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Packaged foods · Consumer Defensive · Fiscal year ends Jan 3
Utz Brands reported revenue of $1.4B in the fiscal year ended Dec 2025, up 2.1% from the year before. Operating income was $20M, an operating margin of 1.4%, and net income was $800,000. Operating cash flow of $112M less capital expenditure of $103M left free cash flow of $9M. Net debt was $729M.
Ranks among the 21 packaged foods companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,181 | 1,408 | 1,438 | 1,409 | 1,439 |
| Cost of revenue | 797 | 959 | 1,087 | 1,040 | 1,081 |
| Gross profit | 384 | 449 | 351 | 369 | 358 |
| Selling, general & admin | 375 | 444 | 327 | 310 | 348 |
| Operating income | 10.6 | 5.3 | 16.0 | 58.9 | 19.5 |
| Interest expense | 34.7 | 44.4 | 60.6 | 44.9 | 43.1 |
| Pre-tax income | 16.1 | −38.0 | −39.2 | 69.4 | −0.6 |
| Income tax | 8.1 | −23.9 | 0.8 | 38.7 | 7.1 |
| Net income | 20.6 | −0.4 | −24.9 | 15.9 | 0.8 |
| Diluted EPS | 0.25 | 0.00 | −0.31 | 0.19 | 0.01 |
| Diluted shares | 81.1 | 80.1 | 81.1 | 85.4 | 87.8 |
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 41.9 | 72.9 | 52.0 | 56.1 | 120 |
| Receivables | 131 | 137 | 135 | 120 | 101 |
| Inventory | 79.5 | 118 | 105 | 101 | 119 |
| Current assets | 278 | 372 | 328 | 317 | 384 |
| Net PP&E | 304 | 345 | 319 | 345 | 379 |
| Goodwill | 915 | 915 | 915 | 865 | 865 |
| Total assets | 2,716 | 2,840 | 2,747 | 2,723 | 2,794 |
| Payables | 95.4 | 114 | 124 | 151 | 197 |
| Current liabilities | 188 | 237 | 231 | 285 | 323 |
| Short-term debt | 11.4 | 18.5 | 21.1 | 16.1 | 31.4 |
| Long-term debt | 831 | 893 | 879 | 753 | 818 |
| Total liabilities | 1,282 | 1,389 | 1,363 | 1,341 | 1,449 |
| Shareholders' equity | 680 | 703 | 669 | 697 | 714 |
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 48.4 | 48.2 | 76.6 | 106 | 112 |
| Capital expenditure | 31.7 | 88.0 | 55.7 | 98.6 | 103 |
| Free cash flow | 16.6 | −39.8 | 20.9 | 7.6 | 9.4 |
| Depreciation & amortisation | 80.7 | 86.8 | 79.5 | 70.9 | 82.4 |
| Stock-based compensation | 13.0 | 10.6 | 17.1 | 18.3 | 17.1 |
| Acquisitions | 118 | 0.1 | 0.0 | 0.0 | – |
| Dividends paid | 11.9 | 17.2 | 18.5 | 21.7 | 22.3 |
| Fiscal year | Jan 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.3% | 2.1% | −2.0% | 2.1% |
| Operating income growth (YoY) | – | −49.4% | 199.4% | 268.1% | −66.9% |
| EPS growth (YoY) | – | −100.0% | – | – | −94.7% |
| Gross margin | 32.5% | 31.9% | 24.4% | 26.2% | 24.9% |
| Operating margin | 0.9% | 0.4% | 1.1% | 4.2% | 1.4% |
| Net margin | 1.7% | −0.0% | −1.7% | 1.1% | 0.1% |
| Return on equityBlank when equity is negative | 3.0% | −0.1% | −3.7% | 2.3% | 0.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.4% | 0.2% | 0.6% | 2.4% | 0.8% |
| Free cash flow margin | 1.4% | −2.8% | 1.5% | 0.5% | 0.7% |
| Cash conversion (CFO ÷ net income) | 2.35x | −123x | −3.08x | 6.68x | 140x |
| Receivable days | 41 | 36 | 34 | 31 | 26 |
| Inventory days | 36 | 45 | 35 | 36 | 40 |
| Payable days | 44 | 44 | 42 | 53 | 67 |
| Interest cover | 0.30x | 0.12x | 0.26x | 1.31x | 0.45x |
| Debt ÷ equity | 1.24x | 1.30x | 1.34x | 1.10x | 1.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 800 | 839 | 848 | 713 | 729 |
| Current ratio | 1.48x | 1.57x | 1.42x | 1.11x | 1.19x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.