United Natural Foods, Inc.
UNFI Consumer Defensive Food Distribution
United Natural Foods, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $31.2 billion, down 1.99% from fiscal 2025. In the quarter to July 2026, revenue was flat, EPS grew 141.3%, free cash flow grew 11.8% and total debt fell 16.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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United Natural Foods, Inc. (UNFI) Altman Z-score
United Natural Foods, Inc.'s Altman Z-score for fiscal 2026 is 5.15, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 5.15 | 0.50 |
| FY2025 | 4.65 | 0.06 |
| FY2024 | 4.59 | (0.10) |
| FY2023 | 4.69 | 0.02 |
| FY2022 | 4.67 | 0.42 |
| FY2021 | 4.25 | 0.37 |
| FY2020 | 3.88 | 0.35 |
| FY2019 | 3.54 | (2.14) |
| FY2018 | 5.67 | 0.24 |
| FY2017 | 5.44 | 0.12 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.16 | — | 0.22 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 0.56 | — | 0.34 | |
| Sales / total assets | 4.38 | — | 4.38 | |
| Altman Z-score | Safe zone | 5.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.66 | ||
Z and Z″ put United Natural Foods, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WILCF G. Willi-Food International, Ltd. compare | 14.7× |
| UNFI United Natural Foods, Inc. | 5.2× |
| SYY Sysco Corporation compare | 5.1× |
| PFGC Performance Food Group Company compare | 4.8× |
| USFD US Foods Holding Corp. compare | 4.5× |
| ANDE The Andersons, Inc. compare | 4.1× |
| CHEF The Chefs' Warehouse, Inc. compare | 3.7× |
| AVO Mission Produce, Inc. compare | 3.6× |
| HFFG HF FOODS GROUP INC. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets