UNITED NATURAL FOODS INC UNFI
UNFI is a leading distributor of grocery and non-food products, and support services provider to retailers in the United States and Canada. We believe we are uniquely positioned to provide the broadest array of products, programs and services to customers throughout North America. Our diversified customer base includes over 30,000 customer locations ranging from some of the largest grocers in the country to smaller retailers. We offer approximately 230,000 products consisting of national, regional and private label brands grouped into the following main product categories: grocery and general merchandise; perishables; frozen foods; wellness and personal care items; and bulk and foodservice products. We believe we are North America's premier grocery wholesaler with 52 distribution centers and warehouses representing approximately 30 million square feet of warehouse space. We are a coast-to-coast distributor with customers in all 50 states as well as all ten provinces in Canada, making us a desirable partner for retailers and consumer product manufacturers. We believe our total product assortment and service offerings are unmatched by our wholesale competitors. We plan to continue to pursue new business opportunities with independent retailers that operate diverse formats, regional and national chains, as well as international customers with wide-ranging needs. Our business is classified into three reportable segments: Natural, Conventional and Retail.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.78B | $30.98B | $30.27B | $28.93B | $26.95B | $26.56B | $22.34B | $10.23B | $9.27B | $8.47B |
| Cost of revenue | $27.56B | $26.78B | $26.14B | $24.75B | $23.01B | $22.67B | $19.12B | $8.71B | $7.85B | $7.19B |
| Gross profit | $4.22B | $4.20B | $4.13B | $4.18B | $3.94B | $3.89B | $3.22B | $1.52B | $1.43B | $1.28B |
| Total operating expenses | — | — | — | — | — | — | — | $1.30B | $1.20B | $1.06B |
| Operating income | -$31.0M | $8.0M | $120.0M | $423.0M | $294.0M | -$193.0M | -$196.0M | $224.5M | $226.0M | $224.1M |
| Interest expense | $146.0M | $162.0M | $144.0M | $155.0M | $204.0M | $192.0M | $181.0M | $16.0M | $16.8M | $16.3M |
| Pre-tax income | -$154.0M | -$137.0M | $7.0M | $310.0M | $183.0M | -$342.0M | -$341.0M | $210.0M | $214.4M | $208.2M |
| Income tax | $39.0M | $27.0M | $23.0M | $56.0M | $34.0M | $91.0M | $59.0M | $47.2M | $84.3M | $82.5M |
| Net income | -$118.0M | -$112.0M | $24.0M | $248.0M | $149.0M | -$274.0M | -$285.0M | $162.8M | $130.2M | $125.8M |
| EPS, basic | -1.95 | -1.89 | 0.41 | 4.28 | 2.65 | -5.10 | -5.56 | 3.22 | 2.57 | — |
| EPS, diluted | -1.95 | -1.89 | 0.40 | 4.07 | 2.48 | -5.10 | -5.56 | 3.20 | 2.56 | — |
| Shares, diluted (wtd. avg.) | $60.2M | $59.3M | $60.7M | $61.0M | $60.0M | $53.8M | $51.2M | $50.8M | $50.8M | $50.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $44.0M | $40.0M | $37.0M | $44.0M | $41.0M | $47.0M | $45.0M | $23.3M | $15.4M | $18.6M |
| Receivables | $1.06B | $936.0M | $887.0M | $1.21B | $1.11B | $1.16B | $1.06B | $595.7M | $525.6M | $489.7M |
| Inventory | $2.10B | $2.18B | $2.29B | $2.35B | $2.25B | $2.28B | $2.19B | $1.14B | $1.03B | $1.02B |
| Total current assets | $3.42B | $3.40B | $3.46B | $3.80B | $3.55B | $3.71B | $3.56B | $1.79B | $1.66B | $1.61B |
| Property, plant and equipment | — | — | — | — | $1.78B | $1.70B | $1.90B | $571.1M | $602.1M | $616.6M |
| Goodwill | $19.0M | $19.0M | $20.0M | $20.0M | $20.0M | $20.0M | $442.0M | $362.5M | $371.3M | $366.2M |
| Other intangibles | $576.0M | $649.0M | $722.0M | $819.0M | $891.0M | $970.0M | $1.09B | $193.2M | $208.3M | $222.3M |
| Total assets | $7.59B | $7.53B | $7.39B | $7.63B | $7.53B | $7.59B | $7.17B | $2.96B | $2.89B | $2.85B |
| Accounts payable | $1.88B | $1.69B | $1.78B | $1.74B | $1.64B | $1.63B | $1.53B | $517.1M | $534.6M | $445.4M |
| Short-term debt | $3.0M | $4.0M | $7.0M | $14.0M | $13.0M | $71.0M | $87.4M | $10.0M | $12.1M | $11.9M |
| Total current liabilities | $2.60B | $2.37B | $2.40B | $2.42B | $2.49B | $2.37B | $2.11B | $699.2M | $704.0M | $619.7M |
| Long-term debt | $1.86B | $2.08B | $1.96B | $2.11B | $2.17B | $2.43B | $2.82B | $308.8M | $149.9M | $161.7M |
| Total liabilities | $6.04B | $5.89B | $5.65B | $5.84B | $6.01B | $6.45B | $5.67B | $1.12B | $1.20B | $1.33B |
| Retained earnings | $1.02B | $1.14B | $1.25B | $1.23B | $978.0M | $838.0M | $1.11B | $1.40B | $1.24B | $1.11B |
| Total equity | $1.55B | $1.64B | $1.74B | $1.79B | $1.51B | $1.14B | $1.50B | $1.84B | $1.68B | $1.52B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $470.0M | $253.0M | $624.0M | $331.0M | $614.0M | $457.0M | $285.0M | $109.0M | $273.3M | $296.6M |
| Depreciation and amortisation | $321.0M | $319.0M | $304.0M | $285.0M | $285.0M | $282.0M | $248.0M | $87.6M | $86.1M | $71.0M |
| Stock-based compensation | $43.0M | $39.0M | $38.0M | $44.0M | $45.0M | $25.0M | $26.0M | $25.8M | $25.7M | $15.3M |
| Capital expenditure | $231.0M | $345.0M | $323.0M | $251.0M | $310.0M | $173.0M | $228.0M | $44.6M | $56.1M | $41.4M |
| Investing cash flow | -$218.0M | -$342.0M | -$339.0M | -$49.0M | -$237.0M | -$1.0M | -$2.26B | -$47.0M | -$60.0M | -$350.9M |
| Financing cash flow | -$248.0M | $92.0M | -$292.0M | -$279.0M | -$384.0M | -$453.0M | $2.00B | -$53.6M | -$217.1M | $56.3M |
| Buybacks | $0 | $0 | $62.0M | $0 | $0 | $0 | $0 | $24.2M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001020859-25-000054.
Others in SIC 5141
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PFGC | Performance Food Group Co | $15.54B | 43.1x | 7.2% |
| CHEF | Chefs' Warehouse, Inc. | $4.66B | 68.1x | 9.4% |
| DIT | AMCON DISTRIBUTING CO | $66.0M | 73.5x | 3.9% |
| MWYN | Marwynn Holdings, Inc. | $25.8M | — | 427.5% |
| WILC | G WILLI FOOD INTERNATIONAL LTD | — | — | 21.2% |