PFGC vs USFD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PFGC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PFGC and USFD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PFGC and USFD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Performance Food Group Company (NYSE: PFGC) distributes food and food-related products from more than 150 locations to over 350,000 customer locations across North America, and it reports in three segments. Foodservice, the largest at ~$36.6 billion of fiscal 2026 net sales, serves independent and chain restaurants and is where the company's Performance Brands private label sits. Convenience, built around the Core-Mark business, delivered ~$26.0 billion and supplies convenience stores with cigarettes, alternative nicotine, candy and snacks. Specialty, the old Vistar operation, added ~$5.1 billion serving vending, office coffee, theaters, campus and hospitality. Scale flatters the top line and hides how thin the economics are: cigarettes alone were ~22.1% of fiscal 2026 net sales, and gross margin across the whole company was roughly 12%, with adjusted EBITDA at ~2.8% of sales.

Full PFGC guide

US Foods Holding Corp. conducts its business through its wholly owned subsidiary US Foods, Inc. and operates as a broadline distributor, meaning it carries a wide assortment of fresh, frozen and dry food plus non-food supplies rather than specializing in one category. It supplies approximately ~250,000 customer locations spanning independent restaurants, national and regional chains, hospital systems, hotels and casinos, colleges, K-12 schools and government sites. The physical footprint is more than ~70 distribution facilities, a fleet of over ~6,500 trucks and over ~90 cash and carry stores, all run as a single operating segment from headquarters in Rosemont, Illinois. Its Exclusive Brands private label portfolio accounted for approximately ~35% of net sales through organic broadline channels in fiscal 2025, and the MOXe ordering platform, the Pronto small-drop delivery program and the Check suite of operator software are how the company tries to make itself hard for a small kitchen to replace. It employed approximately ~30,000 associates as of December 2025, of whom about ~6,600 sit under ~58 collective bargaining agreements.

Full USFD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PFGC drivers: Independent case growth is the profit engine; Convenience is growing cases while its biggest category shrinks.
• USFD drivers: Independent restaurant case mix; Margin expansion from cost productivity.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Product cost inflation ran ~4.5% in fiscal 2026 and helps the sales line, but sustained deflation compresses selling price per case while fixed warehouse and delivery costs stay put, and the LIFO reserve swings results (Convenience alone took a ~$96.7 million LIFO increase in fiscal 2026). For USFD, foodservice distribution tracks restaurant traffic, and management itself called the environment challenging but stable, with chain case volume down ~1.5% in the second quarter.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick PFGC if you believe its drivers more; USFD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PFGC and USFD guides.

PFGC. A price-to-sales figure of ~0.24x says nothing useful here, because distribution revenue is mostly pass-through cost. The multiples that matter are roughly 11 times fiscal 2026 adjusted EBITDA on an enterprise value near ~$21 billion, and about 23 times adjusted diluted EPS of ~$4.55, against a GAAP P/E in the mid-40s that reflects heavy intangible amortization from acquisitions. Free cash flow of ~$1,029.6 million on ~$384.1 million of capital spending is the cleaner read on how much the business actually generates.

USFD. The valuation only makes sense on profit rather than sales: ~$40.1 billion of trailing revenue converts to roughly ~$2.01 billion of trailing adjusted EBITDA, so enterprise value of about ~$28.8 billion works out near ~14 times that figure. Fiscal 2026 guidance of ~18% to ~24% adjusted diluted EPS growth off a ~$3.98 base implies roughly ~$4.70 to ~$4.95, with the buyback supplying a visible share of it. Reported diluted EPS runs well below the adjusted figure because of LIFO, restructuring and share-based compensation addbacks.

Headline figures (approximate, August 2026): PFGC shows net sales (fy2026, ended june 27, 2026) ~$67.8B, up ~7.2%, adjusted ebitda (fy2026) ~$1,929.4M, ~2.8% of sales, net income / diluted eps (fy2026) ~$359.3M, ~$2.29 (~$4.55 adjusted), latest quarter (q4 fy2026) Net sales ~$18.0B, adjusted EBITDA ~$587.5M, EPS ~$1.03; USFD shows revenue (ttm) ~$40.1B, q2 fy2026 net sales ~$10.5B (+~4.5% YoY), adjusted ebitda (ttm) ~$2.01B, q2 fy2026 adjusted ebitda margin ~5.7% (+~29 bps).

PFGC and USFD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PFGC and USFD exposure against your real portfolio. It is not an investment adviser.