Share count
88Mpeak FY2025
← All companies ← UTL Manual UUUU → ← TWG Food Products VITL →
UTZ, Utz Brands
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
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.
Our products are distributed nationally to grocery, mass merchant, club, convenience, drug and other retailers through direct shipments, distributors and approximately 2,500 direct-store delivery ("DSD") routes.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.4B
+2.1% YoY · 13% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $1.4B 5-yr avg $1.2B
Revenue $361M +2.6% vs yr-ago qtr
Operating margin 2.2% yr-ago 1.6%
Net income ($2M) yr-ago $6M
Net margin −0.7% yr-ago 1.6%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Gross margin has run about 26% and operating margin about 1.4% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 0.9% to 5.0% — on a steadier 26% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 1%, above 15% in 0 of 4 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2018–2025
realized figures from each filing · older years to the left| 2018’18 | 2019’19 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| $772M | $768M | $1.2B | $1.4B | $1.4B | $1.4B | $1.4B | RevenueRevenue |
| 35% | 33% | 33% | 24% | 26% | 25% | 25% | Gross marginGross mgn |
| 33% | 30% | 32% | 23% | 22% | 24% | 25% | SG&A / revenueSG&A/rev |
| $19M | $39M | $11M | $16M | $59M | $20M | $22M | Operating incomeOp. inc. |
| 2.5% | 5.0% | 0.9% | 1.1% | 4.2% | 1.4% | 1.5% | Operating marginOp. mgn |
| ($31M) | ($16M) | $21M | ($25M) | $16M | $800K | ($8M) | Net incomeNet inc. |
| Cash flow & returns | |||||||
| $16M | $28M | $48M | $77M | $106M | $112M | $120M | Operating cash flowOp. cash |
| $30M | $29M | $81M | $80M | $71M | $82M | $86M | DepreciationDeprec. |
| $16M | $15M | ($66M) | $5M | $1M | $12M | $26M | Working capital & otherWC & other |
| $13M | $20M | $32M | $56M | $99M | $103M | $78M | CapexCapex |
| 1.7% | 2.6% | 2.7% | 3.9% | 7.0% | 7.1% | 5.4% | Capex / revenueCapex/rev |
| $3M | $8M | $17M | $21M | $35M | $9M | $42M | Owner earningsOwner earn. |
| 0.4% | 1.0% | 1.4% | 1.5% | 2.5% | 0.7% | 2.9% | Owner earnings marginOE mgn |
| $3M | $8M | $17M | $21M | $8M | $9M | $42M | Free cash flowFCF |
| 0.4% | 1.0% | 1.4% | 1.5% | 0.5% | 0.7% | 2.9% | Free cash flow marginFCF mgn |
| $0 | $0 | $118M | $75K | $0 | — | $0 | AcquisitionsAcquis. |
| $0 | $0 | $12M | $19M | $22M | $22M | $23M | Dividends paidDiv. paid |
| — | — | 1% | 1% | 2% | 1% | 1% | ROICROIC |
| -610% | -323% | 3% | -4% | 2% | 0% | -1% | Return on equityROE |
| −610% | −323% | 1% | −6% | −1% | −3% | −4% | Retained to equityRetained/eq |
| Balance sheet | |||||||
| $443M | $466M | $42M | $52M | $56M | $120M | $526M | Cash & investmentsCash+inv |
| — | $107M | $131M | $135M | $120M | $101M | $113M | ReceivablesReceiv. |
| — | $51M | $80M | $105M | $101M | $119M | $123M | InventoryInvent. |
| $115K | $49M | $95M | $124M | $151M | $197M | $188M | Accounts payablePayables |
| — | $109M | $116M | $115M | $70M | $23M | $48M | Operating working capitalOper. WC |
| $1M | $184M | $278M | $328M | $317M | $384M | $360M | Current assetsCur. assets |
| $149K | $108M | $188M | $231M | $285M | $323M | $315M | Current liabilitiesCur. liab. |
| 8.5× | 1.7× | 1.5× | 1.4× | 1.1× | 1.2× | 1.1× | Current ratioCurr. ratio |
| $131M | $202M | $915M | $915M | $865M | $865M | $865M | GoodwillGoodwill |
| $443M | $779M | $2.7B | $2.7B | $2.7B | $2.8B | $2.8B | Total assetsAssets |
| — | $634M | $842M | $900M | $769M | $850M | $842M | Total debtDebt |
| — | $168M | $800M | $848M | $713M | $729M | $316M | Net debt / (cash)Net debt |
| 0.4× | 0.8× | 0.3× | 0.3× | 1.3× | 0.5× | 0.5× | Interest coverageInt. cov. |
| $5M | $5M | $680M | $669M | $697M | $714M | $710M | Shareholders’ equityEquity |
| — | — | 1.1% | 1.2% | 1.3% | 1.2% | 1.2% | Stock comp / revenueSBC/rev |
| Per share | |||||||
| — | — | 81.1M | 81.1M | 85.4M | 87.8M | 88.3M | Shares out (diluted)Shares |
| — | — | $14.56 | $17.74 | $16.49 | $16.39 | $16.39 | Revenue / shareRev/sh |
| — | — | $0.25 | $-0.31 | $0.19 | $0.01 | $-0.10 | EPS (diluted)EPS |
| — | — | $0.21 | $0.26 | $0.41 | $0.11 | $0.48 | Owner earnings / shareOE/sh |
| — | — | $0.21 | $0.26 | $0.09 | $0.11 | $0.48 | Free cash flow / shareFCF/sh |
| — | — | $0.15 | $0.23 | $0.25 | $0.25 | $0.26 | Dividends / shareDiv/sh |
| — | — | $0.39 | $0.69 | $1.15 | $1.17 | $0.88 | Cap. spending / shareCapex/sh |
| — | — | $8.38 | $8.26 | $8.16 | $8.13 | $8.03 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 7-yr | 5-yr | |
|---|---|---|
| Revenue / share | +4.0%/yr (3-yr) | +4.0%/yr (3-yr) |
| Owner earnings / share | −19.5%/yr (3-yr) | −19.5%/yr (3-yr) |
| EPS | −67.0%/yr (3-yr) | −67.0%/yr (3-yr) |
| Dividends / share | +20.0%/yr (3-yr) | +20.0%/yr (3-yr) |
| Capital spending / share | +44.1%/yr (3-yr) | +44.1%/yr (3-yr) |
| Book value / share | −1.0%/yr (3-yr) | −1.0%/yr (3-yr) |
The record, charted
FY2018–2025Each measure over its full record; the current point and the worst year marked.
ROIC
1%low FY2022
Gross margin
25%low FY2023
Net debt ÷ owner earnings
77.6×peak FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$9Mowner earningsvs.$800Knet incomelow FY2018
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2018FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $800K of profit into $9M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | |
|---|---|---|---|---|---|
| Reported net income | $800K | $16M | ($25M) | $21M | ($16M) |
| Depreciation & amortizationnon-cash charge added back | +$82M | +$71M | +$80M | +$81M | +$29M |
| Stock-based compensationreal costnon-cash, but a real cost | +$17M | +$18M | +$17M | +$13M | — |
| Working capital & othertiming of cash in and out, other non-cash items | +$12M | +$1M | +$5M | −$66M | +$15M |
| Cash from operations | $112M | $106M | $77M | $48M | $28M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$103M | −$71M | −$56M | −$32M | −$20M |
| Owner earnings | $9M | $35M | $21M | $17M | $8M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −$28M | — | — | — |
| Free cash flow | $9M | $8M | $21M | $17M | $8M |
| Owner-earnings marginowner earnings ÷ revenue | 1% | 3% | 1% | 1% | 1% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $17M), owner earnings is nearer ($8M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Does not cover its interestOperating income $20M ÷ interest expense $43M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- How heavy is the debt, net of cash? $729M · 37.4× operating profitHeavy net debtCash $120M − debt $850M
What this means
Netting $120M of cash and short-term investments against $850M of debt leaves $729M owed, about 37.4× a year's operating profit (43.6× on the gross debt, before the cash). It also holds $451M in longer-dated marketable securities; counting those, it sits at $278M of net debt. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 26 + DIO 40 − DPO 67 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below average through the cycle4-yr median, range 1%–2%; 1% latest = NOPAT $10M ÷ invested capital $1.4BIndustry peers: median 9%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Thin through the cycle6-yr median margin, range 0%–3%; latest $9M = operating cash $112M − maintenance capex $103MIndustry peers: median 7%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 1% median across 6 years. Treating stock comp as the real expense it is (less $17M of SBC) leaves ($8M).
- Are earnings backed by cash? 140.25×Cash-backedCash from ops $112M ÷ net income $800K
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $22M ÷ Owner Earnings $9M
What this means
The company returned more than it generated: against $9M of Owner Earnings, $22M (237%) went back to shareholders, $22M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 1.25×ExpandingCapex $103M ÷ depreciation $82M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size NearRevenue ≥ $2B · $1.4B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.19×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $850M vs $61M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (6-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 4 of 6 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.03/share (latest year $0.01), the averaged base the calculator's gate runs on, and book value is $8.08/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2018–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 6
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 3% → 2% (3-yr avg ends)
In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.
What this means
Through the cycle the operating margin held roughly steady — about 3% early, 2% lately, median 1%.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +23%/yr
What this means
Owner earnings grew about 23% a year over the record.
- Worst year 2022 · 0.9% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +1.1%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Our failure to obtain or adequately protect our intellectual property, including in response to developing artificial intelligence technologies, or any change in law that lessens or removes the current legal protections of our intellectual property may diminish our competitiveness and adversely affect our business and …”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 29, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$360M
- Cash & short-term investments$74M
- Receivables$113M
- Inventory$123M
- Other current assets$50M
Current liabilities$315M
- Debt due within a year$30M
- Accounts payable$188M
- Other current liabilities$96M
Current ratio1.14×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.75×stricter: inventory excluded
Cash ratio0.23×strictest: cash alone against what's due
Working capital$45Mthe cushion left after near-term bills
Debt due this year vs. cash$30M due · $74M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 29, 2026 balance sheet
Revenue, latest quarter vs. a year ago+2.6%the freshest read on whether the business is still growing
Current ratio, recent quarters1.7× → 1.1×
Deeper floors
Tangible book value($1.1B)equity stripped of goodwill & intangibles
Net current asset value($1.1B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$1.0B$177M of it operating leases
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.
Due in the next 12 months$31Mthe first rung: what must be repaid or rolled over within the year
Within two years$62Mthe near wall, the part most exposed to today’s credit conditions
Biggest single year$31Min 2026the lumpiest maturity, where a refinancing, if needed, is largest
Total scheduled principal$805Mevery year plus what lies beyond, as the footnote totals it
Against what the business has and earns
Cash & short-term investments, Mar 29, 2026$74M
One year of owner earnings (FY2025)$9M
Together, against $31M due next year2.6×
Cash on hand as of Mar 29, 2026 plus a year’s owner earnings comes to $83M against the $31M due in the twelve months after the Dec 28, 2025 schedule: 2.6 times it.
Maturity schedule extracted from the company’s Dec 28, 2025 annual report and reconciled to the total the table states.
How the cash was used, 2018–2025
Over the record, the business generated $387M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- Reinvested$322M · 83%
- Dividends$74M · 19%
- Returned to owners$74M
80% of the owner earnings the business produced over the span, $74M as dividends and $0 as buybacks.
- Net change in share count9.0%
The diluted count rose from 81M to 88M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.25/sh
Paid in 4 of the years on record, the per-share dividend growing about 20% a year. It was never cut over the span.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 6-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$1.8B65% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiring$118Mover 6 years buying other businesses, against $322M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 6-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2022 | Dylan Lissette | $5.9M | $5.9M | $17M |
| 2022 | Howard Friedman | $4.3M | $4.1M | $17M |
| 2023 | Howard Friedman | $4.1M | $3.8M | $21M |
| 2024 | Howard Friedman | $4.9M | $4.1M | $35M |
| 2025 | Howard Friedman | $4.4M | $915k | $9M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership12.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$17M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 88% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why Utz Brands is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2018–2025.
2 of the 3 tests turned up something to look into; the other 1 came back clean.
- Look hereDid the share count rise anyway?9.0%
Diluted shares grew 9.0% over 2018–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
- Look hereAre "one-time" charges a yearly habit?4 of 6 years
Management took an impairment or write-down in 4 of the last 6 years, $20M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.
And these came back clean
- Is it less profitable than it was?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Food Products
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| MKCMcCormick & Company Incorporated | $6.8B | 39% | 15.7% | 9% | 12% |
| JJSFJ&J Snack Foods | $1.6B | 30% | 7.2% | 10% | 7% |
| SENEASeneca Foods | $1.6B | 10% | 4.8% | 7% | 1% |
| SMPLThe Simply Good Foods Company | $1.5B | 39% | 15.4% | 8% | 13% |
| UTZUtz Brands | $1.4B | 29% | 1.9% | 1% | 1% |
| WESTWestrock Coffee Company | $1.2B | 18% | -3.1% | -7% | -6% |
| FIZZNational Beverage | $1.2B | 37% | 18.9% | 75% | 14% |
| JBSSJohn B. Sanfilippo & Son Inc. | $1.1B | 19% | 7.8% | 18% | 6% |
| Group median | — | 29% | 7.5% | 9% | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Utz Brands has delivered.
$
Through the cycle, Utz Brands earns about $18M on its 1.2% median owner-earnings margin. This year’s 0.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’19→’25+10%/yr
Owner-earnings growth · ’18→’25+7%/yr
Owner-earnings growth · ’18→’25+23%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $42M on 88M shares outstanding (a weighted basic average, the only count this filer tags); net debt $316M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Utz Brands (UTZ), the owner's record," https://ownerscorecard.com/c/UTZ, data as of 2026-07-09.
Manual order: ← UTL its page in the Manual UUUU →
Industry order: ← TWG the Food Products chapter VITL →