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United Natural Foods

UNFI NYSE Food Retail Financials FY2017–FY2026

United Natural Foods' revenue fell 2.0% to $31.2 billion in fiscal 2026. Its operating margin was 0.7%, up from −0.1% a year earlier. Free cash flow was $323 million, up 35.1%. It paid out $50 million in dividends and buybacks, 15% of free cash flow. The diluted share count rose 4.3%.

Last close · Oct 23, 2026

$46.88

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$31.2B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
0.7%
0.8 pts
Net income Profit after all expenses, interest and tax.
$84.0M
Free cash flow Cash from operations minus capital spending.
$323M
35.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.3%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What United Natural Foods does

No business description yet.

Legal name
United Natural Foods, Inc.
Fiscal year ends
August 1, 2026
Latest annual report
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Accession · CIK
0001020859-26-000025
0001020859

Revenue and margins

United Natural Foods had $31.2B of revenue in fiscal 2026, down 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew −6.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $323M in fiscal 2026, 1.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

United Natural Foods returned $50.0M to shareholders in fiscal 2026, 15% of free cash flow. The diluted share count rose 4.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value United Natural Foods yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$1.5B and divides by 62.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 35.0x · peers 33.7x · sector 24.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably United Natural Foods can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $44.0M$37.0M$40.0M$44.0M$37.0M
Debt incl. finance leases $2.2B$2.0B$2.1B$1.9B$1.6B
Net debt / EBITDA 3.0x4.6x6.3x6.3x3.0x
Debt / equity 1.2x1.1x1.3x1.2x1.0x
Interest coverage 2.7x0.8x0.1x−0.2x1.7x
Current ratio 1.6x1.4x1.4x1.3x1.3x
Quick ratio 0.6x0.5x0.5x0.5x0.5x
Total assets $7.6B$7.4B$7.5B$7.6B$7.1B
Total liabilities $5.8B$5.7B$5.9B$6.0B$5.5B
Shareholders' equity $1.8B$1.7B$1.6B$1.6B$1.6B
Net debt (− = net cash) $2.1B$1.9B$2.1B$1.8B$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.6M

1 insider

Sold, 12 months

$1.2M

4 insiders

Of sales under plans

20%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Jun 23, 2026 Mark BushwayPresident, Natural & CSCO Sold 10,000 $51.56 $0.5M Form 4
May 6, 2026 Danielle BenedictChief Human Resources Officer Sold plan 4,807 $52.00 $0.2M Form 4
Jan 5, 2026 James C PappasDirector Bought 2,000 $33.30 $0.1M Form 4
Jan 2, 2026 James C PappasDirector Bought 15,000 $33.76 $0.5M Form 4
Dec 22, 2025 Louis Anthony MartinPresident, Conventional & CCO Sold 9,439 $34.67 $0.3M Form 4
Dec 18, 2025 Richard Eric EsperChief Accounting Officer Sold 4,261 $33.08 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 4 / 94 / 96 / 9
Accruals ratio −4.9%−7.8%−6.2%
Altman Z'' 1.701.391.66

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
United Natural Foods UNFI $2.9B −2.0% 0.7% 1.0% 5.3% — 6
Casey's CASY $25.9B 10.2% — 4.1% 13.6% 33.7x 7 Compare →
Albertsons ACI $6.8B 3.5% 0.9% 0.6% 5.5% — 5 Compare →
Sprouts Farmers Market SFM $6.3B 14.1% 7.8% 5.3% 46.9% 12.7x 7 Compare →
Kroger KR $40.6B 0.4% 1.3% 2.3% 7.6% 37.1x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $9.3B $10.2B $22.3B $26.6B $27.0B $28.9B $30.3B $31.0B $31.8B $31.2B
Gross profit $1.4B $1.5B $3.2B $3.9B $3.9B $4.2B $4.1B $4.2B $4.2B $4.2B
Operating income $226M $225M −$196M −$193M $294M $423M $120M $8.0M −$31.0M $211M
Interest expense $16.8M $16.0M $181M $192M $204M $155M $144M $162M $146M $126M
Pretax income $214M $210M −$341M −$342M $183M $310M $7.0M −$137M −$154M $102M
Income tax $84.3M $47.2M −$59.0M −$91.0M $34.0M $56.0M −$23.0M −$27.0M −$39.0M $18.0M
Net income $130M $163M −$285M −$274M $149M $248M $24.0M −$112M −$118M $84.0M
Diluted EPS $2.56 $3.20 −$5.56 −$5.10 $2.48 $4.07 $0.40 −$1.89 −$1.95 $1.34
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $273M $109M $285M $457M $614M $331M $624M $253M $470M $540M
Capital expenditure $56.1M $44.6M $228M $173M $310M $251M $323M $345M $231M $217M
Free cash flow $217M $64.4M $57.0M $284M $304M $80.0M $301M −$92.0M $239M $323M
Depreciation and amortization $86.1M $87.6M $248M $282M $285M $285M $304M $319M $321M $303M
Stock-based compensation $25.7M $25.8M $26.0M $25.0M $45.0M $44.0M $38.0M $39.0M $43.0M $61.0M
Acquisitions $9.2M $0.0M $2.3B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $24.2M $0.0M $0.0M $0.0M $0.0M $62.0M $0.0M $0.0M $50.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $24.2M $0.0M $0.0M $0.0M $0.0M $62.0M $0.0M $0.0M $50.0M
Balance sheet
Cash and short-term investments $15.4M $23.3M $44.5M $47.0M $41.0M $44.0M $37.0M $40.0M $44.0M $37.0M
Total debt $162M $309M $2.8B $2.4B $2.2B $2.1B $2.0B $2.1B $1.9B $1.6B
Finance lease liabilities $0.0M $0.0M $133M $156M $142M $36.0M $23.0M $19.0M $16.0M $13.0M
Current assets $1.7B $1.8B $3.6B $3.7B $3.6B $3.8B $3.5B $3.4B $3.4B $3.1B
Current liabilities $704M $699M $2.1B $2.4B $2.5B $2.4B $2.4B $2.4B $2.6B $2.4B
Inventory $1.0B $1.1B $2.2B $2.3B $2.2B $2.4B $2.3B $2.2B $2.1B $1.9B
Property and equipment, net $602M $571M $1.9B $1.7B $1.8B $1.7B $1.8B $1.8B $1.7B $1.7B
Total assets $2.9B $3.0B $7.2B $7.6B $7.5B $7.6B $7.4B $7.5B $7.6B $7.1B
Total liabilities $1.2B $1.1B $5.7B $6.4B $6.0B $5.8B $5.7B $5.9B $6.0B $5.5B
Shareholders' equity $1.7B $1.8B $1.5B $1.1B $1.5B $1.8B $1.7B $1.6B $1.6B $1.6B
Margins
Gross margin 15.4% 14.9% 14.4% 14.6% 14.6% 14.5% 13.7% 13.6% 13.3% 13.5%
Operating margin 2.4% 2.2% −0.9% −0.7% 1.1% 1.5% 0.4% 0.0% −0.1% 0.7%
EBITDA margin 3.4% 3.1% 0.2% 0.3% 2.2% 2.5% 1.4% 1.1% 0.9% 1.7%
Net margin 1.4% 1.6% −1.3% −1.0% 0.6% 0.9% 0.1% −0.4% −0.4% 0.3%
FCF margin 2.3% 0.6% 0.3% 1.1% 1.1% 0.3% 1.0% −0.3% 0.8% 1.0%
Returns
Return on capital 7.8% 8.8% −4.7% −3.8% 6.4% 9.0% 3.2% 0.2% −0.7% 5.3%
Return on capital employed 10.2% 10.1% −5.4% −3.8% 5.7% 8.3% 2.4% 0.2% −0.6% 4.4%
Return on equity 8.1% 9.2% −17.0% −20.7% 11.2% 15.0% 1.4% −6.6% −7.4% 5.3%
Return on assets 4.5% 5.6% −5.6% −3.7% 2.0% 3.3% 0.3% −1.5% −1.6% 1.1%
Growth
Revenue growth 9.5% 10.3% 118.5% 18.9% 1.5% 7.3% 4.7% 2.3% 2.6% −2.0%
Net income growth 3.5% 25.1% −275.1% — — 66.4% −90.3% −566.7% — —
EPS growth 2.4% 25.0% −273.8% — — 64.1% −90.2% −572.5% — —
FCF growth −14.9% −70.3% −11.5% 398.3% 7.0% −73.7% 276.3% −130.6% — 35.2%
Share count change 0.8% 0.1% 0.7% 5.1% 11.5% 1.7% −0.5% −2.3% 1.5% 4.3%
Financial health
Net debt / EBITDA 0.5x 0.9x 55.9x 28.5x 4.0x 3.0x 4.6x 6.3x 6.3x 3.0x
Debt / equity 0.1x 0.2x 2.0x 2.3x 1.5x 1.2x 1.1x 1.3x 1.2x 1.0x
Interest coverage 13.5x 14.0x −1.1x −1.0x 1.4x 2.7x 0.8x 0.1x −0.2x 1.7x
Current ratio 2.4x 2.6x 1.7x 1.6x 1.4x 1.6x 1.4x 1.4x 1.3x 1.3x
Quick ratio 0.9x 0.9x 0.7x 0.6x 0.5x 0.6x 0.5x 0.5x 0.5x 0.5x
Capital allocation
Capex / revenue 0.6% 0.4% 1.0% 0.7% 1.2% 0.9% 1.1% 1.1% 0.7% 0.7%
Stock comp / revenue 0.3% 0.3% 0.1% 0.1% 0.2% 0.2% 0.1% 0.1% 0.1% 0.2%
Payouts / FCF 0.0% 37.6% 0.0% 0.0% 0.0% 0.0% 20.6% — 0.0% 15.5%
Quality scores
Piotroski F-score 5.0 5.0 3.0 5.0 5.0 7.0 6.0 4.0 4.0 6.0
Altman Z'' 5.6 6.2 1.9 1.5 1.9 2.4 1.9 1.7 1.4 1.7
Accruals ratio −5.0% 1.8% −11.2% −9.9% −6.2% −1.1% −8.0% −4.9% −7.8% −6.2%

Source: SEC EDGAR XBRL filings (CIK 0001020859). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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