Does UNITED NATURAL FOODS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores UNITED NATURAL FOODS, INC. (UNFI) 13.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 0, balance-sheet safety 0, capital discipline 24.

Is UNFI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.40 per share versus a recent price of $49.10 — 1016% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has UNFI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 13.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

UNITED NATURAL FOODS, INC.

UNFI · Industrials · $3.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power28

Median gross margin 14.5% over 10y, very stable.

Returns on capital0

Median ROIC 4.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 6.3x, interest coverage -0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

1016% above value

Owner earnings (normalized): $24.0M
Est. intrinsic value / share: $4.40
Recent price: $49.10
Discount to value: 1016% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

UNITED NATURAL FOODS, INC. booked $31.8B of revenue in FY2025 in the Industrials sector and kept 13.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.5B (FY2009) to $31.8B (FY2025) — about 14.9% a year compounded over 16 years.

It earned −0.7% on invested capital in FY2025, with a median of 8.8% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.9B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 39.2% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (28/100) and Returns on Capital the weakest (0/100), which is how UNFI lands at 13/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$31.8B FY2025

Gross marginRevenue kept after cost of goods13.3% FY2025

Return on invested capitalOperating profit on the capital employed−0.7% FY2025

Owner earningsCash an owner could take out−$28.0M FY2025

Gaps in a line mean that item isn’t in UNFI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale13.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — UNFI has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#296 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#294SKYX SKYX PLATFORMS CORP.14.0 out of 100, No moatNo moat
#295TWI TITAN INTERNATIONAL, INC.13.6 out of 100, No moatNo moat
#297TPCS TECHPRECISION CORP12.9 out of 100, No moatNo moat
#298FLYX flyExclusive, Inc.12.8 out of 100, No moatNo moat

Compare UNFI with its nearest peers →All Industrials companies on the Index →

Common questions about UNFI

Does UNITED NATURAL FOODS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores UNITED NATURAL FOODS, INC. (UNFI) 13.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 0, balance-sheet safety 0, capital discipline 24.
Is UNFI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.40 per share versus a recent price of $49.10 — 1016% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has UNFI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 13.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell UNFI. See the disclaimer.