UNIFIRST CORP
$235.39
−6.10 (−2.53%) · delayed · Nov 13, 2026
Five-year price
52w $154.00 to $306.67
- Market cap
- $4.3B
- Enterprise value
- $4.1B
- P/E
- 39.1×
- 32.4× on 3y avg EPS
- EV / EBIT
- 30.1×
- FCF yield
- 1.7%
- ROIC
- 5.1%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 6.3%
- ○ROE > 15% (5y avg)5y avg ROE 5.8%
- ●Stable operating marginsMargin volatility 0.9% (σ, 5y)
- ○Earnings convert to cashFCF / net income 55% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.7%
- ●Shrinking share countDiluted shares -4.4% over 5y
Value
20
- ○P/E below 15P/E 39.1
- ○EV/EBIT below 12EV/EBIT 30.1
- ○FCF yield above 6%FCF yield 1.7%
- ○Price below Graham NumberGraham Number $128.82
- ●P/B below 3P/B 1.9
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-0.2B
- ●Interest coverage > 8xCoverage 132.3x
- ●Current ratio > 1.5Current ratio 3.14
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $2.5B
- ●Strong condition (current ratio ≥ 2)Current ratio 3.14
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 4%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 32.4
- ○P/E × P/B ≤ 22.5Product 62.3
Valuation lab
What do you have to believe?
At $235.39, the market is pricing in about 19.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$192M · 18M shares · 5y revenue CAGR 6.7%
Intrinsic value
$96.69
Price
$235.39
Premium paid
143%
What the price implies
The market is paying for 19.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,591 | 1,696 | 1,809 | 1,804 | 1,826 | 2,001 | 2,233 | 2,427 | 2,432 | 2,523 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 110 | 182 | 232 | 173 | 196 | 134 | 134 | 184 | 184 | 136 |
| Operating margin | 6.9% | 10.8% | 12.8% | 9.6% | 10.7% | 6.7% | 6.0% | 7.6% | 7.6% | 5.4% |
| Pre-tax income | 115 | 187 | 238 | 178 | 197 | 134 | 139 | 189 | 195 | 142 |
| Income tax | 45 | 23 | 59 | 42 | 46 | 31 | 35 | 44 | 47 | 33 |
| Net income | 70 | 164 | 179 | 136 | 151 | 103 | 104 | 145 | 148 | 109 |
| EPS (diluted) | 3.44 | 8.21 | 9.33 | 7.13 | 7.94 | 5.46 | 5.53 | 7.77 | 7.98 | 6.02 |
| Diluted shares | 20 | 20 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 18 |
Who owns it