.89
盈利能力价值(EPV):$46.30
合理市净率(P/B):$22.61
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$119.16
周期中段收益:$90.66
市销率法(P/S):$509.94
分析师共识:强力买入 (19B / 2H / 0S)
最近财报超预期:-2.68%

估值指标

市盈率(P/E)

39.96

ROE

7.3%

市净率(P/B)

2.94

P/FCF

14.00

毛利率

11.9%

ROIC

5.1%

盈利能力雷达图

价值创造(经济护城河)

ROIC

5.1%

WACC

7.7%

ROIC − WACC

-2.6 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(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

未通过(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%

不可用(1)

  • Dividend Payout NaN%

Piotroski F-评分

8/9

财务状况强健

score
criteria

盈利质量

3.93

高质量:盈利有现金流支撑

股权稀释

0.5%

股份数量稳定

机构持股

公司治理

管理团队

姓名职位年龄
Mr. George L. HolmExecutive Chair70
Mr. Scott E. McPhersonCEO, President & Director55
Mr. H. Patrick HatcherExecutive VP & CFO55
Mr. Allen Brent King J.D.Executive VP, General Counsel & Secretary56
Ms. Chasity GroshSenior VP & Chief Accounting Officer47
Mr. Donald S. BulmerExecutive VP & Chief Information Officer60
Mr. Bill Marshall C.F.A.Senior Vice President of Investor Relations-
Mr. Scott GoldenDirector of Communications & Engagement-
Ms. Erika T. Davis CCPExecutive VP & Chief Human Resources Officer61
Mr. George HearnSenior VP & CFO of Performance Foodservice-

审计风险

5

董事会风险

4

薪酬风险

1

股东权利风险

1

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:2026-08-12

    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:2026-05-06

    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:2026-08-24

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for PFGC, sourced from Markets Gazette.

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