Latest Ratios: P/E Ratio 31.9x · EV/EBITDA 15.6x · ROE 15.3%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.7B | $17.6B | $16.6B | $11.4B | $7.7B | $7.8B | $7.3B | $9.2B | $6.9B | $7.2B | $5.6B |
| Enterprise Value | $26.4B | $23.2B | $22.0B | $16.3B | $12.8B | $13.2B | $12.7B | $14.3B | $10.4B | $11.0B | $9.4B |
| P/E Ratio → | 31.95 | 25.98 | 33.75 | 22.48 | 33.68 | 64.50 | — | 23.94 | 16.92 | 16.21 | 26.68 |
| P/S Ratio | 0.52 | 0.45 | 0.44 | 0.32 | 0.23 | 0.27 | 0.32 | 0.36 | 0.29 | 0.30 | 0.24 |
| P/B Ratio | 5.02 | 4.08 | 3.67 | 2.39 | 1.71 | 1.84 | 1.81 | 2.48 | 2.13 | 2.62 | 2.21 |
| P/FCF | 21.57 | 18.32 | 19.97 | 13.66 | 15.38 | 54.05 | 32.72 | 18.36 | 18.43 | 13.65 | 14.56 |
| P/OCF | 15.11 | 12.83 | 14.17 | 9.96 | 10.05 | 18.70 | 17.74 | 12.13 | 11.32 | 9.62 | 10.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.58 | 0.46 | 0.38 | 0.45 | 0.55 | 0.55 | 0.43 | 0.46 | 0.41 |
| EV / EBITDA | 15.57 | 13.72 | 14.11 | 11.42 | 13.08 | 16.41 | 36.79 | 13.44 | 10.45 | 11.38 | 11.19 |
| EV / EBIT | 21.40 | 19.32 | 22.95 | 16.25 | 20.76 | 30.83 | — | 20.51 | 15.54 | 19.16 | 26.11 |
| EV / FCF | — | 24.24 | 26.42 | 19.60 | 25.58 | 90.78 | 56.66 | 28.40 | 27.89 | 20.83 | 24.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.4% | 17.4% | 17.3% | 17.3% | 16.1% | 15.8% | 16.3% | 17.7% | 17.8% | 17.5% | 17.7% |
| Operating Margin | 3.1% | 3.1% | 3.0% | 2.9% | 1.8% | 1.4% | -0.3% | 2.7% | 2.7% | 2.4% | 1.8% |
| Net Profit Margin | 1.7% | 1.7% | 1.3% | 1.4% | 0.8% | 0.6% | -1.0% | 1.5% | 1.7% | 1.8% | 0.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 10.7% | 10.9% | 6.0% | 3.9% | -5.8% | 11.1% | 13.6% | 16.8% | 9.5% |
| ROA | 4.9% | 4.9% | 3.7% | 3.9% | 2.1% | 1.3% | -1.9% | 3.8% | 4.5% | 4.9% | 2.3% |
| ROIC | 9.3% | 9.3% | 8.6% | 8.0% | 4.7% | 3.3% | -0.6% | 6.8% | 7.4% | 6.9% | 5.0% |
| ROCE | 12.0% | 12.0% | 11.1% | 10.3% | 6.1% | 4.2% | -0.8% | 8.7% | 9.3% | 8.4% | 5.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.20 | 1.10 | 1.18 | 1.28 | 1.53 | 1.38 | 1.13 | 1.42 | 1.55 |
| Debt / EBITDA | 3.38 | 3.38 | 3.48 | 3.65 | 5.43 | 6.83 | 17.94 | 4.83 | 3.65 | 4.05 | 4.67 |
| Net Debt / Equity | — | 1.32 | 1.19 | 1.04 | 1.13 | 1.25 | 1.32 | 1.36 | 1.10 | 1.38 | 1.49 |
| Net Debt / EBITDA | 3.35 | 3.35 | 3.45 | 3.46 | 5.21 | 6.64 | 15.54 | 4.75 | 3.54 | 3.93 | 4.51 |
| Debt / FCF | — | 5.92 | 6.45 | 5.94 | 10.20 | 36.73 | 23.94 | 10.04 | 9.46 | 7.18 | 9.85 |
| Interest Coverage | 3.94 | 3.94 | 3.04 | 3.09 | 2.42 | 2.00 | -0.24 | 3.78 | 3.83 | 3.38 | 1.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.16 | 1.16 | 1.21 | 1.30 | 1.37 | 1.41 | 1.75 | 1.38 | 1.43 | 1.41 | 1.42 |
| Quick Ratio | 0.68 | 0.68 | 0.71 | 0.78 | 0.79 | 0.75 | 1.11 | 0.77 | 0.82 | 0.80 | 0.79 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.09 | 0.08 | 0.06 | 0.42 | 0.04 | 0.05 | 0.06 | 0.07 |
| Asset Turnover | — | 2.83 | 2.82 | 2.70 | 2.67 | 2.36 | 1.84 | 2.30 | 2.63 | 2.67 | 2.56 |
| Inventory Turnover | 19.03 | 19.03 | 19.28 | 18.41 | 17.68 | 14.73 | 15.06 | 14.91 | 15.53 | 16.50 | 15.43 |
| Days Sales Outstanding | — | 20.36 | 20.47 | 20.61 | 19.81 | 19.98 | 19.22 | 22.49 | 21.94 | 21.15 | 21.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.1% | 0.5% | 0.4% | — | — | — | — | 11.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 317.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.8% | 3.0% | 4.4% | 3.0% | 1.6% | — | 4.2% | 5.9% | 6.2% | 3.7% |
| FCF Yield | 4.6% | 5.5% | 5.0% | 7.3% | 6.5% | 1.9% | 3.1% | 5.4% | 5.4% | 7.3% | 6.9% |
| Buyback Yield | 4.7% | 5.6% | 5.7% | 2.6% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 3.9% | 0.2% |
| Total Shareholder Yield | 4.7% | 5.6% | 5.7% | 2.7% | 0.7% | 0.4% | 0.0% | 0.0% | 0.0% | 3.9% | 12.1% |
| Shares Outstanding | — | $230M | $244M | $250M | $226M | $225M | $220M | $220M | $218M | $226M | $204M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying USFD stock.
US Foods Holding Corp.'s current P/E ratio is 31.9x. The historical average is 29.3x. This places it at the 67th percentile of its historical range.
US Foods Holding Corp.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
US Foods Holding Corp.'s return on equity (ROE) is 15.3%. The historical average is 7.3%.
Based on historical data, US Foods Holding Corp. is trading at a P/E of 31.9x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
US Foods Holding Corp. has 17.4% gross margin and 3.1% operating margin.
US Foods Holding Corp.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage
Metrics are mathematically derived from official filings.
Premium Multiple on Modest Growth
USFD trades at 36.95x trailing earnings and 17.48x EV/EBITDA, well above its own historical average and peers, implying expectations of sustained margin expansion despite decelerating revenue growth.
The forward P/E of 23.01 suggests the market is pricing in a significant earnings rebound, likely from operating leverage and cost controls, but the implied growth may be aggressive given the 4.5% revenue growth in 2026Q2. Compared to Sysco's 22.92x P/E and 17.80x EV/EBITDA, USFD's premium appears unjustified unless margin expansion accelerates beyond recent trends. Investors should monitor whether the company can deliver the earnings growth needed to justify the multiple, especially as revenue growth normalizes.
Margin Expansion but Earnings Quality Questioned
Gross margin improved to 18.2% in 2026Q2, up from 16.7% in 2024Q1, while operating margin reached 4.2%, yet net margin remains thin at 2.6%, reflecting high interest and tax burdens.
The steady gross margin around 17-18% indicates stable pricing power, but the gap between operating and net margins highlights significant interest expense and tax drag. The 2026Q2 net income of $275M included $54M in stock-based compensation, suggesting reported earnings are partially non-cash and may overstate true profitability. As reported in financial statements, the operating leverage is emerging, but the sustainability of margin expansion depends on cost control and revenue growth, which is decelerating.
Subpar Returns on Invested Capital
ROIC has remained below 3.5% over the past ten quarters, with 2026Q2 at 3.5%, while ROE fluctuates around 6.4%, indicating the company is not compounding returns effectively.
Despite stable margins, the low ROIC suggests that the capital base, including significant goodwill, is not generating adequate returns. The D/E ratio of 1.22 and high leverage amplify ROE, but the underlying return on assets is only 1.9%, reflecting the asset-heavy distribution model. Compared to Sysco's ROIC of 14.9%, USFD's returns are structurally lower, possibly due to its acquisition-driven growth and goodwill burden. This may indicate that the company is not creating value at a rate commensurate with its cost of capital.
Working Capital Efficiency Improving
Cash conversion cycle shortened to 9 days in 2026Q2 from 14 days in 2024Q1, driven by faster receivables collection and extended payables, as per quarterly data, indicating improved working capital management.
DSO improved from 21 to 20 days, while DPO extended from 26 to 29 days, allowing USFD to hold less cash in working capital. This efficiency gain contributed to the FCF margin expansion to 5.2% in 2026Q2, though quarterly volatility remains. The asset turnover of 0.74 is stable, reflecting the low-margin, high-volume nature of food distribution. The improved CCC suggests management is effectively managing supplier and customer terms, but the thin liquidity buffer (current ratio 1.14) warrants monitoring.
Leverage Elevated but Coverage Improving
D/EBITDA improved to 9.34x in 2026Q2 from 18.14x in 2024Q1, while interest coverage rose to 5.79x, indicating debt service is becoming more comfortable, though leverage remains high.
The sharp decline in D/EBITDA reflects both EBITDA growth and debt reduction, but the ratio remains elevated compared to peers like Sysco (D/E 5.61). Interest coverage of 5.79x suggests adequate earnings to cover interest, but the high debt load of $5.2B exposes the company to refinancing risk if rates rise. As reported in financial statements, the leverage is manageable given stable cash flows, but the goodwill impairment risk could erode equity and increase leverage ratios.
Thin Liquidity Buffer
Current ratio declined to 1.14 in 2026Q2 from 1.31 in 2024Q1, with quick ratio at 0.70, indicating a tight liquidity position that could be strained under stress.
Cash dropped to $56M, and the quick ratio below 1 suggests reliance on inventory to meet short-term obligations. While the food distribution business has predictable cash flows, the thin liquidity buffer leaves little room for unexpected shocks. The current ratio is above 1, but the trend is concerning, and investors should monitor whether the company can maintain adequate liquidity while continuing aggressive buybacks.
Misapplied P/E in a Low-Margin Business
The P/E ratio is often misapplied to USFD because its low net margin (2.6%) and high leverage distort earnings, making EV/EBITDA a more appropriate valuation metric.
In food distribution, net margins are inherently thin, so P/E can be misleading due to interest and tax effects. EV/EBITDA of 17.48x provides a clearer picture of operating value, but even that appears high relative to peers. Investors should focus on EV/EBITDA and FCF yield, as P/E may overstate the cost of the stock. The high goodwill balance also suggests that book value is not a reliable measure, making P/B less relevant.