Latest Ratios: P/E Ratio -22.3x · EV/EBITDA 20.9x · ROE -7.4%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $1.6B | $919M | $1.3B | $2.6B | $2.0B | $1.1B | $505M | $1.6B | $2.0B | $2.5B |
| Enterprise Value | $6.1B | $5.0B | $4.4B | $4.5B | $5.9B | $5.4B | $4.7B | $3.5B | $2.0B | $2.3B | $3.1B |
| P/E Ratio → | -22.32 | — | — | 52.00 | 10.44 | 13.35 | — | — | 9.88 | 15.05 | 19.99 |
| P/S Ratio | 0.08 | 0.05 | 0.03 | 0.04 | 0.09 | 0.07 | 0.04 | 0.02 | 0.16 | 0.21 | 0.30 |
| P/B Ratio | 1.69 | 1.05 | 0.56 | 0.72 | 1.45 | 1.31 | 0.93 | 0.33 | 0.89 | 1.16 | 1.66 |
| P/FCF | 11.08 | 6.80 | — | 4.19 | 32.41 | 6.54 | 3.76 | 9.01 | 25.24 | 8.71 | 9.87 |
| P/OCF | 5.63 | 3.46 | 3.63 | 2.02 | 7.83 | 3.24 | 2.34 | 1.77 | 14.95 | 6.97 | 8.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.14 | 0.15 | 0.21 | 0.20 | 0.18 | 0.16 | 0.19 | 0.25 | 0.37 |
| EV / EBITDA | 20.88 | 17.36 | 13.54 | 10.59 | 8.38 | 7.40 | 7.04 | 7.94 | 6.29 | 7.48 | 10.51 |
| EV / EBIT | — | 28.44 | 491.91 | 32.08 | 13.27 | 17.22 | — | — | 8.61 | 10.05 | 13.37 |
| EV / FCF | — | 21.06 | — | 14.92 | 74.14 | 17.68 | 16.48 | 62.47 | 30.43 | 10.36 | 12.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.3% | 13.3% | 13.6% | 13.6% | 14.5% | 14.6% | 14.6% | 13.0% | 14.9% | 15.4% | 15.1% |
| Operating Margin | -0.1% | -0.1% | 0.0% | 0.4% | 1.5% | 1.6% | 1.4% | 0.9% | 2.2% | 2.4% | 2.6% |
| Net Profit Margin | -0.4% | -0.4% | -0.4% | 0.1% | 0.9% | 0.6% | -1.0% | -1.6% | 1.6% | 1.4% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.4% | -7.4% | -6.6% | 1.4% | 15.0% | 11.2% | -19.1% | -20.9% | 9.4% | 8.1% | 8.7% |
| ROA | -1.6% | -1.6% | -1.5% | 0.3% | 3.3% | 2.0% | -3.4% | -6.9% | 5.7% | 4.5% | 4.7% |
| ROIC | -0.5% | -0.5% | 0.1% | 1.8% | 6.3% | 6.8% | 6.1% | 4.3% | 8.0% | 8.2% | 8.4% |
| ROCE | -0.6% | -0.6% | 0.2% | 2.4% | 8.3% | 8.6% | 7.3% | 5.2% | 10.2% | 10.2% | 10.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.22 | 2.22 | 2.16 | 1.87 | 1.89 | 2.26 | 3.20 | 2.01 | 0.20 | 0.23 | 0.39 |
| Debt / EBITDA | 11.90 | 11.90 | 10.85 | 7.70 | 4.78 | 4.72 | 5.50 | 6.89 | 1.15 | 1.24 | 2.03 |
| Net Debt / Equity | — | 2.19 | 2.14 | 1.85 | 1.86 | 2.24 | 3.16 | 1.98 | 0.18 | 0.22 | 0.38 |
| Net Debt / EBITDA | 11.75 | 11.75 | 10.73 | 7.61 | 4.71 | 4.66 | 5.43 | 6.80 | 1.07 | 1.19 | 1.97 |
| Debt / FCF | — | 14.26 | — | 10.72 | 41.73 | 11.14 | 12.72 | 53.47 | 5.19 | 1.65 | 2.28 |
| Interest Coverage | 1.15 | 1.15 | 0.05 | 0.90 | 3.96 | 1.53 | -1.04 | -0.88 | 13.92 | 13.53 | 14.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.44 | 1.44 | 1.57 | 1.43 | 1.56 | 1.69 | 2.56 | 2.36 | 2.60 |
| Quick Ratio | 0.51 | 0.51 | 0.52 | 0.49 | 0.60 | 0.52 | 0.60 | 0.70 | 0.93 | 0.90 | 0.95 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 4.18 | 4.12 | 4.09 | 3.79 | 3.58 | 3.49 | 2.98 | 3.45 | 3.21 | 2.97 |
| Inventory Turnover | 13.16 | 13.16 | 12.29 | 11.41 | 10.51 | 10.24 | 9.93 | 8.90 | 7.66 | 7.60 | 7.04 |
| Days Sales Outstanding | — | 12.55 | 11.23 | 10.72 | 15.32 | 14.94 | 15.16 | 17.81 | 20.69 | 20.69 | 21.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.9% | 9.6% | 7.5% | — | — | 10.1% | 6.6% | 5.0% |
| FCF Yield | 9.0% | 14.7% | — | 23.8% | 3.1% | 15.3% | 26.6% | 11.1% | 4.0% | 11.5% | 10.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 4.9% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 4.9% | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $60M | $59M | $61M | $61M | $60M | $54M | $51M | $51M | $51M | $50M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying UNFI stock.
United Natural Foods, Inc.'s current P/E ratio is -22.3x. The historical average is 25.1x.
United Natural Foods, Inc.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
United Natural Foods, Inc.'s return on equity (ROE) is -7.4%. The historical average is 7.5%.
Based on historical data, United Natural Foods, Inc. is trading at a P/E of -22.3x. Compare with industry peers and growth rates for a complete picture.
United Natural Foods, Inc. has 13.3% gross margin and -0.1% operating margin.
United Natural Foods, Inc.'s Debt/EBITDA ratio is 11.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent margin compression and high leverage
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Profitability Fears
UNFI's forward P/E of 13.34x appears low relative to peers like Sysco (21.75x) and US Foods (31.30x), but this discount likely reflects the market's skepticism about the sustainability of its nascent profitability, given its trailing P/E is negative due to accumulated losses.
The forward multiples imply the market expects a significant earnings recovery, yet the EV/EBITDA compression to 8.76x forward, from 21.10x trailing, suggests this recovery is heavily dependent on a rapid EBITDA expansion that is not yet evident in the margin trajectory. The P/S ratio of 0.09x is strikingly low for a business generating nearly $30B in revenue, highlighting that the market is assigning minimal value to each sales dollar due to the razor-thin net margin of just 0.5% in the latest quarter.
Margin Recovery is Nascent and Fragile
After ten quarters of operating margins between -1.0% and 1.3%, UNFI's 2026Q4 operating margin of 1.0% signals a tentative stabilization, but the gross margin's persistent range-bound behavior between 13.1% and 13.7% indicates the core distribution business lacks pricing power.
The company's return to modest profitability appears driven by SG&A control rather than gross margin improvement, which is a less sustainable lever given inflationary pressures on labor and fuel. The net margin of 0.5% is the lowest among its direct peers, suggesting that UNFI's cost structure or competitive position within the natural/organic channel does not allow for the margin capture seen at more operationally efficient distributors.
Returns on Capital Struggle to Clear Cost of Debt
UNFI's ROIC of 1.2% in 2026Q4 remains far below the levels required to generate excess returns above its weighted average cost of capital, indicating that the business is still in a phase of capital recovery rather than value creation.
The trend from a negative ROIC of -1.2% in 2025Q4 to 1.2% in 2026Q4 shows improvement, but the returns are driven by a slight uptick in operating margin and asset turnover, not by a fundamental shift in capital efficiency. With an ROE of 2.2% and a debt-to-equity ratio of 1.87, the minimal returns to equity holders are being generated on a highly levered base, amplifying the risk if profitability stalls.
Tight Liquidity Window Dependent on Working Capital
With a quick ratio consistently below 0.55 over the last ten quarters and a current ratio near 1.29, UNFI's immediate liquidity is heavily reliant on the orderly conversion of its significant inventory holdings into cash.
The company's cash position has remained below $55 million, a minimal buffer given its scale and debt load. The improvement in the current ratio from 1.44 in 2024Q4 to 1.29 in 2026Q4 was driven by a reduction in current liabilities rather than an increase in liquid assets, suggesting that management has been focused on payables management to preserve cash. This structure makes UNFI vulnerable to any disruption in its inventory turnover or access to short-term financing.
High Leverage Constrains Strategic Optionality
The debt-to-equity ratio has modestly improved to 1.87 from a peak of 2.36, yet the D/EBITDA multiple of 19.71x indicates that the company's debt burden remains enormous relative to its current cash earnings power.
Interest coverage of 4.59x in 2026Q4 appears adequate but is a sharp improvement from negative coverage just a few quarters prior, highlighting the volatility and fragility of the earnings used to service debt. This high leverage ratio means that any future margin compression or operational misstep could rapidly erode credit quality, potentially forcing asset sales or restrictive covenant renegotiations.
The Misapplied Liquidity Ratio
The current ratio is frequently misapplied to UNFI, as its value of 1.29 suggests adequate liquidity that its sub-0.50 quick ratio and minimal cash balance fundamentally contradict for a distributor managing billions in inventory.
For a business where inventory is the largest current asset and consists of perishable goods, the current ratio is a misleading indicator of immediate financial health because it treats all inventory as equally liquid. A more relevant metric for UNFI is the cash conversion cycle, which has improved from 20 to 14 days, as this directly measures the efficiency of turning inventory into cash to meet obligations, a far more critical dynamic for its solvency than the static balance sheet ratio.