Is SpartanNash Co. overvalued or undervalued?

As of 29 May 2025, the valuation grade for SpartanNash Co. has moved from expensive to risky, indicating a shift in perception regarding its market position. The company appears to be overvalued based on its current metrics, particularly with a P/E ratio of 11, which is significantly lower than its peer average of approximately 15.43, and an EV to EBITDA ratio of 6.24, also below the peer average. Additionally, the Price to Book Value stands at 0.84, suggesting that the stock is trading below its book value.
In comparison to its peers, The Chefs' Warehouse, Inc. has a much higher P/E ratio of 39.53, while United Natural Foods, Inc. is at 15.05, highlighting that SpartanNash Co. is not only underperforming relative to these companies but also carries a higher risk profile. Recent stock performance shows that SpartanNash Co. has delivered a year-to-date return of 44.43%, outperforming the S&P 500's return of 12.22%, but it has lagged significantly over the longer term, with a 3-year return of -9.79% compared to the S&P 500's 70.41%.