Casey's vs United Natural Foods
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KIRA’s take AI analyst
I put Casey's and United Natural Foods side by side, using each one’s latest annual report. Here is what stands out:
- United Natural Foods is the larger business, with $31.2B of revenue in fiscal 2026 against $17.6B for Casey's, about 1.8 times as much.
- Casey's grew revenue faster (10.2%, against −2.0%).
- Casey's turned more of its sales into free cash flow (4.1% FCF margin, against 1.0%).
- Casey's earned a higher return on the capital invested in it (13.6%, against 5.3%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Casey's
CASY
9/9
Revenue growth5-year growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
United Natural Foods
UNFI
0/9
Side by side
Best in the row
| Latest fiscal year | CASY FY26 | UNFI FY26 |
|---|---|---|
| Size | ||
| Market cap | $26.1B | $3.0B |
| Revenue | $17.6B | $31.2B |
| Free cash flow | $722M | $323M |
| Net income | $714M | $84.0M |
| Growth | ||
| Revenue growth | 10.2% | −2.0% |
| 5-year growth | 15.1% | 2.9% |
| Share count change | −0.2% | 4.3% |
| Profitability | ||
| Gross margin | — | 13.5% |
| Operating margin | — | 0.7% |
| Net margin | 4.1% | 0.3% |
| FCF margin | 4.1% | 1.0% |
| Return on capital | 13.6% | 5.3% |
| Return on equity | 19.2% | 5.3% |
| Balance sheet | ||
| Net debt | $1.9B | $1.5B |
| Net debt / EBITDA | 1.3x | 3.0x |
| Dividends and buybacks | $284M | $50.0M |
| Valuation & quality | ||
| P/E | 33.9x | — |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
FY17
CASY $7.5B
UNFI $9.3B
FY18
CASY $8.4B
UNFI $10.2B
FY19
CASY $9.4B
UNFI $22.3B
FY20
CASY $9.2B
UNFI $26.6B
FY21
CASY $8.7B
UNFI $27.0B
FY22
CASY $13.0B
UNFI $28.9B
FY23
CASY $15.1B
UNFI $30.3B
FY24
CASY $14.9B
UNFI $31.0B
FY25
CASY $15.9B
UNFI $31.8B
FY26
CASY $17.6B
UNFI $31.2B
CASY
UNFI
Operating margin
FY17
CASY —
UNFI 2.4%
FY18
CASY —
UNFI 2.2%
FY19
CASY —
UNFI −0.9%
FY20
CASY —
UNFI −0.7%
FY21
CASY —
UNFI 1.1%
FY22
CASY —
UNFI 1.5%
FY23
CASY —
UNFI 0.4%
FY24
CASY —
UNFI 0.0%
FY25
CASY —
UNFI −0.1%
FY26
CASY —
UNFI 0.7%
CASY
UNFI
Free cash flow
FY17
CASY $25.9M
UNFI $217M
FY18
CASY −$158M
UNFI $64.4M
FY19
CASY $136M
UNFI $57.0M
FY20
CASY $65.3M
UNFI $284M
FY21
CASY $363M
UNFI $304M
FY22
CASY $462M
UNFI $80.0M
FY23
CASY $405M
UNFI $301M
FY24
CASY $371M
UNFI −$92.0M
FY25
CASY $585M
UNFI $239M
FY26
CASY $722M
UNFI $323M
CASY
UNFI
Return on capital
FY17
CASY 10.6%
UNFI 7.8%
FY18
CASY 11.6%
UNFI 8.8%
FY19
CASY 9.6%
UNFI −4.7%
FY20
CASY 11.1%
UNFI −3.8%
FY21
CASY 12.0%
UNFI 6.4%
FY22
CASY 11.4%
UNFI 9.0%
FY23
CASY 12.6%
UNFI 3.2%
FY24
CASY 12.9%
UNFI 0.2%
FY25
CASY 12.1%
UNFI −0.7%
FY26
CASY 13.6%
UNFI 5.3%
CASY
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.