At a glance
Performance Food Group Co is worth $15.16B, about 42 times its fiscal 2026 earnings. Revenue grew 7.2% to $67.84B in fiscal 2026, with 0.5% kept as profit; over 5 years it has grown 17.4% a year. It pays no dividend; it spent $148.4M buying back its shares over FY2022–FY2026. The stock returned −3.9% over the past year with dividends reinvested and +16.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 78.5% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 6 months after the lows.
The business in plain English
Performance Food Group is a wholesaler that stands between suppliers and places that serve food away from home. It distributes more than 300,000 food and food-related products from over 150 distribution centers to over 350,000 customer locations across North America. Customers include independent and chain restaurants, schools, healthcare facilities, convenience stores, vending distributors and theaters. No single customer made up more than 10% of sales in fiscal 2026.
It earns a markup on each case, set by contract or priced when the order is placed. Margins are thin. In fiscal 2026 (ended June 27, 2026), gross margin, the share of sales left after paying for the goods, was 11.9%. Net margin, the profit left after all costs, was 0.5%. Inventory turns every three to four weeks, which helps cushion swings in food costs. The company aims to grow sales to independent restaurants and of its own Performance Brands, both of which earn more profit per case.
Fiscal 2026 revenue was $67.8 billion. Foodservice, which supplies restaurants and institutions from 90 distribution centers, made up 53.9%. Convenience, which serves convenience stores and other small-format retailers in the US and Canada, made up 38.3%. Specialty, which delivers candy, snacks and beverages to vending, office coffee and theater customers, made up 7.4%. Cigarettes alone were 22.1% of sales.
Price history
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PFGC -3.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cigarettes | $14.99B | 22.1% |
| Center Of The Plate | $14.89B | 22% |
| Canned And Dry Groceries | $6.77B | 10% |
| Frozen Foods | $6.46B | 9.5% |
| Candy Snack Theater And Concession | $5.77B | 8.5% |
| Refrigerated And Dairy Products | $5.15B | 7.6% |
| Paper Products And Cleaning Supplies | $3.81B | 5.6% |
| Beverage | $3.77B | 5.6% |
| Alternative Nicotine Products | $3.75B | 5.5% |
| Produce | $1.58B | 2.3% |
| Other Miscellaneous Goods And Services | $888.7M | 1.3% |
By business segment
| Foodservice | $36.55B | 53.9% |
| Convenience | $25.97B | 38.3% |
| Specialty | $5.05B | 7.4% |
Latest results
- In Q4 FY2026 (ended Jun 27, 2026), revenue was $18.03B, up 6.4% from a year earlier, and net income was $162.3M (+23.4%).
- For fiscal 2026, revenue was $67.84B (+7.2% year over year; +17.4% a year from FY2021 to FY2026) with a 0.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +17.4% good |
|---|---|
| Operating margin | 1.3% weak |
| Free cash flow margin | 1.5% watch |
| Return on equity (FY2026) | 7.3% weak |
| Return on assets (FY2026) | 1.9% weak |
| Net cash (cash minus debt) | $-4.91B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $30.40B | $40.7M | $-124.2M |
| FY2022 | $50.89B | $112.5M | $61.0M |
| FY2023 | $57.25B | $397.2M | $562.4M |
| FY2024 | $58.28B | $435.9M | $767.4M |
| FY2025 | $63.30B | $340.2M | $704.1M |
| FY2026 | $67.84B | $359.3M | $1.03B |
Valuation snapshot
| Market value | $15.16B |
|---|---|
| P/E ratio | 42 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Performance Food Group’s market value went from $2.48B at the end of 2016 to $15.16B on Oct 28, 2026, about 6.1 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $15.16B | +7.5% |
| 2025 | $14.10B | +7.0% |
| 2024 | $13.17B | +22.4% |
| 2023 | $10.76B | +18.4% |
| 2022 | $9.09B | +28.4% |
| 2021 | $7.08B | +11.4% |
| 2020 | $6.36B | +17.1% |
| 2019 | $5.43B | +60.0% |
| 2018 | $3.39B | -2.0% |
| 2017 | $3.46B | +39.6% |
| 2016 | $2.48B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PFGC price data to Oct 28, 2026 | +7.0% | -3.9% | +20.5% | +16.0% | +14.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.0% |
| 2025 | +6.3% |
| 2024 | +22.3% |
| 2023 | +18.4% |
| 2022 | +27.2% |
| 2021 | -3.6% |
| 2020 | -7.5% |
| 2019 | +59.5% |
| 2018 | -2.5% |
| 2017 | +37.9% |
| 2016 | +3.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 65% over that stretch · deepest drop along the way 78.5%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.9% over that stretch · deepest drop along the way 32.3%, back to its old high 5.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 18 sales ($4.3M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Donald S. Bulmer See Remarks | sell (plan) | $595K |
| Aug 20, 2026 | A Brent King See Remarks | sell (plan) | $581K |
| Aug 20, 2026 | Erika T Davis See Remarks | sell (plan) | $554K |
| Aug 24, 2026 | Donald S. Bulmer See Remarks | sell (plan) | $521K |
| Sep 1, 2026 | Hugh Patrick Hatcher See Remarks | sell (plan) | $288K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 14.9% | Jun 30, 2026 |
| FMR LLC | 7.1% | Sep 30, 2025 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
ETFs with the most weight in PFGC
| TOLL Tema Monopolies and Oligopolies ETF | 2.86% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 2.71% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 2.63% |
| FXG First Trust Consumer Staples AlphaDEX Fund | 2.53% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 2.02% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 1.98% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.76% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 1.69% |
What could go wrong
- Big reliance on shrinking cigarette sales. Cigarettes were 22.1% of fiscal 2026 sales, the largest product category, and alternative nicotine products added 5.5%. The company says cigarette sales are generally declining, which could pull revenue down.
- Razor-thin margins magnify small problems. Net margin was 0.5% in fiscal 2026, about half a cent of profit per dollar of sales. Modest increases in food, fuel, labor or insurance costs can erase a large share of earnings.
- Sizable debt with little cash on hand. Total debt was about $5.0 billion against $92.4 million of cash as of June 27, 2026. Some carries variable interest rates, and loan terms restrict how the company can operate.
- Customers can switch distributors with ease. Many customers order through individual purchase orders, not long-term contracts. Rivals, some larger, can lure them with lower prices, and group purchasing organizations, which negotiate prices for members, may sign them up.
- Growth plans and acquisitions may disappoint. Growth depends on winning more independent restaurants, expanding its own-label Performance Brands and acquiring other distributors. These plans need heavy investment, deals can be costly to integrate, and competition for targets is intense.
- Less eating out when budgets tighten. Demand depends on people eating at restaurants and stopping at convenience stores. Inflation, higher fuel prices, tariffs or a recession could cut that spending and shrink customer orders.
Recent events
- Executive or board change
- Executive or board change; Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Shareholder vote results
For income and retirement investors
Performance Food Group does not pay a dividend and paid none from fiscal 2022 through fiscal 2026, so an income investor would need to cash in shares to draw money from it. Buybacks have been small: $148.4 million over those five years and $1.5 million in fiscal 2026, even though free cash flow, the cash left after running and investing in the business, was $1.03 billion that year. Meanwhile the share count rose 17.5%, from about 134.0 million in August 2021 to 157.5 million in August 2026, which shrinks each holder's slice of the company.
The stock has dropped sharply in market slumps. In the 2020 COVID crash it fell 78.5% between February 20 and March 18, 2020, and took about 10.7 months to recover. In the 2022 bear market it fell 32.3% from March 2 to May 24, 2022, recovering by November 14, 2022. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Performance Food Group make money?
Performance Food Group makes money by distributing food and related products to restaurants, schools, convenience stores and other food-away-from-home customers, earning a markup on each case. It moves more than 300,000 products from over 150 distribution centers to over 350,000 customer locations in North America. In fiscal 2026 (ended June 27, 2026), revenue was $67.8 billion: Foodservice made up 53.9%, Convenience 38.3% and Specialty 7.4%. Profit per sale is thin, with a net margin of 0.5%.
Does Performance Food Group pay a dividend?
No. Performance Food Group paid no dividends from fiscal 2022 through fiscal 2026. It returned $148.4 million to shareholders through buybacks over those five years, but its share count still grew 17.5% between August 2021 and August 2026. That means an investor counting on regular cash income would get none from this stock. Any return would come from changes in the share price.
How much of Performance Food Group's sales come from cigarettes?
Cigarettes made up 22.1% of sales in fiscal 2026, about $15.0 billion. That makes them the company's largest product category, just ahead of beef, pork, poultry and seafood at 22%. Alternative nicotine products added another 5.5%. Cigarettes are part of the Convenience segment's range, and the company's annual report (10-K) warns that cigarette sales are generally declining. That puts a large slice of revenue under long-term pressure.
How much debt does Performance Food Group have?
About $5.0 billion. As of June 27, 2026, total debt was $5.0 billion against $92.4 million of cash and investments, and shareholders' equity was $4.9 billion. Free cash flow, the cash left after running and investing in the business, was $1.03 billion in fiscal 2026. The 10-K warns that servicing the debt depends on cash flow holding up, that loan agreements restrict some actions, and that some borrowings carry variable interest rates.
How has Performance Food Group stock performed?
It has risen substantially over long periods, with deep drops along the way. As of October 28, 2026, the share price had gained about 16% a year over five years and 14.9% a year over ten years, a 303% total rise over the decade. Over the past year it fell 3.9%. Its largest decline across about 11 years of price history was 78.8%. The price-to-earnings ratio, the share price divided by annual profit per share, was 42 on fiscal 2026 earnings.