# Unifirst (UNF.US)

Canonical: https://gigainvestors.com/s/UNF

Analysis as of: 2026-10-16T07:32:43.009Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $264.83 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.07×

- FY2018: 0.11×

- FY2019: 0.13×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: 5.4 pp

- Typical gross margin (annual median): 36.2%

- Recent gross margin (lower of latest and 3-year median): 30.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 8.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.2%

- FY2017: 9.9%

- FY2018: 20.0%

- FY2019: 20.4%

- FY2020: 14.9%

- FY2021: 15.4%

- FY2022: 9.1%

- FY2023: 7.5%

- FY2024: 10.4%

- FY2025: 10.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $622M

- Net income, five-year total: $652M

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 24.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.87×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.93×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.2% vs 10.2%

- Per-share earnings: 6.19 to 7.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $392M

- Cumulative retained earnings: $693M

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.9%

- Per-share value change: $1.58

- Per-share value, starting three-year median: $6.19

- Per-share value, ending three-year median: $7.77

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 1.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $602M

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 19.2%

- ROIC, last three-year median: 10.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.20

- FY2017: $3.46

- FY2018: $8.21

- FY2019: $9.33

- FY2020: $7.13

- FY2021: $7.94

- FY2022: $5.46

- FY2023: $5.53

- FY2024: $7.77

- FY2025: $7.98

### accounting: pass

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -8.1%

- FY2018: -3.6%

- FY2019: -5.0%

- FY2020: -6.9%

- FY2021: -2.6%

- FY2022: -0.8%

- FY2023: -4.4%

- FY2024: -5.6%

- FY2025: -5.3%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 61% since Oct 2023 · sales +0.2%

Story as of 2026-10-16T09:59:45.694Z; price observation 2026-10-15.

- 2026-01-08: UNF Q4 Deep Dive: Margin Pressures Persist Despite Top-Line Growth and Strategic Investments ([finance.yahoo.com](https://finance.yahoo.com/news/unf-q4-deep-dive-margin-053059517.html))

### Sales · FY2024–2025

sales +0.2%; source https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm; observed 2025-10-29.

- FY2016: $1.5B 

- FY2017: $1.6B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $1.8B 

- FY2021: $1.8B 

- FY2022: $2.0B 

- FY2023: $2.2B 

- FY2024: $2.4B 

- FY2025: $2.4B 

### Gross margin · FY2025

gross margin 30.8%; source https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm; observed 2025-10-29.

- FY2016: 38.7% 

- FY2017: 37.5% 

- FY2018: 37.7% 

- FY2019: 37.0% 

- FY2020: 35.4% 

- FY2021: 37.5% 

- FY2022: 34.7% 

- FY2023: 33.7% 

- FY2024: 34.9% 

- FY2025: 30.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 2.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm (filed 2025-10-29); FY2025: revenue 2432352000; grossProfit 749597000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNF.US: UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Europe, and Canada. It operates in three segments: Uniform & Facility Service Solutions; First Aid & Safety Solutions; and Other. The company offers uniforms, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; specialized protective wear comprising flame resistant and high visibility garments; and first aid cabinet services and other safety supplies, as well as safety training services. It also engages in the rent and sale of non-garment items and services that include industrial wiping products, floor mats, dry and wet mops, and other textile products, as well as the wholesale distribution and pill packaging operations for non-prescription medicines. In addition, the company provides garment service options, including full-service rental and lease programs. Further, it offers restroom and cleaning supplies, such as air fresheners, paper products, gloves, masks, hand soaps, and sanitizers. Additionally, it provides specialized services, including decontamination and cleaning of work clothes and other items that have been exposed to radioactive materials and services special cleanroom protective wear. The company serves automobile service centers and dealers, delivery services, food and general merchandise retailers, manufacturers, maintenance facilities, restaurants and food-related businesses, business service companies, soft and durable goods wholesalers, transportation companies, energy producing operations, and healthcare providers, as well as others that require employee clothing on the job for image, identification, protection, or utility purposes. UniFirst Corporation was founded in 1936 and is headquartered in Wilmington, Massachusetts.

### Why customers stay

Margins ranged from 30.8% to 34.9% during 2023–25; it earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2023: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2024: grossProfit / revenue = 34.9%.

- Source: https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm (filed 2025-10-29); FY2025: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); 10-year return on capital observations [[2016,0.19218778707861453],[2017,0.09855766983350062],[2018,0.200283207885993],[2019,0.2043729614193211],[2020,0.14925383624639238],[2021,0.15436483644795607],[2022,0.0912120849284007],[2023,0.07494304533570552],[2024,0.10419573651346102],[2025,0.10186900009015251]]; median 0.1267247863799267. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 9.9% of cash earnings; earns 2.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2016: growth capex 3969709.043120563; upkeep 94265290.95687944; cash acquisitions 16583000; owner earnings 112372709.04312056. Growth capex plus acquisitions / owner earnings = 0.18289769124667016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2017: growth capex 19675000; upkeep 88879000; cash acquisitions 125457000; owner earnings 70196000. Growth capex plus acquisitions / owner earnings = 2.067525215111972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2018: growth capex 16085000; upkeep 96662000; cash acquisitions 42665000; owner earnings 163895000. Growth capex plus acquisitions / owner earnings = 0.358461209920986.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2019: growth capex 16482000; upkeep 103333000; cash acquisitions 4919000; owner earnings 179134000. Growth capex plus acquisitions / owner earnings = 0.11946922415621825.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2020: growth capex 0; upkeep 116717000; cash acquisitions 41221000; owner earnings 123750000. Growth capex plus acquisitions / owner earnings = 0.3330989898989899.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2021: growth capex 7434343.46392633; upkeep 126204656.53607367; cash acquisitions 8443000; owner earnings 130861343.46392633. Growth capex plus acquisitions / owner earnings = 0.12132951598730247.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2022: growth capex 35542000; upkeep 108777000; cash acquisitions 44203000; owner earnings 103404000. Growth capex plus acquisitions / owner earnings = 0.7711984062512088.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2023: growth capex 50758000; upkeep 121233000; cash acquisitions 306193000; owner earnings 103674000. Growth capex plus acquisitions / owner earnings = 3.443013677489052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2024: growth capex 18985000; upkeep 141432000; cash acquisitions 203000; owner earnings 145474000. Growth capex plus acquisitions / owner earnings = 0.1318998583939398.

- Source: https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm (filed 2025-10-29); FY2025: growth capex 1784515.0615847409; upkeep 152560484.93841526; cash acquisitions 11911000; owner earnings 138220515.06158474. Growth capex plus acquisitions / owner earnings = 0.09908453210062663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); Incremental return on capital 0.02091099504118778, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); Dividend observations: [[2016,2878000],[2017,2898000],[2018,4218000],[2019,8260000],[2020,15700000],[2021,18147000],[2022,20791000],[2023,22100000],[2024,23345000],[2025,24625000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm (filed 2025-10-29); FY2025: cash repurchases 70895000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNF.US SharesStats.PercentInsiders = 0.761 percentage points; cache date 2026-10-16.

### What the price says

The price is 2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); Closing price 264.83 USD; reporting-to-trading FX 1; FY2025 annual sales per share 130.90533340509123; price multiple 2.0230650127942007. FY2025 cash earnings/share 7.438809270845742. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $122.50 per share

- 2016-11: $141.35 per share

- 2016-12: $143.65 per share

- 2017-01: $127.90 per share

- 2017-02: $133.10 per share

- 2017-03: $141.45 per share

- 2017-04: $139.20 per share

- 2017-05: $141.70 per share

- 2017-06: $140.70 per share

- 2017-07: $142.25 per share

- 2017-08: $143.60 per share

- 2017-09: $151.50 per share

- 2017-10: $157.50 per share

- 2017-11: $163.50 per share

- 2017-12: $164.90 per share

- 2018-01: $165.30 per share

- 2018-02: $155.30 per share

- 2018-03: $161.65 per share

- 2018-04: $160.60 per share

- 2018-05: $177.60 per share

- 2018-06: $176.90 per share

- 2018-07: $187.15 per share

- 2018-08: $185.20 per share

- 2018-09: $173.65 per share

- 2018-10: $149.30 per share

- 2018-11: $154.41 per share

- 2018-12: $143.07 per share

- 2019-01: $138.43 per share

- 2019-02: $143.82 per share

- 2019-03: $153.50 per share

- 2019-04: $158.13 per share

- 2019-05: $158.78 per share

- 2019-06: $188.57 per share

- 2019-07: $196.87 per share

- 2019-08: $195.91 per share

- 2019-09: $195.12 per share

- 2019-10: $200.84 per share

- 2019-11: $206.25 per share

- 2019-12: $201.98 per share

- 2020-01: $203.93 per share

- 2020-02: $185.81 per share

- 2020-03: $151.09 per share

- 2020-04: $168.15 per share

- 2020-05: $179.80 per share

- 2020-06: $178.95 per share

- 2020-07: $186.48 per share

- 2020-08: $192.62 per share

- 2020-09: $189.37 per share

- 2020-10: $163.81 per share

- 2020-11: $184.88 per share

- 2020-12: $211.69 per share

- 2021-01: $212.80 per share

- 2021-02: $242.29 per share

- 2021-03: $223.71 per share

- 2021-04: $224.19 per share

- 2021-05: $221.68 per share

- 2021-06: $234.64 per share

- 2021-07: $217.77 per share

- 2021-08: $229.07 per share

- 2021-09: $212.62 per share

- 2021-10: $197.96 per share

- 2021-11: $191.65 per share

- 2021-12: $210.40 per share

- 2022-01: $190.09 per share

- 2022-02: $181.25 per share

- 2022-03: $184.28 per share

- 2022-04: $172.30 per share

- 2022-05: $163.44 per share

- 2022-06: $172.18 per share

- 2022-07: $195.89 per share

- 2022-08: $180.26 per share

- 2022-09: $168.23 per share

- 2022-10: $184.01 per share

- 2022-11: $193.76 per share

- 2022-12: $192.99 per share

- 2023-01: $198.44 per share

- 2023-02: $196.13 per share

- 2023-03: $176.23 per share

- 2023-04: $163.68 per share

- 2023-05: $171.11 per share

- 2023-06: $155.01 per share

- 2023-07: $162.30 per share

- 2023-08: $176.13 per share

- 2023-09: $163.01 per share

- 2023-10: $164.43 per share

- 2023-11: $172.60 per share

- 2023-12: $182.91 per share

- 2024-01: $169.42 per share

- 2024-02: $168.72 per share

- 2024-03: $173.43 per share

- 2024-04: $160.13 per share

- 2024-05: $158.60 per share

- 2024-06: $171.53 per share

- 2024-07: $194.54 per share

- 2024-08: $189.69 per share

- 2024-09: $198.65 per share

- 2024-10: $179.81 per share

- 2024-11: $200.87 per share

- 2024-12: $171.09 per share

- 2025-01: $214.32 per share

- 2025-02: $214.92 per share

- 2025-03: $174.00 per share

- 2025-04: $178.47 per share

- 2025-05: $188.56 per share

- 2025-06: $188.22 per share

- 2025-07: $171.03 per share

- 2025-08: $177.82 per share

- 2025-09: $167.19 per share

- 2025-10: $154.35 per share

- 2025-11: $172.55 per share

- 2025-12: $192.90 per share

- 2026-01: $215.00 per share

- 2026-02: $234.82 per share

- 2026-03: $251.59 per share

- 2026-04: $255.51 per share

- 2026-05: $265.42 per share

- 2026-06: $264.46 per share

- 2026-07: $292.98 per share

- 2026-08: $276.60 per share

- 2026-09: $250.52 per share

- 2026-10: $264.83 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/717954/000119312525256222/unf-20250830.htm); period 2025-08-30, filed 2025-10-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.