United Natural Foods, Inc. (UNFI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-120.8%

-$9.71

vs $46.78 price

Levered DCF

$183.54

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.12

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.83×	-13.78×	-8.2×	50.73×	10.1×	12.5×	-4.21×	-1.44×
P/B	1.9×	1.05×	0.56×	0.71×	1.4×	1.31×	0.93×	0.33×
P/S	0.1×	0.05×	0.03×	0.04×	0.09×	0.07×	0.04×	0.02×
EV / EBITDA	11.61×	16.45×	12.87×	9.8×	7.79×	8×	35.45×	39.79×
Gross margin	13.5%	13.3%	13.6%	13.6%	14.5%	14.6%	14.6%	14.4%
Operating margin	0.9%	0.3%	0.3%	0.5%	1.2%	1.1%	-0.7%	-0.9%
Net margin	0.3%	-0.4%	-0.4%	0.1%	0.9%	0.6%	-1.0%	-1.3%
Current ratio	1.29×	1.32×	1.44×	1.44×	1.57×	1.43×	1.56×	1.69×
Debt / equity	1.87×	2.23×	2.16×	1.87×	1.89×	2.26×	3.2×	2.01×
Interest coverage	2.44×	0.76×	0.62×	1.02×	3.16×	1.44×	-1.15×	-1.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.2%	-7.6%	-6.8%	1.4%	13.8%	9.8%	-23.9%	-18.8%
Return on invested capital	5.0%	1.5%	1.5%	3.0%	5.4%	4.3%	-2.6%	-3.1%
Return on assets	1.2%	-1.6%	-1.5%	0.3%	3.3%	2.0%	-3.6%	-4.0%
Free cash flow yield	10.5%	14.7%	-10.0%	24.4%	3.2%	15.3%	26.6%	11.1%
Earnings yield	2.7%	-7.3%	-12.2%	1.9%	9.9%	7.5%	-25.7%	-56.5%
Enterprise value	$6.1B	$5B	$4.4B	$4.5B	$5.8B	$5.4B	$4.7B	$3.5B
Net debt / EBITDA	5.72×	11.13×	10.2×	7.09×	4.45×	5.04×	27.36×	34.06×
Cash conversion cycle (days)	13	15	18	18	24	25	26	28