Kroger vs United Natural Foods
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The short version
- Kroger is the larger business, with $147.6B of revenue in fiscal 2025 against $31.2B for United Natural Foods, about 4.7 times as much.
- Kroger grew revenue faster (0.4%, against −2.0%).
- Kroger kept more of each dollar of sales as operating profit (1.3% operating margin, against 0.7%).
- Kroger turned more of its sales into free cash flow (2.3% FCF margin, against 1.0%).
- Kroger earned a higher return on the capital invested in it (7.6%, against 5.3%).
| Latest fiscal year | KR · FY25 | UNFI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $40.6B | $2.9B |
| Revenue | $147.6B | $31.2B |
| Free cash flow | $3.5B | $323M |
| Net income | $1.0B | $84.0M |
| Growth | ||
| Revenue growth | 0.4% | −2.0% |
| 5-year growth | 2.2% | 2.9% |
| Share count change | −9.0% | 4.3% |
| Profitability | ||
| Gross margin | — | 13.5% |
| Operating margin | 1.3% | 0.7% |
| Net margin | 0.7% | 0.3% |
| FCF margin | 2.3% | 1.0% |
| Return on capital | 7.6% | 5.3% |
| Return on equity | 14.3% | 5.3% |
| Balance sheet | ||
| Net debt | $14.2B | $1.5B |
| Net debt / EBITDA | 2.7x | 3.0x |
| Dividends and buybacks | $3.6B | $50.0M |
| Valuation & quality | ||
| P/E | 37.1x | — |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
KR $123.3B
UNFI $9.3B
FY18
KR $121.9B
UNFI $10.2B
FY19
KR $122.3B
UNFI $22.3B
FY20
KR $132.5B
UNFI $26.6B
FY21
KR $137.9B
UNFI $27.0B
FY22
KR $148.3B
UNFI $28.9B
FY23
KR $150.0B
UNFI $30.3B
FY24
KR $147.1B
UNFI $31.0B
FY25
KR $147.6B
UNFI $31.8B
FY26
KR —
UNFI $31.2B
KR
UNFI
Operating margin
FY17
KR 2.1%
UNFI 2.4%
FY18
KR 2.2%
UNFI 2.2%
FY19
KR 1.8%
UNFI −0.9%
FY20
KR 2.1%
UNFI −0.7%
FY21
KR 2.5%
UNFI 1.1%
FY22
KR 2.8%
UNFI 1.5%
FY23
KR 2.1%
UNFI 0.4%
FY24
KR 2.6%
UNFI 0.0%
FY25
KR 1.3%
UNFI −0.1%
FY26
KR —
UNFI 0.7%
KR
UNFI
Free cash flow
FY17
KR $604M
UNFI $217M
FY18
KR $1.2B
UNFI $64.4M
FY19
KR $1.5B
UNFI $57.0M
FY20
KR $4.0B
UNFI $284M
FY21
KR $3.6B
UNFI $304M
FY22
KR $1.4B
UNFI $80.0M
FY23
KR $2.9B
UNFI $301M
FY24
KR $1.8B
UNFI −$92.0M
FY25
KR $3.5B
UNFI $239M
FY26
KR —
UNFI $323M
KR
UNFI
Return on capital
FY17
KR 12.7%
UNFI 7.8%
FY18
KR 9.2%
UNFI 8.8%
FY19
KR 7.7%
UNFI −4.7%
FY20
KR 9.8%
UNFI −3.8%
FY21
KR 13.4%
UNFI 6.4%
FY22
KR 14.8%
UNFI 9.0%
FY23
KR 10.7%
UNFI 3.2%
FY24
KR 13.9%
UNFI 0.2%
FY25
KR 7.6%
UNFI −0.7%
FY26
KR —
UNFI 5.3%
KR
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.