US Foods Holding Corp.
USFD Consumer Defensive Food Distribution
US Foods Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $39.4 billion, up 4.08% from fiscal 2024. In the quarter to June 2026, revenue grew 4.46%, EPS grew 29.9%, free cash flow grew 36.0% and total debt rose 8.40%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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US Foods Holding Corp. (USFD) Altman Z-score
US Foods Holding Corp.'s Altman Z-score for fiscal 2025 is 4.49, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.49 | 0.04 |
| FY2024 | 4.45 | 0.48 |
| FY2023 | 3.97 | 0.39 |
| FY2022 | 3.58 | 0.36 |
| FY2021 | 3.22 | 0.65 |
| FY2020 | 2.56 | (0.87) |
| FY2019 | 3.43 | (0.32) |
| FY2018 | 3.76 | 0.06 |
| FY2017 | 3.69 | 0.37 |
| FY2016 | 3.32 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.19 | — | 0.27 | |
| EBIT / total assets | 0.09 | — | 0.28 | |
| Market value of equity / total liabilities | 1.77 | — | 1.06 | |
| Sales / total assets | 2.83 | — | 2.83 | |
| Altman Z-score | Safe zone | 4.49 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.94 | ||
Z and Z″ put US Foods Holding Corp. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WILCF G. Willi-Food International, Ltd. compare | 14.7× |
| UNFI United Natural Foods, Inc. compare | 5.2× |
| SYY Sysco Corporation compare | 5.1× |
| PFGC Performance Food Group Company compare | 4.8× |
| USFD US Foods Holding Corp. | 4.5× |
| ANDE The Andersons, Inc. compare | 4.1× |
| CHEF The Chefs' Warehouse, Inc. compare | 3.7× |
| AVO Mission Produce, Inc. compare | 3.6× |
| HFFG HF FOODS GROUP INC. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets