A Business at a Glance
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UNITED NATURAL FOODS INC
UNFI
$3.0B
Mkt Cap
$49.67
+2.22%
UNITED NATURAL FOODS INC (UNFI) has a 5-year average return on invested capital (ROIC) of 4.7%. This is below average and may indicate limited pricing power.
UNITED NATURAL FOODS INC (UNFI) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
UNITED NATURAL FOODS INC (UNFI) does not currently pay a regular dividend.
UNITED NATURAL FOODS INC (UNFI) operates in the Wholesale-Groceries, General Line industry, within the Consumer Defensive sector.
UNITED NATURAL FOODS INC (UNFI) reported annual revenue of $31.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
UNITED NATURAL FOODS INC (UNFI) has a net profit margin of -0.4%. The company is currently unprofitable.
UNITED NATURAL FOODS INC (UNFI) generated $239 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
In this Annual Report on Form 10-K (“Annual Report” or “Report”), unless otherwise specified, references to “United Natural Foods”, “UNFI”, “we”, “us”, “our” or the “Company” mean United Natural Foods, Inc. together with its consolidated subsidiaries. We are a Delaware corporation based in Providence, Rhode Island. We conduct our business through various subsidiaries. Since the formation of our predecessor in 1976, we have grown our business both organically and through acquisitions, which have expanded our distribution network, product selection and customer base. Our Background UNFI is a leading distributor of grocery and non-food products, and support services provider to retailers in the United States and Canada. We believe we are uniquely positioned to provide the broadest array of products, programs and services to customers throughout North America.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 31.5B | 31.8B | 31.0B | 30.3B | 28.9B | 26.9B |
| Net Income | -78M | -118M | -112M | 24M | 248M | 149M |
| EPS | $-1.29 | $-1.95 | $-1.89 | $0.40 | $4.07 | $2.48 |
| Free Cash Flow | 394M | 239M | -92M | 301M | 80M | 304M |
| ROIC | 0.7% | -0.3% | - | 3.2% | 9.2% | 6.5% |
| Gross Margin | 13.3% | 13.3% | 13.6% | 13.6% | 14.5% | 14.6% |
| Debt/Equity | 0.01 | 1.20 | 1.27 | 1.13 | 1.19 | 1.44 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 13M | -11M | - | 120M | 423M | 294M |
| Operating Margin | 0.0% | -0.0% | - | 0.4% | 1.5% | 1.1% |
| ROE | -5.0% | -7.4% | -6.6% | 1.4% | 15.0% | 11.2% |
| Shares Outstanding | 61M | 61M | 59M | 60M | 61M | 60M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.8B | 8.2B | 8.5B | 9.3B | 10.2B | 22.3B | 26.6B | 26.9B | 28.9B | 30.3B | 31.0B | 31.8B | 31.5B |
| Gross Margin | 16.6% | 15.4% | 15.1% | 15.4% | 14.9% | 14.4% | 14.6% | 14.6% | 14.5% | 13.6% | 13.6% | 13.3% | 13.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 917M | 1.0B | 1.1B | 1.2B | 1.3B | 106M | 43M | 9.0M | 3.8B | 4.0B | 4.2B | 4.2B | 4.2B |
| EBIT | 211M | 242M | 224M | 226M | 224M | -196M | -193M | 294M | 423M | 120M | N/A | -11M | 13M |
| Op. Margin | 3.1% | 3.0% | 2.6% | 2.4% | 2.2% | -0.9% | -0.7% | 1.1% | 1.5% | 0.4% | N/A | -0.0% | 0.0% |
| Net Income | 125M | 139M | 126M | 130M | 163M | -285M | -274M | 149M | 248M | 24M | -112M | -118M | -78M |
| Net Margin | 1.8% | 1.7% | 1.5% | 1.4% | 1.6% | -1.3% | -1.0% | 0.6% | 0.9% | 0.1% | -0.4% | -0.4% | -0.2% |
| Non-Recurring | 0 | 1.6M | 6.2M | 5.9M | 18M | 441M | 494M | 60M | 108M | -22M | -21M | 52M | 103M |
| Returns on Capital | |||||||||||||
| ROIC | 7.8% | 9.5% | 8.1% | 7.8% | 9.1% | -8.8% | -6.7% | 6.5% | 9.2% | 3.2% | N/A | -0.3% | 0.7% |
| ROE | 10.1% | 10.0% | 8.3% | 8.1% | 9.2% | -17.0% | -20.7% | 11.2% | 15.0% | 1.4% | -6.6% | -7.4% | -5.0% |
| ROA | 5.5% | 5.5% | 4.4% | 4.5% | 5.6% | -5.6% | -3.7% | 2.0% | 3.3% | 0.3% | -1.5% | -1.6% | -1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 62M | 49M | 297M | 273M | 109M | 285M | 457M | 614M | 331M | 624M | 253M | 470M | 578M |
| Free Cash Flow | -85M | -80M | 255M | 217M | 64M | 57M | 284M | 304M | 80M | 301M | -92M | 239M | 394M |
| Owner Earnings | -948K | -29M | 210M | 162M | -4.4M | 11M | 150M | 284M | 2.0M | 282M | -105M | 106M | 215M |
| CapEx | 147M | 129M | 41M | 56M | 45M | 228M | 173M | 310M | 251M | 323M | 345M | 231M | 184M |
| Maint. CapEx | 49M | 64M | 71M | 86M | 88M | 248M | 282M | 285M | 285M | 304M | 319M | 321M | 311M |
| Growth CapEx | 99M | 65M | 0 | 0 | 0 | 0 | 0 | 25M | 0 | 19M | 26M | 0 | 0 |
| D&A | 49M | 64M | 71M | 86M | 88M | 248M | 282M | 285M | 285M | 304M | 319M | 321M | 311M |
| CapEx/OCF | 236.0% | 264.3% | 13.9% | 20.0% | 40.7% | 80.3% | 37.9% | 50.5% | 75.8% | 51.8% | 136.4% | 49.1% | 31.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 24M | 0 | 0 | 0 | 0 | 62M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.5% | N/A | N/A | N/A | N/A | 5.0% | N/A | N/A | 0.0% |
| Stock-Based Comp | 15M | 14M | 15M | 26M | 26M | 26M | 25M | 45M | 44M | 38M | 39M | 43M | 52M |
| Debt Repayment | 1.2M | 11M | 11M | 12M | 12M | 780M | 122M | 792M | 376M | 154M | 191M | 124M | 124M |
| Balance Sheet | |||||||||||||
| Net Debt | 383M | 161M | 148M | 147M | 124M | 3.0B | 2.6B | 2.1B | 2.1B | 1.9B | 2.0B | 1.8B | -42M |
| Cash & Equiv. | 16M | 17M | 19M | 15M | 23M | 44M | 47M | 41M | 44M | 37M | 40M | 44M | 52M |
| Long-Term Debt | 33M | 173M | 162M | 150M | 138M | 3.0B | 2.6B | 2.2B | 2.1B | 2.0B | 2.1B | 1.9B | 7.0M |
| Debt/Equity | 0.33 | 0.14 | 0.12 | 0.10 | 0.08 | 2.05 | 2.31 | 1.44 | 1.19 | 1.13 | 1.27 | 1.20 | 0.01 |
| Interest Coverage | 27.2 | 16.7 | 13.8 | 13.5 | 14.0 | -1.1 | -1.0 | 1.4 | 2.7 | 0.8 | N/A | -0.1 | 0.1 |
| Equity | 1.2B | 1.4B | 1.5B | 1.7B | 1.8B | 1.5B | 1.1B | 1.5B | 1.8B | 1.7B | 1.6B | 1.6B | 1.6B |
| Total Assets | 2.3B | 2.5B | 2.9B | 2.9B | 3.0B | 7.2B | 7.6B | 7.5B | 7.6B | 7.4B | 7.5B | 7.6B | 7.2B |
| Total Liabilities | 1.0B | 1.2B | 1.3B | 1.2B | 1.1B | 5.7B | 6.4B | 6.0B | 5.8B | 5.7B | 5.9B | 6.0B | 5.7B |
| Intangibles | 135M | 126M | 222M | 208M | 193M | 1.1B | 970M | 891M | 819M | 722M | 649M | 576M | 542M |
| Retained Earnings | 845M | 979M | 1.1B | 1.2B | 1.4B | 1.1B | 838M | 978M | 1.2B | 1.3B | 1.1B | 1.0B | 1.0B |
| Working Capital | 854M | 1.0B | 991M | 959M | 1.1B | 1.4B | 1.3B | 1.1B | 1.4B | 1.1B | 1.0B | 821M | 809M |
| Current Assets | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 3.6B | 3.7B | 3.5B | 3.8B | 3.5B | 3.4B | 3.4B | 3.2B |
| Current Liabilities | 515M | 528M | 620M | 704M | 699M | 2.1B | 2.4B | 2.5B | 2.4B | 2.4B | 2.4B | 2.6B | 2.4B |
| Per Share Data | |||||||||||||
| EPS | 2.52 | 2.76 | 2.50 | 2.56 | 3.20 | -5.56 | -5.10 | 2.48 | 4.07 | 0.40 | -1.89 | -1.95 | -1.29 |
| Owner EPS | -0.02 | -0.58 | 4.18 | 3.18 | -0.09 | 0.21 | 2.79 | 4.73 | 0.03 | 4.70 | -1.77 | 1.75 | 3.54 |
| Book Value | 24.97 | 27.48 | 30.20 | 33.08 | 36.29 | 29.40 | 21.31 | 25.22 | 29.39 | 29.05 | 27.69 | 25.63 | 25.51 |
| Cash Flow/Share | 1.25 | 0.97 | 5.90 | 5.38 | 2.14 | 5.56 | 8.51 | 10.22 | 5.43 | 10.40 | 4.27 | 7.77 | 3.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 49.8M | 50.3M | 50.3M | 50.8M | 50.9M | 51.3M | 53.7M | 60.1M | 60.9M | 60.0M | 59.3M | 60.5M | 60.8M |
| Valuation | |||||||||||||
| P/E Ratio | 23.4 | 16.9 | 19.8 | 14.8 | 10.0 | N/A | N/A | 13.3 | 10.5 | 51.8 | N/A | N/A | -38.6 |
| P/FCF | N/A | N/A | 9.8 | 8.9 | 25.7 | 8.9 | 3.8 | 6.5 | 32.5 | 4.1 | N/A | 7.2 | 7.7 |
| EV/EBIT | 15.8 | 10.4 | 11.8 | 9.2 | 7.8 | N/A | N/A | 14.7 | 11.0 | 26.3 | 128.0 | N/A | 229.1 |
| Price/Book | 2.4 | 1.7 | 1.6 | 1.1 | 0.9 | 0.3 | 0.9 | 1.3 | 1.5 | 0.7 | 0.6 | 1.1 | 1.9 |
| Price/Sales | 0.5 | 0.4 | 0.3 | 0.2 | 0.2 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 |
| FCF Yield | -2.9% | -3.4% | 10.2% | 11.3% | 3.9% | 11.3% | 26.2% | 15.4% | 3.1% | 24.2% | -10.0% | 13.9% | 13.0% |
| Market Cap | 2.9B | 2.3B | 2.5B | 1.9B | 1.7B | 505M | 1.1B | 2.0B | 2.6B | 1.2B | 920M | 1.7B | 3.0B |
| Avg. Price | 67.77 | 69.47 | 42.67 | 43.12 | 42.94 | 18.14 | 10.89 | 25.95 | 42.17 | 34.94 | 14.61 | 23.88 | 49.67 |
| Year-End Price | 59.09 | 46.64 | 49.50 | 37.88 | 32.51 | 9.87 | 20.14 | 32.96 | 42.64 | 20.72 | 15.53 | 28.43 | 49.67 |
UNITED NATURAL FOODS INC passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 4.7% with a gross margin of 13.9%. At current prices, the estimated annualized return to fair value is +8.7%.
UNITED NATURAL FOODS INC (UNFI) has a debt-to-equity ratio of 1.20. This indicates moderate leverage.
UNITED NATURAL FOODS INC (UNFI) reported earnings per share (EPS) of $-1.95 in its most recent fiscal year.
UNITED NATURAL FOODS INC (UNFI) has a return on equity (ROE) of -7.4%. A negative ROE may indicate losses or negative equity.
UNITED NATURAL FOODS INC (UNFI) has a 5-year average gross margin of 13.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for UNITED NATURAL FOODS INC (UNFI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UNITED NATURAL FOODS INC (UNFI) has a book value per share of $25.63, based on its most recent annual SEC filing.