Grocery Outlet Holding Corp. (GO) 10-Year Financial Performance & Capital Metrics

GO • • Industrial / General

Consumer DefensiveGrocery StoresValue & Discount GrocersDiscount Grocery Operators

AboutGrocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood products, as well as grocery, general merchandise, health and beauty care, frozen foods, and beer and wine. As of August 09, 2022, it had 425 stores in eight states. The company was founded in 1946 and is headquartered in Emeryville, California.Show more

Revenue $4.37B +10.1%
EBITDA $187M -12.7%
Net Income $39M -50.3%
EPS (Diluted) 0.40 -49.4%
Gross Margin 30.24% -3.3%
EBITDA Margin 4.27% -20.8%
Operating Margin 1.79% -43.5%
Net Margin 0.9% -54.9%
ROE 3.27% -52.1%
ROIC 2.22% -42.1%
Debt/Equity 1.38 +20.9%
Interest Coverage 2.80 -49.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.7%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.3%
✓Trading at only 0.8x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 11 (bottom 11%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y11.3%

3Y12.39%

TTM7.22%

Profit (Net Income) CAGR

10Y-

5Y20.68%

3Y-14.12%

TTM-108.66%

EPS CAGR

10Y-

5Y16.05%

3Y-14.05%

TTM-109.8%

ROCE

10Y Avg4.77%

5Y Avg4.12%

3Y Avg3.9%

Latest2.9%

Peer Comparison

Discount Grocery Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOGrocery Outlet Holding Corp.	956.84M	9.75	24.38	10.13%	-0.1%	-0.37%		1.38

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.08B	2.29B	2.56B	3.13B	3.08B	3.58B	3.97B	4.37B
Revenue Growth %	-	0.1%	0.12%	0.22%	-0.02%	0.16%	0.11%	0.1%
Cost of Goods Sold+	1.44B	1.59B	1.77B	2.16B	2.13B	2.49B	2.73B	3.05B
COGS % of Revenue	0.7%	0.7%	0.69%	0.69%	0.69%	0.69%	0.69%	0.7%
Gross Profit+	631.88M	695.4M	787.1M	973.35M	948.79M	1.09B	1.24B	1.32B
Gross Margin %	0.3%	0.3%	0.31%	0.31%	0.31%	0.31%	0.31%	0.3%
Gross Profit Growth %	-	0.1%	0.13%	0.24%	-0.03%	0.15%	0.14%	0.06%
Operating Expenses+	554.95M	612.93M	718.76M	865.97M	859.69M	997.11M	1.12B	1.24B
OpEx % of Revenue	0.27%	0.27%	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%
Selling, General & Admin	511.8M	567.51M	670.88M	810.49M	859.69M	997.11M	1.12B	1.24B
SG&A % of Revenue	0.25%	0.25%	0.26%	0.26%	0.28%	0.28%	0.28%	0.28%
Research & Development	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-
Other Operating Expenses	0	45.42M	47.88M	55.48M	0	0	0	0
Operating Income+	76.94M	82.47M	68.34M	107.38M	89.09M	94.99M	125.78M	78.33M
Operating Margin %	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Operating Income Growth %	-	0.07%	-0.17%	0.57%	-0.17%	0.07%	0.32%	-0.38%
EBITDA+	120.09M	129.52M	118.49M	165.43M	160.22M	173.24M	213.76M	186.53M
EBITDA Margin %	0.06%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%
EBITDA Growth %	-	0.08%	-0.09%	0.4%	-0.03%	0.08%	0.23%	-0.13%
D&A (Non-Cash Add-back)	43.16M	47.06M	50.14M	58.05M	71.12M	78.25M	87.98M	108.21M
EBIT	72.16M	74.54M	62.18M	108.91M	94.32M	94.84M	126.99M	84.14M
Net Interest Income+	-49.7M	-55.36M	-45.88M	-20.01M	-15.5M	-15.7M	-15.28M	-21.25M
Interest Income	1.13M	1.35M	2.01M	1.77M	1.32M	3.39M	7.63M	6.72M
Interest Expense	50.83M	56.71M	47.89M	21.78M	16.82M	19.09M	22.91M	27.97M
Other Income/Expense	-51.16M	-60.62M	-51.56M	-20.24M	-11.59M	-19.24M	-21.7M	-22.16M
Pretax Income+	25.77M	21.85M	16.78M	87.13M	77.5M	75.75M	104.08M	56.17M
Pretax Margin %	0.01%	0.01%	0.01%	0.03%	0.03%	0.02%	0.03%	0.01%
Income Tax+	5.17M	5.98M	1.36M	-19.58M	15.19M	10.7M	24.64M	16.71M
Effective Tax Rate %	0.8%	0.73%	0.92%	1.22%	0.8%	0.86%	0.76%	0.7%
Net Income+	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Net Margin %	0.01%	0.01%	0.01%	0.03%	0.02%	0.02%	0.02%	0.01%
Net Income Growth %	-	-0.23%	-0.03%	5.92%	-0.42%	0.04%	0.22%	-0.5%
Net Income (Continuing)	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.28	0.21	0.19	1.08	0.63	0.65	0.79	0.40
EPS Growth %	-	-0.25%	-0.1%	4.68%	-0.42%	0.03%	0.22%	-0.49%
EPS (Basic)	0.28	0.21	0.20	1.16	0.65	0.67	0.80	0.40
Diluted Shares Outstanding	74.23M	74.23M	81.86M	98.45M	99.42M	100.16M	100.83M	99.61M
Basic Shares Outstanding	74.19M	74.19M	81.86M	91.82M	95.72M	96.81M	98.71M	98.71M
Dividend Payout Ratio	0.06%	9.68%	0.24%	0%	0%	0%	0%	-

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	207.56M	240.37M	270.83M	381.96M	442.75M	467.36M	516.55M	503.9M
Cash & Short-Term Investments	5.8M	21.06M	28.1M	105.33M	140.09M	102.73M	114.99M	62.83M
Cash Only	5.8M	21.06M	28.1M	105.33M	140.09M	102.73M	114.99M	62.83M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	6.68M	7.13M	9.85M	11.39M	10.38M	15.17M	19.13M	20.22M
Days Sales Outstanding	1.18	1.14	1.4	1.33	1.23	1.55	1.76	1.69
Inventory	183.01M	198.3M	219.42M	245.16M	275.5M	334.32M	349.99M	394.15M
Days Inventory Outstanding	46.27	45.46	45.18	41.4	47.19	49.09	46.83	47.18
Other Current Assets	11.49M	13.37M	0	0	0	15.14M	32.44M	26.7M
Total Non-Current Assets+	1.11B	1.14B	1.91B	2.1B	2.23B	2.31B	2.45B	2.67B
Property, Plant & Equipment	277.75M	304.03M	1.09B	1.27B	1.4B	1.46B	1.59B	1.77B
Fixed Asset Turnover	7.47x	7.52x	2.35x	2.47x	2.20x	2.45x	2.50x	2.48x
Goodwill	747.94M	747.94M	747.94M	747.94M	747.94M	747.94M	747.94M	782.73M
Intangible Assets	75.66M	68.82M	47.79M	48.23M	51.92M	63.99M	78.56M	78.78M
Long-Term Investments	0	0	0	0	0	0	28.13M	36.44M
Other Non-Current Assets	8.96M	15.69M	28.03M	34.92M	29.66M	30.2M	10.23M	6.87M
Total Assets+	1.32B	1.38B	2.19B	2.49B	2.67B	2.77B	2.97B	3.17B
Asset Turnover	1.57x	1.66x	1.17x	1.26x	1.15x	1.29x	1.34x	1.38x
Asset Growth %	-	0.04%	0.59%	0.14%	0.07%	0.04%	0.07%	0.07%
Total Current Liabilities+	131.33M	150.92M	208.63M	232.65M	237.91M	280.51M	383.96M	349.62M
Accounts Payable	95.56M	98.12M	119.22M	114.28M	122.11M	137.63M	209.35M	175.87M
Days Payables Outstanding	24.16	22.49	24.55	19.3	20.92	20.21	28.01	21.05
Short-Term Debt	5.38M	7.35M	246K	0	0	0	5.63M	15M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0
Other Current Liabilities	11.37M	10.79M	14.91M	26.45M	8.45M	27.19M	24.75M	19.69M
Current Ratio	1.58x	1.59x	1.30x	1.64x	1.86x	1.67x	1.35x	1.44x
Quick Ratio	0.19x	0.28x	0.25x	0.59x	0.70x	0.47x	0.43x	0.31x
Cash Conversion Cycle	23.29	24.1	22.04	23.43	27.51	30.43	20.58	27.81
Total Non-Current Liabilities+	759.41M	925.99M	1.23B	1.33B	1.42B	1.38B	1.37B	1.63B
Long-Term Debt	705.5M	850.02M	447.74M	449.23M	451.47M	379.65M	287.11M	462.5M
Capital Lease Obligations	0	0	767.75M	881.44M	961.75M	980.76M	1.04B	1.11B
Deferred Tax Liabilities	9.3M	15.13M	16.02M	0	9.42M	19.78M	38.6M	56.18M
Other Non-Current Liabilities	44.6M	60.83M	0	0	0	1.49M	2.27M	1.91M
Total Liabilities	890.74M	1.08B	1.44B	1.56B	1.66B	1.66B	1.75B	1.98B
Total Debt+	710.89M	857.37M	1.25B	1.38B	1.46B	1.41B	1.39B	1.66B
Net Debt	705.09M	836.3M	1.23B	1.27B	1.32B	1.31B	1.28B	1.59B
Debt / Equity	1.66x	2.86x	1.68x	1.50x	1.45x	1.27x	1.14x	1.38x
Debt / EBITDA	5.92x	6.62x	10.58x	8.34x	9.14x	8.17x	6.53x	8.88x
Net Debt / EBITDA	5.87x	6.46x	10.35x	7.70x	8.27x	7.57x	5.99x	8.54x
Interest Coverage	1.51x	1.45x	1.43x	4.93x	5.30x	4.98x	5.49x	2.80x
Total Equity+	427.13M	299.95M	745.38M	922.31M	1.01B	1.11B	1.22B	1.2B
Equity Growth %	-	-0.3%	1.49%	0.24%	0.09%	0.1%	0.1%	-0.02%
Book Value per Share	5.75	4.04	9.11	9.37	10.15	11.08	12.09	12.02
Total Shareholders' Equity	427.13M	299.95M	745.38M	922.31M	1.01B	1.11B	1.22B	1.2B
Common Stock	68K	68K	89K	95K	96K	98K	99K	97K
Retained Earnings	23.78M	12.43M	28.01M	135.16M	197.47M	262.53M	341.96M	381.43M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	84.7M	105.81M	132.84M	181.24M	165.59M	185.51M	303.45M	111.96M
Operating CF Margin %	0.04%	0.05%	0.05%	0.06%	0.05%	0.05%	0.08%	0.03%
Operating CF Growth %	-	0.25%	0.26%	0.36%	-0.09%	0.12%	0.64%	-0.63%
Net Income	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Depreciation & Amortization	43.16M	47.06M	50.14M	58.05M	73.64M	80.52M	87.98M	108.21M
Stock-Based Compensation	1.66M	10.41M	31.44M	38.08M	17.61M	32.56M	31.09M	10.52M
Deferred Taxes	4.75M	5.83M	872K	-19.58M	0	0	18.82M	12.12M
Other Non-Cash Items	9.46M	27.65M	12.71M	4.63M	30.71M	40.87M	15.81M	27.45M
Working Capital Changes	5.08M	-1M	22.26M	-6.66M	-18.68M	-33.48M	70.31M	-85.79M
Change in Receivables	-3.06M	10.93M	-1.96M	-8.66M	-21K	-7.23M	-11.03M	4.85M
Change in Inventory	-18.2M	-15.29M	-21.11M	-25.74M	-30.34M	-58.82M	-15.67M	-29.95M
Change in Payables	13.19M	3.94M	22.6M	4.78M	0	0	91.05M	-36.94M
Cash from Investing+	-77.82M	-73.55M	-108.02M	-133.79M	-136.71M	-149.93M	-194.16M	-274.03M
Capital Expenditures	-74.12M	-67.94M	-100.27M	-130.78M	-123.38M	-130.48M	-168.99M	-186.61M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	-3.7M	-5.62M	-8.34M	-3.27M	-13.33M	-19.45M	-25.18M	-26.89M
Cash from Financing+	-7.93M	-17M	-17.78M	29.77M	5.88M	-72.94M	-97.02M	109.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	-1.31M	-153.59M	-3.65M	-434K	-186K	-105K	-15K	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-1.05M	-9.99M	-6.12M	-701K	7.23M	6.89M	908K	8.85M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	10.58M	37.88M	32.57M	50.46M	42.2M	55.03M	111.46M	-74.65M
FCF Margin %	0.01%	0.02%	0.01%	0.02%	0.01%	0.02%	0.03%	-0.02%
FCF Growth %	-	2.58%	-0.14%	0.55%	-0.16%	0.3%	1.03%	-1.67%
FCF per Share	0.14	0.51	0.40	0.51	0.42	0.55	1.11	-0.75
FCF Conversion (FCF/Net Income)	4.11x	6.67x	8.62x	1.70x	2.66x	2.85x	3.82x	2.84x
Interest Paid	45.84M	47.3M	49.37M	20.31M	14.6M	19.14M	22.72M	26.2M
Taxes Paid	-66K	289K	-65K	5.19M	0	0	7.56M	3.38M

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.82%	4.36%	2.95%	12.8%	6.45%	6.14%	6.82%	3.27%
Return on Invested Capital (ROIC)	5.1%	5.45%	3.3%	3.86%	2.95%	3%	3.83%	2.22%
Gross Margin	30.45%	30.4%	30.75%	31.05%	30.81%	30.52%	31.28%	30.24%
Net Margin	0.99%	0.69%	0.6%	3.4%	2.02%	1.82%	2%	0.9%
Debt / Equity	1.66x	2.86x	1.68x	1.50x	1.45x	1.27x	1.14x	1.38x
Interest Coverage	1.51x	1.45x	1.43x	4.93x	5.30x	4.98x	5.49x	2.80x
FCF Conversion	4.11x	6.67x	8.62x	1.70x	2.66x	2.85x	3.82x	2.84x
Revenue Growth	-	10.22%	11.89%	22.47%	-1.76%	16.19%	10.94%	10.13%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Non-Perishable	1.69B	2.08B	2.01B	2.31B	2.56B	2.76B
Non-Perishable Growth	-	22.98%	-3.26%	14.59%	11.24%	7.44%
Perishable	868.11M	1.05B	1.07B	1.27B	1.4B	1.62B
Perishable Growth	-	21.47%	1.20%	19.21%	10.40%	15.04%

Frequently Asked Questions

Valuation & Price

Grocery Outlet Holding Corp. (GO) has a price-to-earnings (P/E) ratio of 24.4x. This is roughly in line with market averages.

Growth & Financials

Grocery Outlet Holding Corp. (GO) reported $4.57B in revenue for fiscal year 2024. This represents a 120% increase from $2.08B in 2017.

Grocery Outlet Holding Corp. (GO) grew revenue by 10.1% over the past year. This is steady growth.

Grocery Outlet Holding Corp. (GO) reported a net loss of $4.4M for fiscal year 2024.

Dividend & Returns

Grocery Outlet Holding Corp. (GO) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

Grocery Outlet Holding Corp. (GO) had negative free cash flow of $42.1M in fiscal year 2024, likely due to heavy capital investments.

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Grocery Outlet Holding Corp. (GO) 10-Year Financial Performance & Capital Metrics

GO • • Industrial / General

Consumer DefensiveGrocery StoresValue & Discount GrocersDiscount Grocery Operators

Revenue $4.37B +10.1%
EBITDA $187M -12.7%
Net Income $39M -50.3%
EPS (Diluted) 0.40 -49.4%
Gross Margin 30.24% -3.3%
EBITDA Margin 4.27% -20.8%
Operating Margin 1.79% -43.5%
Net Margin 0.9% -54.9%
ROE 3.27% -52.1%
ROIC 2.22% -42.1%
Debt/Equity 1.38 +20.9%
Interest Coverage 2.80 -49.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.7%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.3%
✓Trading at only 0.8x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 11 (bottom 11%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y11.3%

3Y12.39%

TTM7.22%

Profit (Net Income) CAGR

10Y-

5Y20.68%

3Y-14.12%

TTM-108.66%

EPS CAGR

10Y-

5Y16.05%

3Y-14.05%

TTM-109.8%

ROCE

10Y Avg4.77%

5Y Avg4.12%

3Y Avg3.9%

Latest2.9%

Peer Comparison

Discount Grocery Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GOGrocery Outlet Holding Corp.	956.84M	9.75	24.38	10.13%	-0.1%	-0.37%		1.38

Profit & Loss

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.08B	2.29B	2.56B	3.13B	3.08B	3.58B	3.97B	4.37B
Revenue Growth %	-	0.1%	0.12%	0.22%	-0.02%	0.16%	0.11%	0.1%
Cost of Goods Sold+	1.44B	1.59B	1.77B	2.16B	2.13B	2.49B	2.73B	3.05B
COGS % of Revenue	0.7%	0.7%	0.69%	0.69%	0.69%	0.69%	0.69%	0.7%
Gross Profit+	631.88M	695.4M	787.1M	973.35M	948.79M	1.09B	1.24B	1.32B
Gross Margin %	0.3%	0.3%	0.31%	0.31%	0.31%	0.31%	0.31%	0.3%
Gross Profit Growth %	-	0.1%	0.13%	0.24%	-0.03%	0.15%	0.14%	0.06%
Operating Expenses+	554.95M	612.93M	718.76M	865.97M	859.69M	997.11M	1.12B	1.24B
OpEx % of Revenue	0.27%	0.27%	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%
Selling, General & Admin	511.8M	567.51M	670.88M	810.49M	859.69M	997.11M	1.12B	1.24B
SG&A % of Revenue	0.25%	0.25%	0.26%	0.26%	0.28%	0.28%	0.28%	0.28%
Research & Development	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-
Other Operating Expenses	0	45.42M	47.88M	55.48M	0	0	0	0
Operating Income+	76.94M	82.47M	68.34M	107.38M	89.09M	94.99M	125.78M	78.33M
Operating Margin %	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
Operating Income Growth %	-	0.07%	-0.17%	0.57%	-0.17%	0.07%	0.32%	-0.38%
EBITDA+	120.09M	129.52M	118.49M	165.43M	160.22M	173.24M	213.76M	186.53M
EBITDA Margin %	0.06%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%
EBITDA Growth %	-	0.08%	-0.09%	0.4%	-0.03%	0.08%	0.23%	-0.13%
D&A (Non-Cash Add-back)	43.16M	47.06M	50.14M	58.05M	71.12M	78.25M	87.98M	108.21M
EBIT	72.16M	74.54M	62.18M	108.91M	94.32M	94.84M	126.99M	84.14M
Net Interest Income+	-49.7M	-55.36M	-45.88M	-20.01M	-15.5M	-15.7M	-15.28M	-21.25M
Interest Income	1.13M	1.35M	2.01M	1.77M	1.32M	3.39M	7.63M	6.72M
Interest Expense	50.83M	56.71M	47.89M	21.78M	16.82M	19.09M	22.91M	27.97M
Other Income/Expense	-51.16M	-60.62M	-51.56M	-20.24M	-11.59M	-19.24M	-21.7M	-22.16M
Pretax Income+	25.77M	21.85M	16.78M	87.13M	77.5M	75.75M	104.08M	56.17M
Pretax Margin %	0.01%	0.01%	0.01%	0.03%	0.03%	0.02%	0.03%	0.01%
Income Tax+	5.17M	5.98M	1.36M	-19.58M	15.19M	10.7M	24.64M	16.71M
Effective Tax Rate %	0.8%	0.73%	0.92%	1.22%	0.8%	0.86%	0.76%	0.7%
Net Income+	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Net Margin %	0.01%	0.01%	0.01%	0.03%	0.02%	0.02%	0.02%	0.01%
Net Income Growth %	-	-0.23%	-0.03%	5.92%	-0.42%	0.04%	0.22%	-0.5%
Net Income (Continuing)	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.28	0.21	0.19	1.08	0.63	0.65	0.79	0.40
EPS Growth %	-	-0.25%	-0.1%	4.68%	-0.42%	0.03%	0.22%	-0.49%
EPS (Basic)	0.28	0.21	0.20	1.16	0.65	0.67	0.80	0.40
Diluted Shares Outstanding	74.23M	74.23M	81.86M	98.45M	99.42M	100.16M	100.83M	99.61M
Basic Shares Outstanding	74.19M	74.19M	81.86M	91.82M	95.72M	96.81M	98.71M	98.71M
Dividend Payout Ratio	0.06%	9.68%	0.24%	0%	0%	0%	0%	-

Balance Sheet

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	207.56M	240.37M	270.83M	381.96M	442.75M	467.36M	516.55M	503.9M
Cash & Short-Term Investments	5.8M	21.06M	28.1M	105.33M	140.09M	102.73M	114.99M	62.83M
Cash Only	5.8M	21.06M	28.1M	105.33M	140.09M	102.73M	114.99M	62.83M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	6.68M	7.13M	9.85M	11.39M	10.38M	15.17M	19.13M	20.22M
Days Sales Outstanding	1.18	1.14	1.4	1.33	1.23	1.55	1.76	1.69
Inventory	183.01M	198.3M	219.42M	245.16M	275.5M	334.32M	349.99M	394.15M
Days Inventory Outstanding	46.27	45.46	45.18	41.4	47.19	49.09	46.83	47.18
Other Current Assets	11.49M	13.37M	0	0	0	15.14M	32.44M	26.7M
Total Non-Current Assets+	1.11B	1.14B	1.91B	2.1B	2.23B	2.31B	2.45B	2.67B
Property, Plant & Equipment	277.75M	304.03M	1.09B	1.27B	1.4B	1.46B	1.59B	1.77B
Fixed Asset Turnover	7.47x	7.52x	2.35x	2.47x	2.20x	2.45x	2.50x	2.48x
Goodwill	747.94M	747.94M	747.94M	747.94M	747.94M	747.94M	747.94M	782.73M
Intangible Assets	75.66M	68.82M	47.79M	48.23M	51.92M	63.99M	78.56M	78.78M
Long-Term Investments	0	0	0	0	0	0	28.13M	36.44M
Other Non-Current Assets	8.96M	15.69M	28.03M	34.92M	29.66M	30.2M	10.23M	6.87M
Total Assets+	1.32B	1.38B	2.19B	2.49B	2.67B	2.77B	2.97B	3.17B
Asset Turnover	1.57x	1.66x	1.17x	1.26x	1.15x	1.29x	1.34x	1.38x
Asset Growth %	-	0.04%	0.59%	0.14%	0.07%	0.04%	0.07%	0.07%
Total Current Liabilities+	131.33M	150.92M	208.63M	232.65M	237.91M	280.51M	383.96M	349.62M
Accounts Payable	95.56M	98.12M	119.22M	114.28M	122.11M	137.63M	209.35M	175.87M
Days Payables Outstanding	24.16	22.49	24.55	19.3	20.92	20.21	28.01	21.05
Short-Term Debt	5.38M	7.35M	246K	0	0	0	5.63M	15M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0
Other Current Liabilities	11.37M	10.79M	14.91M	26.45M	8.45M	27.19M	24.75M	19.69M
Current Ratio	1.58x	1.59x	1.30x	1.64x	1.86x	1.67x	1.35x	1.44x
Quick Ratio	0.19x	0.28x	0.25x	0.59x	0.70x	0.47x	0.43x	0.31x
Cash Conversion Cycle	23.29	24.1	22.04	23.43	27.51	30.43	20.58	27.81
Total Non-Current Liabilities+	759.41M	925.99M	1.23B	1.33B	1.42B	1.38B	1.37B	1.63B
Long-Term Debt	705.5M	850.02M	447.74M	449.23M	451.47M	379.65M	287.11M	462.5M
Capital Lease Obligations	0	0	767.75M	881.44M	961.75M	980.76M	1.04B	1.11B
Deferred Tax Liabilities	9.3M	15.13M	16.02M	0	9.42M	19.78M	38.6M	56.18M
Other Non-Current Liabilities	44.6M	60.83M	0	0	0	1.49M	2.27M	1.91M
Total Liabilities	890.74M	1.08B	1.44B	1.56B	1.66B	1.66B	1.75B	1.98B
Total Debt+	710.89M	857.37M	1.25B	1.38B	1.46B	1.41B	1.39B	1.66B
Net Debt	705.09M	836.3M	1.23B	1.27B	1.32B	1.31B	1.28B	1.59B
Debt / Equity	1.66x	2.86x	1.68x	1.50x	1.45x	1.27x	1.14x	1.38x
Debt / EBITDA	5.92x	6.62x	10.58x	8.34x	9.14x	8.17x	6.53x	8.88x
Net Debt / EBITDA	5.87x	6.46x	10.35x	7.70x	8.27x	7.57x	5.99x	8.54x
Interest Coverage	1.51x	1.45x	1.43x	4.93x	5.30x	4.98x	5.49x	2.80x
Total Equity+	427.13M	299.95M	745.38M	922.31M	1.01B	1.11B	1.22B	1.2B
Equity Growth %	-	-0.3%	1.49%	0.24%	0.09%	0.1%	0.1%	-0.02%
Book Value per Share	5.75	4.04	9.11	9.37	10.15	11.08	12.09	12.02
Total Shareholders' Equity	427.13M	299.95M	745.38M	922.31M	1.01B	1.11B	1.22B	1.2B
Common Stock	68K	68K	89K	95K	96K	98K	99K	97K
Retained Earnings	23.78M	12.43M	28.01M	135.16M	197.47M	262.53M	341.96M	381.43M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	84.7M	105.81M	132.84M	181.24M	165.59M	185.51M	303.45M	111.96M
Operating CF Margin %	0.04%	0.05%	0.05%	0.06%	0.05%	0.05%	0.08%	0.03%
Operating CF Growth %	-	0.25%	0.26%	0.36%	-0.09%	0.12%	0.64%	-0.63%
Net Income	20.6M	15.87M	15.42M	106.71M	62.31M	65.05M	79.44M	39.47M
Depreciation & Amortization	43.16M	47.06M	50.14M	58.05M	73.64M	80.52M	87.98M	108.21M
Stock-Based Compensation	1.66M	10.41M	31.44M	38.08M	17.61M	32.56M	31.09M	10.52M
Deferred Taxes	4.75M	5.83M	872K	-19.58M	0	0	18.82M	12.12M
Other Non-Cash Items	9.46M	27.65M	12.71M	4.63M	30.71M	40.87M	15.81M	27.45M
Working Capital Changes	5.08M	-1M	22.26M	-6.66M	-18.68M	-33.48M	70.31M	-85.79M
Change in Receivables	-3.06M	10.93M	-1.96M	-8.66M	-21K	-7.23M	-11.03M	4.85M
Change in Inventory	-18.2M	-15.29M	-21.11M	-25.74M	-30.34M	-58.82M	-15.67M	-29.95M
Change in Payables	13.19M	3.94M	22.6M	4.78M	0	0	91.05M	-36.94M
Cash from Investing+	-77.82M	-73.55M	-108.02M	-133.79M	-136.71M	-149.93M	-194.16M	-274.03M
Capital Expenditures	-74.12M	-67.94M	-100.27M	-130.78M	-123.38M	-130.48M	-168.99M	-186.61M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	-3.7M	-5.62M	-8.34M	-3.27M	-13.33M	-19.45M	-25.18M	-26.89M
Cash from Financing+	-7.93M	-17M	-17.78M	29.77M	5.88M	-72.94M	-97.02M	109.91M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	-1.31M	-153.59M	-3.65M	-434K	-186K	-105K	-15K	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	-1.05M	-9.99M	-6.12M	-701K	7.23M	6.89M	908K	8.85M
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	10.58M	37.88M	32.57M	50.46M	42.2M	55.03M	111.46M	-74.65M
FCF Margin %	0.01%	0.02%	0.01%	0.02%	0.01%	0.02%	0.03%	-0.02%
FCF Growth %	-	2.58%	-0.14%	0.55%	-0.16%	0.3%	1.03%	-1.67%
FCF per Share	0.14	0.51	0.40	0.51	0.42	0.55	1.11	-0.75
FCF Conversion (FCF/Net Income)	4.11x	6.67x	8.62x	1.70x	2.66x	2.85x	3.82x	2.84x
Interest Paid	45.84M	47.3M	49.37M	20.31M	14.6M	19.14M	22.72M	26.2M
Taxes Paid	-66K	289K	-65K	5.19M	0	0	7.56M	3.38M

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.82%	4.36%	2.95%	12.8%	6.45%	6.14%	6.82%	3.27%
Return on Invested Capital (ROIC)	5.1%	5.45%	3.3%	3.86%	2.95%	3%	3.83%	2.22%
Gross Margin	30.45%	30.4%	30.75%	31.05%	30.81%	30.52%	31.28%	30.24%
Net Margin	0.99%	0.69%	0.6%	3.4%	2.02%	1.82%	2%	0.9%
Debt / Equity	1.66x	2.86x	1.68x	1.50x	1.45x	1.27x	1.14x	1.38x
Interest Coverage	1.51x	1.45x	1.43x	4.93x	5.30x	4.98x	5.49x	2.80x
FCF Conversion	4.11x	6.67x	8.62x	1.70x	2.66x	2.85x	3.82x	2.84x
Revenue Growth	-	10.22%	11.89%	22.47%	-1.76%	16.19%	10.94%	10.13%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Non-Perishable	1.69B	2.08B	2.01B	2.31B	2.56B	2.76B
Non-Perishable Growth	-	22.98%	-3.26%	14.59%	11.24%	7.44%
Perishable	868.11M	1.05B	1.07B	1.27B	1.4B	1.62B
Perishable Growth	-	21.47%	1.20%	19.21%	10.40%	15.04%

Frequently Asked Questions

Valuation & Price

Grocery Outlet Holding Corp. (GO) has a price-to-earnings (P/E) ratio of 24.4x. This is roughly in line with market averages.

Growth & Financials

Grocery Outlet Holding Corp. (GO) reported $4.57B in revenue for fiscal year 2024. This represents a 120% increase from $2.08B in 2017.

Grocery Outlet Holding Corp. (GO) grew revenue by 10.1% over the past year. This is steady growth.

Grocery Outlet Holding Corp. (GO) reported a net loss of $4.4M for fiscal year 2024.

Dividend & Returns

Grocery Outlet Holding Corp. (GO) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

Grocery Outlet Holding Corp. (GO) had negative free cash flow of $42.1M in fiscal year 2024, likely due to heavy capital investments.