Forensic Analysis · General / Diversified · as of Jun 27, 2026
UNITED NATURAL FOODS INC (UNFI)
A forensic read on UNITED NATURAL FOODS INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-2.4%
ROE
$3.0B
Market cap
UNITED NATURAL FOODS INC earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.4, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0%Return on invested capital.Return on invested capital is -0% and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $62M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
-0.4%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.4%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 18% of free cash flow in FY2025 — about $0.71 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$717MGoodwill impairments.Took $717M of goodwill writedowns across 2 year(s) (FY2019 ($293M), FY2020 ($424M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-0.4%
Debt / Equity1.20x
Free Cash Flow$239.0M
Latest Revenue$31.78B
Return on Equity-7.6%
Revenue Growth YoY+2.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on UNITED NATURAL FOODS INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about UNFI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown