# United Natural Foods (UNFI.US)

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

Analysis as of: 2026-10-16T07:32:43.354Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $48.26 per share; close as of 2026-10-15.

Estimated value: low $4.48 per share, central $5.09 per share, high $5.91 per share. Buy at or below the central value $5.09 per share. Valuation as of 2026-10-16T07:32:43.354Z; scenarios are not confidence intervals.

Expected annual return: 3.7% at the stated quote. About 3.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 1.38×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: -0.01×

- FY2020: -0.01×

- FY2021: 0.01×

- FY2022: 0.01×

- FY2023: 0.01×

- FY2024: 0.00×

- FY2025: 0.00×

- FY2026: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: -3.2%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 14.4%

- Recent gross margin (lower of latest and 3-year median): 13.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.7%

- FY2018: 9.6%

- FY2019: -3.8%

- FY2020: -3.2%

- FY2021: 4.9%

- FY2022: 5.7%

- FY2023: 3.2%

- FY2024: 1.6%

- FY2025: 1.7%

- FY2026: 5.2%

### economics: pass

- Owner earnings / net income, 5-yr: 2.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $336M

- Net income, five-year total: $126M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: 4.1%

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

- FY2022: 1.14×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.24×

- FY2026: 2.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.7% vs 1.7%

- Per-share earnings: 2.56 to -1.89 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.2%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: $1.1B

- Cumulative retained earnings: -$131M

- Diluted shares, 10-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$4.45

- Per-share value, starting three-year median: $2.56

- Per-share value, ending three-year median: -$1.89

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.3B

- Cumulative net income, 10 years: $8.9M

- ROIC, first three-year median: 8.7%

- ROIC, last three-year median: 1.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.56

- FY2018: $3.20

- FY2019: -$5.57

- FY2020: -$5.09

- FY2021: $2.48

- FY2022: $4.07

- FY2023: $0.40

- FY2024: -$1.89

- FY2025: -$1.96

- FY2026: $1.34

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 11.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.43×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.2%

- FY2018: 1.8%

- FY2019: -7.9%

- FY2020: -9.6%

- FY2021: -6.2%

- FY2022: -1.1%

- FY2023: -8.1%

- FY2024: -4.8%

- FY2025: -7.7%

- FY2026: -6.4%

## Holders

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

## Price story

Price needs cash profits to grow 30.2% a year for ten years · sales -2%

Story as of 2026-10-16T09:59:45.755Z; price observation 2026-10-15.

Price needs cash profits to grow 30.2% a year for ten years

- 2025-06-27: United Natural Foods' cyberattack contained but will have 'material' impact on Q4 EPS ([seekingalpha.com](https://seekingalpha.com/news/4463317-united-natural-foods-cyberattack-contained-but-will-have-material-impact-on-q4-eps?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-07-16: United Natural Foods projects up to $400 million annual sales hit after cyber breach ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/united-natural-foods-projects-400-120923049.html))

- 2025-09-30: United Natural Foods beats top-line and bottom-line estimates; initiates FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4500112-united-natural-foods-beats-top-line-and-bottom-line-estimates-initiates-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-02: UNFI’s net sales growth slips as supply chain efficiencies improve ([finance.yahoo.com](https://finance.yahoo.com/news/unfi-net-sales-growth-slips-113741002.html))

- 2026-03-10: United Natural Foods Boosts Profit Outlook, Lowers Sales Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/7f6adc4e-a83d-3488-94b9-11763708f01b/united-natural-foods-boosts.html))

- 2026-06-09: United Natural Foods stock sinks 11% on revenue miss, guidance shortfall ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/united-natural-foods-stock-sinks-114518521.html))

### Sales · FY2025–2026

sales -2%; source https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm; observed 2026-09-14.

- FY2017: $9.3B 

- FY2018: $10B 

- FY2019: $22B 

- FY2020: $27B 

- FY2021: $27B 

- FY2022: $29B 

- FY2023: $30B 

- FY2024: $31B 

- FY2025: $32B 

- FY2026: $31B 

### Gross margin · FY2026

gross margin 13.5%; source https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm; observed 2026-09-14.

- FY2017: 15.4% 

- FY2018: 14.9% 

- FY2019: 14.4% 

- FY2020: 14.6% 

- FY2021: 14.6% 

- FY2022: 14.5% 

- FY2023: 13.6% 

- FY2024: 13.6% 

- FY2025: 13.3% 

- FY2026: 13.5% 

## Owner memo

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

### How it makes money

Operates in food distribution; annual sales are USD 31.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm (filed 2026-09-14); FY2026: revenue 31152000000; grossProfit 4196000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNFI.US: United Natural Foods, Inc., together with its subsidiaries, distributes natural, organic, specialty, produce, and conventional food and non-food products in the United States and Canada. It operates in three segments: Natural, Wholesale, and Retail. The company distributes grocery and general merchandise, perishables, frozen food, wellness and personal care items, bulk and foodservice, home, health and beauty care, pharmacy, pet food, produce, meat, dairy, and organic/non-GMO products under the essential everyday, shoppers value, wild harvest, field day, stone ridge creamery, equaline, culinary circle, super chill, arctic shores seafood company, koyo, and woodstock brands. It also engages in the manufacture of natural and organic snack food; importing, roasting, packaging, and distributing of nuts, dried fruit, seeds, trail mixes, granola, natural and organic snack items, and confections under the Woodstock Farms Manufacturing brand; and operation of grocery and liquor stores under the Cub Foods and Shoppers brands. In addition, the company provides shelf and planogram management, retail store support, pricing strategy, shelf tags, electronic payments and coupon processing, store layout and design, equipment sourcing and procurement, point-of-sale hardware and software, network and data hosting solutions, consumer convenience services, automation tools, sustainability services, and administrative back-office solutions; consumer and trade marketing programs; and programs to support suppliers in understanding its markets. Further, it offers web and digital marketing services, such as websites, digital coupon and loyalty programs, mobile applications, e-commerce, and circular programs; and various supply chain, digital, and professional services. It serves grocery chains and retailers. United Natural Foods, Inc. was founded in 1976 and is headquartered in Providence, Rhode Island.

### Why customers stay

Margins ranged from 13.3% to 13.6% during 2024–26; it earns 4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2024: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2025: grossProfit / revenue = 13.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm (filed 2026-09-14); FY2026: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); 10-year return on capital observations [[2017,0.08740587357237495],[2018,0.09558961009411074],[2019,-0.038058944663120334],[2020,-0.03218817977922797],[2021,0.04904262429426918],[2022,0.05725380258746425],[2023,0.0319127449000202],[2024,0.015553606237816764],[2025,0.016794897752581493],[2026,0.05191815856777493]]; median 0.04047768459714469. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm (filed 2026-09-14); Gross margin observations: [[2021,0.1461595547309833],[2022,0.1445658185840708],[2023,0.13646273784355178]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2017: growth capex 0; upkeep 56112000; cash acquisitions 9207000; owner earnings 160094000. Growth capex plus acquisitions / owner earnings = 0.057509962896798134.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2018: growth capex 0; upkeep 44607999; cash acquisitions 39000; owner earnings 205800001. Growth capex plus acquisitions / owner earnings = 0.00018950437225702442.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2021: growth capex 25000000; upkeep 285000000; cash acquisitions 0; owner earnings 149000000. Growth capex plus acquisitions / owner earnings = 0.16778523489932887.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2022: growth capex 0; upkeep 251000000; owner earnings 282000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); FY2023: growth capex 19000000; upkeep 304000000; owner earnings 24000000. Growth capex / owner earnings = 0.7916666666666666.

- Source: https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm (filed 2026-09-14); FY2026: growth capex 0; upkeep 217000000; owner earnings 170000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); Dividend observations: [[2017,0],[2018,0],[2019,3000000],[2020,1000000],[2021,14000000],[2022,12000000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1020859/000102085926000025/unfi-20260801.htm (filed 2026-09-14); FY2026: cash repurchases 50000000 USD.

### Are managers owners

Insiders own 3.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNFI.US SharesStats.PercentInsiders = 3.312 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 30.2% yearly over ten years; actual decline was 1.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-14); Ten-year compound average after fade. Initial solved rate 0.4306195632483939. Price 48.26; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.0833349868052937 → FY2026 2.7070063694267517. Closing-price date 2026-10-15.

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

- 2016-10: $41.74 per share

- 2016-11: $46.95 per share

- 2016-12: $47.72 per share

- 2017-01: $45.70 per share

- 2017-02: $43.05 per share

- 2017-03: $43.23 per share

- 2017-04: $41.53 per share

- 2017-05: $39.94 per share

- 2017-06: $36.70 per share

- 2017-07: $38.53 per share

- 2017-08: $34.75 per share

- 2017-09: $41.59 per share

- 2017-10: $38.77 per share

- 2017-11: $48.02 per share

- 2017-12: $49.27 per share

- 2018-01: $47.60 per share

- 2018-02: $42.67 per share

- 2018-03: $42.94 per share

- 2018-04: $45.02 per share

- 2018-05: $45.58 per share

- 2018-06: $42.66 per share

- 2018-07: $32.20 per share

- 2018-08: $35.51 per share

- 2018-09: $29.95 per share

- 2018-10: $21.73 per share

- 2018-11: $21.61 per share

- 2018-12: $10.59 per share

- 2019-01: $13.10 per share

- 2019-02: $15.01 per share

- 2019-03: $13.22 per share

- 2019-04: $12.92 per share

- 2019-05: $10.15 per share

- 2019-06: $8.97 per share

- 2019-07: $9.86 per share

- 2019-08: $8.04 per share

- 2019-09: $11.52 per share

- 2019-10: $7.50 per share

- 2019-11: $9.12 per share

- 2019-12: $8.76 per share

- 2020-01: $7.20 per share

- 2020-02: $6.47 per share

- 2020-03: $9.18 per share

- 2020-04: $10.64 per share

- 2020-05: $19.60 per share

- 2020-06: $18.21 per share

- 2020-07: $19.85 per share

- 2020-08: $18.05 per share

- 2020-09: $14.87 per share

- 2020-10: $14.57 per share

- 2020-11: $17.25 per share

- 2020-12: $15.97 per share

- 2021-01: $27.08 per share

- 2021-02: $26.45 per share

- 2021-03: $32.94 per share

- 2021-04: $36.86 per share

- 2021-05: $37.96 per share

- 2021-06: $36.98 per share

- 2021-07: $33.12 per share

- 2021-08: $36.80 per share

- 2021-09: $48.42 per share

- 2021-10: $43.39 per share

- 2021-11: $49.72 per share

- 2021-12: $49.08 per share

- 2022-01: $38.78 per share

- 2022-02: $40.23 per share

- 2022-03: $41.35 per share

- 2022-04: $42.93 per share

- 2022-05: $42.41 per share

- 2022-06: $39.40 per share

- 2022-07: $42.51 per share

- 2022-08: $44.08 per share

- 2022-09: $34.37 per share

- 2022-10: $42.41 per share

- 2022-11: $47.68 per share

- 2022-12: $38.71 per share

- 2023-01: $41.62 per share

- 2023-02: $40.73 per share

- 2023-03: $26.35 per share

- 2023-04: $27.27 per share

- 2023-05: $26.71 per share

- 2023-06: $19.55 per share

- 2023-07: $20.80 per share

- 2023-08: $20.13 per share

- 2023-09: $14.14 per share

- 2023-10: $14.58 per share

- 2023-11: $14.55 per share

- 2023-12: $16.23 per share

- 2024-01: $14.91 per share

- 2024-02: $15.61 per share

- 2024-03: $11.49 per share

- 2024-04: $8.93 per share

- 2024-05: $12.01 per share

- 2024-06: $13.10 per share

- 2024-07: $15.50 per share

- 2024-08: $15.13 per share

- 2024-09: $16.82 per share

- 2024-10: $20.34 per share

- 2024-11: $24.83 per share

- 2024-12: $27.31 per share

- 2025-01: $29.74 per share

- 2025-02: $31.79 per share

- 2025-03: $27.39 per share

- 2025-04: $26.71 per share

- 2025-05: $30.57 per share

- 2025-06: $23.31 per share

- 2025-07: $27.64 per share

- 2025-08: $28.28 per share

- 2025-09: $37.62 per share

- 2025-10: $37.65 per share

- 2025-11: $37.31 per share

- 2025-12: $33.67 per share

- 2026-01: $37.23 per share

- 2026-02: $38.21 per share

- 2026-03: $45.06 per share

- 2026-04: $50.02 per share

- 2026-05: $51.35 per share

- 2026-06: $45.67 per share

- 2026-07: $50.83 per share

- 2026-08: $43.86 per share

- 2026-09: $44.79 per share

- 2026-10: $48.26 per share

## Annual estimated value (USD per share)

- FY2017: low $42.06 per share, central $58.92 per share, high $69.15 per share

- FY2018: low $45.69 per share, central $63.10 per share, high $74.01 per share

- FY2019: low $82.33 per share, central $93.68 per share, high $108.79 per share

- FY2020: low $93.14 per share, central $105.98 per share, high $123.08 per share

- FY2021: low $30.86 per share, central $40.18 per share, high $46.99 per share

- FY2022: low $35.64 per share, central $50.92 per share, high $59.81 per share

- FY2023: low $4.32 per share, central $4.92 per share, high $5.71 per share

- FY2024: low $4.53 per share, central $5.15 per share, high $5.98 per share

- FY2025: low $4.58 per share, central $5.21 per share, high $6.05 per share

- FY2026: low $4.30 per share, central $4.89 per share, high $5.68 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/1020859/000102085926000025/unfi-20260801.htm); period 2026-08-01, filed 2026-09-14.

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.

## Reported holder observations

- [Bill Miller](https://gigainvestors.com/LMM): 4,705 UNFI shares; USD 215,000 reported position value; 0.05% of portfolio; reduce; quarter 2026 Q2.

# UNFI — United Natural Foods

Held by 1 investor · USD 215,000 total · 2026 Q2 · reported price USD 45.70 (split-adjusted).
Page: https://gigainvestors.com/s/UNFI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Miller (https://gigainvestors.com/LMM) | USD 215,000 | 0.1% | reduce -10.38% |

## Total held by quarter

- 2024 Q2: USD 2,679,867 · 1 holder · USD 13.10
- 2024 Q3: USD 4,560,154 · 1 holder · USD 16.82
- 2024 Q4: USD 11,265,375 · 1 holder · USD 27.31
- 2025 Q1: USD 5,175,477 · 1 holder · USD 27.39
- 2025 Q2: USD 3,202,911 · 1 holder · USD 23.31
- 2025 Q3: USD 2,763,001 · 1 holder · USD 37.62
- 2025 Q4: USD 424,957 · 1 holder · USD 33.66
- 2026 Q1: USD 236,985 · 1 holder · USD 45.14
- 2026 Q2: USD 215,000 · 1 holder · USD 45.70