The Whole Foods in my area just expanded into a larger complex last year, but a Trader Joe's moved in to the old store. Trader Joe's offers many similar products at a fraction of the costs. Purely anectdotally I would say the hoopla is over and they should trade at similar p/e's to other grocery store chains.
lol..I know the people that shop there are really weird...chanting, neurotics and such.... Now I am really going to get it for this post...but I get my info from being a customer there plus a close friend of mine works there and when she comes home, I hear about it for hours on the phone)
A look at some of the other grocery stores would give you an idea on the valuation for the industry. Add in your formula for growth rates vs ratios gives an idea on where this should trade... I haven't looked at the fundos...is the growth rate still high?
I remember selling WFMI yesterday. I only hold stocks that show rising prices. If WFMI price rallys again then I plan to buy.