At a glance
United Natural Foods Inc is worth $2.87B, about 36 times its fiscal 2026 earnings. Revenue fell 2.0% to $31.15B in fiscal 2026, with 0.3% kept as profit; over 5 years it has grown 2.9% a year. It pays no dividend; it spent $112.0M buying back its shares over FY2022–FY2026. The stock returned +22.9% over the past year with dividends reinvested and +2.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.5% in the 2020 crash (S&P 500: 33.7%) and 31.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 43 months after the lows.
The business in plain English
United Natural Foods (UNFI) is based in Providence, Rhode Island. It is a grocery wholesaler: it buys food and non-food products from suppliers and resells them to grocery stores. It serves more than 30,000 customer locations across all 50 US states and all ten Canadian provinces. Those customers range from some of the largest grocers in North America to smaller retailers. It sells more than 200,000 products, including national and regional brands and its own private label (store-brand) lines, and ships them from 46 distribution centers and warehouses. It also sells digital and professional services to retailers and suppliers.
UNFI makes money on the gap between what it pays suppliers and what it charges stores. That gap is usually a percentage mark-up or fee added to the supplier's list price. In the fiscal year ended August 1, 2026, revenue was $31.2 billion. Gross margin (sales minus the cost of products sold) was 13.5%. After warehouse, delivery and overhead costs, operating margin was just 0.7%.
UNFI reports three segments. Natural sells natural, organic and specialty products and brought in $17.1 billion, or 54.9% of fiscal 2026 sales. Conventional covers mainstream grocery items and brought in $11.9 billion, or 38.2%. Retail is made up of 65 Cub Foods and Shoppers supermarkets and added $2.2 billion, or 6.9%. One Natural customer alone made up about 28% of sales. Canada was about 1%.
Price history
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UNFI +22.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Natural | $17.09B | 54.9% |
| Conventional | $11.91B | 38.2% |
| Retail | $2.16B | 6.9% |
Latest results
- In Q4 FY2026 (ended Aug 1, 2026), revenue was $7.64B, down 0.7% from a year earlier, and net income was $35.0M.
- For fiscal 2026, revenue was $31.15B (-2.0% year over year; +2.9% a year from FY2021 to FY2026) with a 0.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.9% watch |
|---|---|
| Operating margin | 0.7% weak |
| Free cash flow margin | 1% watch |
| Return on equity (FY2026) | 5.2% weak |
| Return on assets (FY2026) | 1.2% weak |
| Net cash (cash minus debt) | $-1.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $26.95B | $149.0M | $304.0M |
| FY2022 | $28.93B | $248.0M | $80.0M |
| FY2023 | $30.27B | $24.0M | $301.0M |
| FY2024 | $30.98B | $-112.0M | $-92.0M |
| FY2025 | $31.78B | $-118.0M | $239.0M |
| FY2026 | $31.15B | $84.0M | $323.0M |
Valuation snapshot
| Market value | $2.87B |
|---|---|
| P/E ratio | 35.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
United Natural Foods’s market value went from $2.41B at the end of 2016 to $2.87B on Oct 28, 2026, up 19%; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.87B | +40.1% |
| 2025 | $2.05B | +25.4% |
| 2024 | $1.64B | +69.7% |
| 2023 | $964.2M | -58.4% |
| 2022 | $2.32B | -18.8% |
| 2021 | $2.85B | +218.0% |
| 2020 | $896.5M | +91.3% |
| 2019 | $468.7M | -12.9% |
| 2018 | $538.1M | -78.3% |
| 2017 | $2.48B | +2.9% |
| 2016 | $2.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UNFI price data to Oct 28, 2026 | +41.6% | +22.9% | +49.9% | +2.2% | +1.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.5% |
| 2025 | +23.3% |
| 2024 | +68.3% |
| 2023 | -58.1% |
| 2022 | -21.1% |
| 2021 | +207.3% |
| 2020 | +82.3% |
| 2019 | -17.3% |
| 2018 | -78.5% |
| 2017 | +3.3% |
| 2016 | +21.2% |
| 2015 | -49.1% |
| 2014 | +2.6% |
| 2013 | +40.7% |
| 2012 | +33.9% |
| 2011 | +9.1% |
| 2010 | +37.2% |
| 2009 | +50.1% |
| 2008 | -43.8% |
| 2007 | -11.7% |
| 2006 | +36.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.7% over that stretch · deepest drop along the way 59.3%, back to its old high 14.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 55.1% over that stretch · deepest drop along the way 29.5%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.7% over that stretch · deepest drop along the way 31.6%, back to its old high 43 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.25% | Mar 31, 2026 |
| Vanguard Capital Management | 5.03% | Jun 30, 2026 |
ETFs with the most weight in UNFI
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 3.96% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 2.31% |
| PBJ Invesco Food & Beverage ETF | 2.16% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.49% |
| SVAL iShares US Small Cap Value Factor ETF | 0.74% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.39% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.37% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.37% |
What could go wrong
- Heavy reliance on one large customer. One customer made up about 28% of fiscal 2026 sales. Its contract runs to May 20, 2032. Losing some of that business could hurt profits and make serving smaller customers less efficient.
- Very thin profit margins. Operating margin was 0.7% in fiscal 2026, under a penny of operating profit per dollar of sales. Rising or falling food prices, tougher competition or higher costs can quickly erase earnings.
- Customers can leave or self-distribute. Many customers aren't required to keep buying, and big multiyear contracts can end early or not be renewed. Many supermarket chains now do more of their own distribution or buy directly from suppliers.
- Heavy debt and lender restrictions. As of August 1, 2026, total debt was about $1.56 billion against $37 million in cash. Debt makes UNFI more exposed in downturns, and loan covenants (lender rules) limit its flexibility.
- Bigger rivals moving into natural and organic. Larger mass-market distributors are adding more natural and organic products, which are UNFI's higher-margin specialty. Shoppers also have more choices, like discounters, warehouse clubs and online sellers, that can cut demand at stores UNFI supplies.
- Labor shortages and rising benefit costs. Running 46 distribution centers and warehouses takes many workers. Worker shortages, higher wages, labor disputes and rising healthcare and pension costs, including shared multiemployer plans, could squeeze thin margins.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change; Shareholder vote results; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
UNFI pays no dividend and paid none in fiscal 2022 through 2026. For an income investor, that means no cash payments to spend unless shares are sold, so any return depends on the share price. The company says it expects to use available cash to reinvest in the business and reduce debt. Buybacks were modest at $112 million over those five years, and the share count still rose 6.9% from September 2021 to September 2026.
The stock has fallen hard in past downturns. It dropped 59.3% in the 2008 financial crisis and took about 15 months after its low to recover. In the 2020 COVID crash it fell 29.5% but recovered within days. In the 2022 bear market it lost 31.6% and did not get back to its earlier peak until April 30, 2026, about 43 months after its low. Its deepest drop from a peak in about 21 years was 93.5%, as of October 28, 2026. Single stocks like UNFI carry more risk than diversified funds.
Questions investors ask
Does United Natural Foods pay a dividend?
No. UNFI paid no dividends from fiscal 2022 through fiscal 2026, so the stock has no dividend yield. The company says it expects to use available cash to reinvest in the business and reduce debt. It bought back $112 million of stock over those five years, but shares outstanding still rose 6.9% from September 2021 to September 2026. For income-focused investors, any return depends entirely on the share price.
How does UNFI make money?
UNFI makes most of its money as a grocery wholesaler. It buys food and non-food products from suppliers and resells them to more than 30,000 customer locations. It usually earns a percentage mark-up or fee on top of the supplier's list price. It also runs 65 Cub Foods and Shoppers supermarkets and sells digital and professional services. In fiscal 2026, revenue was $31.2 billion, but net income was just $84 million, a 0.3% net margin.
How much does UNFI depend on its largest customer?
A great deal. One customer in the Natural segment, counted together with businesses it controls, made up about 28% of UNFI's net sales in fiscal 2026. UNFI is that customer's main distributor of natural, organic and specialty non-perishable products, under an agreement that runs through May 20, 2032. The company warns that losing or shrinking this business could hurt results. It could also make it harder to serve smaller customers efficiently from the same distribution centers.
Is UNFI profitable?
Yes, in its latest fiscal year, but only just. For the year ended August 1, 2026, UNFI earned $84 million, or $1.34 per diluted share, on $31.2 billion of revenue. That followed net losses of $112 million in fiscal 2024 and $118 million in fiscal 2025. Because earnings are small compared with the share price, the stock traded at about 35.6 times fiscal 2026 earnings as of October 28, 2026. That figure is its price-to-earnings, or P/E, ratio.
How has UNFI stock performed over the long term?
Unevenly. As of October 28, 2026, the share price was up 22.9% over one year and had more than tripled over three years, rising 237%. Over five years, though, it gained only about 2.2% a year, and over 10 years about 1.2% a year. Some calendar years swung sharply: the stock fell 78.5% in 2018, rose 207% in 2021 and fell 58.1% in 2023. These are price returns only, since UNFI pays no dividend.