A premier US-based fresh produce distributor utilizing a massive private fleet to deliver fruits and vegetables directly to retail and foodservice clients with unmatched last-mile speed.
FDP offers attractive value with a robust cash generation capability evidenced by $245.1M in operating cash flow and a healthy current ratio. The company's ability to return capital via dividends and buybacks, combined with its market-leading logistics network, provides a defensive moat in an essential goods sector.
Revenue has been flat or declining over the last three years, suggesting headwinds from discount retail consolidation or slower consumer spending. The accumulated other comprehensive loss of $-38.2M and significant debt repayments indicate potential leverage risks that could constrain future growth capital.
FDP Inc. is a leading North American fresh produce distributor serving retail chains, foodservice operators, and e-commerce platforms with fruits, vegetables, and organic products. The company leverages an extensive private fleet and last-mile delivery network to ensure rapid, cold-chain logistics from farm to customer. Its operations are centered on cost leadership and supply chain efficiency across key markets like the Northeast and West Coast of the United States.
FDP reported a net profit of $93.5M in 2025, reflecting strong operational efficiency despite a slight revenue contraction to $4.32B compared to the prior year. The company generated substantial cash flow from operations of $245.1M, which funded significant share repurchases of $29.8M and dividends of $57.4M while reducing debt through repayments exceeding issuances.
The US fresh produce distribution industry is highly competitive but essential, characterized by thin margins but high volume and rapid turnover requirements. Companies with integrated logistics networks like FDP command premium pricing power due to their ability to guarantee freshness and just-in-time delivery for top-tier retailers.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $4.44B | $4.32B | $4.28B | $4.32B |
| Cost of Revenue | $4.10B | $3.97B | $3.92B | $3.92B |
| Gross Profit | $340.2M | $350.7M | $357.9M | $399.1M |
| Operating Expenses | $183.9M | $292.2M | $161.6M | $261.7M |
| Operating Income | $156.3M | $58.5M | $196.3M | $137.4M |
| G&A | $186.8M | $186.7M | $196.9M | $212.7M |
| Stock-Based Comp | $6.9M | $9.9M | $6.9M | $10.0M |
| D&A | $92.5M | $84.8M | $78.5M | $72.5M |
| Depreciation | $84.8M | $79.9M | $78.4M | $72.4M |
| Amortization | $7.8M | $4.9M | $100.0K | $100.0K |
| Other OpEx | $-2.9M | $105.5M | $-35.3M | $49.0M |
| Non-Operating Income | $-38.5M | $-42.0M | $-25.6M | $-6.5M |
| Interest Expense | $24.4M | $24.1M | $18.4M | $11.2M |
| Pre-Tax Income | $117.8M | $16.5M | $170.7M | $130.9M |
| Income Tax | $20.1M | $18.1M | $29.1M | $37.4M |
| Continuing Ops | $97.7M | $-1.6M | $141.6M | $93.5M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $97.7M | $-1.6M | $141.6M | $93.5M |
| Minority Interest | $-900.0K | $9.8M | $-600.0K | $2.8M |
| Net to Common | $98.6M | $-11.4M | $142.2M | $90.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.24B | $1.14B | $1.13B | $1.14B |
| Cash & Equivalents | $17.2M | $33.8M | $32.6M | $35.7M |
| Accounts Receivable | $373.5M | $387.0M | $393.2M | $376.1M |
| Inventory | $669.0M | $599.9M | $595.3M | $581.9M |
| Prepaid Expenses | $23.4M | $24.0M | $24.3M | $51.6M |
| Other Current Assets | $158.3M | $99.6M | $87.5M | $95.5M |
| Long-Term Assets | $2.22B | $2.04B | $1.96B | $1.92B |
| PP&E (Net) | $1.31B | $1.26B | $1.19B | $1.12B |
| Intangibles | $135.0M | $33.3M | $33.2M | $33.1M |
| Goodwill | $422.9M | $401.9M | $396.3M | $390.0M |
| Operating Leases | $213.8M | $213.8M | $186.1M | $192.8M |
| Other LT Assets | $136.3M | $134.4M | $156.1M | $129.9M |
| Total Assets | $3.46B | $3.18B | $3.10B | $3.06B |
| Current Liabilities | $607.0M | $540.6M | $533.1M | $529.3M |
| Current Leases | $41.6M | $48.6M | $38.6M | $45.4M |
| Other Current Liab | $528.1M | $462.4M | $464.4M | $466.6M |
| Long-Term Liabilities | $876.9M | $730.8M | $556.3M | $499.5M |
| LT Operating Leases | $147.3M | $142.1M | $122.3M | $125.9M |
| Other LT Liab | $729.6M | $588.7M | $434.0M | $373.6M |
| Total Liabilities | $1.48B | $1.27B | $1.09B | $1.03B |
| Shareholders' Equity | $1.98B | $1.91B | $2.01B | $2.03B |
| Retained Earnings | $1.40B | $1.34B | $1.44B | $1.45B |
| AOCI | $-41.5M | $-43.3M | $-50.4M | $-38.2M |
| Total L&E | $3.46B | $3.18B | $3.10B | $3.06B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $97.7M | $-1.6M | $141.6M | $93.5M |
| Non-Cash Adjustments | $-137.5M | $294.6M | $13.3M | $217.7M |
| Working Capital Changes | $101.6M | $-115.1M | $27.6M | $-66.1M |
| Cash from Operations | $61.8M | $177.9M | $182.5M | $245.1M |
| Cash from Investing | $-49.1M | $56.4M | $20.4M | $-48.7M |
| Debt Issuances | $1.07B | $590.5M | $620.4M | $353.6M |
| Debt Repayments | $1.05B | $730.3M | $776.3M | $424.7M |
| Share Buybacks | $0 | $11.8M | $0 | $29.8M |
| Dividends Paid | $28.7M | $35.9M | $47.8M | $57.4M |
| Cash from Financing | $-12.0M | $-213.5M | $-209.9M | $-165.7M |
| FX Effect | $400.0K | $-4.2M | $5.8M | $900.0K |
| Net Change in Cash | $1.1M | $16.6M | $-1.2M | $31.6M |
| Beginning Cash | $16.1M | $17.2M | $33.8M | $32.6M |
| Ending Cash | $17.2M | $33.8M | $32.6M | $64.2M |
Fresh Fruit, Fresh Vegetables, Organic Produce, and Specialty/Imported items, driven by a revenue base of $4.32B in 2025 with cost of revenue at $3.92B.
Commodity price volatility affecting gross margins given the high cost of revenue relative to sales; inflationary pressure on fuel and labor costs impacting operating expenses; reliance on major retail customers for significant portions of total revenue; potential supply chain disruptions from weather events or geopolitical issues.
Extensive private fleet providing superior last-mile delivery speed and reliability; proprietary sourcing relationships allowing for better margin capture on high-volume SKUs; strong balance sheet with $64.2M cash enabling strategic acquisitions during downturns.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.