# Utz Brands (UTZ.US)

Canonical: https://gigainvestors.com/s/UTZ

Analysis as of: 2026-10-16T07:32:47.552Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.32 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 5

- Operating margin variation: 0.68×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.01×

- FY2022: 0.00×

- FY2023: 0.01×

- FY2024: 0.04×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 1.1%

- Typical minus recent gross margin: 10.4 pp

- Typical gross margin (annual median): 32.8%

- Recent gross margin (lower of latest and 3-year median): 22.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 5.2%

- FY2019: 6.5%

- FY2020: 6.7%

- FY2021: 1.1%

- FY2022: 0.6%

- FY2023: 1.8%

- FY2024: 5.3%

- FY2025: 8.7%

### economics: pass

- Owner earnings / net income, 5-yr: 4.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $55M

- Net income, five-year total: $12M

- Return on incremental invested capital: 363.9%

- Working capital / revenue, annual change: -0.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 3.30×

- FY2022: 1.00×

- FY2023: 0.05×

- FY2024: 0.10×

- FY2025: -15.40×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 5.3%

- Per-share earnings: -0.29 to 0.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.2%

- Market cap gain: $582M

- Cumulative retained earnings: -$329M

- Diluted shares, 5-year annual growth: 7.2%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.30

- Per-share value, starting three-year median: -$0.29

- Per-share value, ending three-year median: $0.01

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.89

- FY2019: -$0.29

- FY2020: -$0.26

- FY2021: $0.25

- FY2022: -$0.00

- FY2023: -$0.31

- FY2024: $0.19

- FY2025: $0.01

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 140.25×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.56×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -10.4%

- FY2019: -5.7%

- FY2020: -1.8%

- FY2021: -1.0%

- FY2022: -1.7%

- FY2023: -3.7%

- FY2024: -3.3%

- FY2025: -4.0%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Nov 2022 · sales +2.1%

Story as of 2026-10-16T09:59:46.872Z; price observation 2026-10-15.

- 2025-07-31: Utz signals EBITDA margin expansion and revised EPS guidance amid infrastructure investments ([seekingalpha.com](https://seekingalpha.com/news/4475764-utz-signals-ebitda-margin-expansion-and-revised-eps-guidance-amid-infrastructure-investments?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-05: Utz Brands (UTZ) Slid Due to Below-Expected Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/utz-brands-utz-slid-due-133629884.html))

- 2026-07-21: Utz Brands (UTZ) Skyrockets 89% on $2.9-Billion Takeover Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/utz-brands-utz-skyrockets-89-182821601.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm; observed 2026-02-12.

- FY2018: $772M 

- FY2019: $768M 

- FY2020: $768M 

- FY2021: $1.2B 

- FY2022: $1.4B 

- FY2023: $1.4B 

- FY2024: $1.4B 

- FY2025: $1.4B 

### Gross margin · FY2025

gross margin 22.4%; source https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm; observed 2026-02-12.

- FY2018: 34.5% 

- FY2019: 33.0% 

- FY2020: 33.0% 

- FY2021: 32.5% 

- FY2022: 31.9% 

- FY2023: 31.7% 

- FY2024: 35.1% 

- FY2025: 22.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 1.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm (filed 2026-02-12); FY2025: revenue 1438800000; grossProfit 322200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); UTZ.US: Utz Brands, Inc. manufactures branded salty snacks in the United States. The company provides a range of salty snack food products, such as potato chips, tortilla chips, pretzels, cheese snacks, pub and party mixes, pork skins, and ready-to-eat popcorn, as well as other snacks which include salsa and dips; and non-branded and non-salty snacks comprising partner brands, private label, and co-manufacturing products. It offers its products under the Utz, On The Border, Zapp's, Boulder Canyon, Golden Flake, Miguelito's, Hawaiian, Bachman, Tim's Cascade, Dirty Potato Chips, TGI Fridays, and Vitner's brand names. The company distributes its products through direct-to-warehouse, direct-store-delivery, third-party distributors, and direct-to-consumer. Utz Brands, Inc. was founded in 1921 and is headquartered in Hanover, Pennsylvania.

### Why customers stay

Margins ranged from 22.4% to 35.1% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 35.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 8-year return on capital observations [[2018,0.0517555330653748],[2019,0.06548166653822841],[2020,0.06713384289771793],[2021,0.010877687586616511],[2022,0.005968197959783764],[2023,0.018404507227447135],[2024,0.05344349887010302],[2025,0.08690529372347554]]; median 0.052599515967738916. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm (filed 2026-02-12); Gross margin observations: [[2021,0.3251501423292536],[2022,0.3188417219243667],[2023,0.3173927523766945]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 2.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 33496000; cash acquisitions 117585000; owner earnings 67784000. Growth capex plus acquisitions / owner earnings = 1.73470140446123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 98639000; cash acquisitions 0; owner earnings 1578846.7319517191. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2018,10161000],[2019,11461000],[2020,9383000],[2021,11908000],[2022,17157000],[2023,18548000],[2024,21724000],[2025,22300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm (filed 2026-02-12); FY2025: cash repurchases 2200000 USD.

### Are managers owners

Insiders own 18.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); UTZ.US SharesStats.PercentInsiders = 18.871 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Closing price 14.32 USD; reporting-to-trading FX 1; FY2025 annual sales per share 16.392169974908406; price multiple 0.8735878179594105. FY2025 cash earnings/share -0.14039287252990806. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-11: $9.63 per share

- 2018-12: $9.65 per share

- 2019-01: $9.77 per share

- 2019-02: $9.85 per share

- 2019-03: $9.94 per share

- 2019-04: $9.96 per share

- 2019-05: $10.03 per share

- 2019-06: $10.00 per share

- 2019-07: $10.30 per share

- 2019-08: $10.22 per share

- 2019-09: $10.19 per share

- 2019-10: $10.23 per share

- 2019-11: $10.20 per share

- 2019-12: $10.28 per share

- 2020-01: $10.82 per share

- 2020-02: $10.68 per share

- 2020-03: $10.23 per share

- 2020-04: $10.47 per share

- 2020-05: $10.72 per share

- 2020-06: $13.70 per share

- 2020-07: $13.38 per share

- 2020-08: $18.40 per share

- 2020-09: $17.90 per share

- 2020-10: $16.96 per share

- 2020-11: $20.18 per share

- 2020-12: $22.06 per share

- 2021-01: $23.58 per share

- 2021-02: $25.27 per share

- 2021-03: $24.79 per share

- 2021-04: $29.30 per share

- 2021-05: $23.10 per share

- 2021-06: $21.79 per share

- 2021-07: $22.64 per share

- 2021-08: $19.42 per share

- 2021-09: $17.13 per share

- 2021-10: $15.59 per share

- 2021-11: $14.11 per share

- 2021-12: $15.95 per share

- 2022-01: $16.11 per share

- 2022-02: $15.25 per share

- 2022-03: $14.78 per share

- 2022-04: $14.12 per share

- 2022-05: $14.00 per share

- 2022-06: $13.82 per share

- 2022-07: $16.82 per share

- 2022-08: $16.66 per share

- 2022-09: $15.10 per share

- 2022-10: $16.21 per share

- 2022-11: $19.06 per share

- 2022-12: $15.86 per share

- 2023-01: $16.66 per share

- 2023-02: $16.40 per share

- 2023-03: $16.47 per share

- 2023-04: $18.91 per share

- 2023-05: $16.45 per share

- 2023-06: $16.36 per share

- 2023-07: $16.75 per share

- 2023-08: $15.44 per share

- 2023-09: $13.43 per share

- 2023-10: $12.19 per share

- 2023-11: $13.21 per share

- 2023-12: $16.24 per share

- 2024-01: $17.70 per share

- 2024-02: $17.69 per share

- 2024-03: $18.44 per share

- 2024-04: $18.03 per share

- 2024-05: $18.54 per share

- 2024-06: $16.64 per share

- 2024-07: $14.84 per share

- 2024-08: $16.89 per share

- 2024-09: $17.70 per share

- 2024-10: $17.22 per share

- 2024-11: $17.41 per share

- 2024-12: $15.66 per share

- 2025-01: $13.36 per share

- 2025-02: $13.62 per share

- 2025-03: $14.08 per share

- 2025-04: $13.29 per share

- 2025-05: $13.23 per share

- 2025-06: $12.55 per share

- 2025-07: $13.03 per share

- 2025-08: $13.42 per share

- 2025-09: $12.15 per share

- 2025-10: $10.53 per share

- 2025-11: $9.69 per share

- 2025-12: $10.38 per share

- 2026-01: $10.54 per share

- 2026-02: $9.29 per share

- 2026-03: $7.92 per share

- 2026-04: $7.96 per share

- 2026-05: $7.32 per share

- 2026-06: $7.70 per share

- 2026-07: $14.12 per share

- 2026-08: $14.20 per share

- 2026-09: $14.25 per share

- 2026-10: $14.32 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1739566/000162828026007757/utz-20251228.htm); period 2025-12-28, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.