Central Garden & Pet Company (CENT) 10-Year Financial Performance & Capital Metrics

CENT • • Industrial / General

Consumer DefensivePackaged FoodsPet Food & Animal NutritionPet Food Manufacturers

AboutCentral Garden & Pet Company produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. It operates through two segments, Pet and Garden. The Pet segment provides dog and cat supplies, such as dog treats and chews, toys, pet beds and grooming products, waste management and training pads, and pet containment; supplies for aquatics, small animals, reptiles, and pet birds, including toys, cages and habitats, bedding, and food and supplements; animal and household health and insect control products; live fish and products for fish, reptiles, and other aquarium-based pets, such as aquariums, furniture and lighting fixtures, pumps, filters, water conditioners, food, and supplements; and products for horses and livestock, as well as outdoor cushions and pillows. This segment sells its products under the Aqueon, Cadet, Comfort Zone, Farnam, Four Paws, Kaytee, K&H Pet Products, Nylabone, and Zilla brands. The Garden segment offers lawn and garden supplies products that include grass seed; wild bird feed, bird feeders, bird houses, and other birding accessories; fertilizers; decorative outdoor lifestyle products; live plants; and weed and grass, as well as other herbicides, insecticide, and pesticide products. This segment sells its lawn and garden supplies products under the AMDRO, Ferry-Morse, Pennington, and Sevin brands, as well as under Bell Nursery, Lilly Miller, and Over-N-Out other brand names. Central Garden & Pet Company was founded in 1955 and is based in Walnut Creek, California.Show more

Revenue $3.2B -3.3%
EBITDA $276M -7.4%
Net Income $108M -14.1%
EPS (Diluted) 1.62 -31.1%
Gross Margin 29.49% +3.1%
EBITDA Margin 8.63% -4.3%
Operating Margin 5.79% -9.0%
Net Margin 3.37% -11.1%
ROE 7.17% -20.4%
ROIC 6.09% -5.9%
Debt/Equity 0.91 -3.6%
Interest Coverage 3.22 -12.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.4x book value

✗Weaknesses

✗Shares diluted 25.1% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.15%

5Y6.08%

3Y-1.05%

TTM-2.23%

Profit (Net Income) CAGR

10Y28.49%

5Y3.08%

3Y-10.72%

TTM50.8%

EPS CAGR

10Y24.57%

5Y0.12%

3Y-16.17%

TTM127600%

ROCE

10Y Avg9.83%

5Y Avg8.46%

3Y Avg7.73%

Latest6.22%

Peer Comparison

Pet Food Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRPTFreshpet, Inc.	3.09B	63.26	68.02	27.16%	11.44%	10.48%		0.40
CENTCentral Garden & Pet Company	320.77M	33.24	20.52	-3.31%	5.2%	10.27%	100%	0.91
PETZTDH Holdings, Inc.	11.09M	1.07	5.37	-82.25%	-200.8%	-18.56%		0.09

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	1.65B	1.83B	2.05B	2.22B	2.38B	2.7B	3.3B	3.34B	3.31B	3.2B
Revenue Growth %	0.03%	0.11%	0.12%	0.08%	0.08%	0.13%	0.23%	0.01%	-0.01%	-0.03%
Cost of Goods Sold+	1.16B	1.28B	1.42B	1.54B	1.68B	1.9B	2.33B	2.35B	2.36B	2.26B
COGS % of Revenue	0.7%	0.7%	0.69%	0.7%	0.7%	0.7%	0.71%	0.7%	0.71%	0.71%
Gross Profit+	488.05M	553.05M	632.81M	675.38M	704.04M	796.56M	970.9M	992.3M	946.84M	943.74M
Gross Margin %	0.3%	0.3%	0.31%	0.3%	0.3%	0.3%	0.29%	0.3%	0.29%	0.29%
Gross Profit Growth %	0.07%	0.13%	0.14%	0.07%	0.04%	0.13%	0.22%	0.02%	-0.05%	-0%
Operating Expenses+	389.35M	421.86M	476.7M	508.04M	551.97M	598.58M	716.4M	732.27M	736.2M	758.35M
OpEx % of Revenue	0.24%	0.23%	0.23%	0.23%	0.23%	0.22%	0.22%	0.22%	0.22%	0.24%
Selling, General & Admin	389.35M	421.86M	476.7M	508.04M	551.97M	598.58M	716.4M	732.27M	736.2M	703.36M
SG&A % of Revenue	0.24%	0.23%	0.23%	0.23%	0.23%	0.22%	0.22%	0.22%	0.22%	0.22%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	13K	0	-1.62M	-3.86M	243K	-4.25M	-1.51M	-3.6M	0	54.99M
Operating Income+	91.44M	129.36M	156.11M	167.34M	111.04M	142.4M	254.5M	260.04M	210.65M	185.39M
Operating Margin %	0.06%	0.07%	0.08%	0.08%	0.05%	0.05%	0.08%	0.08%	0.06%	0.06%
Operating Income Growth %	0.63%	0.41%	0.21%	0.07%	-0.34%	0.28%	0.79%	0.02%	-0.19%	-0.12%
EBITDA+	125.14M	169.36M	198.83M	214.53M	161.87M	232.78M	370.27M	389.64M	298.35M	276.19M
EBITDA Margin %	0.08%	0.09%	0.1%	0.1%	0.07%	0.09%	0.11%	0.12%	0.09%	0.09%
EBITDA Growth %	0.36%	0.35%	0.17%	0.08%	-0.25%	0.44%	0.59%	0.05%	-0.23%	-0.07%
D&A (Non-Cash Add-back)	33.7M	40M	42.72M	47.2M	50.83M	90.38M	115.77M	129.6M	87.7M	90.81M
EBIT	91.58M	112.48M	156.11M	167.34M	151.37M	197.75M	253.41M	257.16M	219.47M	199.95M
Net Interest Income+	-39.9M	-42.71M	-28.06M	-36.05M	-33.06M	-39.99M	-58.18M	-57.53M	-49.66M	-37.87M
Interest Income	129K	140K	147K	3.15M	9.55M	4.03M	415K	719K	7.36M	19.66M
Interest Expense	40.03M	42.85M	28.21M	39.2M	42.61M	44.02M	58.6M	58.25M	57.02M	57.53M
Other Income/Expense	-39.88M	-59.72M	-29.68M	-39.91M	-32.82M	-44.24M	-59.69M	-61.13M	-48.2M	-42.96M
Pretax Income+	51.55M	69.64M	126.43M	127.42M	119.25M	153.74M	194.81M	198.91M	162.44M	142.43M
Pretax Margin %	0.03%	0.04%	0.06%	0.06%	0.05%	0.06%	0.06%	0.06%	0.05%	0.04%
Income Tax+	18.54M	24.05M	46.7M	3.31M	26.6M	32.22M	42.03M	46.23M	36.35M	33.11M
Effective Tax Rate %	0.62%	0.64%	0.62%	0.97%	0.78%	0.78%	0.78%	0.76%	0.77%	0.76%
Net Income+	31.97M	44.51M	78.83M	123.59M	92.79M	120.68M	151.75M	152.15M	125.64M	107.98M
Net Margin %	0.02%	0.02%	0.04%	0.06%	0.04%	0.04%	0.05%	0.05%	0.04%	0.03%
Net Income Growth %	2.63%	0.39%	0.77%	0.57%	-0.25%	0.3%	0.26%	0%	-0.17%	-0.14%
Net Income (Continuing)	33.02M	45.59M	79.73M	124.12M	92.65M	121.52M	152.77M	152.67M	126.1M	109.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.09M	1.57M	1.46M	385K	170K	871K	1.29M	1.01M	1.46M	1.89M
EPS (Diluted)+	0.64	0.87	1.52	2.32	1.61	2.20	2.75	2.80	2.35	1.62
EPS Growth %	2.56%	0.36%	0.75%	0.53%	-0.31%	0.37%	0.25%	0.02%	-0.16%	-0.31%
EPS (Basic)	0.66	0.91	1.57	2.39	1.63	2.23	2.81	2.86	2.35	1.64
Diluted Shares Outstanding	49.64M	51.08M	51.82M	53.34M	57.61M	54.74M	55.25M	54.42M	53.43M	66.86M
Basic Shares Outstanding	48.56M	48.96M	50.23M	51.72M	56.77M	54.01M	53.91M	53.22M	53.47M	65.71M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	653.82M	714.81M	683.06M	1.22B	1.31B	1.53B	1.54B	1.55B	1.71B	1.89B
Cash & Short-Term Investments	47.58M	92.98M	32.4M	482.11M	497.75M	652.71M	426.42M	177.44M	488.73M	753.55M
Cash Only	47.58M	92.98M	32.4M	482.11M	497.75M	652.71M	426.42M	177.44M	488.73M	753.55M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	207.4M	201.15M	237.87M	275.91M	300.13M	391.77M	385.38M	376.79M	332.89M	326.22M
Days Sales Outstanding	45.86	40.14	42.26	45.46	45.97	53.05	42.58	41.19	36.71	37.2
Inventory	335.95M	362M	382.1M	427.82M	466.2M	439.62M	685.24M	938M	838.19M	757.94M
Days Inventory Outstanding	105.46	103.55	98.1	101.4	101.35	84.5	107.22	145.92	129.46	122.59
Other Current Assets	13.16M	10.91M	12.64M	10.9M	12.95M	13.69M	13.1M	14.74M	14.14M	49.09M
Total Non-Current Assets+	480.93M	497.39M	623.85M	689.91M	717.83M	814.08M	1.57B	1.73B	1.67B	1.67B
Property, Plant & Equipment	162.81M	158.22M	180.91M	217.65M	245.41M	360.55M	494.17M	583.32M	565.31M	584.3M
Fixed Asset Turnover	10.14x	11.56x	11.36x	10.18x	9.71x	7.48x	6.69x	5.72x	5.86x	5.48x
Goodwill	209.09M	231.38M	256.27M	281.18M	286.08M	289.95M	369.39M	546.44M	546.44M	551.36M
Intangible Assets	75.46M	95.86M	116.07M	152.26M	146.14M	134.92M	134.43M	543.21M	497.23M	473.28M
Long-Term Investments	-49.73M	500K	-70.59M	18.5M	-57.28M	-40.96M	12.2M	38.5M	0	31.5M
Other Non-Current Assets	33.58M	11.91M	70.59M	-29.06M	40.21M	28.65M	575.03M	-130.75M	62.55M	26.19M
Total Assets+	1.13B	1.21B	1.31B	1.91B	2.03B	2.34B	3.12B	3.28B	3.38B	3.55B
Asset Turnover	1.45x	1.51x	1.57x	1.16x	1.18x	1.15x	1.06x	1.02x	0.98x	0.90x
Asset Growth %	-0.01%	0.07%	0.08%	0.46%	0.06%	0.16%	0.33%	0.05%	0.03%	0.05%
Total Current Liabilities+	176.9M	202.22M	220.21M	212.96M	278.52M	440.26M	522.32M	465.89M	457.99M	515.38M
Accounts Payable	88.89M	102.41M	103.28M	110.26M	149.25M	205.23M	245.54M	215.68M	190.9M	212.61M
Days Payables Outstanding	27.9	29.3	26.52	26.13	32.45	39.45	38.42	33.55	29.48	34.39
Short-Term Debt	291K	463K	375K	122K	113K	97K	1.08M	317K	247K	239K
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	3.70x	3.53x	3.10x	5.72x	4.69x	3.46x	2.96x	3.34x	3.73x	3.66x
Quick Ratio	1.80x	1.74x	1.37x	3.71x	3.02x	2.47x	1.64x	1.32x	1.90x	2.19x
Cash Conversion Cycle	123.42	114.4	113.84	120.73	114.87	98.1	111.38	153.56	136.68	125.41
Total Non-Current Liabilities+	451.47M	455.39M	449.56M	741.41M	750.32M	821.43M	1.37B	1.48B	1.47B	1.48B
Long-Term Debt	399.85M	394.81M	395.28M	692.03M	693.04M	693.86M	1.18B	1.19B	1.19B	1.19B
Capital Lease Obligations	0	0	0	0	0	86.62M	130.13M	147.72M	135.62M	173.09M
Deferred Tax Liabilities	51.62M	29.07M	54.28M	49.38M	57.28M	40.96M	56.01M	147.43M	144.27M	117.61M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	628.37M	657.61M	669.76M	954.38M	1.03B	1.26B	1.89B	1.95B	1.93B	2B
Total Debt+	400.14M	395.27M	395.65M	692.15M	693.15M	814.06M	1.36B	1.38B	1.37B	1.42B
Net Debt	352.56M	302.29M	363.26M	210.05M	195.4M	161.35M	930.2M	1.2B	885.69M	666.9M
Debt / Equity	0.79x	0.71x	0.62x	0.73x	0.70x	0.76x	1.11x	1.04x	0.95x	0.91x
Debt / EBITDA	3.20x	2.33x	1.99x	3.23x	4.28x	3.50x	3.66x	3.55x	4.61x	5.14x
Net Debt / EBITDA	2.82x	1.78x	1.83x	0.98x	1.21x	0.69x	2.51x	3.09x	2.97x	2.41x
Interest Coverage	2.28x	3.02x	5.53x	4.27x	2.61x	3.24x	4.34x	4.46x	3.69x	3.22x
Total Equity+	506.38M	554.59M	637.14M	952.83M	996.18M	1.08B	1.22B	1.33B	1.45B	1.56B
Equity Growth %	0.04%	0.1%	0.15%	0.5%	0.05%	0.08%	0.14%	0.09%	0.09%	0.07%
Book Value per Share	10.20	10.86	12.30	17.86	17.29	19.69	22.15	24.52	27.19	23.30
Total Shareholders' Equity	505.29M	553.01M	635.69M	952.45M	996.01M	1.08B	1.22B	1.33B	1.45B	1.56B
Common Stock	499K	510K	518K	576K	561K	548K	552K	542K	537K	111K
Retained Earnings	115.99M	160.5M	239.33M	362.92M	421.74M	510.78M	646.08M	755.25M	859.37M	959.51M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	164K	-1.29M	-951K	-1.22M	-1.68M	-1.41M	-831K	-4.14M	-2.97M	-2.63M
Minority Interest	1.09M	1.57M	1.46M	385K	170K	871K	1.29M	1.01M	1.46M	1.89M

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	87.45M	151.43M	114.31M	114.11M	204.97M	264.27M	250.84M	-34.03M	381.63M	394.89M
Operating CF Margin %	0.05%	0.08%	0.06%	0.05%	0.09%	0.1%	0.08%	-0.01%	0.12%	0.12%
Operating CF Growth %	-0.31%	0.73%	-0.25%	-0%	0.8%	0.29%	-0.05%	-1.14%	12.21%	0.03%
Net Income	33.02M	45.59M	79.73M	124.12M	92.65M	121.52M	152.77M	152.67M	126.1M	109.31M
Depreciation & Amortization	33.7M	40M	42.72M	47.2M	50.83M	55.36M	74.73M	80.95M	87.7M	90.81M
Stock-Based Compensation	8.31M	8.36M	11.12M	11.6M	14.66M	18.98M	23.13M	25.82M	27.99M	20.58M
Deferred Taxes	15.57M	3.19M	10.79M	-4.83M	6.66M	-6.62M	-14.74M	28.13M	-12.25M	-14.48M
Other Non-Cash Items	8.28M	16.95M	-16.57M	3.86M	1.99M	46.31M	58.9M	50.83M	65.07M	107.87M
Working Capital Changes	-11.43M	37.35M	-13.47M	-67.84M	38.19M	28.72M	-43.94M	-372.43M	87.48M	80.8M
Change in Receivables	-9.09M	27.44M	-32.42M	-28.74M	1.49M	1.49M	69.14M	7M	43.98M	11.86M
Change in Inventory	4.4M	-6.52M	-15.88M	-15.09M	-3.7M	27.35M	-132.17M	-256.44M	86.98M	84.31M
Change in Payables	-4.76M	-2.79M	-2.14M	-1.16M	30.47M	52.05M	24.58M	-31.21M	-19.96M	18.37M
Cash from Investing+	-49.85M	-91.19M	-164.58M	-139.14M	-76.26M	-48.11M	-899.36M	-142.98M	-34.58M	-105.19M
Capital Expenditures	-22.03M	-27.62M	-44.66M	-37.84M	-31.58M	-43.05M	-80.33M	-115.2M	-53.97M	-43.13M
CapEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.01%	0.02%	0.02%	0.03%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	580K	-4.55M	-3.54M	-999K	-1.51M	-612K	-473K	40K	-115K	-175K
Cash from Financing+	-68.37M	-14.16M	-10.39M	474.78M	-110.77M	-60.56M	420.48M	-66.81M	-37.55M	-25.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	216K	4.58M	17.63M	189.01M	-1.6M	-1.32M	-15.11M	-3.43M	-54K	-993K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	65.42M	123.8M	69.65M	76.27M	173.4M	221.22M	170.51M	-149.24M	327.67M	351.76M
FCF Margin %	0.04%	0.07%	0.03%	0.03%	0.07%	0.08%	0.05%	-0.04%	0.1%	0.11%
FCF Growth %	-0.4%	0.89%	-0.44%	0.1%	1.27%	0.28%	-0.23%	-1.88%	3.2%	0.07%
FCF per Share	1.32	2.42	1.34	1.43	3.01	4.04	3.09	-2.74	6.13	5.26
FCF Conversion (FCF/Net Income)	2.74x	3.40x	1.45x	0.92x	2.21x	2.19x	1.65x	-0.22x	3.04x	3.66x
Interest Paid	39.85M	32.99M	27.88M	36.66M	42.7M	43.89M	42.76M	57.93M	57.14M	57.53M
Taxes Paid	3.19M	10.4M	10.56M	19.51M	14.96M	25.54M	70.83M	34.96M	17.91M	53.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.44%	8.39%	13.23%	15.55%	9.52%	11.64%	13.19%	11.89%	9.01%	7.17%
Return on Invested Capital (ROIC)	7.99%	11.31%	12.61%	11.6%	7.07%	8.79%	11.25%	8.31%	6.48%	6.09%
Gross Margin	29.57%	30.24%	30.8%	30.49%	29.54%	29.55%	29.39%	29.72%	28.6%	29.49%
Net Margin	1.94%	2.43%	3.84%	5.58%	3.89%	4.48%	4.59%	4.56%	3.8%	3.37%
Debt / Equity	0.79x	0.71x	0.62x	0.73x	0.70x	0.76x	1.11x	1.04x	0.95x	0.91x
Interest Coverage	2.28x	3.02x	5.53x	4.27x	2.61x	3.24x	4.34x	4.46x	3.69x	3.22x
FCF Conversion	2.74x	3.40x	1.45x	0.92x	2.21x	2.19x	1.65x	-0.22x	3.04x	3.66x
Revenue Growth	2.89%	10.8%	12.33%	7.83%	7.57%	13.11%	22.56%	1.06%	-0.85%	-3.31%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Pet Products	827.7M	1.08B	1.25B	1.34B	1.38B	1.56B	1.89B	1.88B	1.88B	1.83B
Pet Products Growth	-	30.71%	15.21%	7.59%	3.27%	12.82%	21.30%	-0.89%	-0.05%	-2.37%
Garden Products	286.3M	747.16M	808.12M	874.46M	998.32M	1.13B	1.41B	1.46B	1.43B	1.37B
Garden Products Growth	-	160.97%	8.16%	8.21%	14.16%	13.53%	24.30%	3.67%	-1.89%	-4.55%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Pet Products	-	-	-	-	1.38B	1.56B	1.89B	-	-	-
Pet Products Growth	-	-	-	-	-	12.82%	21.30%	-	-	-
Garden Products	-	-	-	-	998.32M	1.13B	1.41B	-	-	-
Garden Products Growth	-	-	-	-	-	13.53%	24.30%	-	-	-
Pet	894.55M	1.08B	1.25B	1.34B	-	-	-	-	-	-
Pet Growth	-	20.94%	15.21%	7.59%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Central Garden & Pet Company (CENT) has a price-to-earnings (P/E) ratio of 20.5x. This is roughly in line with market averages.

Growth & Financials

Central Garden & Pet Company (CENT) reported $3.13B in revenue for fiscal year 2024. This represents a 92% increase from $1.63B in 2011.

Central Garden & Pet Company (CENT) saw revenue decline by 3.3% over the past year.

Yes, Central Garden & Pet Company (CENT) is profitable, generating $162.8M in net income for fiscal year 2024 (3.4% net margin).

Dividend & Returns

Central Garden & Pet Company (CENT) has a return on equity (ROE) of 7.2%. This is below average, suggesting room for improvement.

Central Garden & Pet Company (CENT) generated $291.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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