# United Natural Foods, Inc. (UNFI)

> Source: Nexqual · https://nexqual.com/UNFI · data as of 2026-10-23 15:19 UTC · cite as "Nexqual, United Natural Foods, Inc. (UNFI), nexqual.com/UNFI" · informational, not investment advice.

**Price:** USD 46.2 (-2.28% today) · US market open, as of October 23, 2026 at 15:19 UTC; quotes may be delayed. Prev close 47.28 · day 46.04–46.89 · 52w 30.91–57.02 · market cap $2.79B · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $31.2B, net income $84.0M (0.3% margin), free cash flow $323M (SEC filings).
- Valuation: P/E 33.2x (avg 32.8x at the last 1 fiscal year-ends), EV/EBITDA 8.4x, net debt $1.53B.
- 1 of 80 tracked superinvestors hold UNFI (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.70 on a 1–5 scale) (10 analysts), mean target USD 53 (range 45–61).
- Total return with dividends: 1Y +15.9% vs S&P 500 +14.8%; 5Y +6.5% vs S&P 500 +77.6%.
- Next earnings: 2026-12-01, EPS estimate USD 0.67, revenue estimate $7.80B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $28.9B | $30.3B | $31.0B | $31.8B | $31.2B | $31.2B |
| Gross profit | $4.18B | $4.13B | $4.20B | $4.22B | $4.20B | — |
| Operating income | $423M | $120M | $8.0M | -$31.0M | $211M | $211M |
| Net income | $248M | $24.0M | -$112M | -$118M | $84.0M | $84.0M |
| EPS (diluted) | $4.07 | $0.40 | -$1.89 | -$1.95 | $1.34 | — |
| Free cash flow | $80.0M | $301M | -$92.0M | $239M | $323M | $323M |
| Gross margin | 14.5% | 13.6% | 13.6% | 13.3% | 13.5% | — |
| Operating margin | 1.5% | 0.4% | 0.0% | -0.1% | 0.7% | 0.7% |
| Net margin | 0.9% | 0.1% | -0.4% | -0.4% | 0.3% | 0.3% |
| Revenue growth | +7.3% | +4.6% | +2.3% | +2.6% | -2.0% | — |
| Cash + short-term investments | $44.0M | $37.0M | $40.0M | $44.0M | $37.0M | — |
| Total debt | $2.12B | $1.96B | $2.08B | $1.86B | $1.56B | — |
Fiscal years end Aug. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 33.2x · P/S 0.1x · EV/EBITDA 8.4x · EV/Sales 0.1x · P/FCF 8.6x · P/B 1.7x · FCF yield 11.59% · Earnings yield 3.01% · Net debt $1.53B · EV $4.31B
P/E at fiscal year-ends: Aug 2026 32.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold UNFI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.05% | $215K | Reduced -10.4% |

## Analysts
Consensus Hold (mean 2.70 on a 1–5 scale), 10 analysts; mean target USD 53 (low 45, high 61).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | Deutsche Bank | Target raised | Hold | $46 → $53 |
| 2026-09-10 | Roth Capital | Target raised | Neutral | $43 → $45 |
| 2026-09-09 | UBS | Target raised | Neutral | $47 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +15.9% | +6.5% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | +15.9% | +1.3% |
| Volatility (annualized) | 42.3% | 55.5% |
| Max drawdown | -21.5% (Jun 2026→Oct 2026) | -82.6% (Dec 2021→Apr 2024) |

## Peers (Food Distribution)
ANDE (The Andersons, Inc.) USD 64.75 -0.55% · CHEF (The Chefs' Warehouse, Inc.) USD 106.11 -1.10% · AVO (Mission Produce, Inc.) USD 11.61 -1.78% · PFGC (Performance Food Group Company) USD 95.38 -2.56% · USFD (US Foods Holding Corp.) USD 101.58 -2.37% · SYY (Sysco Corporation) USD 81.99 -2.36%

## More
Full page: https://nexqual.com/UNFI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name UNFI in their own reports (relationship from UNFI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Laird Superfood, Inc. (LSF) | 10-K 2026-03-30 | "We sell a substantial portion of our products through retailers such as Costco, through distributors such as United Natural Foods, Inc. and KeHE Distributors, and online through Amazon, and we depend …" |
| supplier | Vital Farms, Inc. (VITL) | 10-K 2026-02-26 | "We serve the majority of natural channel customers through food distributors, such as United Natural Foods, Inc., or UNFI, which purchase, store, sell and deliver our products to retailer customers." |
| customer | Sprouts Farmers Market, Inc. (SFM) | 10-K 2026-02-19 | "Another 12% of our total purchases in fiscal 2025 and 3% of our total purchases in each of fiscal 2024 and 2023 were made through our secondary supplier, United Natural Foods, Inc. ("UNFI")." |

## Revenue by business segment (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural | $4.25B | 55.6% | +6.6% |
| Conventional | $2.87B | 37.5% | -8.6% |
| Retail | $528.0M | 6.9% | -7.9% |
| Total revenue | $7.64B | 100% | — |

## Customer concentration

Period ended 2026-08-01: 28% of revenue from unnamed direct customers (10-K, filed 2026-09-14).

## Company outlook (8-K filed 2026-09-08)

- "Fiscal 2027 Outlook (1) The Company is providing the following outlook for fiscal 2027, a 52-week year."
- "The outlook for Adjusted EPS reflects a tax rate of 27%."
- "As such, the Company is unable to reconcile the outlook for free cash flow as well as Capital and cloud implementation expenditures in fiscal 2027 to the most directly comparable financial measures calculated in accordance with GAAP."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.67 | $0.71 | -4.8% | $7.80B | 9 |
| Next quarter (ends 2027-01-31) | $0.87 | $0.87 | +0.4% | $8.01B | 9 |
| Current fiscal year (ends 2027-07-31) | $3.35 | $3.21 | +4.1% | $31.54B | 10 |
| Next fiscal year (ends 2028-07-31) | $4.06 | $3.84 | +5.8% | $32.28B | 8 |