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United Natural Foods, Inc. (UNFI)

NYSE / Consumer Defensive / Food Distribution

Share price

48.26 USD Market dataClose of Oct 15, 2026

Market capitalisation

2.91B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Sep 14, 2026
Ratios computed
Oct 15, 2026
Filed years
17, FY2009 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

3.8% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

34.72x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

10.7% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 9.27B USDFY2017 Net income: 130.2M USDFY2018 Revenue: 10.23B USDFY2018 Net income: 162.8M USDFY2019 Revenue: 22.34B USDFY2019 Net income: -285.0M USDFY2020 Revenue: 26.56B USDFY2020 Net income: -274.0M USDFY2021 Revenue: 26.95B USDFY2021 Net income: 149.0M USDFY2022 Revenue: 28.93B USDFY2022 Net income: 248.0M USDFY2023 Revenue: 30.27B USDFY2023 Net income: 24.0M USDFY2024 Revenue: 30.98B USDFY2024 Net income: -112.0M USDFY2025 Revenue: 31.78B USDFY2025 Net income: -118.0M USDFY2026 Revenue: 31.15B USDFY2026 Net income: 84.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 34.72x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Consumer Defensive sector (135 companies), 34.72x sits at the 78th percentile; the middle half of that group runs from 13.84x to 33.63x.

Is it good

Return on invested capital was 3.8% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Defensive sector (102 companies), 3.8% sits at the 31st percentile; the middle half of that group runs from 2.7% to 14.1%.

Is it safe

Interest coverage was 1.67x in FY2026, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether United Natural Foods, Inc.'s return on equity stayed above the median of the Consumer Defensive sector, year by year. (FY2023 to FY2025, 3 fiscal years of United Natural Foods, Inc. with a comparable figure)
The direction
Which way United Natural Foods, Inc.'s return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of United Natural Foods, Inc.)
What could explain it
What in United Natural Foods, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines United Natural Foods, Inc. filed)
What to check next
What to check next on United Natural Foods, Inc., and where in its filings. (6 questions for United Natural Foods, Inc.)
In one paragraph
One paragraph on United Natural Foods, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for United Natural Foods, Inc.)

These are UNFI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research UNFIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Sep 14, 2026, accession 0001020859-26-000025.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

United Natural Foods, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax3.8% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Return on equity5.2% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Return on capital employed, pre-tax4.5% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Return on assets1.2% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Gross margin13.5% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Operating margin0.7% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Net margin0.3% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
UNFI 0.3%
NWL -4.0%ANDE 0.9%COTY -10.4%MH 1.7%POST 4.1%
-10.4%4.1%
Net margin: UNFI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

United Natural Foods, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.87 ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Current ratio1.29 ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Quick ratio0.49 ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Interest coverage1.67x ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Altman Z-score5.15 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Net debt3.00B ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Total assets 7.11BTotal liabilities 5.49BShareholders' equity 1.62BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What United Natural Foods, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Sep 14, 2026, 0001020859-26-000025).

United Natural Foods, Inc: balance sheet position
Total assets7.11B FiledFY2026 10-K, filed Sep 14, 2026
Total liabilities5.49B FiledFY2026 10-K, filed Sep 14, 2026
Shareholders' equity1.62B FiledFY2026 10-K, filed Sep 14, 2026
Cash37.0M FiledFY2026 10-K, filed Sep 14, 2026
Total debt3.04B FiledFY2026 10-K, filed Sep 14, 2026
Net debt3.00B
Current ratio1.29
Debt to equity1.87

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

United Natural Foods, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings34.72x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
P/E on trailing twelve months33.42x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.87x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Price to sales0.10x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Enterprise value to EBIT28.57x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Enterprise value to EBITDA11.73x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Diluted earnings per share1.34 USD FiledFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Graham number28.41 USD ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025

We publish no fair value or price target of our own. Value UNFI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for United Natural Foods, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

United Natural Foods, Inc: valuation
Share price48.26 USD
Market capitalisation2.91B USD
Enterprise value to EBITDA11.73x
Graham number28.41 USD
Diluted earnings per share, FY20261.34 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 4.37x, median 11.88x, high 40.80x, latest 33.42x. 1,382 trading days with a meaningful ratio, 1,138 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like United Natural Foods, Inc

  1. Newell Brands Inc. (NWL)Market cap 2.46B USD
  2. The Andersons, Inc. (ANDE)Market cap 2.23B USD
  3. Coty Inc. (COTY)Market cap 2.81B USD
  4. McGraw Hill, Inc. (MH)Market cap 2.72B USD
  5. Post Holdings, Inc. (POST)Market cap 3.40B USD

Same sector (Consumer Defensive) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

United Natural Foods, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield10.7% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Free cash flow323.0M USD ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Free cash flow margin1.0% ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
FY2017 Free cash flow: 217.2M USDFY2017 Net income: 130.2M USDFY2018 Free cash flow: 64.4M USDFY2018 Net income: 162.8M USDFY2019 Free cash flow: 57.0M USDFY2019 Net income: -285.0M USDFY2020 Free cash flow: 284.0M USDFY2020 Net income: -274.0M USDFY2021 Free cash flow: 304.0M USDFY2021 Net income: 149.0M USDFY2022 Free cash flow: 80.0M USDFY2022 Net income: 248.0M USDFY2023 Free cash flow: 301.0M USDFY2023 Net income: 24.0M USDFY2024 Free cash flow: -92.0M USDFY2024 Net income: -112.0M USDFY2025 Free cash flow: 239.0M USDFY2025 Net income: -118.0M USDFY2026 Free cash flow: 323.0M USDFY2026 Net income: 84.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

United Natural Foods, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
34.72xFY2026Oct 15, 2026
1.87xFY2026Oct 15, 2026
28.57xFY2026Oct 15, 2026
10.7%FY2026Oct 15, 2026
3.8%FY2026Sep 14, 2026
n/aFY2026Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
1.87FY2026Sep 14, 2026
1.29FY2026Sep 14, 2026
0.10xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
5.15FY2026Oct 15, 2026
-2.90FY2026Sep 14, 2026
7/9FY2026Sep 14, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 17 filed fiscal years on record, FY2009 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports United Natural Foods, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

United Natural Foods, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202631.15B211.0M84.0M1.34323.0M0.7%5.2%10-K, Sep 14, 20260001020859-26-000025
FY202531.78B-31.0M-118.0M-1.95239.0M-0.1%-7.6%10-K, Oct 1, 20250001020859-25-000054
FY202430.98B8.0M-112.0M-1.89-92.0M0.0%-6.8%10-K, Oct 1, 20240001020859-24-000045
FY202330.27B120.0M24.0M0.40301.0M0.4%1.4%10-K, Sep 26, 20230001020859-23-000048
FY202228.93B423.0M248.0M4.0780.0M1.5%13.8%10-K, Sep 27, 20220001020859-22-000054
FY202126.95B294.0M149.0M2.48304.0M1.1%9.8%10-K, Sep 28, 20210001020859-21-000083
FY202026.56B-193.0M-274.0M-5.10284.0M-0.7%-23.9%10-K, Sep 29, 20200001020859-20-000064
FY201922.34B-196.0M-285.0M-5.5657.0M-0.9%-18.9%10-K, Oct 1, 20190001020859-19-000116
FY201810.23B224.5M162.8M3.2064.4M2.2%8.8%10-K, Sep 24, 20180001020859-18-000095
FY20179.27B226.0M130.2M2.56217.2M2.4%7.7%10-K, Sep 26, 20170001020859-17-000109
  • Revenue, compound annual growth FY2017 to FY2026: 14.4%
  • Earnings, compound annual growth FY2017 to FY2026: -4.7%
  • Earnings per share, compound annual growth FY2017 to FY2026: -6.9%
  • Free cash flow, compound annual growth FY2017 to FY2026: 4.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

United Natural Foods, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.90 ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Piotroski F-score7/9 ComputedFY2026 10-K, filed Sep 14, 2026, 0001020859-26-000025
Named tests met1 of 30 Computed
Beta0.75 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 28 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low P/S, rising earnings (James O'Shaughnessy)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(5)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 5 figures could not be read on this company, among them PEG Ratio, Dividend Yield, Payout Ratio. Each blank in the table above names the rest, with its reason. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.