UNFIUNITED NATURAL FOODS INC

Wholesale-Groceries, General Line

Revenue: $31.2B; 2.0% YoY
Operating margin: 0.7%; 794% YoY
EBITDA: $514M; 77% YoY
Market cap: $2.8B
Employees: 23,431; $1M revenue each
Net debt / EBITDA: 0.2×; $88M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
643% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$661K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$28.9B	$30.3B	$31.0B	$31.8B	$31.2B	2.0%
Operating income	$423M	$120M	$8M	−$31M	$211M	781%
Net income	$248M	$24M	−$112M	−$118M	$84M	171%
Operating cash flow	$331M	$624M	$253M	$470M	$540M	15%
Capex	$251M	$323M	$345M	$231M	$217M	6.1%
Stock-based comp	$44M	$38M	$39M	$43M	$61M	42%
Buybacks	$0	$62M	$0	$0	$50M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $573K · 2
Open-market sells, 12 mo: $1M · 4
Net: −$661K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	153	257
FY2025	—	—	82	139
FY2024	—	—	44	104
FY2023	—	—	63	110
FY2022	—	—	128	135