United Natural Foods Inc key statistics and ratios

In fiscal 2026, United Natural Foods Inc had return on equity of 5.3%, an operating margin of 0.7%, debt equal to 97.7% of equity and a current ratio of 1.29. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

United Natural Foods Inc: financial ratios, annual
Fiscal year	2010Jul 2010	2011Jul 2011	2012Jul 2012	2013Aug 2013	2014Aug 2014	2015Aug 2015	2016Jul 2016	2017Jul 2017	2018Jul 2018	2019Aug 2019	2020Aug 2020	2021Jul 2021	2022Jul 2022	2023Jul 2023	2024Aug 2024	2025Aug 2025	2026Aug 2026
Gross margin	18.5%	18.2%	17.5%	16.9%	16.6%	15.4%	15.1%	15.4%	14.9%	14.4%	14.6%	14.6%	14.5%	13.6%	13.6%	13.3%	13.5%
Operating margin	3.1%	2.9%	3.0%	3.1%	3.1%	3.0%	2.6%	2.4%	2.2%	−0.9%	−0.7%	1.1%	1.5%	0.4%	0.0%	−0.1%	0.7%
Net margin	1.8%	1.7%	1.7%	1.8%	1.8%	1.7%	1.5%	1.4%	1.6%	−1.3%	−1.0%	0.6%	0.9%	0.1%	−0.4%	−0.4%	0.3%
Free-cash-flow margin	0.3%	0.2%	0.7%	−0.4%	−1.2%	−1.0%	3.0%	2.3%	0.6%	0.3%	1.1%	1.1%	0.3%	1.0%	−0.3%	0.8%	1.0%
Return on equity	10.8%	10.2%	9.9%	10.4%	10.8%	10.6%	8.7%	8.1%	9.2%	−17.0%	−20.7%	11.2%	15.0%	1.4%	−6.6%	−7.4%	5.3%
Return on assets	5.5%	5.8%	6.3%	6.7%	6.2%	5.7%	4.7%	4.5%	5.6%	−5.6%	−3.7%	2.0%	3.3%	0.3%	−1.5%	−1.6%	1.1%
Asset turnover	3.00	3.42	3.62	3.76	3.38	3.39	3.14	3.23	3.50	4.41	3.60	3.57	3.82	4.03	4.15	4.20	4.24
Current ratio	1.37	1.82	2.83	2.80	2.66	2.93	2.60	2.36	2.56	1.69	1.56	1.43	1.57	1.44	1.44	1.32	1.29
Debt to equity	47.0%	18.8%	23.5%	24.0%	67.2%	53.4%	28.8%	14.0%	17.4%	206.7%	232.5%	151.5%	120.8%	114.2%	128.8%	121.3%	97.7%
Interest cover (operating income ÷ interest)	19.7x	25.9x	32.8x	31.5x	27.2x	16.7x	13.8x	13.5x	14.0x	n/m	n/m	1.4x	2.7x	0.8x	0.0x	n/m	1.7x
Effective tax rate	39.0%	39.4%	39.4%	38.1%	39.5%	39.6%	39.6%	39.3%	22.5%	—	—	18.6%	18.1%	—	—	—	17.6%
Capital spending as % of revenue	1.5%	0.9%	0.6%	1.1%	2.2%	1.6%	0.5%	0.6%	0.4%	1.0%	0.7%	1.2%	0.9%	1.1%	1.1%	0.7%	0.7%
Free cash flow ÷ net income	16.1%	11.8%	38.0%	−20.6%	−67.6%	−57.9%	202.9%	166.9%	39.6%	—	—	204.0%	32.3%	>999%	—	—	384.5%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	0.0%	0.0%	37.6%	0.0%	0.0%	0.0%	0.0%	20.6%	—	0.0%	15.5%

US$ thousands unless shown otherwise. Fiscal quarters.

United Natural Foods Inc: financial ratios, quarterly
Quarter	2025 Q1Nov 2024	2025 Q2Feb 2025	2025 Q3May 2025	2025 Q4Aug 2025	2026 Q1Nov 2025	2026 Q2Jan 2026	2026 Q3May 2026	2026 Q4Aug 2026
Gross margin	13.2%	13.1%	13.4%	13.4%	13.4%	13.2%	13.6%	13.7%
Operating margin	0.1%	0.3%	0.2%	−1.0%	0.2%	0.7%	0.9%	0.9%
Net margin	−0.3%	−0.0%	−0.1%	−1.1%	−0.1%	0.3%	0.4%	0.5%
Free-cash-flow margin	−2.0%	2.4%	1.5%	1.1%	−0.7%	3.1%	0.7%	1.0%
Current ratio	1.48	1.45	1.41	1.32	1.38	1.33	1.33	1.29
Debt to equity	138.3%	127.4%	120.7%	120.1%	124.1%	110.6%	104.1%	96.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · August 1, 2026

What it owns · $7.1bn

Short-term assets $3.1bnLonger-term assets $4.0bn

What it owes, and who funded it · $7.1bn

Short-term liabilities $2.4bnLonger-term liabilities $3.0bnShareholders' equity $1.6bn

Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $2.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $3.1bn short-term assets against $3.0bn of longer-dated liabilities.
More cash than debt $37m of cash against $1.6bn of debt.
Debt below 40% of shareholders' equity Debt is 96% of equity.
Debt burden no higher than five years ago Debt to equity moved from 137% to 96% over five years.
A year's operating cash flow covers at least 20% of debt $540m of operating cash flow against $1.6bn of debt.
Operating profit covers interest at least five times over Operating income of $211m against $126m of interest.

From United Natural Foods Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

32 /100

Weak moat

How hard United Natural Foods's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 0.8% of total assets over 10 years.
Pricing power 8 / 20

Gross margin has been a median 14.5%, moving by 0.7 percentage points (standard deviation) across 10 years.
Durability 0 / 20

Operating margin has been a median 0.5%; its worst year was -0.9%.
Cash conversion 9 / 20

Free cash flow was positive in 9 of 10 years, at a median 0.9% of revenue.
Discipline 15 / 20

The diluted share count rose 4.7% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from United Natural Foods Inc's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to United Natural Foods Inc.