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UNF, Unifirst Corporation

Commercial Services & Supplies diversified

UniFirst Corporation is one of the leading providers in the supply and servicing of uniform and workwear programs, facility management and service products, as well as first aid and safety supplies and services in North America.

Our safety offerings also include fire protection services, such as inspection, testing, and maintenance of fire extinguishers and other fire safety equipment.

Our principal services include providing customers with uniforms and other non-garment items, picking up soiled uniforms or other items on a periodic basis (usually weekly), and delivering, at the same time, cleaned and processed items.

Latest annual: FY2025 10-K

UNF · Unifirst Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.4B

+0.2% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.5B 5-yr avg $2.2B

Gross margin 37% 5-yr avg 35%

Operating margin 5.8% 5-yr avg 7.7%

ROIC 5% 5-yr avg 7%

Owner-earnings margin 4% 5-yr avg 4%

Free cash flow margin 4% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Uniforms and Facility Service Solutions (91%) and First Aid and Safety Solutions (5%), with 2 more segments behind.
What moves the needle: Gross margin has run about 37% and operating margin about 7.6% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 6.0% to 14% — on a steadier 37% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 6% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Uniforms and Facility Service Solutions is 91% of revenue, so this is largely a single-segment business.

Revenue by reportable segment, FY2025

Uniforms and Facility Service Solutions91%$2.2B
First Aid and Safety Solutions5%$115M
Other4%$99M
Other4%$99M

By geographyUnited States92%Europe And Canada8%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMay 2026
											Income statement
$1.5B	$1.6B	$1.7B	$1.8B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.4B	$2.5B	RevenueRevenue
39%	38%	38%	37%	35%	38%	35%	34%	35%	37%	37%	Gross marginGross mgn
19%	22%	21%	19%	20%	21%	23%	22%	22%	23%	25%	SG&A / revenueSG&A/rev
$201M	$110M	$182M	$232M	$173M	$196M	$134M	$134M	$184M	$184M	$144M	Operating incomeOp. inc.
13.7%	6.9%	10.8%	12.8%	9.6%	10.7%	6.7%	6.0%	7.6%	7.6%	5.8%	Operating marginOp. mgn
$125M	$70M	$164M	$179M	$136M	$151M	$103M	$104M	$145M	$148M	$116M	Net incomeNet inc.
39%	39%	12%	25%	24%	23%	23%	25%	23%	24%	23%	Effective tax rateTax rate
											Cash flow & returns
$208M	$218M	$230M	$282M	$287M	$212M	$123M	$216M	$295M	$297M	$240M	Operating cash flowOp. cash
$82M	$89M	$97M	$103M	$105M	$106M	$109M	$121M	$141M	$140M	$142M	DepreciationDeprec.
($5M)	$47M	($35M)	($6M)	$40M	($52M)	($99M)	($18M)	($1M)	($4M)	($31M)	Working capital & otherWC & other
$98M	$109M	$113M	$120M	$117M	$134M	$144M	$172M	$160M	$154M	$151M	CapexCapex
6.7%	6.8%	6.6%	6.6%	6.5%	7.3%	7.2%	7.7%	6.6%	6.3%	6.1%	Capex / revenueCapex/rev
$109M	$110M	$117M	$162M	$170M	$106M	$14M	$95M	$135M	$143M	$88M	Owner earningsOwner earn.
7.5%	6.9%	6.9%	9.0%	9.4%	5.8%	0.7%	4.2%	5.6%	5.9%	3.5%	Owner earnings marginOE mgn
$109M	$110M	$117M	$162M	$170M	$79M	($22M)	$44M	$135M	$143M	$88M	Free cash flowFCF
7.5%	6.9%	6.9%	9.0%	9.4%	4.3%	−1.1%	2.0%	5.6%	5.9%	3.5%	Free cash flow marginFCF mgn
$17M	$125M	$43M	$5M	$41M	$8M	$44M	$306M	$203K	$12M	$22M	AcquisitionsAcquis.
$3M	$3M	$4M	$8M	$16M	$18M	$21M	$22M	$23M	$25M	$25M	Dividends paidDiv. paid
$0	$0	$146M	$31M	$22M	$11M	$44M	$0	$24M	$71M	—	BuybacksBuybacks
12%	6%	13%	14%	10%	11%	7%	5%	7%	7%	5%	ROICROIC
9%	5%	11%	11%	8%	8%	5%	5%	7%	7%	5%	Return on equityROE
9%	5%	11%	10%	7%	7%	4%	4%	6%	6%	4%	Retained to equityRetained/eq
											Balance sheet
$364M	$350M	$271M	$385M	$475M	$513M	$376M	$90M	$175M	$209M	$169M	Cash & investmentsCash+inv
$157M	$187M	$201M	$203M	$191M	$208M	$249M	$279M	$279M	$285M	$296M	ReceivablesReceiv.
$79M	$79M	$90M	$101M	$106M	$144M	$151M	$148M	$157M	$145M	$148M	InventoryInvent.
$51M	$65M	$74M	$78M	$64M	$81M	$82M	$93M	$93M	$95M	$90M	Accounts payablePayables
$185M	$202M	$217M	$226M	$233M	$271M	$319M	$335M	$343M	$336M	$355M	Operating working capitalOper. WC
$778M	$814M	$785M	$914M	$969M	$1.1B	$1.1B	$840M	$916M	$925M	$920M	Current assetsCur. assets
$153M	$178M	$198M	$190M	$210M	$255M	$244M	$267M	$281M	$290M	$296M	Current liabilitiesCur. liab.
5.1×	4.6×	4.0×	4.8×	4.6×	4.3×	4.4×	3.1×	3.3×	3.2×	3.1×	Current ratioCurr. ratio
$321M	$376M	$397M	$401M	$425M	$430M	$457M	$648M	$649M	$658M	$670M	GoodwillGoodwill
$1.7B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.4B	$2.6B	$2.7B	$2.8B	$2.8B	Total assetsAssets
$1.4B	$1.5B	$1.5B	$1.6B	$1.7B	$1.9B	$1.9B	$2.0B	$2.1B	$2.2B	$2.2B	Shareholders’ equityEquity
0.4%	0.8%	0.3%	0.3%	0.3%	0.4%	0.5%	0.4%	0.4%	0.5%	0.5%	Stock comp / revenueSBC/rev
											Per share
20.2M	20.3M	20.0M	19.2M	19.0M	19.0M	18.9M	18.8M	18.7M	18.6M	18.2M	Shares out (diluted)Shares
$72.84	$78.47	$84.98	$94.26	$94.75	$95.92	$105.68	$119.02	$129.64	$130.91	$137.15	Revenue / shareRev/sh
$6.20	$3.46	$8.21	$9.33	$7.13	$7.94	$5.46	$5.53	$7.77	$7.98	$6.37	EPS (diluted)EPS
$5.43	$5.41	$5.88	$8.46	$8.93	$5.59	$0.73	$5.04	$7.20	$7.67	$4.86	Owner earnings / shareOE/sh
$5.43	$5.41	$5.88	$8.46	$8.93	$4.13	$-1.14	$2.33	$7.20	$7.67	$4.86	Free cash flow / shareFCF/sh
$0.14	$0.14	$0.21	$0.43	$0.82	$0.95	$1.10	$1.18	$1.25	$1.33	$1.38	Dividends / shareDiv/sh
$4.87	$5.35	$5.65	$6.24	$6.13	$7.02	$7.62	$9.17	$8.57	$8.31	$8.33	Cap. spending / shareCapex/sh
$67.72	$71.67	$73.38	$85.50	$91.44	$98.38	$101.19	$106.81	$112.61	$116.73	$120.94	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+6.7%/yr	+6.7%/yr
Owner earnings / share	+3.9%/yr	−3.0%/yr
EPS	+2.8%/yr	+2.3%/yr
Dividends / share	+28.1%/yr	+10.0%/yr
Capital spending / share	+6.1%/yr	+6.3%/yr
Book value / share	+6.2%/yr	+5.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

19Mpeak FY2017

ROIC

7%low FY2023

Gross margin

37%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$143Mowner earningsvs.$148Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $148M of profit but $143M of owner earnings: $6M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$148M

Owner earnings$143M · 6% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$148M	$145M	$104M	$103M	$151M
Depreciation & amortizationnon-cash charge added back	+$140M	+$141M	+$121M	+$109M	+$106M
Stock-based compensationreal costnon-cash, but a real cost	+$12M	+$10M	+$9M	+$9M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	−$4M	−$1M	−$18M	−$99M	−$52M
Cash from operations	$297M	$295M	$216M	$123M	$212M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$154M	−$160M	−$121M	−$109M	−$106M
Owner earnings	$143M	$135M	$95M	$14M	$106M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$51M	−$36M	−$28M
Free cash flow	$143M	$135M	$44M	($22M)	$79M
Owner-earnings marginowner earnings ÷ revenue	6%	6%	4%	1%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $12M), owner earnings is nearer $130M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“We identified material weakness in our internal control over financial reporting related to certain information technology general controls ( " ITGCs " ) supporting the manage change and manage access processes.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 199.0×

Comfortable

Operating income $184M ÷ interest expense $927K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$201M

Net cash

Cash $204M + ST investments $6M − debt $8M

What this means
Cash and short-term investments exceed every dollar of debt by $201M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 55d

Tight

DSO 43 + DIO 34 − DPO 22 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

10-yr median, range 5%–14%; 7% latest = NOPAT $140M ÷ invested capital $2.0B

Industry peers: median 11%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 7% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 6%

Solid through the cycle

10-yr median margin, range 1%–9%; latest $143M = operating cash $297M − maintenance capex $154M

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 6% of revenue this year, a 6% median across 10 years. Treating stock comp as the real expense it is (less $12M of SBC) leaves $130M.
Are earnings backed by cash? 2.00×

Cash-backed

Cash from ops $297M ÷ net income $148M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 67%

Returns about half

Dividends + buybacks $96M ÷ Owner Earnings $143M

What this means
Of $143M Owner Earnings, $96M (67%) went back to shareholders, $25M dividends, $71M buybacks. Net of $12M stock comp, the real buyback was about $59M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.10×

Maintaining

Capex $154M ÷ depreciation $140M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.18×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $8M vs $634M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +11%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.32/share (latest year $8.19), the averaged base the calculator's gate runs on, and book value is $119.83/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 10% → 7% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 10% early to 7% lately, median 8% — competition or costs are biting in.
Owner earnings growth +3%/yr

What this means
Owner earnings grew about 3% a year over the record.
Worst year 2023 · 6.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, May 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$920M

Cash & short-term investments$169M
Receivables$296M
Inventory$148M
Other current assets$307M

Current liabilities$296M

Debt due within a year$3M
Accounts payable$90M
Other current liabilities$203M

Current ratio3.11×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.61×stricter: inventory excluded

Cash ratio0.57×strictest: cash alone against what's due

Working capital$624Mthe cushion left after near-term bills

Debt due this year vs. cash$3M due · $169M cash covered by cash on hand, no refinancing forced · both figures from the May 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+3.9%the freshest read on whether the business is still growing

Current ratio, recent quarters3.3× → 3.1×

Deeper floors

Tangible book value$1.4Bequity stripped of goodwill & intangibles

Net current asset value$297MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$88M$85M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $2.4B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.3B · 56%
Dividends$143M · 6%
Buybacks$349M · 15%
Retained (debt / cash)$555M · 23%

Returned to owners$492M
42% of the owner earnings the business produced over the span, $143M as dividends and $349M as buybacks.
Average price paid for buybacks$179.07
Across the years where the filing reports a share count, 1M shares were bought for $203M, about $179.07 each. Year to year the price paid ranged from $154.78 (2019) to $208.10 (2022); its heaviest year, 2025, paid $176.17 ($71M).
Net change in share count−9.8%
The diluted count fell from 20M to 18M, so the buybacks outran the stock issued to staff.
Dividend record$1.33/sh
Paid in 10 of the years on record, the per-share dividend growing about 28% a year. It was never cut over the span.
Return on what it retained1%
Of the earnings it kept rather than paid out ($834M over the span), annual owner earnings (first three years vs last three) grew $12M, so each retained $1 added about 0.01 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$764M27% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity30%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$602Mover 10 years buying other businesses, against $1.3B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Steven S. Sintros	$3.3M	$3.7M	$106M
2022	Steven S. Sintros	$3.3M	$1.8M	$14M
2023	Steven S. Sintros	$3.4M	$3.2M	$95M
2024	Steven S. Sintros	$3.9M	$4.0M	$135M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2024 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$12M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Unifirst Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?5.2% vs 7.1%
The owner-earnings margin averaged 7.1% early in the record and 5.2% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, nearest by economic model

No close industry peers in the catalog yet, so these are the nearest by economic model (general), compared on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HRBH&R Block	$3.8B	45%	21.8%	108%	17%
CHEChemed	$2.5B	33%	14.4%	30%	12%
BALYBally's Corporation	$2.5B	—	5.7%	5%	2%
PLUSePlus inc.	$2.4B	25%	6.3%	18%	11%
AVAHAveanna Healthcare Holdings Inc.	$2.4B	—	1.6%	3%	-2%
UNFUnifirst Corporation	$2.4B	37%	8.6%	9%	6%
ALITAlight Inc.	$2.3B	—	-3.6%	-1%	9%
CSVCarriage Services Inc.	$417M	32%	20.2%	11%	12%
Group median	—	33%	7.4%	10%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Unifirst Corporation has delivered.

Today’s price $

Through the cycle, Unifirst Corporation earns about $155M on its 6.4% median owner-earnings margin. This year’s 5.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($155M) Net of stock comp (−$13M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+23%/yr

Owner-earnings growth · ’16→’25+3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $88M on 18M shares outstanding (a weighted basic average, the only count this filer tags); net cash $166M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh UNF against another business →

Cite: Owner Scorecard, "Unifirst Corporation (UNF), the owner's record," https://ownerscorecard.com/c/UNF, data as of 2026-07-09.

Manual order: ← UMH its page in the Manual UNFI →

Industry order: ← UBER the Commercial Services & Supplies chapter UXIN →