Performance Food Group Company (PFGC)
Larger industry benchmark · 5.11x market cap
Food Distribution
YouTube · Q4 FY2026 · 2026-08-14
UNFI · NYSE
Food Distribution · United States
Snapshot 2026-09-20 · Latest financial period 2026-08-01 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-12-01 (provider estimate, not issuer-confirmed).
United Natural Foods, Inc., together with its subsidiaries, distributes natural, organic, specialty, produce, and conventional food and non-food products in the United States and Canada. It operates in three segments: Natural, Wholesale, and Retail. The company distributes grocery and general merchandise, perishables, frozen food, wellness and personal care items, bulk and foodservice, home, health and beauty care, pharmacy, pet food, produce, meat, dairy, and organic/non-GMO products under the essential everyday, shoppers value, wild harvest, field day, stone ridge creamery, equaline, culinary circle, super chill, arctic shores seafood company, koyo, and woodstock brands. It also engages in the manufacture of natural and organic snack food; importing, roasting, packaging, and distributing of nuts, dried fruit, seeds, trail mixes, granola, natural and organic snack items, and confections under the Woodstock Farms Manufacturing brand; and operation of grocery and liquor stores under the Cub Foods and Shoppers brands. In addition, the company provides shelf and planogram management, retail store support, pricing strategy, shelf tags, electronic payments and coupon processing, store layout and design, equipment sourcing and procurement, point-of-sale hardware and software, network and data hosting solutions, consumer convenience services, automation tools, sustainability services, and administrative back-office solutions; consumer and trade marketing programs; and programs to support suppliers in understanding its markets. Further, it offers web and digital marketing services, such as websites, digital coupon and loyalty programs, mobile applications, e-commerce, and circular programs; and various supply chain, digital, and professional services. It serves grocery chains and retailers. United Natural Foods, Inc. was founded in 1976 and is headquartered in Providence, Rhode Island.
Company websiteQ4 FY2026
Q4 FY2026 REPORT HIGHLIGHTS
United Natural Foods Q4 FY2026: verified profit and cash bridges, FY2027 investment demands, three valuation routes, nine-quarter history and dated signposts.
The EBITDA guide rises; the FCF midpoint falls. Capital plus cloud investment rises from $252M to about $300M. The company does not provide a full forward cash bridge, so the spending increase is context, not an exact explanation of every dollar.
Q4 adjusted EBITDA removes a $3M net cyber benefit this year and adds back $26M of costs last year. The full-year subtraction is $21M. Keep those periods separate.
Management quantifies about 500 basis points of optimization headwind and 150 points of project unwind, with a favorable but unquantified cyber comparison. Those components do not establish underlying volume growth.
Annual operating cash increased, but receivables and inventory released cash, stock compensation was added back, and receivable monetization has an economic cost. None of that makes cash unreal; it changes what can repeat.
Our $49 uses disclosed guidance, observed debt and an explicit diluted-share assumption. A conditional entry near $39.20 provides a 20% discount to that value; the current price does not.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | UNFIUnited Natural Foods, Inc.Snapshot 2026-09-20Financial period: 2026-08-01 | PFGCPerformance Food Group CompanySnapshot 2026-09-20Financial period: 2026-06-27 | USFDUS Foods Holding Corp.Snapshot 2026-09-20Financial period: 2026-06-27 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$2.82B | US$14.44B | US$20.21B |
| Forward P/EProvider forward earnings estimate | 11.53x | 13.78x | 16.85x |
| EV / EBITDAEnterprise value / trailing EBITDA | 9.23x | 13.03x | 14.34x |
| Revenue growthLatest quarter vs prior-year quarter | -0.7% | 7.3% | 4.5% |
| Operating marginLatest reported quarter | 1.0% | 2.2% | 4.2% |
| Free cash flow yieldTrailing cash flow / market cap | 15.1% | 4.9% | 4.0% |
| Net debt / EBITDANet debt / trailing EBITDA | 4.75x | 4.52x | 3.00x |
| Debt / equityTotal debt / positive book equity | 1.87x | 1.59x | 1.26x |
| Trailing P/ETrailing twelve-month earnings | 34.94x | 40.14x | 28.74x |
| Price / bookPrice / positive book equity per share | 1.78x | 2.93x | 4.72x |
| EV / salesEnterprise value / trailing revenue | 0.19x | 0.34x | 0.64x |
| Earnings growthLatest quarter vs prior-year quarter | — | 22.7% | 29.2% |
| Gross marginTrailing twelve months | 13.5% | 12.6% | 17.6% |
| Net marginTrailing twelve months | 0.3% | 0.6% | 1.8% |
| Return on equityProvider trailing return; positive equity only | 5.3% | 7.7% | 16.4% |
| Free cash flow marginTrailing free cash flow / revenue | 1.4% | 1.1% | 2.0% |
| Dividend yieldIndicated annual dividend / price | — | — | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 0.0% | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.29x | 1.51x | 1.14x |
| BetaProvider historical market sensitivity | 0.81 | 0.88 | 0.82 |
Larger industry benchmark · 5.11x market cap
Food Distribution
YouTube · Q4 FY2026 · 2026-08-14
YouTube · Q2 2026 · 2026-08-08
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
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Market context
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Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q4 FY2026
United Natural Foods Q4 FY2026: verified profit and cash bridges, FY2027 investment demands, three valuation routes, nine-quarter history and dated signposts.
Research published September 11, 2026 · Download original report
Read Research PacketPresentation · 2026-09-11 · YouTube
Short takes Q4 FY2026
UNFI Earnings: Profit Recovers. Cash Guide Falls. #Shorts
Watch Short on YouTube
Presentation · 2026-06-09 · YouTube
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