Latest Ratios: P/E Ratio -24.1x · EV/EBITDA 21.6x · 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 | $2.9B | $1.6B | $919M | $1.3B | $2.6B | $2.0B | $1.1B | $505M | $1.6B | $2.0B | $2.5B |
| Enterprise Value | $6.3B | $5.0B | $4.4B | $4.5B | $5.9B | $5.4B | $4.7B | $3.5B | $2.0B | $2.3B | $3.1B |
| P/E Ratio → | -24.11 | — | — | 52.00 | 10.44 | 13.35 | — | — | 9.88 | 15.05 | 19.99 |
| P/S Ratio | 0.09 | 0.05 | 0.03 | 0.04 | 0.09 | 0.07 | 0.04 | 0.02 | 0.16 | 0.21 | 0.30 |
| P/B Ratio | 1.83 | 1.05 | 0.56 | 0.72 | 1.45 | 1.31 | 0.93 | 0.33 | 0.89 | 1.16 | 1.66 |
| P/FCF | 11.96 | 6.80 | — | 4.19 | 32.41 | 6.54 | 3.76 | 9.01 | 25.24 | 8.71 | 9.87 |
| P/OCF | 6.08 | 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 | 21.61 | 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 | 8.4% | 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 |
High leverage and liquidity
According to recent market data, UNFI trades at a negative trailing P/E of -25.07, which, when contrasted with a forward P/E of 19.31, suggests that investors are pricing in a significant recovery in profitability that remains unproven given the company's recent history of net losses.
The wide disparity between trailing and forward multiples indicates that the market is heavily discounting current operational struggles while banking on a successful turnaround. Investors should monitor whether the forward earnings estimates are realistic, as the current EV/EBITDA of 22.00 appears elevated compared to peers, potentially signaling that the stock is priced for perfection rather than the current reality of margin compression.
Based on reported financial figures, UNFI's ROIC has struggled to maintain positive momentum, hovering at a meager 1.6% in 2026Q3, which indicates that the company is failing to generate returns that exceed its cost of capital in a meaningful or sustainable way.
The persistent inability to drive ROIC above low single digits suggests that the capital-intensive nature of the distribution network is not being offset by sufficient operational efficiency. This trend warrants further investigation into whether the company's asset base is bloated or if the current competitive environment structurally prevents the realization of higher returns on invested capital.
As reported in financial statements, UNFI's cash conversion cycle has fluctuated between 14 and 20 days over the last ten quarters, highlighting a reliance on tight inventory and payable management to maintain liquidity in an environment where operational cash flow is frequently inconsistent.
The company's asset turnover ratio, which has remained stagnant near 1.0x, suggests that the massive scale of the distribution network is not translating into superior throughput. Investors should monitor the DSO and DIO trends, as any slippage in collection or inventory velocity could immediately pressure the company's already thin liquidity buffers.
According to quarterly data, UNFI's debt-to-equity ratio remains elevated at 1.97 as of 2026Q3, which, when combined with an interest coverage ratio of 3.19, suggests that the company's ability to service its debt is highly sensitive to even minor fluctuations in operating income.
The high leverage profile limits the company's capacity to invest in necessary warehouse automation or strategic pivots without further straining the balance sheet. The volatility in interest coverage, which has dipped into negative territory in recent periods, indicates that refinancing risk may become a significant concern if operating margins do not stabilize.
The price-to-sales ratio is frequently misapplied to UNFI, as the current 0.09 multiple obscures the company's underlying lack of profitability and high operational leverage, making the business appear deceptively cheap to investors who ignore the structural margin constraints inherent in food distribution.
Because UNFI operates as a high-volume, low-margin distributor, a focus on revenue multiples ignores the reality that top-line growth often comes at the expense of margin dilution. Analysts should instead prioritize EV/EBITDA or FCF-based metrics to better capture the true earning power and cash-generating capability of the business model.
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 -24.1x. The historical average is 25.1x.
United Natural Foods, Inc.'s current EV/EBITDA is 21.6x. 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 -24.1x. 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.