Does Performance Food Group Company have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Performance Food Group Company (PFGC) 24.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 11, balance-sheet safety 7, capital discipline 60.

Is PFGC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $64.16 per share versus a recent price of $111.76 — 74% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PFGC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 24.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Performance Food Group Company

PFGC · Industrials · $17.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power25

Median gross margin 11.7% over 10y, very stable.

Returns on capital11

Median ROIC 6.7%, above the 9% hurdle in 10% of years.

Balance-sheet safety7

Net debt/EBITDA 3.5x, interest coverage 2x.

Capital discipline60

Owner earnings +26.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

74% above value

Owner earnings (normalized): $552.1M
Est. intrinsic value / share: $64.16
Recent price: $111.76
Discount to value: 74% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

Performance Food Group Company booked $63.3B of revenue in FY2025 in the Industrials sector and kept 11.7% of it as gross profit — a thin-margin business by that measure. After every other cost, 0.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $13.7B (FY2014) to $63.3B (FY2025) — about 14.9% a year compounded over 11 years.

It earned 6.1% on invested capital in FY2025, with a median of 6.7% across 12 filed years. The Returns on Capital filter above scores it 11/100.

The balance sheet carried $5.4B of total debt in FY2025 against $552.1M of owner earnings — roughly 9.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 7/100.

Put together: Capital Discipline is the strongest of the four filters (60/100) and Balance-Sheet Safety the weakest (7/100), which is how PFGC lands at 24/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$63.3B FY2025

Gross marginRevenue kept after cost of goods11.7% FY2025

Return on invested capitalOperating profit on the capital employed6.1% FY2025

Owner earningsCash an owner could take out$552.1M FY2025

Gaps in a line mean that item isn’t in PFGC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PFGC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#239 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#237WTER ALKALINE WATER Co INC24.3 out of 100, No moatNo moat
#238MTUS METALLUS INC.24.3 out of 100, No moatNo moat
#240CAPC CAPSTONE COMPANIES, INC.23.4 out of 100, No moatNo moat
#241CENX Century Aluminum Company23.4 out of 100, No moatNo moat

Compare PFGC with its nearest peers →All Industrials companies on the Index →

Common questions about PFGC

Does Performance Food Group Company have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Performance Food Group Company (PFGC) 24.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 11, balance-sheet safety 7, capital discipline 60.
Is PFGC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $64.16 per share versus a recent price of $111.76 — 74% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PFGC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 24.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PFGC. See the disclaimer.