Utz Brands, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Utz Brands, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	772	768		1,181	1,408	1,438	1,409	1,439
Cost of revenue	505	514		797	959	1,087	1,040	1,081
Gross profit	267	254		384	449	351	369	358
Selling, general and administrative	251	228		375	444	327	310	348
General and administrative	68	64.7	1	126	150	159	130	144
Operating income	19.4	38.7	-1	10.6	5.34	16	58.9	19.5
Interest expense	45.7	48.4		34.7	44.4	60.6	44.9	43.1
Interest income			8.97
Other non-operating income	-45.1	-49		5.52	-43.3	-55.2	10.5	-20.1
Pre-tax income	-25.7	-10.2		16.1	-38	-39.2	69.4	-0.6
Income tax	1.92	3.15		8.09	-23.9	0.8	38.7	7.1
Net income to minority interests	2.86	2.81		-12.6	-13.6	-15.1	14.8	-8.5
Net income	-30.5	-16.2	7.97	20.6	-0.39	-24.9	15.9	0.8
EBITDA	49.7	68		91.3	92.1	95.5	130	102
EPS, basic				0.26	0.00	-0.31	0.19	0.01
EPS, diluted				0.25	0.00	-0.31	0.19	0.01
Shares, basic (weighted)				76.7	80.1	81.1	82.1	86.6
Shares, diluted (weighted)				81.1	80.1	81.1	85.4	87.8

Balance sheet

	FY2018	FY2020	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.91	15.1	0.59	41.9	72.9	52	56.1	120
Receivables		107		131	137	135	120	101
Inventory		50.9		79.5	118	105	101	119
Other current assets		4.56	0.14	18.4	35	31	35.3	39.9
Total current assets		184	0.72	278	372	328	317	384
Property, plant and equipment		172		304	345	319	345	379
Lease right-of-use assets				31.7	46.1	56.7	147	149
Goodwill	131	202		915	915	915	865	865
Intangible assets		184		1,143	1,100	1,063	997	964
Long-term investments			451
Other non-current assets		7.69		56	95.3	101	190	180
Total assets		779	452	2,716	2,840	2,747	2,723	2,794
Accounts payable		49	0.01	95.4	114	124	151	197
Accrued liabilities		44.2	0.44	71.3	92	77.6	78.3	87.9
Short-term debt				11.4	18.5	21.1	16.1	31.4
Total current liabilities		108	0.6	188	237	231	285	323
Long-term debt				831	893	879	753	818
Lease liabilities				23.2	35.3	43.9	133	139
Total liabilities		812	16.1	1,282	1,389	1,363	1,341	1,449
Total debt				842	912	900	769	850
Paid-in capital			0	913	927	945	989	1,037
Retained earnings			5	-237	-255	-298	-305	-327
Other comprehensive income		1.41		3.72	30.8	23	13.1	3.3
Shareholders' equity			5	680	703	669	697	714
Minority interests				755	749	714	685	631
Total equity			5	1,435	1,446	1,378	1,382	1,345
Total liabilities and equity		779	452	2,716	2,840	2,747	2,723	2,794

Cash flow statement

	FY2018	FY2020	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-27.6	-13.4	7.97	8	-14	-40	30.7	-7.7
Depreciation and amortization	30.4	29.3		80.7	86.8	79.5	70.9	82.4
Stock-based compensation		0		13	10.6	17.1	18.3	17.1
Deferred income tax	0.9	1.95		4.83	-29.4	-8.9	14.1	2.4
Change in receivables	-0.08	11.5		-4.53	-5.6	1.9	6.8	19.1
Change in inventory	2.93	3.48		-10.6	-38.5	12.7	-4.6	-17.9
Change in payables	7.52	1.18	-0.1	-5.45	51.4	9.3	123	54.5
Cash from operations	15.7	28	-0.36	48.4	48.2	76.6	106	112
Capital expenditures	-13	-20		-31.7	-88	-55.7	-98.6	-103
Acquisitions	0	0		-118	-0.08	0	0
Cash from investing	-2.17	-116		-136	-76.1	-48.5	75	-86.9
Debt issued	1.36	121		825	125	13.1	39.1	105
Debt repaid	-5.61	-135		-795	-21	-29.2	-174	-23.9
Stock issued				0	28	0	0
Dividends paid	0	0		-11.9	-17.2	-18.5	-21.7	-22.3
Cash from financing	-16.4	96		82.8	58.9	-49	-177	39
Net change in cash	-2.79	8.14	-0.36	-4.93	31	-20.9	4.1	64.3
Free cash flow	2.71	8		16.6	-39.8	20.9	7.6	9.4
Interest paid	40.9	45.7		31.6	41.7	46.9	45	44.9
Income taxes paid	0.7	1.7		3.65	6.99	7.1	28.7	3.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $14.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.4%	Gross profit / revenue.
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.1%	Pre-tax income / revenue.
Net margin	-2.0%	Net income / revenue.
FCF margin	3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.0%	Cash from operations / revenue.
Return on equity (ROE)	-4.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.0%	Net income / average total assets.
Return on invested capital (ROIC)	0.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-66.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	54.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-21.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-95.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-94.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.2%	Total debt / total assets.
Liabilities / assets	52.7%	Total liabilities / total assets.
Net debt	$780.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.23x	Operating income / interest expense.
Working capital	$21.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	65.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	3.83x	Revenue / average property, plant and equipment.
Inventory turnover	8.43x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	11.8x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	55.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.42	Revenue / diluted weighted shares.
FCF per share	$0.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.31	Cash from operations / diluted weighted shares.
Book value per share	$7.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.63	Tangible book value / shares outstanding.
Cash per share	$0.66	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	44.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.05B	Share price x shares outstanding.
Enterprise value	$2.83B	Market cap + total debt - cash - short-term investments.
P/S	1.41x	Market cap / revenue.
P/B	2.95x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	40.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.7x	Market cap / cash from operations, when positive.
EV/Sales	1.95x	Enterprise value / revenue.
EV/EBIT	292x	Enterprise value / operating income, when both are positive.
EV/EBITDA	35.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	55.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Utz Brands, Inc.'s revenue in fiscal 2025?

Utz Brands, Inc. reported revenue of $1.44B for fiscal 2025, 2.1% higher than the year before.

Was Utz Brands, Inc. profitable in fiscal 2025?

Yes. Net income was $800.0K, a net margin of 0.1%.

How much free cash flow did Utz Brands, Inc. generate in fiscal 2025?

Cash from operations of $112.2M minus capital expenditures of $102.8M left free cash flow of $9.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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