What are the investment strengths of United Natural Foods Inc (UNFI)?

P/S of 0.06x vs industry median 0.28x - trading at 78% discount on revenue multiple despite 7.9x larger revenue base than median peer FCF yield of 17% (344M FCF / 2B market cap) provides deleveraging optionality; PCF ratio 3.8x vs industry 8.3x

What are the investment risks for United Natural Foods Inc (UNFI)?

Interest coverage of 1.0x (137M operating income / 136M interest) leaves zero margin for error; any EBIT decline triggers covenant risk EPS declined -26% 3Y CAGR vs industry median +5%; structural margin compression in low-margin distribution model

United Natural Foods Inc

UNFI

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United Natural Foods Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-29

Snapshot

Debt/Equity of 2.24x with 3.5B total debt vs 1.5B equity; interest expense (136M TTM) nearly equals operating income (137M TTM)[Debt to Equity]
FCF of 344M TTM despite -101M net loss; 1.1% FCF margin on 31.8B revenue funds debt service without equity dilution[Free Cash Flow TTM]
Asset turnover 4.1x vs industry median 2.2x - capital efficiency partially offsets razor-thin 0.4% operating margin[Asset Turnover TTM]

Watch Triggers

Operating Margin TTM: Falls below 0.3% or rises above 0.8% — At 0.4%, 25bp swing = 80M EBIT change; determines debt serviceability
Free Cash Flow TTM: Turns negative for 2+ quarters — Only source of deleveraging; negative FCF forces refinancing at higher rates
Total Debt: Rises above 3.7B or falls below 3.2B — Debt reduction signals turnaround; increase signals distress

Bull Case

P/S of 0.06x vs industry median 0.28x - trading at 78% discount on revenue multiple despite 7.9x larger revenue base than median peer

PS RatioTotal Revenue TTM

FCF yield of 17% (344M FCF / 2B market cap) provides deleveraging optionality; PCF ratio 3.8x vs industry 8.3x

Free Cash Flow TTMPCF Ratio

Bear Case

Interest coverage of 1.0x (137M operating income / 136M interest) leaves zero margin for error; any EBIT decline triggers covenant risk

Interest Expense TTMOperating Income TTM

EPS declined -26% 3Y CAGR vs industry median +5%; structural margin compression in low-margin distribution model

EPS Growth 3yrNet Margin TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Margin recovery to 1%+ operating margin would double EBIT given 31.8B revenue base

1-3ylow

Operating margin 0.4% vs industry median 1.2%
Restructuring charges of 22M TTM suggest cost actions underway
High asset turnover amplifies margin improvements

Operating income 137M on 31.8B revenue TTMEBITDA 315M shows cash earnings existFCF positive 344M despite net loss

Valuation Context

Caveats

Public Strategies Rankings

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UNFI Fundamentals

Wholesale Trade → Merchant Wholesalers, Nondurable Goods

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$2.76B		—
Enterprise Value	$5.94B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$31.54B	-0.4%	—
Earnings Per Share (diluted) - TTM	$-1.31	+3125.4%	—
Operating Margin - TTM	0.54%	+0.1%	—
Net Margin - TTM	-0.25%	+0.0%	—
Free Cash Flow - TTM	$394.0M	+155.8%	—
Return on Common Equity - TTM	-4.91%	+0.0%	—
Beta 5Y (Monthly)	unknown		—

UNFI Dividend History

No dividends

UNFI Stock Splits

1 stock split

04/20/040.5:1 split

UNFI SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/10/26	01/31/26	10-Q	0001020859-26-000006
12/02/25	11/01/25	10-Q	0001020859-25-000065
10/01/25	08/02/25	10-K	0001020859-25-000054
06/10/25	05/03/25	10-Q	0001020859-25-000029
03/11/25	02/01/25	10-Q	0001020859-25-000013
12/10/24	11/02/24	10-Q	0001020859-24-000098
10/01/24	08/03/24	10-K	0001020859-24-000045
06/05/24	04/27/24	10-Q	0001020859-24-000029
03/06/24	01/27/24	10-Q	0001020859-24-000006
12/06/23	10/28/23	10-Q	0001020859-23-000115
09/26/23	07/29/23	10-K	0001020859-23-000048
06/07/23	04/29/23	10-Q	0001020859-23-000032
03/08/23	01/28/23	10-Q	0001020859-23-000012
12/07/22	10/29/22	10-Q	0001020859-22-000135
09/27/22	07/30/22	10-K	0001020859-22-000054
06/07/22	04/30/22	10-Q	0001020859-22-000037
03/09/22	01/29/22	10-Q	0001020859-22-000013
12/08/21	10/30/21	10-Q	0001020859-21-000170
09/28/21	07/31/21	10-K	0001020859-21-000083
06/09/21	05/01/21	10-Q	0001020859-21-000054
03/10/21	01/30/21	10-Q	0001020859-21-000026
12/09/20	10/31/20	10-Q	0001020859-20-000170
09/29/20	08/01/20	10-K	0001020859-20-000064
06/10/20	05/02/20	10-Q	0001020859-20-000033
03/11/20	02/01/20	10-Q	0001020859-20-000008
12/11/19	11/02/19	10-Q	0001020859-19-000146
10/01/19	08/03/19	10-K	0001020859-19-000116
06/05/19	04/27/19	10-Q	0001020859-19-000055
03/07/19	01/26/19	10-Q	0001020859-19-000016
12/06/18	10/27/18	10-Q	0001020859-18-000142
09/24/18	07/28/18	10-K	0001020859-18-000095
06/07/18	04/28/18	10-Q	0001020859-18-000055
03/08/18	01/27/18	10-Q	0001020859-18-000018
12/07/17	10/28/17	10-Q	0001020859-17-000154
09/26/17	07/29/17	10-K	0001020859-17-000109
06/08/17	04/29/17	10-Q	0001020859-17-000034
03/09/17	01/28/17	10-Q	0001020859-17-000013
12/08/16	10/29/16	10-Q	0001020859-16-000383
09/28/16	07/30/16	10-K	0001020859-16-000356
06/09/16	04/30/16	10-Q	0001020859-16-000246
03/10/16	01/30/16	10-Q	0001020859-16-000221
12/10/15	10/31/15	10-Q	0001020859-15-000196
09/30/15	08/01/15	10-K	0001020859-15-000165
06/11/15	05/02/15	10-Q	0001020859-15-000064
03/12/15	01/31/15	10-Q	0001020859-15-000046
12/10/14	11/01/14	10-Q	0001020859-14-000230
10/01/14	08/02/14	10-K	0001020859-14-000183
06/11/14	05/03/14	10-Q	0001020859-14-000041
03/12/14	02/01/14	10-Q	0001020859-14-000017
12/11/13	11/02/13	10-Q	0001020859-13-000230
10/01/13	08/03/13	10-K	0001020859-13-000178
06/06/13	04/27/13	10-Q	0001020859-13-000042
03/06/13	01/26/13	10-Q	0001020859-13-000005
12/06/12	10/27/12	10-Q	0001104659-12-082412
09/26/12	07/28/12	10-K	0001047469-12-009112
06/07/12	04/28/12	10-Q	0001104659-12-042339
03/08/12	01/28/12	10-Q	0001104659-12-016483
12/08/11	10/29/11	10-Q	0001104659-11-068394
09/28/11	07/30/11	10-K	0001047469-11-008270
06/09/11	04/30/11	10-Q	0001104659-11-033927
03/08/12	01/29/11	10-Q	0001104659-12-016483
12/09/10	10/30/10	10-Q	0001104659-10-061942
09/27/10	07/31/10	10-K	0001047469-10-008276
06/10/10	05/01/10	10-Q	0001171520-10-000368
03/11/10	01/30/10	10-Q	0001171520-10-000190
03/10/11	01/30/10	10-Q	0001104659-11-013509
12/10/09	10/30/09	10-Q	0001171520-09-000775
09/30/09	07/31/09	10-K	0001047469-09-008652
06/11/09	04/30/09	10-Q	0001171520-09-000409
03/11/09	01/28/09	Unknown	--
12/10/08	10/30/08	Unknown	--
10/01/08	07/31/08	11-K	0001171520-09-000704
06/05/08	04/30/08	Unknown	--
01/31/08	01/29/08	Unknown	--
12/06/07	10/30/07	Unknown	--
09/26/07	07/31/07	Unknown	--
06/07/07	04/30/07	Unknown	--
03/06/07	01/28/07	Unknown	--
12/07/06	10/30/06	Unknown	--
10/11/06	07/31/06	Unknown	--
06/08/06	04/30/06	Unknown	--
03/09/06	01/31/06	10-Q	0001171520-06-000077
12/07/05	10/30/05	Unknown	--
10/13/05	07/31/05	10-K	0001104659-05-048369
06/09/05	04/30/05	10-Q	0001171520-05-000245
03/14/05	01/28/05	Unknown	--
12/10/04	10/30/04	Unknown	--
10/14/04	07/31/04	10-K	0001047469-04-031159
06/14/04	04/30/04	10-Q	0001171520-04-000215
03/16/04	01/29/04	Unknown	--
12/12/03	10/30/03	Unknown	--
10/22/03	07/31/03	10-K	0001047469-03-033901
06/16/03	04/30/03	10-Q	0001171520-03-000166
03/17/03	01/28/03	Unknown	--
12/13/02	10/30/02	Unknown	--
10/28/02	07/31/02	10-K	0001171520-02-000116
06/13/02	04/30/02	10-Q	0001171520-02-000045
03/15/02	01/28/02	Unknown	--
12/14/01	10/30/01	Unknown	--
10/23/01	07/31/01	10-K	0001005477-01-501457
06/14/01	04/30/01	10-Q	0001005477-01-003717
03/19/01	01/28/01	Unknown	--
12/15/00	10/30/00	Unknown	--
10/27/00	07/31/00	10-K	0001005477-00-007422
06/14/00	04/30/00	10-Q	0001005477-00-004702
03/16/00	01/29/00	Unknown	--