United Natural Foods Inc UNFI

Consumer StaplesFood & Drug RetailingUnited States of America

Last close 45.87 USD on Nov 1, 2026, +36.2% year to date

Quant rating

Quant rating B Rank 20 of 124 in Consumer Staples

Growth B 24 of 124
Valuation A 18 of 124
Quality C 52 of 124
Revisions A 17 of 124
Momentum C 54 of 124

Wall Street consensus Hold (2.60)Average target 53.00 USD +15.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 4.3B
52-week range: 30.92 – 56.99
3-year range: 8.82 – 56.99
Dividend yield: –
Beta (5 years): 1.06
Shares outstanding: 60.3M
Next earnings: Nov 30, 2026

About the company

United Natural Foods, Inc. is a distributor of natural, organic, specialty, produce and conventional grocery and non-food products, and provider of support services to retailers. Its segments include Natural, Conventional and Retail. The Natural segment is engaged in the wholesale distribution of natural, organic and specialty grocery and non-food products and services and includes the Company's portfolio of natural owned brands and natural and organic snack food manufacturing business. The Conventional segment is engaged in the wholesale distribution of conventional grocery and non-food products and services and includes the Company's portfolio of conventional owned brands. The Retail segment is engaged in the sale of groceries and other products at the Company's grocery and liquor stores operating under the Cub Foods and Shoppers banners. It offers over 230,000 products consisting of national, regional and private label brands grouped into various main product categories.

Growth and profitability fiscal year ends July 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	31,152	31,784	30,980	30,272	28,928	–
Revenue growth	−2.0%	2.6%	2.3%	4.6%	7.3%	2.9%
EPS (basic, normalized)	2.65	0.71	0.14	2.23	4.83	–
EPS growth	273.2%	407.1%	−93.7%	−53.8%	–	–
Gross margin	13.5%	13.3%	13.6%	13.6%	14.5%	13.7%
Net margin	0.3%	−0.4%	−0.4%	0.1%	0.9%	0.1%
ROE	5.3%	−7.4%	−6.6%	1.4%	15.0%	1.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	37.0
Current ratio	1.29x
Long-term debt (mil)	1,571
Net debt (mil)	1,540
Total equity (mil)	1,621
Net debt / equity	0.95x
Net debt / EBITDA	2.20x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	31,152	−2.0%	0.1x	701	+28.7%	6.1x	2.65	+273.2%	17.3x
2027	31,542	+1.3%	0.1x	757	+8.0%	5.7x	3.37	+27.0%	13.6x
2028	32,279	+2.3%	0.1x	813	+7.4%	5.3x	4.04	+20.0%	11.4x
2029	32,931	+2.0%	0.1x	871	+7.1%	4.9x	4.59	+13.6%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	31,542	0.0%	−1.0%	−1.4%	3.37	0.0%	+4.5%	+5.5%
2028	32,279	0.0%	−0.9%	−1.4%	4.04	0.0%	+5.0%	+7.4%
2029	32,931	0.0%	−1.1%	−2.4%	4.59	0.0%	−8.4%	+33.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	7,498	8,155	7,871	8,158	8,059	7,696	7,840	7,947	7,723	7,642
Sales mean (mil)	7,515	7,944	7,612	7,956	7,784	7,638	7,911	8,108	7,803	7,677
Surprise	−0.2%	+2.7%	+3.4%	+2.5%	+3.5%	+0.8%	−0.9%	−2.0%	−1.0%	−0.5%
EPS reported	0.10	0.01	0.16	0.22	0.44	−0.11	0.56	0.62	0.77	0.69
EPS mean	0.03	−0.10	−0.02	0.19	0.21	−0.19	0.41	0.51	0.78	0.61
Surprise	+212.5%	−110.3%	−988.9%	+18.6%	+106.0%	+41.1%	+35.2%	+22.5%	−0.9%	+12.7%

Peer comparison Food & Drug Retailing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
UNFI United Natural Foods Inc	2.8B	2.20x	0.3%	1.71x	13.6x	11.4x	5.7x	5.3x
WMT Walmart Inc.	979.9B	1.16x	3.1%	9.99x	42.9x	38.3x	20.9x	19.3x
L Loblaw Companies Ltd	56.8B	2.09x	4.0%	7.28x	26.9x	24.0x	12.6x	11.8x
SYY Sysco Corporation	40.8B	2.67x	2.1%	14.88x	16.4x	15.4x	10.9x	10.4x
WN George Weston Limited	28.7B	3.55x	1.6%	8.91x	22.8x	19.5x	8.7x	8.1x
KR Kroger Co	39.4B	1.86x	0.7%	6.81x	12.9x	12.2x	6.7x	6.6x
Mean		2.26x	1.9%	8.26x	22.6x	20.1x	10.9x	10.3x
Median		2.14x	1.8%	8.09x	19.6x	17.4x	9.8x	9.3x

Technical analysis

1M+0.3%
3M−9.7%
1Y+18.3%
3Y+224.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, United Natural Foods Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	31,152	31,784	30,980	30,272	28,928	26,950
Cost of revenue	26,935	27,547	26,779	26,141	24,746	23,011
Gross profit	4,217	4,237	4,201	4,131	4,182	3,939
Selling, general & administrative expenses	437	459	432	389	376	371
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.0	6.0	6.0	7.0	10.0	13.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	101	213	155	41.0	−59.0	65.0
Other operating expenses	3,466	3,594	3,610	3,577	3,439	3,209
Operating income	209	−35.0	−2.0	117	416	281
Net interest income (expense)	−124	−142	−152	−141	−148	−174
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	17.0	23.0	17.0	31.0	42.0	76.0
Net income before taxes	102	−154	−137	7.0	310	183
Provision for taxes	18.0	−39.0	−27.0	−23.0	56.0	34.0
Minority interest	0	−3.0	−2.0	−6.0	−6.0	−6.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	84.0	−118	−112	24.0	248	143
Extraordinary items	–	–	–	0	0	6.0
Net income	84.0	−118	−112	24.0	248	149
EBIT, normalized	313	178	153	185	349	351
EBITDA, normalized	616	499	472	489	634	638
Basic EPS, normalized	2.65	0.71	0.14	2.23	4.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, United Natural Foods Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	37.0	44.0	40.0	37.0	44.0	41.0
Receivables	923	1,095	956	892	1,220	1,110
Total inventory	1,946	2,095	2,179	2,292	2,355	2,247
Prepaid expenses	232	189	227	242	178	150
Other current assets	0	0	0	0	0	2.0
Total current assets	3,138	3,423	3,402	3,463	3,797	3,550
Property, plant & equipment	3,050	3,223	3,190	2,995	2,866	2,848
Goodwill	19.0	19.0	19.0	20.0	20.0	20.0
Intangibles	509	576	649	722	819	891
Long-term investments	–	–	–	–	–	–
Note receivable	13.0	7.0	7.0	7.0	12.0	15.0
Other long-term assets	380	347	261	187	114	201
Total assets	7,109	7,595	7,528	7,394	7,628	7,525
Liabilities
Accounts payable	1,771	1,875	1,688	1,781	1,742	1,644
Payable/accrued	–	–	–	–	–	–
Accrued expenses	662	719	666	606	648	719
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	5.0	8.0	11.0	18.0	27.0	120
Other current liabilities	0	0	0	0	0	4.0
Total current liabilities	2,438	2,602	2,365	2,405	2,417	2,487
Long-term debt	1,571	1,870	2,093	1,968	2,132	2,210
Minority interest	1.0	3.0	0	1.0	1.0	−1.0
Other liabilities	1,478	1,569	1,429	1,277	1,288	1,314
Total liabilities	5,488	6,044	5,887	5,651	5,838	6,010
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.0	1.0	1.0	1.0	1.0
Additional paid-in capital	690	658	635	606	608	599
Retained earnings (accumulated deficit)	1,104	1,020	1,138	1,250	1,226	978
Treasury stock	−136	−86.0	−86.0	−86.0	−24.0	−24.0
Other equity	−38.0	−42.0	−47.0	−28.0	−21.0	−39.0
Total equity	1,621	1,551	1,641	1,743	1,790	1,515
Total liabilities & shareholders' equity	7,109	7,595	7,528	7,394	7,628	7,525

Cash flow statement in millions of USD, fiscal years

Cash flow statement, United Natural Foods Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	84.0	−115	−110	30.0	254	155
Depreciation, depletion & amortization	303	321	319	304	285	285
Deferred taxes	27.0	−56.0	−49.0	−36.0	55.0	−5.0
Non-cash items	116	54.0	88.0	156	103	26.0
Changes in working capital	10.0	266	5.0	170	−366	153
Cash from operations	540	470	253	624	331	614
Investing activities
Capital expenditures	−217	−231	−345	−323	−251	−310
Other investing cash flows	48.0	13.0	3.0	−16.0	202	73.0
Cash from investing	−169	−218	−342	−339	−49.0	−237
Financing activities
Financing cash flow items	−25.0	−15.0	−31.0	−46.0	−49.0	−32.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−352	−233	123	−246	−230	−352
Cash from financing	−377	−248	92.0	−292	−279	−384
Foreign exchange effects	−1.0	0	–	0	0	1.0
Net change in cash	−7.0	4.0	3.0	−7.0	3.0	−6.0
Free cash flow	323	239	−92.0	301	80.0	304

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.