Grocery Outlet vs United Natural Foods
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The short version
- United Natural Foods is the larger business, with $31.2B of revenue in fiscal 2026 against $4.7B for Grocery Outlet, about 6.6 times as much.
- Grocery Outlet grew revenue faster (7.3%, against −2.0%).
- United Natural Foods kept more of each dollar of sales as operating profit (0.7% operating margin, against −4.7%).
- United Natural Foods turned more of its sales into free cash flow (1.0% FCF margin, against 0.5%).
- United Natural Foods earned a higher return on the capital invested in it (5.3%, against −11.6%).
| Latest fiscal year | GO · FY25 | UNFI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $1.3B | $2.9B |
| Revenue | $4.7B | $31.2B |
| Free cash flow | $23.8M | $323M |
| Net income | −$225M | $84.0M |
| Growth | ||
| Revenue growth | 7.3% | −2.0% |
| 5-year growth | 8.4% | 2.9% |
| Share count change | −1.6% | 4.3% |
| Profitability | ||
| Gross margin | 30.3% | 13.5% |
| Operating margin | −4.7% | 0.7% |
| Net margin | −4.8% | 0.3% |
| FCF margin | 0.5% | 1.0% |
| Return on capital | −11.6% | 5.3% |
| Return on equity | −20.6% | 5.3% |
| Balance sheet | ||
| Net debt | $426M | $1.5B |
| Net debt / EBITDA | — | 3.0x |
| Dividends and buybacks | $0.0M | $50.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY17
GO $2.1B
UNFI $9.3B
FY18
GO $2.3B
UNFI $10.2B
FY19
GO $2.6B
UNFI $22.3B
FY20
GO $3.1B
UNFI $26.6B
FY21
GO $3.1B
UNFI $27.0B
FY22
GO $3.6B
UNFI $28.9B
FY23
GO $4.0B
UNFI $30.3B
FY24
GO $4.4B
UNFI $31.0B
FY25
GO $4.7B
UNFI $31.8B
FY26
GO —
UNFI $31.2B
GO
UNFI
Operating margin
FY17
GO 3.7%
UNFI 2.4%
FY18
GO 3.6%
UNFI 2.2%
FY19
GO 2.7%
UNFI −0.9%
FY20
GO 3.4%
UNFI −0.7%
FY21
GO 2.9%
UNFI 1.1%
FY22
GO 2.7%
UNFI 1.5%
FY23
GO 3.2%
UNFI 0.4%
FY24
GO 1.8%
UNFI 0.0%
FY25
GO −4.7%
UNFI −0.1%
FY26
GO —
UNFI 0.7%
GO
UNFI
Free cash flow
FY17
GO $13.6M
UNFI $217M
FY18
GO $41.1M
UNFI $64.4M
FY19
GO $35.6M
UNFI $57.0M
FY20
GO $56.3M
UNFI $284M
FY21
GO $42.2M
UNFI $304M
FY22
GO $55.0M
UNFI $80.0M
FY23
GO $134M
UNFI $301M
FY24
GO −$74.7M
UNFI −$92.0M
FY25
GO $23.8M
UNFI $239M
FY26
GO —
UNFI $323M
GO
UNFI
Return on capital
FY17
GO —
UNFI 7.8%
FY18
GO —
UNFI 8.8%
FY19
GO 5.4%
UNFI −4.7%
FY20
GO 8.7%
UNFI −3.8%
FY21
GO 5.5%
UNFI 6.4%
FY22
GO 6.0%
UNFI 9.0%
FY23
GO 6.9%
UNFI 3.2%
FY24
GO 3.7%
UNFI 0.2%
FY25
GO −11.6%
UNFI −0.7%
FY26
GO —
UNFI 5.3%
GO
UNFI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.