UNFI Stock: Profit Recovered. Why Is the Cash Guide Lower? — Q4 FY2026

United Natural Foods, Inc. (UNFI) Q4 FY2026 — September 10 close $44.11: +0.4% from the pre-print close after an initial +2.3% release-day gain.

Operating profit recovered, but next year’s cash-flow midpoint is lower. We test distribution efficiency, recurring adjustments, investment and shareholder claims.

THE CALL: HOLD (2/5, LOW) — base-case value ~$49 vs ~$44.11 today.

KEY METRICS:

- Q4 revenue $7.642B; GAAP operating profit $69M; net income $35M; diluted EPS $0.57

- Adjusted EBITDA $172M; adjusted EPS $0.69; cyber benefit removed $3M Q4 / $21M FY

- FY2026 FCF $323M; FY2027 guide $275–325M; capital/cloud plan about $300M

- Net debt $1.539B includes finance leases; operating leases $1.459B disclosed separately

- Model shares 62.9M diluted weighted average; published FCF adds back SBC

- EPS / EV-EBITDA / equity FCF routes: $45.50 / $53.55 / $47.69; 30/30/40 blend → $49

- Illustrative $61M SBC cash charge: $38.00 cash route / $44.91 blend; base unchanged

- Scenarios $32/$49/$71 at 30/50/20 → $48.30 weighted; central band $44–54