Forensic Analysis · Trading Companies & Distributors · as of Aug 11, 2026
Performance Food Group Co (PFGC)
A forensic read on Performance Food Group Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
54.2
P / E (ttm)
7.6%
ROE
$17.9B
Market cap
8.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Performance Food Group Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+29.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +17% against +8% in cost of sales and receivables up +14% against revenue +9%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 10% of net operating assets, diverging from the balance-sheet accrual read.
4.5%
FY2025
Return on invested capital.Return on invested capital is 4.5% in the latest fiscal year and rising from 3% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~3%.
$1M
FY2023–FY2023
Goodwill impairments.Took $1M of goodwill writedowns across 1 year (FY2023 ($1M)) — about 0% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$63.30B
Revenue Growth YoY+8.6%
Revenue CAGR (3yr)+7.6%
Net Margin0.5%
Free Cash Flow$704.1M
Return on Equity7.6%
Debt / Equity1.20x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Performance Food Group Co's actual 10-K/10-Q/8-K filings?