A Business at a Glance
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Unless the context otherwise requires, all references in this Annual Report on Form 10-K to the “Company,” “we,” “us” or "our” refer to Utz Brands, Inc. and its consolidated subsidiaries. Our core geographies consist of Alabama, Connecticut, Delaware, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, and West Virginia, with the rest of the U.S. representing our expansion geographies. We were founded in 1921 in Hanover, Pennsylvania and benefit from over 100 years of brand awareness and heritage in the salty snack industry. We are a leading United States manufacturer of branded salty snacks, producing a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes and other snacks.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.4B | 1.4B | 1.2B |
| Net Income | 800K | 800K | 16M | -25M | 21M |
| EPS | $0.01 | $0.01 | $0.19 | $-0.31 | $0.25 |
| Free Cash Flow | 9.4M | 9.4M | 7.6M | -40M | 17M |
| ROIC | 0.1% | 0.9% | 2.6% | 1.1% | 0.4% |
| Gross Margin | 24.9% | 24.9% | 26.2% | 31.9% | 32.5% |
| Debt/Equity | 1.20 | 1.23 | 1.11 | 1.36 | 1.25 |
| Dividends/Share | $0.25 | $0.28 | $0.26 | $0.21 | $0.14 |
| Operating Income | 20M | 20M | 59M | 16M | 11M |
| Operating Margin | 1.4% | 1.4% | 4.2% | 1.1% | 0.9% |
| ROE | 0.1% | 0.1% | 2.3% | -3.7% | 3.0% |
| Shares Outstanding | 88M | 80M | 84M | 80M | 82M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 1.2B | 1.4B | 1.4B | 1.4B | 1.4B |
| Gross Margin | 32.5% | 31.9% | 26.2% | 24.9% | 24.9% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 375M | 444M | 310M | 348M | 348M |
| EBIT | 11M | 16M | 59M | 20M | 20M |
| Op. Margin | 0.9% | 1.1% | 4.2% | 1.4% | 1.4% |
| Net Income | 21M | -25M | 16M | 800K | 800K |
| Net Margin | 1.7% | -1.8% | 1.1% | 0.1% | 0.1% |
| Non-Recurring | 6.5M | 13M | -100K | 9.8M | 9.2M |
| Returns on Capital | |||||
| ROIC | 0.4% | 1.1% | 2.6% | 0.9% | 0.1% |
| ROE | 3.0% | -3.7% | 2.3% | 0.1% | 0.1% |
| ROA | 0.8% | -0.9% | 0.6% | 0.0% | 0.0% |
| Cash Flow | |||||
| Op. Cash Flow | 48M | 48M | 106M | 112M | 112M |
| Free Cash Flow | 17M | -40M | 7.6M | 9.4M | 9.4M |
| Owner Earnings | -45M | -49M | 17M | 13M | 13M |
| CapEx | 32M | 88M | 99M | 103M | 103M |
| Maint. CapEx | 81M | 87M | 71M | 82M | 82M |
| Growth CapEx | 0 | 1.2M | 28M | 20M | 20M |
| D&A | 81M | 87M | 71M | 82M | 82M |
| CapEx/OCF | 65.6% | 182.5% | 92.8% | 91.6% | 91.6% |
| Capital Allocation | |||||
| Dividends Paid | 12M | 17M | 22M | 22M | 22M |
| Dividend Yield | 1.0% | 1.4% | 1.5% | 2.2% | 3.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 13M | 11M | 18M | 17M | 17M |
| Debt Repayment | 795M | 21M | 174M | 24M | 24M |
| Balance Sheet | |||||
| Net Debt | 768M | 803M | 663M | 640M | 615M |
| Cash & Equiv. | 42M | 52M | 56M | 120M | 241M |
| Long-Term Debt | 831M | 879M | 753M | 818M | 818M |
| Debt/Equity | 1.25 | 1.36 | 1.11 | 1.23 | 1.20 |
| Interest Coverage | 0.3 | 0.4 | 1.3 | 0.5 | 0.5 |
| Equity | 680M | 669M | 697M | 714M | 714M |
| Total Assets | 2.7B | 2.7B | 2.7B | 2.8B | 2.8B |
| Total Liabilities | 1.3B | 1.4B | 1.3B | 1.4B | 1.4B |
| Intangibles | 1.1B | 1.1B | 997M | 964M | 964M |
| Retained Earnings | -237M | -298M | -305M | -327M | -327M |
| Working Capital | 90M | 97M | 32M | 61M | 61M |
| Current Assets | 278M | 328M | 317M | 384M | 384M |
| Current Liabilities | 188M | 231M | 285M | 323M | 323M |
| Per Share Data | |||||
| EPS | 0.25 | -0.31 | 0.19 | 0.01 | 0.01 |
| Owner EPS | -0.55 | -0.61 | 0.20 | 0.16 | 0.14 |
| Book Value | 8.27 | 8.32 | 8.33 | 8.92 | 8.07 |
| Cash Flow/Share | 0.59 | 0.60 | 1.27 | 1.40 | 0.94 |
| Dividends/Share | 0.14 | 0.21 | 0.26 | 0.28 | 0.25 |
| Shares Out. | 82.2M | 80.4M | 83.7M | 80.0M | 88.4M |
| Valuation | |||||
| P/E Ratio | 61.9 | N/A | 80.3 | N/A | 783.0 |
| P/FCF | 76.5 | N/A | 167.9 | 89.0 | 73.7 |
| EV/EBIT | 195.1 | 569.2 | 33.5 | 78.7 | 67.1 |
| Price/Book | 1.9 | 3.3 | 1.8 | 1.2 | 1.0 |
| Price/Sales | 1.0 | 1.5 | 1.0 | 0.7 | 0.5 |
| FCF Yield | 1.3% | -1.8% | 0.6% | 1.1% | 1.4% |
| Market Cap | 1.3B | 2.2B | 1.3B | 837M | 692M |
| Avg. Price | 14.69 | 14.88 | 16.82 | 12.58 | 7.83 |
| Year-End Price | 15.49 | 15.67 | 15.25 | 10.46 | 7.83 |
Utz Brands, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Utz Brands, Inc. trades at 783.0x trailing earnings, compared to its 15-year median P/E of 71.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 73.7x vs a median of 82.8x. The company's 5-year average ROIC is 1.2% with a gross margin of 28.9%. Total shareholder yield (dividends) is 3.2%. At current prices, the estimated annualized return to fair value is +17.9%.
Utz Brands, Inc. (UTZ) has a current P/E ratio of 783.0, compared to its historical median P/E of 71.1. The stock is currently considered Expensive based on its historical valuation range.
Utz Brands, Inc. (UTZ) has a 5-year average return on invested capital (ROIC) of 1.2%. This is below average and may indicate limited pricing power.
Utz Brands, Inc. (UTZ) has a market capitalization of $692M. It is classified as a small-cap stock.
Yes, Utz Brands, Inc. (UTZ) pays a dividend with a trailing twelve-month yield of 3.22%.
Based on historical P/E analysis, Utz Brands, Inc. (UTZ) appears expensive. The current P/E of 783.0 is 1001% above its historical median of 71.1. The estimated fair value CAGR (P/E method) is -30.7%.
Utz Brands, Inc. (UTZ) operates in the Miscellaneous Food Preparations & Kindred Products industry, within the Consumer Defensive sector.
Utz Brands, Inc. (UTZ) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Utz Brands, Inc. (UTZ) has a net profit margin of 0.1%. This is a modest margin.
Utz Brands, Inc. (UTZ) generated $9 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Utz Brands, Inc. (UTZ) has a debt-to-equity ratio of 1.23. This indicates moderate leverage.
Utz Brands, Inc. (UTZ) reported earnings per share (EPS) of $0.01 in its most recent fiscal year.
Utz Brands, Inc. (UTZ) has a return on equity (ROE) of 0.1%. This indicates moderate shareholder returns.
Utz Brands, Inc. (UTZ) has a 5-year average gross margin of 28.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 4 years of financial data for Utz Brands, Inc. (UTZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Utz Brands, Inc. (UTZ) has a book value per share of $8.92, based on its most recent annual SEC filing.