The Kraft Heinz Co
KHCBuild a strategy around KHC
The Kraft Heinz Co AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill/intangibles of 59.7B represent 144% of equity - tangible book value is NEGATIVE (-18.3B), creating material impairment overhang[Goodwill and Other Intangible Assets]
- FCF TTM of 3.6B vs net loss of 4.4B - cash generation remains intact despite accounting losses, covering 1.9B dividend[Free Cash Flow TTM]
- Operating margin TTM 19.5% vs industry median 5.2% - 3.7x advantage despite revenue challenges[Operating Margin TTM]
Watch Triggers
- Free Cash Flow TTM: Falls below 3.0B — Dividend coverage drops below 1.6x, forcing cut or debt increase
- Goodwill: Additional impairment >2B — Signals further brand deterioration; equity cushion erodes
- Operating Margin TTM: Drops below 15% — Pricing power thesis breaks; cost cuts exhausted
Bull Case
Cash machine trading at 8x FCF (3.6B FCF vs 29B market cap) with 6.5% dividend yield - price embeds significant pessimism on brand value
Operating margin 19.5% demonstrates pricing power in staples; cost structure already optimized post-3G era
Bear Case
21.2B debt with 19B net debt at 0.51 D/E, but interest expense (936M TTM) consumes 26% of operating income - refinancing risk if rates stay elevated
Asset turnover 0.30x vs industry 0.93x median - capital trapped in declining brands with limited reinvestment runway
Bull vs Bear Balance
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Forward Thesis
FCF stability will support dividend through brand rationalization cycle
- 3.6B FCF covers 1.9B dividend at 1.9x
- Low capex intensity (3.4% of revenue)
- Working capital positive at 1.1B
Intangible write-downs likely to continue given 22B goodwill on declining revenue base
- Goodwill 53% of total equity
- Legacy brands facing secular decline
- Negative EBITDA TTM signals impairments taken
Valuation Context
Caveats
Public Strategies Rankings
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KHC Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$26.98B | — | ||
$45.59B | — | ||
0.00 | — | ||
$24.94B | -3.5% | — | |
$-4.93 | -72.3% | — | |
18.6% | -2.1% | — | |
-23.4% | -34.1% | — | |
$3.66B | +21.2% | — | |
-12.9% | -18.4% | — | |
Beta 5Y (Monthly) | unknown | — |
KHC Dividend History
2026
$0.40002025
$1.60002024
$1.60002023
$1.60002022
$1.60002021
$1.60002020
$1.60002019
$1.60002018
$2.50002017
$2.45002016
$2.35002015
$1.7000KHC Stock Splits
KHC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/12/26 | 12/27/25 | Unknown | |
10/29/25 | 09/27/25 | 10-Q | |
07/30/25 | 06/28/25 | 10-Q | |
04/29/25 | 03/29/25 | 10-Q | |
02/13/25 | 12/28/24 | 10-K | |
10/30/24 | 09/28/24 | 10-Q | |
07/31/24 | 06/29/24 | 10-Q | |
05/01/24 | 03/30/24 | 10-Q | |
02/15/24 | 12/30/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 07/01/23 | 10-Q | |
05/03/23 | 04/01/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
10/27/22 | 09/24/22 | 10-Q | |
07/28/22 | 06/25/22 | 10-Q | |
04/28/22 | 03/26/22 | 10-Q | |
02/17/22 | 12/25/21 | 10-K | |
10/28/21 | 09/25/21 | 10-Q | |
08/04/21 | 06/26/21 | 10-Q | |
04/30/21 | 03/27/21 | 10-Q | |
02/17/21 | 12/26/20 | 10-K | |
10/30/20 | 09/26/20 | 10-Q | |
07/31/20 | 06/27/20 | 10-Q | |
05/01/20 | 03/28/20 | 10-Q | |
02/14/20 | 12/28/19 | 10-K | |
10/31/19 | 09/28/19 | 10-Q | |
08/13/19 | 06/29/19 | 10-Q | |
08/13/19 | 03/30/19 | 10-Q | |
06/07/19 | 12/29/18 | 10-K | |
11/02/18 | 09/29/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/16/18 | 12/30/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/04/17 | 07/01/17 | 10-Q | |
05/04/17 | 04/01/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/04/16 | 10/02/16 | 10-Q | |
11/07/17 | 07/03/16 | 10-Q/A | |
08/05/16 | 07/03/16 | 10-Q | |
11/07/17 | 04/03/16 | 10-Q/A | |
05/05/16 | 04/03/16 | 10-Q | |
03/03/16 | 01/03/16 | 10-K | |
11/06/15 | 09/27/15 | 10-Q | |
08/10/15 | 06/27/15 | 10-Q | |
04/28/15 | 03/28/15 | 10-Q | |
02/19/15 | 12/27/14 | 10-K | |
10/30/14 | 09/27/14 | 10-Q | |
07/31/14 | 06/28/14 | 10-Q | |
05/02/14 | 03/29/14 | 10-Q | |
02/21/14 | 12/28/13 | 10-K | |
10/31/13 | 09/28/13 | 10-Q | |
08/02/13 | 06/29/13 | 10-Q | |
05/03/13 | 03/30/13 | 10-Q | |
03/21/13 | 12/29/12 | 10-K | |
11/09/12 | 09/30/12 | 10-Q | |
08/16/12 | 06/30/12 | 10-12B/A | |
06/12/12 | 03/31/12 | 10-12B/A | |
06/12/12 | 12/31/11 | 10-12B/A | |
11/09/12 | 09/30/11 | 10-Q | |
06/30/11 | 06/30/11 | Unknown | -- |
06/12/12 | 03/31/11 | 10-12B/A |