UNFIUnited Natural Foods, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed and earnings fully cash-backed (3.1×).
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Margins have held roughly steady, a stable cost structure.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is UNFI?
United Natural Foods, Inc. earns 5.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.7 points below what the capital costs: growth destroys value
- Operating margin
- 0.68%
Operating margin · Food Distribution median 2.5% · 12 months to Q4 2026
- Cash conversion
- 3.11×
Cash conversion · operating cash flow covers the operating profit after tax
- Gross margin
- 13%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 1.1% |
| FY2022 | 1.5% |
| FY2023 | 0.40% |
| FY2024 | 0.03% |
| FY2025 | −0.10% |
| FY2026 | 0.68% |
Details›
- Gross margin12 months to Q4 2026
- 13%
- Operating margin12 months to Q4 2026
- 0.68%
- Net margin12 months to Q4 2026
- 0.27%
- Free cash flow margin
- 1.0%
- Revenue, trailing twelve months
- $31.2B
- Free cash flow, trailing twelve months
- $323M
- Net income, trailing twelve months
- $84M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.