olivLaw · US equity research
United Natural Foods, Inc. UNFI
Wholesale-Groceries, General Line · SIC 5141 · Vertical: Wholesale — nondurable goods (SIC 514x)
United Natural Foods is North America's leading grocery wholesaler, serving over 30,000 customer locations through three segments: Natural, Conventional and Retail. In fiscal 2026 net sales reached 31.2 billion USD, down 2.0%, while adjusted EBITDA rose 27.0% to 701 million USD, showing management is focusing on efficiency rather than volume.
At the close of 04 Nov 2026, United Natural Foods, Inc. (UNFI) stock was 48.29 USD (+7.07% on the day), with market capitalisation 2.9 bn USD, P/E 36.0 on diluted EPS of 1.34 USD over the last 12 months, beta 0.86, 52-week range 31.42–55.52 USD. Latest reported quarter (Q4 2026): revenue of 7.6 bn USD (−0.7% YoY), net income of 35.0 m USD, diluted EPS 0.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.2
- strong (55–70)
- Bollinger (20, 2)
- 44.03 – 49.21
- in the upper half of the band · %B 0.82 · band width 11.1%
- SMA 50 / 200
- 45.76 / 45.86
- mixed trend
- MACD (12, 26, 9)
- 0.30 / 0.32
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.4% | −1.1% | +9.5 pp | — |
| 3 months | +0.5% | −0.5% | +1.0 pp | — |
| 6 months | −6.8% | +4.4% | −11.2 pp | — |
| Year to date | +43.4% | +12.3% | +31.1 pp | — |
| 1 year | +31.4% | +13.5% | +17.9 pp | +1.0% |
| 3 years | +207.4% | +76.4% | +131.0 pp | +1.3% |
| 5 years | −3.3% | +63.7% | −67.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.9 bn | 8.2 bn | 8.1 bn | 7.7 bn | 7.8 bn | 7.9 bn | 7.7 bn | 7.6 bn |
| Cost of revenue | 6.8 bn | 7.1 bn | 7.0 bn | 6.7 bn | 6.8 bn | 6.9 bn | 6.7 bn | 6.6 bn |
| Gross profit | 1.0 bn | 1.1 bn | 1.1 bn | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn |
| Operating income | 5.0 m | 27.0 m | 15.0 m | -78.0 m | 19.0 m | 57.0 m | 66.0 m | 69.0 m |
| Depreciation & amortisation | 80.0 m | 81.0 m | 81.0 m | 79.0 m | 77.0 m | 74.0 m | 74.0 m | 78.0 m |
| Interest expense | 36.0 m | 38.0 m | 36.0 m | 36.0 m | 34.0 m | 32.0 m | 31.0 m | 29.0 m |
| Pre-tax income | -24.0 m | -5.0 m | -16.0 m | -109.0 m | -9.0 m | 23.0 m | 42.0 m | 46.0 m |
| Income tax | -4.0 m | -3.0 m | -9.0 m | -23.0 m | -5.0 m | 3.0 m | 9.0 m | 11.0 m |
| Net income | -21.0 m | -3.0 m | -7.0 m | -87.0 m | -4.0 m | 20.0 m | 33.0 m | 35.0 m |
| Diluted EPS | -0.35 | -0.05 | -0.12 | -1.44 ≈ | -0.06 | 0.31 | 0.52 | 0.55 ≈ |
| Operating cash flow | -110.0 m | 247.0 m ≈ | 173.0 m ≈ | 160.0 m | -38.0 m | 283.0 m ≈ | 98.0 m ≈ | 197.0 m |
| Capex | 49.0 m | 54.0 m ≈ | 54.0 m ≈ | 74.0 m | 16.0 m | 40.0 m ≈ | 44.0 m ≈ | 117.0 m |
| Share repurchases | — | — | 0 ≈ | 0 | — | — | 4.0 m ≈ | 21.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 91 percentile of its own 22-quarter history (min 7.7, median 13.2, max 57.1; quarters with earnings only).
Fiscal years
| Fiscal year | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.3 bn | 26.6 bn | 27.0 bn | 28.9 bn | 30.3 bn | 31.0 bn | 31.8 bn | 31.2 bn |
| Revenue YoY | — | +18.9% | +1.5% | +7.3% | +4.6% | +2.3% | +2.6% | −2.0% |
| Net income | -285.0 m | -274.0 m | 149.0 m | 248.0 m | 24.0 m | -112.0 m | -118.0 m | 84.0 m |
| Net income YoY | — | unavailable | unavailable | +66.4% | −90.3% | −566.7% | unavailable | unavailable |
| Diluted EPS | -5.56 | -5.10 | 2.48 | 4.07 | 0.40 | -1.89 | -1.95 | 1.34 |
| Diluted EPS YoY | — | unavailable | unavailable | +64.1% | −90.2% | −572.5% | unavailable | unavailable |
| net % | -1.3% | -1.0% | 0.6% | 0.9% | 0.1% | -0.4% | -0.4% | 0.3% |
| Free cash flow | 57.0 m | 284.0 m | 304.0 m | 80.0 m | 301.0 m | -92.0 m | 239.0 m | 323.0 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 01 Aug 2026
- Cash
- 37.0 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 1.5 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 7.1 bn USD
- Debt / equity
- 0.96x
- Current ratio
- 1.29x
- ROE
- 5.3%
- ROA
- 1.1%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.0 bn | 28.9 bn | 30.3 bn | 31.0 bn | 31.8 bn | 31.2 bn | SEC (XBRL)· 14 Sept 2026verified |
| Cost of revenue | 23.0 bn | 24.7 bn | 26.1 bn | 26.8 bn | 27.6 bn | 27.0 bn | SEC (XBRL)· 14 Sept 2026verified |
| Gross profit | 3.9 bn | 4.2 bn | 4.1 bn | 4.2 bn | 4.2 bn | 4.2 bn | SEC (XBRL)· 14 Sept 2026verified |
| Operating income | 294.0 m | 423.0 m | 120.0 m | 8.0 m | -31.0 m | 211.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Depreciation & amortisation | 285.0 m | 285.0 m | 304.0 m | 319.0 m | 321.0 m | 303.0 m | SEC (XBRL)· 14 Sept 2026verified |
| EBITDA | 579.0 m ≈ | 708.0 m ≈ | 424.0 m ≈ | 327.0 m ≈ | 290.0 m ≈ | 514.0 m ≈ | SEC (XBRL)· 14 Sept 2026derived |
| Interest expense | 204.0 m | 155.0 m | 144.0 m | 162.0 m | 146.0 m | 126.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Pre-tax income | 183.0 m | 310.0 m | 7.0 m | -137.0 m | -154.0 m | 102.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Income tax | 34.0 m | 56.0 m | -23.0 m | -27.0 m | -39.0 m | 18.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Net income | 149.0 m | 248.0 m | 24.0 m | -112.0 m | -118.0 m | 84.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Diluted EPS | 2.48 | 4.07 | 0.40 | -1.89 | -1.95 | 1.34 | SEC (XBRL)· 14 Sept 2026verified |
| Weighted average diluted shares | 60.0 m | 61.0 m | 60.7 m | 59.3 m | 60.2 m | 62.8 m | SEC (XBRL)· 14 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.0 m | 44.0 m | 37.0 m | 40.0 m | 44.0 m | 37.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Receivables | 1.1 bn | 1.2 bn | 887.0 m | 936.0 m | 1.1 bn | 889.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Inventories | 2.2 bn | 2.4 bn | 2.3 bn | 2.2 bn | 2.1 bn | 1.9 bn | SEC (XBRL)· 14 Sept 2026verified |
| Current assets | 3.6 bn | 3.8 bn | 3.5 bn | 3.4 bn | 3.4 bn | 3.1 bn | SEC (XBRL)· 14 Sept 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.7 bn | 1.8 bn | 1.8 bn | — | — | SEC (XBRL)· 10 Dec 2024verified |
| Goodwill | 20.0 m | 20.0 m | 20.0 m | 19.0 m | 19.0 m | 19.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Intangibles (excl. goodwill) | 891.0 m | 819.0 m | 722.0 m | 649.0 m | 576.0 m | 509.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Total assets | 7.5 bn | 7.6 bn | 7.4 bn | 7.5 bn | 7.6 bn | 7.1 bn | SEC (XBRL)· 14 Sept 2026verified |
| Accounts payable | 1.6 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 14 Sept 2026verified |
| Short-term debt | 13.0 m | 14.0 m | 7.0 m | 4.0 m | 3.0 m | 2.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Long-term debt | 2.2 bn | 2.1 bn | 2.0 bn | 2.1 bn | 1.9 bn | 1.6 bn | SEC (XBRL)· 14 Sept 2026verified |
| Current liabilities | 2.5 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.6 bn | 2.4 bn | SEC (XBRL)· 14 Sept 2026verified |
| Total liabilities | 6.0 bn | 5.8 bn | 5.7 bn | 5.9 bn | 6.0 bn | 5.5 bn | SEC (XBRL)· 14 Sept 2026verified |
| Equity | 1.5 bn | 1.8 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 14 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 614.0 m | 331.0 m | 624.0 m | 253.0 m | 470.0 m | 540.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Capex | 310.0 m | 251.0 m | 323.0 m | 345.0 m | 231.0 m | 217.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Free cash flow | 304.0 m ≈ | 80.0 m ≈ | 301.0 m ≈ | -92.0 m ≈ | 239.0 m ≈ | 323.0 m ≈ | SEC (XBRL)· 14 Sept 2026derived |
| Investing cash flow | -237.0 m | -49.0 m | -339.0 m | -342.0 m | -218.0 m | -169.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Financing cash flow | -384.0 m | -279.0 m | -292.0 m | 92.0 m | -248.0 m | -377.0 m | SEC (XBRL)· 14 Sept 2026verified |
| Share repurchases | 0 | 0 | 62.0 m | 0 | 0 | 50.0 m | SEC (XBRL)· 14 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet9
- Valuation67
- Quality45
- Growth54
- Returns25
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.67 – 156.54 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)79.71 – 156.54 (Mid 107.26)WACC 7.8% · starting FCFF 426.8 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -22.0%
- Peers: EV/EBITDA50.38 – 92.03 (Mid 72.69)5 companies used · median multiple 11.5x · quartiles 8.9x – 13.8xCHEF, DIT, DPZ, SYY, USFD
- Peers: P/E26.67 – 51.92 (Mid 44.33)7 companies used · median multiple 33.1x · quartiles 19.9x – 38.7xCHEF, DIT, DPZ, PFGC, RAVE, SYY, USFD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 20 (vs peers) | 11% |
| Net margin · Quality | 0.3% | 33 (vs peers) | 7% |
| FCF conversion · Quality | 384.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 1.0% | 8 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 49.6% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.0x | 0 (vs peers) | 11% |
| Interest coverage · Balance sheet | 1.7x | 3 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 36.0x | 29 (vs peers) | 11% |
| EV/EBITDA · Valuation | 8.6x | 80 (vs peers) | 11% |
| FCF yield · Valuation | 11.1% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.7% | 25 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns· partial25/100 · 1/2 factors with a value
- Valuation67/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
United Natural Foods, Inc. (UNFI). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 31.2 bn USD in 2026; YoY growth -2.0%; net margin 0.3%; ROE 5.3%; net debt/EBITDA 3.0x.
The estimated value range is 50.38–92.03 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 72.69 USD, the price of 48.29 USD leaves a potential of 50.5% (value / price − 1) and a margin of safety of 33.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 384.5%
- EPS CAGR 3Y: 49.6%
- EV/EBITDA: 8.6x
- FCF yield: 11.1%
- The price is below the estimated value range
What contradicts it
- ROIC: 5.3%
- Revenue CAGR 3Y: 1.0%
- Net debt / EBITDA: 3.0x
- Interest coverage: 1.7x
- P/E (TTM): 36.0x
- Shareholder yield (distributions): 1.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 514x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +74% / +297% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +31% / +207% |
| HFFGHf Foods Group Inc. | 80.3 m | — | -15.5% | -2.8% | +2.2% | −41% / −69% |
| DITAmcon Distributing Co | 59.4 m | 33.1 | 1.6% | 0.1% | +3.9% | −19% / −48% |
| RAVERave Restaurant Group, Inc. | 31.1 m | 11.0 | 18.3% | 22.3% | +7.2% | −31% / −4% |
| MWYNMarwynn Holdings, Inc. | 27.7 m | — | -54.7% | -24.7% | +427.5% | +59% / unavailable |
1- and 3-year price returns: for UNFI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.61 Total return -41% · Per year -41% | 50.67 Total return 5% · Per year 5% | 76.44 Total return 58% · Per year 58% |
| 3 years | 25.83 Total return -47% · Per year -19% | 51.65 Total return 7% · Per year 2% | 85.83 Total return 78% · Per year 21% |
| 5 years | 23.31 Total return -52% · Per year -14% | 52.64 Total return 9% · Per year 2% | 96.36 Total return 100% · Per year 15% |
- Exit P/E± 12.91
- Net margin± 9.04
- Annual revenue growth± 7.68
- Annual dilution± 0.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
United Natural Foods is North America's leading grocery wholesaler, serving over 30,000 customer locations through three segments: Natural, Conventional and Retail. In fiscal 2026 net sales reached 31.2 billion USD, down 2.0%, while adjusted EBITDA rose 27.0% to 701 million USD, showing management is focusing on efficiency rather than volume.
SWOT
Strengths
- Broad geographic coverage across the United States and Canada, with a scalable distribution network and a highly diversified range of products and services 1.
- Improved financial results in fiscal 2026, with higher adjusted EBITDA and free cash flow 2.
- Strong position in natural and organic products, where the company is among the largest buyers of organically grown bulk products 1.
Weaknesses
- Dependence on a small number of large customers who could divert purchases or expand their own distribution 1.
- Thin margins and sensitivity to inflation and deflation, which can hurt profitability if costs are not passed on to customers 1.
- Sales declines in the Conventional and Retail segments in fiscal 2026 2.
Opportunities
- Onboarding of new and existing customers, which could return the company to sales growth in fiscal 2027 2.
- Digital services and e-commerce, including a new digital marketplace and a retail media network for retailers and suppliers 1.
- Debt reduction and efficiency gains, which could improve the company's investment capacity if trends hold 2.
Threats
- Competitive pressure from large distributors, chains with self-distribution and online grocers 1.
- A shift in consumer spending toward cheaper products could reduce the higher margins of natural products 1.
- Geopolitical risks, tariff policy and fuel price volatility that could affect costs and the supply chain 1.
Risks
- Dependence on principal customershigh
Loss or reduction of volume from a major customer could significantly affect sales and the ability to serve smaller customers from the same distribution centers 1.
- Low margins and pricing pressurehigh
Consolidation of retailers and volume discounts can reduce gross margin, especially if service costs do not fall proportionally 1.
- Realizing strategic benefitsmedium
If network optimization and automation initiatives are delayed or cost more than expected, the anticipated benefits could be postponed 1.
- Technology and cybersecurity riskmedium
A cybersecurity incident, such as the one in June 2025, could disrupt operations and be costly even though part of the losses may be covered by insurance 1.
- Supplier relations and supply chainlow
Supplier production disruptions, severe weather or labor shortages could limit product availability and raise costs 1.
Investment thesis
What would need to be true (bull case)
- Higher adjusted EBITDA and free cash flow in fiscal 2026, together with fiscal 2027 guidance, suggest the optimization could produce durable results 2.
- A national distribution network and a broad product range, including private label brands, give the company scale advantages with customers 1.
- If debt keeps declining, the company could gain more flexibility for investment or for returning capital to shareholders 2.
What would break the thesis
- Net sales declined in fiscal 2026, and the Conventional and Retail segments recorded significant drops 2.
- Dependence on one major customer exposes the company to the risk of volumes moving to other suppliers or to self-distribution 1.
- Thin margins and competition from better-resourced players could limit the company's ability to improve profitability 1.
What to watch
- Delivery of fiscal 2027 guidance for net sales and adjusted EBITDA2027
- Sales trends in the Natural and Conventional segments after onboarding of new customersQ1 2027
- Net leverage and execution of the new 200 million USD repurchase program2027
- Final resolution of insurance claims tied to the 2025 cybersecurity incidentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
UNFI is a grocery wholesaler and support services provider to retailers in the United States and Canada. It offers over 200,000 products across national, regional and private label brands, grouped into center store, fresh, frozen, wellness and bulk and foodservice categories 1. Its network includes 46 distribution centers and warehouses with approximately 26 million square feet of space 1. Beyond distribution, UNFI sells digital and professional services, marketing and data programs, and private label brands such as ESSENTIAL EVERYDAY and WILD HARVEST 1.
Revenue is earned through a percentage markup on vendor listed base cost, with gross margin reflecting the gap between purchase cost and sale price 1. Distribution is concentrated: one Natural customer exceeded 10% of net sales in fiscal 2026, and the largest customer represented about 28% of net sales 1. The distribution agreement with that customer runs through May 20, 2032, making the relationship central to the business 1.
In its September 2026 release the company highlighted execution on operations, network optimization and debt reduction. Free cash flow for fiscal 2026 was 323 million USD, up 35.1% 2, and management guides fiscal 2027 adjusted EBITDA in a range of 730 to 780 million USD 2. If these targets hold, the company could return to sales growth after its 2026 optimization cycle.
Segments
Natural
The Natural segment distributes natural, organic and specialty food and non-food products, including owned brands and a snack manufacturing business. In fiscal 2026 it generated net sales of 17,132 million USD, up 7.0% 2, making it the largest segment.
Conventional
The Conventional segment distributes conventional food and non-food products and includes conventional owned brands. Its net sales fell to 12,974 million USD in fiscal 2026, down 11.5% 2, partly reflecting network optimization actions.
Market context
UNFI operates in North American grocery wholesale, where margins are thin and high volume offsets them. The company describes itself as North America's premier grocery wholesaler with 46 distribution centers 1. Retail consolidation and chain growth could reduce distributor margins if large customers secure further volume discounts 1.
Product cost inflation was estimated at about 3% in fiscal 2026 1. Consumers shifted toward lower-priced products, changing the sales mix toward lower-margin categories, although demand for natural and organic products remained steady 1.
Trends
- Value-oriented consumer spendingheadwind
Consumers are cutting discretionary spending and buying cheaper products or fewer items, which shifts the sales mix toward lower-margin categories 1. The company believes these patterns could continue in the near term 1.
- Steady demand for essentials and natural productstailwind
Demand for essential food items and higher unit volumes in natural and organic categories remain stable, supporting sales over the longer term 1.
- Volatile input costsmixed
Commodity, fuel and labor costs remain volatile, and selling prices are set on base cost, so profitability is sensitive to swings 1. Rapid inflation could compress margins if increases are not passed on to customers 1.
- Distribution network optimizationmixed
Closing the Allentown center and consolidating other facilities reduced operating costs and supported higher adjusted EBITDA 2. Transition costs and lost volume could however slow sales 1.
Competitive position
UNFI competes with other distributors, specialty and independent grocery distributors, mass market distributors and cooperatives, as well as customers running their own distribution channels 1. Large chains expanding self-distribution create constant pressure on margins 1.
Larger competitors with greater financial resources are expanding natural and organic offerings, while club stores, direct wholesalers and online retailers operate with lower cost structures 1. The company notes some competitors could deploy AI and automation more effectively to lower costs 1.
- Specialty and independent grocery distributors
Direct competitors distributing natural and specialty products to smaller retailers, as described by the company 1.
- Mass market grocery distributors
Companies with greater resources that are expanding natural and organic offerings and can compete directly with UNFI 1.
- Cooperatives and customers with own distribution
Chains that buy directly from suppliers or run their own distribution, reducing demand for UNFI services 1.
- Club stores and online food retailers
Channels with lower cost structures that put ongoing pressure on margins across food distribution 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- United Natural Foods (UNFI) Calls the Bottom and Guides for Growth AgainYahoo Finance — News · 18 Sept 2026 · EN
- United Natural Foods’ (UNFI) Path to Profitability–What Lies AheadYahoo Finance — News · 15 Sept 2026 · EN
- United Natural Foods, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 08 Sept 2026 · EN
- United Natural Foods Q4 Earnings Call HighlightsYahoo Finance — News · 08 Sept 2026 · EN
- United Natural Foods Beats Q4 Profit Forecast but Revenue Falls ShortYahoo Finance — News · 08 Sept 2026 · EN
- UNFI’s natural sales rise as conventional segment declinesYahoo Finance — News · 08 Sept 2026 · EN
- United Natural Foods Guides for Sales to Rise This Fiscal YearYahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement04 Nov 2026
- Annual report14 Sept 2026
- Current report08 Sept 2026Results of operations · Other events · Financial statements and exhibits
- Current report09 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jun 2026Material agreement · Creation of a direct financial obligation
- Quarterly report09 Jun 2026
- Current report09 Jun 2026Results of operations · Financial statements and exhibits
- Current report02 Apr 2026Material agreement · Creation of a direct financial obligation
- Quarterly report10 Mar 2026
- Current report10 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-08-01 · SEC / United Natural Foods, Inc. · 14 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / United Natural Foods, Inc. · 08 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.