United Natural Foods

UNFI

Food Distribution · Consumer Defensive

Price

$48.04

+1.28 (+2.74%)

Market Cap

$2.91B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through May 2, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

United Natural Foods, Inc. (UNFI) is a wholesale food distributor. It buys groceries and delivers them to supermarkets, natural food stores, and independent retailers across the United States and Canada. UNFI is one of the largest grocery distributors in North America and is the primary distributor for Whole Foods Market, which is owned by Amazon.

UNFI makes money by buying food products in bulk from manufacturers and selling them to retailers at a slightly higher price — the difference is its gross margin. The company operates over 50 distribution centers across North America and generates roughly $30 billion in annual revenue. Its main competitive advantage is its scale and long-term supplier and retailer contracts, but its very thin margins leave little room for error. The biggest risk UNFI faces is customer concentration — losing or renegotiating its Whole Foods contract could significantly hurt revenue, and rising operating costs could quickly erase its already narrow profits.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+550.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

1.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$57M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

United Natural Foods's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 60.0M (2021) → 60.2M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

13.6%

Thin — 13.6% gross margin

Profit after running costs

Operating Margin

1.2%

Thin — 1.2% operating margin

Return on the money invested

ROCE

5.7%

Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-3.2%

Shrinking sales (-3.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.1%

Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.04

Elevated debt (1.04)

Covers its interest

Interest Cover

1.43x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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