US Foods: Initiation of Coverage

This is our first report on food product manufacturer, US Foods. The company reported solid performance in the fourth quarter and full year 2023, demonstrating strong execution of its strategy and operational discipline. For the entire fiscal year of 2023, the company achieved record adjusted EBITDA of $1.56 billion driven by strong case growth, independent case growth of almost 7% and increased market share with targeted customer types. Additionally, adjusted EBITDA margin expanded by 53 basis points due to successful implementation of operational initiatives, indicating profitability and cost-efficiency within the firm.