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1. Utz Brands is like an independent Frito-Lay (PepsiCo's snack division), offering a diverse portfolio of chips, pretzels, and other salty snacks.

2. Utz Brands is similar to Campbell Soup Company's snack business (Snyder's of Hanover, Cape Cod), specializing in a broad range of salty treats.

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Utz Brands Major Products

• Potato Chips: A wide variety of chips offered under brands like Utz, Zapp's, Dirty Potato Chips, and Boulder Canyon.
• Pretzels: Includes classic hard pretzels, sourdough pretzels, and pretzel snack pieces.
• Cheese Snacks: Features cheese balls, curls, and puff snacks.
• Tortilla Chips & Dips: A range of tortilla chips and accompanying dips, primarily under the On The Border brand.
• Pork Rinds: Crispy fried pork rinds available in various flavors.
• Snack Mixes: Diverse combinations of savory snacks and crackers.

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Utz Brands (UTZ) sells primarily to other companies.

Its major customers include:

• Walmart Inc. (WMT)

According to its public filings (Form 10-K), Walmart Inc. accounted for approximately 18% of Utz Brands' net sales for fiscal year 2022. While Utz Brands states that its ten largest customers collectively accounted for approximately 49% of its net sales for fiscal 2022, and its three largest customers accounted for approximately 29%, other specific customer companies are not individually named in its public disclosures.

Generally, Utz Brands distributes its products to various types of retailers (such as grocery stores, mass merchandisers, club stores, convenience stores, and drug stores), wholesalers, and foodservice customers across the United States.

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Howard Friedman, Chief Executive Officer

Howard Friedman joined Utz in December 2022 and has over 25 years of experience in the food and beverage industry. Before joining Utz, he served as the Chief Operations Officer of Post Holdings, Inc. from 2021 to 2022, and as President and CEO of Post Consumer Brands from 2018 to 2021. Mr. Friedman also spent more than two decades at The Kraft Heinz Company and its predecessor, holding various roles of increasing responsibility and culminating in his position as Executive Vice President, Refrigerated.

William J. Kelley Jr. (Bill), Executive Vice President and Chief Financial Officer

William J. Kelley Jr. joined Utz in May 2025 and brings over 30 years of experience in the food and beverage industry. Prior to Utz, he served as the Global Chief Financial Officer of Tropicana Brands Group, where he was instrumental in guiding the company through its separation from PepsiCo. Mr. Kelley was also the Executive Vice President and Chief Financial Officer of TreeHouse Foods, Inc. from 2020 to 2022, and previously served as interim CFO in 2019. His earlier career includes executive leadership positions such as Vice President, Head of Global Internal Audit for Kraft Heinz, and Senior Vice President, Corporate Controller and Chief Accounting Officer for The Hillshire Brands Company. He began his career at Cargill, Inc.

Cary Devore, Executive Vice President and Chief Operating and Transformation Officer

Cary Devore was appointed Executive Vice President and Chief Operating and Transformation Officer in November 2023, having been Executive Vice President and Chief Operating Officer since October 2021. He joined Utz in November 2016 as a board member, representing a minority private equity investor, and transitioned into a full-time operational role in 2017. From 2016 to 2019, he worked closely with former CEO Dylan Lissette on mergers and acquisitions, completing eight acquisitions. Prior to Utz, Mr. Devore was a Managing Director at Metropoulos & Co., a private equity firm focused on the food and beverage sector. He also co-founded and led HBK Private Equity, LLC, the private equity arm of the hedge fund HBK Capital Management, and was a Co-Founder and Managing Director of SilverStream Capital, LLC, a family office. Earlier, he worked for Jordan Industries, Inc., an affiliate of The Jordan Company, focusing on middle-market buy and build strategies.

Jennifer Bentz, Chief Marketing Officer and Executive Vice President

Ms. Bentz has served as Utz Brands' Chief Marketing Officer and Executive Vice President since January 2024. Before joining Utz, she held the position of Executive Vice President, Applied Technology and Insights at CLIF Bar & Co. from 2020 to 2023, and also served as Chief Client Officer for Mintel.

Mark Schreiber, Executive Vice President, Sales & Chief Customer Officer

Mark Schreiber joined Utz in the spring of 2017 and currently serves as Executive Vice President, Sales & Chief Customer Officer. In this role, he oversees all aspects of sales, including distribution and customer relationships, as well as trade marketing/revenue management and category/shopper insights. Mr. Schreiber is slated to retire effective May 31, 2025, and will remain in a transition role through the end of June 2025.

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The key risks to Utz Brands (UTZ) include intense competition and consolidation in the industry, the ability to adapt to changing consumer preferences, and the company's substantial debt load.

1. Intense Competition and Industry Consolidation: Utz Brands operates in a highly competitive market for salty snacks. This competition comes from larger, well-established companies, as well as smaller regional and private label brands. The industry is also subject to consolidation, which can increase the market power of competitors and make it more challenging for Utz to maintain or grow its market share.
2. Changing Consumer Preferences and Innovation: The demand for Utz's products is directly influenced by shifts in consumer preferences and tastes, including trends towards healthier snacking options or different flavor profiles. The company's success depends on its ability to innovate and market its products effectively to meet these evolving demands. Failure to do so could negatively impact sales and brand loyalty.
3. High Debt-to-Equity Ratio: Utz Brands has a debt-to-equity ratio that surpasses industry averages, indicating a significant amount of debt. This substantial debt can pose potential financial challenges, affecting the company's flexibility, borrowing capacity, and exposure to interest rate fluctuations.

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The accelerating consumer shift towards healthier snack alternatives represents a clear emerging threat for Utz Brands. This trend is characterized by growing consumer preference for products with perceived health benefits, such as those that are lower in sodium, sugar, or fat, made with natural or organic ingredients, or offer functional benefits like high protein or fiber. This societal shift is leading to the rapid growth and proliferation of numerous "better-for-you" snack brands, which directly compete for shelf space and consumer dollars against Utz's traditional portfolio of potato chips, pretzels, and other salty snacks. While Utz has made some acquisitions in this space (e.g., Boulder Canyon, PopChips), its core Utz brand and significant revenue still derive from products that may not align with evolving health-conscious consumer preferences, potentially leading to market share erosion if the company cannot adapt its core offerings or innovate quickly enough.

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Utz Brands (symbol: UTZ) operates primarily within the savory snacks market in the United States. The addressable markets for their main products are as follows:

• Salty Snacks (Overall): The U.S. snacks market size was estimated at approximately USD 172.54 billion in 2024. Another report indicates the United States savory snacks market was valued at above USD 51.59 Billion in 2022.
• Potato Chips: The U.S. potato chips market size was valued at USD 10.07 billion in 2023. Other estimates for the U.S. potato chips market size include USD 12.1 billion in 2024 and USD 24.97 billion in 2024.
• Pretzels: The U.S. pretzel market generated a revenue of USD 2,268.9 million (or approximately USD 2.27 billion) in 2024. The North America pretzel market size reached USD 1.84 Billion in 2024.
• Cheese Snacks (including Cheese Curls): The North America cheese-based snacks market size was approximately USD 22.98 Billion in 2024.
• Pork Rinds: The U.S. retail category sales for pork rinds were $624.2 million in 2024.
• Tortilla Chips: null
• Popcorn: null

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Expected Drivers of Future Revenue Growth for Utz Brands (UTZ) over the Next 2-3 Years:

1. Power Brands Growth: Utz Brands is focusing on the continued growth of its "Power Brands" such as Utz Potato Chips, On The Border, Boulder Canyon, and Zapp's. These brands have consistently shown strong performance and are expected to drive organic net sales growth, particularly in expansion geographies. The Boulder Canyon brand, for instance, surpassed $100 million in sales ahead of its three-year plan, with expectations to become a $200 million brand.
2. Geographic Expansion and Distribution Gains: A key strategy for Utz is expanding its geographic footprint and increasing distribution, particularly in expansion markets and core white spaces. The company plans to accelerate top-line momentum through a more meaningful entry into California in 2026. This expansion includes leveraging its direct-store-delivery (DSD) network and gaining distribution for its Power Brands in new and existing regions.
3. Increased Marketing Investments: Utz Brands anticipates that higher marketing investments will fuel volume growth and support its brands. These investments are part of a strategy to drive demand, enhance brand equity, and capitalize on consumer value-seeking behavior through targeted promotions.
4. Productivity Programs and Supply Chain Optimization: The company's ongoing productivity programs and supply chain transformation initiatives are expected to generate significant cost savings and expand gross margins. While primarily impacting profitability, these efficiencies provide financial flexibility to reinvest in growth initiatives, such as marketing and innovation, thereby indirectly contributing to revenue expansion.
5. Product Innovation: Utz Brands continues to emphasize product innovation within its portfolio, exploring "white space opportunities" for existing brands like On The Border. This includes introducing new flavors and products in growing categories, such as unflavored and flavored tortilla chips, to address evolving consumer preferences and drive incremental sales.

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• Utz Brands had a 3-Year Average Share Buyback Ratio of -2.5% as of October 2025, implying share repurchases.
• The company has prioritized debt reduction as a key capital allocation strategy after growth investments.

• As of February 27, 2023, Utz Brands had 81,012,868 shares of Class A Common Stock and 59,349,000 shares of Class V Common Stock issued and outstanding.
• As of October 27, 2025, the number of Class A Common Stock outstanding increased to 87,509,774 shares, while Class V Common Stock decreased to 55,349,000 shares.

• Utz Brands went public in August 2020 through a business combination with Collier Creek Holdings, a special purpose acquisition company (SPAC), which provided capital for growth.
• The initial enterprise value of the company at the time of the merger was approximately $1.56 billion.

• In August 2024, Utz Brands completed the acquisition of approximately 65 direct-store delivery (DSD) routes in South Florida from National Food Corp, following a prior acquisition of 21 routes in Central Florida in March 2021.
• In 2025, Utz acquired select distribution assets, including direct store delivery routes across California and the Midwest, from Insignia International to accelerate expansion in California, the largest U.S. salty snack market.
• Utz divested five manufacturing facilities and two brands (Good Health and R.W. Garcia) in 2024 as part of its network optimization strategy to simplify execution and enhance balance sheet flexibility.

• Capital expenditures for fiscal year 2025 are expected to be approximately $100 million, primarily focused on building increased supply chain network capabilities and delivering accelerated productivity savings.
• For the thirty-nine weeks ended September 28, 2025, capital expenditures totaled $89.2 million. For fiscal year 2024, the company invested nearly $100 million in capital expenditures across its supply chain to unlock future cost savings and operating efficiencies.
• Utz Brands is consolidating its manufacturing footprint, including the closure of its Grand Rapids, Michigan facility, to allocate more volume to larger, more efficient facilities and enhance automation capabilities.