Utz Brands, Inc. (UTZ)

Price$14.21Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market is pricing Utz almost entirely around the pending cash takeover closing.

Utz Brands, Inc. is the company, with Class A shares listed on the New York Stock Exchange under UTZ. The quote sits roughly two-tenths of one percent below the announced all-cash merger consideration, so the market is treating this mainly as a merger-arbitrage position rather than a normal standalone valuation. If the deal closes on the expected fourth-quarter timetable, remaining price upside is very small before taxes, trading costs, and time value, though a permitted regular dividend could modestly improve the return.

Big pictureMargins are improving, but leverage and weak first-half free cash flow limit flexibility.

Underlying operations are improving, but cash conversion is still uneven. Second-quarter adjusted EBITDA rose 14.4% and trailing-twelve-month adjusted EBITDA reached $226.3 million, while first-half adjusted free cash flow was negative $26.6 million after $27.4 million of capital spending. Full-year 2025 operating cash flow was $112.2 million, showing the business can generate cash across a full year. Net debt was $791.0 million, net leverage was 3.5 times, and liquidity was $212.7 million. Net leverage compares debt after cash with adjusted EBITDA, a proxy for recurring operating earnings. The weighted average interest rate also rose to 6.4%.

Business strengthCore snack brands are growing, while price increases are offsetting softer consumer volume.

Branded salty snacks were 89% of second-quarter sales and organic sales grew 3.3%, led by core brands. However, total growth relied on 3.6% pricing while volume and mix fell 2.2%, and retail volumes declined faster than the category. That makes brand strength real but not effortless: consumers can trade down, promotions can intensify, and potato, oil, freight, and labor costs can move margins. The category is relatively defensive, yet earnings remain exposed to consumer budgets and input-cost cycles.

What could change the storyDeal completion now matters more than ordinary earnings growth or standalone valuation.

Near term, the bull case is approvals, committed financing and a fourth-quarter close, leaving the small merger spread plus any declared permitted dividend. The bear case is delay or failure; the agreement’s outside date reaches April 2027, and pre-deal valuation work generally pointed lower. The transaction implied about 13.2 times last-twelve-month EBITDA and sat near the top of the adviser’s DCF range, which estimates value from future cash flows. The $50 million buyback made no purchases and is now restricted; equity awards remain in the fully diluted share count, though the merger converts many awards to cash-based rights.

AI: News

Merger filings deepen disclosureAugust SEC filings detailed the special committee process, voting requirements, financing, and valuation work.

On August 24, Utz filed a preliminary merger proxy and Schedule 13E-3. The disclosures laid out the special committee’s negotiations, related-party structure, financing commitments, required stockholder approvals, and adviser analyses. Citi’s materials showed the transaction at about 13.2 times last-twelve-month EBITDA and near the upper end of its discounted-cash-flow range. These filings make closing mechanics and deal-break downside more visible to public holders.

Second-quarter margins improveAugust results showed better adjusted profitability, but first-half cash flow stayed negative and guidance stopped.

On August 5, Utz reported second-quarter sales growth of 1.4% and adjusted EBITDA growth of 14.4%, helped by higher pricing and gross-margin improvement. Branded salty snacks grew 3.3%, while total volume and mix declined 2.2%. First-half adjusted free cash flow was negative $26.6 million, though much better than a year earlier, and net leverage improved to 3.5 times. Because of the pending take-private deal, management stopped providing further 2026 guidance updates.

Take-private deal announcedJuly’s definitive agreement offered a large premium and targeted a fourth-quarter move to private ownership.

On July 21, Utz and Intersnack announced a definitive agreement valuing the transaction at about $2.9 billion in enterprise value, roughly a 91% premium to Utz’s prior close. After closing, Intersnack and the Rice and Lissette family entities are expected to own Utz equally, and the NYSE listing will end. The deal still requires regulatory and stockholder approvals, including support from a majority of votes cast by disinterested stockholders.

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Revenue

2018

2019

2021

2022

2023

2024

2025

Net income

2018

2019

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2025

Free cash flow

2018

2019

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2019	2018
Revenue	$1.44B	$1.41B	$1.44B	$1.41B	$1.18B	$768.2M	$772.0M
Gross profit	$358.3M	$369.1M	$350.8M	$449.1M	$383.9M	$253.8M	$266.7M
Gross margin	24.90%	26.19%	24.39%	31.88%	32.52%	33.04%	34.55%
Operating expenses	$338.8M	$310.2M	$334.8M	$443.7M	$373.3M	$215.1M	$247.3M
Operating income	$19.5M	$58.9M	$16.0M	$5.3M	$10.6M	$38.7M	$19.4M
Operating margin	1.36%	4.18%	1.11%	0.38%	0.89%	5.04%	2.51%
EBITDA	$101.9M	$129.8M	$95.5M	$92.1M	$91.3M	$68.0M	$49.7M
EBITDA margin	7.08%	9.21%	6.64%	6.54%	7.73%	8.86%	6.44%
Net income	$800,000	$15.9M	−$24.9M	−$392,000	$20.6M	−$16.2M	−$30.5M
Net profit margin	0.06%	1.13%	−1.73%	−0.03%	1.74%	−2.11%	−3.95%
Basic EPSper basic share	$0.01	$0.19	-$0.31	$0.00	$0.26	—	—
Diluted EPSper diluted share	$0.01	$0.19	-$0.31	$0.00	$0.25	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈6.91%of listed shares

BlackRock, Inc.6.12M shares · Jun 30, 2026

View holders

Top 20 reported holders of UTZ
Holder	% owned
BlackRock, Inc.	≈6.91%6.12M shares
DEROMEDI ROGER K	≈5.40%4.78M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈4.59%4.07M shares
Copeland Capital Management, LLC	≈4.47%3.96M shares
Giordano Jason K	≈4.34%3.84M shares
Series U of UM Partners, LLC	≈4.03%3.57M shares
JPMORGAN CHASE & CO	≈3.92%3.47M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈3.70%3.27M shares
First Eagle Investment Management, LLC	≈2.98%2.64M shares
TWO SIGMA INVESTMENTS, LP	≈2.73%2.42M shares
Focus Partners Wealth	≈2.70%2.39M shares
GOLDMAN SACHS GROUP INC	≈2.37%2.09M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.24%1.98M shares
DIMENSIONAL FUND ADVISORS LP	≈2.14%1.9M shares
Diamond Hill Capital Management, LLC (Investment Advisor)	≈2.12%1.88M shares
STATE STREET CORP	≈2.08%1.84M shares
THOMPSON SIEGEL & WALMSLEY LLC	≈1.97%1.74M shares
SYSTEMATIC FINANCIAL MANAGEMENT LP	≈1.85%1.64M shares
AMERIPRISE FINANCIAL INC	≈1.78%1.58M shares
JENNISON ASSOCIATES LLC	≈1.72%1.52M shares

Percentages use 88.55M shares of this listed class outstanding on Jun 28, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys27$3.29M disclosed value

Sells (SEC code S)4$55.92M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 31, 2025Form 4	Shea Theresa RobbinsEVP, Chief Legal Officer	BuyClass A Common Stock	702	$9.86	$6.9K	55.7K
Dec 31, 2025Form 4	Sponaugle JamesEVP & Chief People Officer	BuyClass A Common Stock	679	$9.86	$6.7K	52.0K
Nov 24, 2025Form 4	Series R of UM Partners, LLCTenPercentOwner	BuyClass A Common Stock	1.4K	$9.51	$13.4K	630.0K
Nov 24, 2025Form 4	Series U of UM Partners, LLCTenPercentOwner	BuyClass A Common Stock	8.0K	$9.51	$75.8K	3.57M
Nov 21, 2025Form 4	Series R of UM Partners, LLCTenPercentOwner	BuyClass A Common Stock	12.4K	$9.60	$119.2K	628.6K