ValueAct Capital Activist Presentation Deck
Step 4. Operational Review of 7-Eleven Outside of Japan
Consultancy analysis estimates $625 million of excess cost in US operations, primarily in US corporate
headquarters (see chart below), but also in directly owned stores among other areas
North American HQ Employees vs. Gross Profit of Leading USA Convenience Chains
(Leading Global Consultancy Analysis)
Corp. FTES
5,000
4,000
3,000
2,000
1,000
0
$0.0b
$1.0b
Murphy
$2.0b
Casey's
USA 7-Eleven has -39% more FTES
than the industry average, which on
its own accounts for ~$500m in
excess SG&A costs
$3.0b
$4.0b
Total Gross Profit
7-Eleven
Speedway
$5.0b
$6.0b
Circle K
Size reflects
system sales
$7.0b
Sources: Public company documents, LinkedIn, Consultancy analysis.
Memo: FTE = full time equivalent employee. Per consultancy: Employees count from 2020 vs. Gross Profit in 2019 or most recent fiscal year.
$8.0b
US Expense
Efficiency
MTMP
Target?
N/A
FY26 Profit
Potential?
~$625m
35View entire presentation