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TickerUSFD
SectorFood Distribution
Mkt cap$18.6B
EV / EBITDA15.4×
PostureHigh Velocity
Composite78/100
LensTarget-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 1665918

US Foods Holding Corp.

USFDHIGH VELOCITYFILING INTENSITY

US Foods Holding Corp. reads as High Velocity (composite 78/100); pressure / disclosure signals dominate the posture this cycle · primary market Consumer Products.

Lens

Disclosed M&A capital (2023–2025)

$541M

−44%

vs $972M in 2020–2022

Disclosed transactions

5

+400%

3/3 active fiscal years in window

Buyer archetype

Consistent Strategic Buyer

Meaningful spend appears across repeat years.

Composite score

78

/100

High Velocity dominates · Filing Intensity

Financial snapshot
Revenue$39.7B
EBITDA$1.5B
Enterprise value$23.7B
EV / Revenue0.6×
EV / EBITDA15.4×
P/EN/A
Cash$49M
Total debt$1K
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

43/100

Companies actively deploying disclosed capital into M&A

  • $3.6B disclosed buyer spend
  • Filed within 19d

Buyer Cadence

32/100

Buyer-side companies with recent filing activity

  • Filed within 19d
  • 136 8-Ks

Target Probability

24/100

Issuers showing target-side patterns from filings

  • 14 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 14 activism filings

Pressure Watch

52/100

Issuers facing activism, governance, or control pressure

  • 14 activism filings
  • Latest activism 1.8y ago

Distress Watch

18/100

Issuers showing financial-distress filing patterns

  • 14 activism filings

Restatement Risk

0/100

Issuers with accounting-integrity flags from filings

Capital Velocity

Dominant
78/100

Issuers with the highest filing-activity intensity

  • 136 8-Ks
  • Filed within 19d
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $23.7B
  • 10-Q 19d ago
  • 2 active signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.

16
17
18
19
20
21
22
23
24
25

Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $1,832M · Peak count: 5

FYDisclosed buysDisclosed spendAvg ticketAudited tier
20252$131M$66MN/A
20241$214M$214MN/A
20232$196M$98MN/A
2022N/AN/AN/AN/A
2021N/AN/AN/AN/A
20201$972M$972MN/A
§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Geographic Expansion
    25%
  • Bolt On
    25%
  • Horizontal Consolidation
    25%
  • Platform
    25%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

  • geographic_expansion
  • bolt_on
  • horizontal_consolidation
  • platform
§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

Market competition, customer requirements, customer financial condition and customer consolidation through mergers and acquisitions also could adversely affect our ability to continue or expand our relationships with customers and GPOs.

10-KFY2021

There is no guarantee that we will be able to retain or renew existing agreements, maintain relationships with any of our customers or GPOs on acceptable terms or at all or collect amounts owed to us from insolvent customers.

10-KFY2021

Integrating the Food Group and Smart Foodservice and realizing synergies from the acquisitions are key priorities for the Company.

10-KFY2020

Acquisitions have also historically played an important role in supporting the execution of our growth strategy.

10-KFY2020

The acquisition of the Food Group expands the Company’s network in the West and Northwest parts of the U.S.

10-KFY2019
§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Consumer Products

Market spend (2023–2025)
$145.2B
Market spend (2020–2022)
$102.1B
Recent vs prior
+42%
Issuer rank in market
N/A
Share of market capital
0.0%

Valuation positioning

15.4×EV / EBITDA

USFD trades at a +3.2-turn premium to the Consumer Products peer median of 12.2×.

EV / Revenue
0.6×
Net debt / EBITDA
-0.0×
Peer median EV / EBITDA
12.2×

Trading comparables

FMP market data · 2026-05-10

CompanyEV / EBITDAEV / RevNet debt / EBITDARevenueM&A 2023–2025
15.7×2.3×2.0×$164.7B$24.6B
US Foods Holding Corp.USFD
15.4×0.6×-0.0×$39.7B$541M
8.7×1.3×-0.1×$10B$5.5B

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Consumer Products. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)102026-02-12
  • 10-Q (quarterly)302026-05-07
  • 8-K (event)1362026-05-07
  • Proxy / DEF 14A442026-04-02
  • Activism (13D / DFAN / PREC)142024-08-13

Signals on file

  • elevated

    Activism on file

    2024-08-13

    14 activist filings on file (13D, DFAN14A, PREC14A series).

  • info

    Signal

    Serial acquisition history

  • info

    Signal

    10-K strategy themes

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

US Foods Holding Corp.: Issuer Brief | SE-Cluster