Sally Beauty Holdings, Inc. (SBH) 10-Year Financial Performance & Capital Metrics

SBH •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

AboutSally Beauty Holdings, Inc. operates as a specialty retailer and distributor of professional beauty supplies. The company operates through two segments, Sally Beauty Supply and Beauty Systems Group. The Sally Beauty Supply segment offers beauty products, including hair color and care products, skin and nail care products, styling tools, and other beauty products for retail customers, salons, and salon professionals. This segment also provides products under third-party brands, such as Wella, Clairol, OPI, Conair, and L'Oreal, as well as exclusive-label brand merchandise. The Beauty Systems Group segment offers professional beauty products, such as hair color and care products, skin and nail care products, styling tools, and other beauty items directly to salons and salon professionals through its professional-only stores, e-commerce platforms, and sales force, as well as through franchised stores under the Armstrong McCall store name. This segment also sells products under third-party brands, such as Paul Mitchell, Wella, Matrix, Schwarzkopf, Kenra, Goldwell, Joico, and Olaplex. As of September 30, 2021, the company operated 4,777 stores, including 134 franchised units in the United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain, and Germany. It also distributes its products through full-service/exclusive distributors, open-line distributors, direct sales, and mega-salon stores. Sally Beauty Holdings, Inc. was founded in 1964 and is headquartered in Denton, Texas.Show more

Revenue $3.7B -0.4%
EBITDA $428M +9.0%
Net Income $196M +27.7%
EPS (Diluted) 1.89 +32.2%
Gross Margin 51.62% +1.5%
EBITDA Margin 11.56% +9.4%
Operating Margin 8.86% +16.4%
Net Margin 5.29% +28.2%
ROE 27.54% +2.1%
ROIC 11.36% +12.0%
Debt/Equity 1.97 -22.6%
Interest Coverage 5.09 +37.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.5%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.9% through buybacks
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.35%

5Y1.04%

3Y-1.01%

TTM-0.45%

Profit (Net Income) CAGR

10Y-1.81%

5Y11.58%

3Y2.19%

TTM2.49%

EPS CAGR

10Y2.41%

5Y13.81%

3Y4.42%

TTM5.39%

ROCE

10Y Avg20.1%

5Y Avg15.73%

3Y Avg14.54%

Latest14.58%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.95B	3.94B	3.93B	3.88B	3.51B	3.87B	3.82B	3.73B	3.72B	3.7B
Revenue Growth %	3.08%	-0.36%	-0.15%	-1.43%	-9.34%	10.26%	-1.53%	-2.29%	-0.3%	-0.42%
Cost of Goods Sold+	1.99B	1.97B	1.99B	1.97B	1.8B	1.92B	1.88B	1.84B	1.83B	1.79B
COGS % of Revenue	50.31%	50.11%	50.56%	50.71%	51.18%	49.55%	49.22%	49.24%	49.14%	48.38%
Gross Profit+	1.96B	1.96B	1.94B	1.91B	1.72B	1.95B	1.94B	1.89B	1.89B	1.91B
Gross Margin %	49.69%	49.89%	49.44%	49.29%	48.82%	50.45%	50.78%	50.76%	50.86%	51.62%
Gross Profit Growth %	3.48%	0.05%	-1.04%	-1.74%	-10.2%	13.94%	-0.88%	-2.33%	-0.11%	1.08%
Operating Expenses+	1.47B	1.46B	1.48B	1.45B	1.46B	1.54B	1.6B	1.57B	1.61B	1.58B
OpEx % of Revenue	37.08%	37.16%	37.74%	37.48%	41.45%	39.65%	41.93%	42.04%	43.25%	42.77%
Selling, General & Admin	1.36B	1.35B	1.38B	1.45B	1.44B	1.52B	1.54B	1.55B	1.6B	1.6B
SG&A % of Revenue	34.5%	34.24%	34.97%	37.48%	41.05%	39.24%	40.37%	41.59%	43.14%	43.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	99.66M	112.32M	0	0	14.03M	15.65M	59.59M	17.02M	4.22M	-18.5M
Operating Income+	498.3M	478.6M	426.59M	350.13M	258.76M	418.44M	337.64M	325.03M	282.73M	327.81M
Operating Margin %	12.61%	12.15%	10.85%	9.03%	7.36%	10.8%	8.85%	8.72%	7.61%	8.86%
Operating Income Growth %	0.6%	-3.95%	-10.87%	-17.92%	-26.1%	61.71%	-19.31%	-3.74%	-13.01%	15.94%
EBITDA+	597.95M	590.92M	535.42M	457.79M	365.54M	520.64M	437.57M	427.44M	392.47M	427.73M
EBITDA Margin %	15.13%	15%	13.61%	11.81%	10.4%	13.44%	11.47%	11.47%	10.56%	11.56%
EBITDA Growth %	2.26%	-1.18%	-9.39%	-14.5%	-20.15%	42.43%	-15.96%	-2.32%	-8.18%	8.98%
D&A (Non-Cash Add-back)	99.66M	112.32M	108.83M	107.66M	106.78M	102.2M	99.93M	102.41M	109.74M	99.92M
EBIT	498.3M	478.6M	426.59M	458.47M	272.79M	427.5M	393.13M	338.65M	283.76M	327.81M
Net Interest Income+	-144.24M	-132.9M	-98.16M	-96.31M	-98.79M	-93.51M	-93.54M	-72.98M	-76.41M	-64.39M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	144.24M	132.9M	98.16M	96.31M	98.79M	93.51M	93.54M	72.98M	76.41M	64.39M
Other Income/Expense	-144.24M	-132.9M	-98.16M	-96.31M	-98.79M	-93.51M	-93.54M	-72.98M	-76.41M	-64.39M
Pretax Income+	354.06M	345.7M	328.43M	362.16M	159.97M	324.93M	244.1M	252.05M	206.32M	263.42M
Pretax Margin %	8.96%	8.78%	8.35%	9.34%	4.55%	8.39%	6.4%	6.76%	5.55%	7.12%
Income Tax+	131.12M	130.62M	70.38M	90.54M	46.72M	85.08M	60.54M	67.45M	52.91M	67.54M
Effective Tax Rate %	62.97%	62.21%	78.57%	75%	70.79%	73.82%	75.2%	73.24%	74.36%	74.36%
Net Income+	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Net Margin %	5.64%	5.46%	6.56%	7.01%	3.22%	6.19%	4.81%	4.95%	4.13%	5.29%
Net Income Growth %	-5.17%	-3.53%	19.98%	5.26%	-58.31%	111.8%	-23.47%	0.57%	-16.89%	27.68%
Net Income (Continuing)	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.50	1.56	2.08	2.26	0.99	2.10	1.66	1.69	1.43	1.89
EPS Growth %	0.67%	4%	33.33%	8.65%	-56.19%	112.12%	-20.95%	1.81%	-15.38%	32.17%
EPS (Basic)	1.51	1.56	2.09	2.27	0.99	2.13	1.69	1.72	1.48	1.95
Diluted Shares Outstanding	148.8M	138.18M	123.83M	120.28M	114.68M	114.21M	110.29M	109.34M	106.93M	103.82M
Basic Shares Outstanding	147.18M	137.53M	123.19M	119.64M	113.88M	112.65M	108.67M	107.33M	103.94M	100.66M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	1.17B	1.17B	1.16B	1.16B	1.43B	1.38B	1.13B	1.23B	1.31B	1.3B
Cash & Short-Term Investments	86.62M	63.76M	77.3M	71.5M	514.15M	400.96M	70.56M	123M	107.96M	149.16M
Cash Only	86.62M	63.76M	77.3M	71.5M	514.15M	400.96M	70.56M	123M	107.96M	149.16M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	83.98M	92.24M	90.49M	104.54M	56.43M	66.58M	72.28M	75.88M	92.19M	116.56M
Days Sales Outstanding	7.76	8.55	8.4	9.84	5.86	6.27	6.91	7.43	9.05	11.49
Inventory	907.34M	930.86M	944.34M	952.91M	814.5M	871.35M	936.37M	975.22M	1.04B	987.58M
Days Inventory Outstanding	166.53	172.17	173.37	176.92	165.28	165.63	181.98	193.9	207.13	201.3
Other Current Assets	94.89M	55.22M	42.96M	34.61M	48.01M	44.69M	53.19M	53.9M	68.54M	48.15M
Total Non-Current Assets+	959.24M	952.59M	942.33M	934.89M	1.46B	1.46B	1.44B	1.5B	1.49B	1.57B
Property, Plant & Equipment	319.56M	313.72M	308.36M	319.63M	840.66M	845.05M	830.05M	868.44M	852.45M	930.98M
Fixed Asset Turnover	12.37x	12.55x	12.75x	12.13x	4.18x	4.59x	4.60x	4.29x	4.36x	3.98x
Goodwill	532.71M	537.79M	535.92M	530.79M	540.04M	541.21M	526.07M	533.08M	538.27M	540.67M
Intangible Assets	92.96M	80.31M	72.7M	62.05M	58.28M	55.53M	50.31M	55.17M	59.96M	53.02M
Long-Term Investments	0	5.18M	-75.97M	-80.39M	-92.09M	35K	3.86M	4.67M	0	59K
Other Non-Current Assets	14M	20.78M	25.35M	22.43M	23.07M	21.77M	38.03M	40.56M	36.91M	44.91M
Total Assets+	2.13B	2.12B	2.1B	2.1B	2.9B	2.85B	2.58B	2.73B	2.79B	2.87B
Asset Turnover	1.85x	1.85x	1.87x	1.85x	1.21x	1.36x	1.48x	1.37x	1.33x	1.29x
Asset Growth %	1.8%	-0.42%	-1.21%	0.05%	37.97%	-1.66%	-9.49%	5.76%	2.48%	2.8%
Total Current Liabilities+	488.67M	574.57M	491.17M	456.08M	563.36M	664.88M	667.91M	579.26M	592.67M	575.97M
Accounts Payable	271.38M	307.75M	303.24M	278.69M	236.33M	291.63M	275.72M	258.88M	269.42M	224.51M
Days Payables Outstanding	49.81	56.92	55.67	51.74	47.96	55.43	53.58	51.47	53.83	45.76
Short-Term Debt	716K	96.08M	5.5M	1K	180K	194K	68.66M	4.17M	4.13M	4M
Deferred Revenue (Current)	23.22M	20.59M	18.45M	18.16M	16.73M	18.54M	18.81M	18.26M	16.08M	14.2M
Other Current Liabilities	115.69M	86.1M	100.66M	87.88M	99.19M	114.27M	83.56M	75.19M	0	92.39M
Current Ratio	2.40x	2.04x	2.35x	2.55x	2.54x	2.08x	1.70x	2.12x	2.20x	2.26x
Quick Ratio	0.54x	0.42x	0.43x	0.46x	1.10x	0.77x	0.29x	0.44x	0.45x	0.54x
Cash Conversion Cycle	124.48	123.8	126.1	135.02	123.18	116.47	135.31	149.86	162.35	167.03
Total Non-Current Liabilities+	1.92B	1.91B	1.87B	1.7B	2.32B	1.9B	1.62B	1.64B	1.57B	1.5B
Long-Term Debt	1.78B	1.77B	1.77B	1.59B	1.8B	1.38B	1.08B	1.07B	978.25M	861.97M
Capital Lease Obligations	0	0	0	0	394.38M	404.63M	424.76M	455.07M	479.62M	538.43M
Deferred Tax Liabilities	114.66M	120.15M	75.97M	80.39M	92.09M	85.78M	85.08M	93.22M	91.76M	79.49M
Other Non-Current Liabilities	21.61M	20.14M	30.02M	27.76M	32.98M	29.06M	22.43M	23.14M	22.07M	21.03M
Total Liabilities	2.41B	2.49B	2.37B	2.16B	2.88B	2.57B	2.28B	2.22B	2.16B	2.08B
Total Debt+	1.78B	1.87B	1.77B	1.59B	2.34B	1.94B	1.73B	1.68B	1.6B	1.56B
Net Debt	1.7B	1.8B	1.7B	1.52B	1.83B	1.54B	1.66B	1.55B	1.49B	1.41B
Debt / Equity	-	-	-	-	151.83x	6.92x	5.91x	3.29x	2.54x	1.97x
Debt / EBITDA	2.98x	3.16x	3.31x	3.48x	6.41x	3.73x	3.96x	3.92x	4.07x	3.65x
Net Debt / EBITDA	2.84x	3.05x	3.17x	3.33x	5.01x	2.96x	3.80x	3.63x	3.80x	3.31x
Interest Coverage	3.45x	3.60x	4.35x	3.64x	2.62x	4.47x	3.61x	4.45x	3.70x	5.09x
Total Equity+	-276.17M	-363.62M	-268.56M	-60.32M	15.44M	280.74M	293.64M	508.75M	628.53M	794.21M
Equity Growth %	7.27%	-31.67%	26.14%	77.54%	125.6%	1717.92%	4.59%	73.26%	23.55%	26.36%
Book Value per Share	-1.86	-2.63	-2.17	-0.50	0.13	2.46	2.66	4.65	5.88	7.65
Total Shareholders' Equity	-276.17M	-363.62M	-268.56M	-60.32M	15.44M	280.74M	293.64M	508.75M	628.53M	794.21M
Common Stock	1.45M	1.3M	1.2M	1.17M	1.12M	1.13M	1.07M	1.06M	1.02M	979K
Retained Earnings	-177.56M	-283.08M	-179.76M	55.8M	117.11M	356.97M	440.17M	624.77M	740.68M	898.08M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-100.05M	-81.84M	-89.99M	-117.29M	-104.7M	-94.64M	-151.85M	-122.76M	-113.17M	-104.85M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	351M	344.38M	372.66M	320.42M	426.89M	381.86M	156.5M	249.31M	246.53M	274.83M
Operating CF Margin %	8.88%	8.74%	9.48%	8.27%	12.15%	9.85%	4.1%	6.69%	6.63%	7.42%
Operating CF Growth %	16.7%	-1.89%	8.21%	-14.02%	33.23%	-10.55%	-59.02%	59.3%	-1.12%	11.48%
Net Income	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Depreciation & Amortization	99.66M	112.32M	108.83M	107.66M	106.78M	102.2M	99.93M	102.41M	109.74M	99.92M
Stock-Based Compensation	12.58M	10.51M	10.52M	9.18M	8.43M	11.66M	9.94M	15.86M	17.17M	19.25M
Deferred Taxes	21.46M	14.12M	-20.54M	5.53M	13.69M	-7.34M	-17.59M	9.63M	-1.66M	-12.2M
Other Non-Cash Items	35.7M	41.62M	4.89M	-2.81M	7.72M	8.76M	44.77M	8.42M	6.68M	-19.33M
Working Capital Changes	-41.33M	-49.27M	10.91M	-70.77M	177.03M	26.72M	-164.1M	-71.61M	-38.81M	-8.69M
Change in Receivables	936K	702K	-1.95M	4.4M	51.49M	-11.05M	-9.18M	-1.86M	-14.59M	-23.94M
Change in Inventory	-31.4M	-16.34M	-16.45M	-20.27M	149.84M	-52.28M	-96.19M	-21.53M	-54.6M	50.07M
Change in Payables	13.62M	-19.6M	4.59M	-42.72M	-26.88M	79.85M	-46.29M	-29.7M	15.02M	-31.77M
Cash from Investing+	-174.83M	-89.63M	-95.31M	-95.87M	-123.78M	-76.02M	-102.42M	-99.78M	-108.91M	-58.28M
Capital Expenditures	-151.22M	-89.67M	-86.51M	-107.75M	-110.86M	-73.9M	-99.25M	-90.74M	-101.17M	-102.14M
CapEx % of Revenue	3.83%	2.28%	2.2%	2.78%	3.15%	1.91%	2.6%	2.43%	2.72%	2.76%
Acquisitions	-26.14M	41K	-9.18M	-3.42M	-12.97M	-2.35M	-3.17M	-9.03M	-7.75M	287K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.53M	41K	369K	15.31M	53K	235K	0	0	0	43.57M
Cash from Financing+	-229.03M	-278.39M	-263.28M	-229.31M	139.76M	-419.97M	-373.68M	-100.82M	-153.73M	-178.42M
Debt Issued (Net)	-39.28M	60.61M	-97.93M	-184.03M	204.58M	-422.24M	-250.28M	-81.18M	-84.14M	-119.12M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-209.07M	-346.87M	-166.7M	-47.43M	-61.36M	0	-130.33M	-15.15M	-60.39M	-54M
Other Financing	16.22M	8.96M	1.35M	2.16M	-3.46M	-1.3M	6.93M	-4.5M	-9.21M	-5.3M
Net Change in Cash	-53.42M	-22.86M	13.54M	-5.8M	442.66M	-113.19M	-330.4M	52.44M	-15.04M	41.2M
Free Cash Flow+	199.78M	254.71M	286.15M	212.66M	316.03M	307.96M	57.25M	158.57M	145.36M	172.69M
FCF Margin %	5.05%	6.47%	7.28%	5.49%	8.99%	7.95%	1.5%	4.25%	3.91%	4.67%
FCF Growth %	2.85%	27.49%	12.34%	-25.68%	48.61%	-2.56%	-81.41%	176.98%	-8.33%	18.8%
FCF per Share	1.34	1.84	2.31	1.77	2.76	2.70	0.52	1.45	1.36	1.66
FCF Conversion (FCF/Net Income)	1.57x	1.60x	1.44x	1.18x	3.77x	1.59x	0.85x	1.35x	1.61x	1.40x
Interest Paid	138.96M	141.88M	90.08M	95.17M	83.12M	88.98M	82.07M	71.94M	86.72M	64.1M
Taxes Paid	123.74M	114.55M	70.25M	83.78M	49.87M	79.77M	82.61M	63.81M	35.99M	94.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	733.31%	161.97%	63.91%	46.01%	26.98%	27.54%
Return on Invested Capital (ROIC)	26.97%	25.09%	22.3%	18.17%	11.73%	17.11%	13.4%	12.13%	10.15%	11.36%
Gross Margin	49.69%	49.89%	49.44%	49.29%	48.82%	50.45%	50.78%	50.76%	50.86%	51.62%
Net Margin	5.64%	5.46%	6.56%	7.01%	3.22%	6.19%	4.81%	4.95%	4.13%	5.29%
Debt / Equity	-	-	-	-	151.83x	6.92x	5.91x	3.29x	2.54x	1.97x
Interest Coverage	3.45x	3.60x	4.35x	3.64x	2.62x	4.47x	3.61x	4.45x	3.70x	5.09x
FCF Conversion	1.57x	1.60x	1.44x	1.18x	3.77x	1.59x	0.85x	1.35x	1.61x	1.40x
Revenue Growth	3.08%	-0.36%	-0.15%	-1.43%	-9.34%	10.26%	-1.53%	-2.29%	-0.3%	-0.42%

US Stock Screener

...

Sally Beauty Holdings, Inc. (SBH) 10-Year Financial Performance & Capital Metrics

SBH •

Consumer CyclicalSpecialty RetailBeauty and Personal Care Retail

Revenue $3.7B -0.4%
EBITDA $428M +9.0%
Net Income $196M +27.7%
EPS (Diluted) 1.89 +32.2%
Gross Margin 51.62% +1.5%
EBITDA Margin 11.56% +9.4%
Operating Margin 8.86% +16.4%
Net Margin 5.29% +28.2%
ROE 27.54% +2.1%
ROIC 11.36% +12.0%
Debt/Equity 1.97 -22.6%
Interest Coverage 5.09 +37.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.5%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.9% through buybacks
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.35%

5Y1.04%

3Y-1.01%

TTM-0.45%

Profit (Net Income) CAGR

10Y-1.81%

5Y11.58%

3Y2.19%

TTM2.49%

EPS CAGR

10Y2.41%

5Y13.81%

3Y4.42%

TTM5.39%

ROCE

10Y Avg20.1%

5Y Avg15.73%

3Y Avg14.54%

Latest14.58%

Peer Comparison

Beauty and Personal Care Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OLPXOlaplex Holdings, Inc.	1.07B	1.61	54.95	-7.77%	-1.18%	-0.56%	13.21%	0.74
ULTAUlta Beauty, Inc.	31.33B	684.79	27.02	0.79%	10.31%	46.14%	3.08%	0.77
SBHSally Beauty Holdings, Inc.	1.57B	16.07	8.50	-0.42%	4.87%	21.91%	11.02%	1.97
BBWIBath & Body Works, Inc.	4.92B	22.76	6.30	-1.64%	9.5%		13.43%
JWELJowell Global Ltd.	5.04M	2.32	-0.63	-16.89%	-6.63%	-114.89%	13.23%	0.13
YSGYatsen Holding Limited	2.67B	4.45	-4.36	0.8%	-11.76%	-15.88%		0.05
HNSTThe Honest Company, Inc.	315.87M	2.80	-20	-1.86%	-4.23%	-9.25%	4.31%	0.03
NHTCNatural Health Trends Corp.	36.84M	3.20	-41.72	-7.42%	-2.22%	-3.76%		0.13

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.95B	3.94B	3.93B	3.88B	3.51B	3.87B	3.82B	3.73B	3.72B	3.7B
Revenue Growth %	3.08%	-0.36%	-0.15%	-1.43%	-9.34%	10.26%	-1.53%	-2.29%	-0.3%	-0.42%
Cost of Goods Sold+	1.99B	1.97B	1.99B	1.97B	1.8B	1.92B	1.88B	1.84B	1.83B	1.79B
COGS % of Revenue	50.31%	50.11%	50.56%	50.71%	51.18%	49.55%	49.22%	49.24%	49.14%	48.38%
Gross Profit+	1.96B	1.96B	1.94B	1.91B	1.72B	1.95B	1.94B	1.89B	1.89B	1.91B
Gross Margin %	49.69%	49.89%	49.44%	49.29%	48.82%	50.45%	50.78%	50.76%	50.86%	51.62%
Gross Profit Growth %	3.48%	0.05%	-1.04%	-1.74%	-10.2%	13.94%	-0.88%	-2.33%	-0.11%	1.08%
Operating Expenses+	1.47B	1.46B	1.48B	1.45B	1.46B	1.54B	1.6B	1.57B	1.61B	1.58B
OpEx % of Revenue	37.08%	37.16%	37.74%	37.48%	41.45%	39.65%	41.93%	42.04%	43.25%	42.77%
Selling, General & Admin	1.36B	1.35B	1.38B	1.45B	1.44B	1.52B	1.54B	1.55B	1.6B	1.6B
SG&A % of Revenue	34.5%	34.24%	34.97%	37.48%	41.05%	39.24%	40.37%	41.59%	43.14%	43.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	99.66M	112.32M	0	0	14.03M	15.65M	59.59M	17.02M	4.22M	-18.5M
Operating Income+	498.3M	478.6M	426.59M	350.13M	258.76M	418.44M	337.64M	325.03M	282.73M	327.81M
Operating Margin %	12.61%	12.15%	10.85%	9.03%	7.36%	10.8%	8.85%	8.72%	7.61%	8.86%
Operating Income Growth %	0.6%	-3.95%	-10.87%	-17.92%	-26.1%	61.71%	-19.31%	-3.74%	-13.01%	15.94%
EBITDA+	597.95M	590.92M	535.42M	457.79M	365.54M	520.64M	437.57M	427.44M	392.47M	427.73M
EBITDA Margin %	15.13%	15%	13.61%	11.81%	10.4%	13.44%	11.47%	11.47%	10.56%	11.56%
EBITDA Growth %	2.26%	-1.18%	-9.39%	-14.5%	-20.15%	42.43%	-15.96%	-2.32%	-8.18%	8.98%
D&A (Non-Cash Add-back)	99.66M	112.32M	108.83M	107.66M	106.78M	102.2M	99.93M	102.41M	109.74M	99.92M
EBIT	498.3M	478.6M	426.59M	458.47M	272.79M	427.5M	393.13M	338.65M	283.76M	327.81M
Net Interest Income+	-144.24M	-132.9M	-98.16M	-96.31M	-98.79M	-93.51M	-93.54M	-72.98M	-76.41M	-64.39M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	144.24M	132.9M	98.16M	96.31M	98.79M	93.51M	93.54M	72.98M	76.41M	64.39M
Other Income/Expense	-144.24M	-132.9M	-98.16M	-96.31M	-98.79M	-93.51M	-93.54M	-72.98M	-76.41M	-64.39M
Pretax Income+	354.06M	345.7M	328.43M	362.16M	159.97M	324.93M	244.1M	252.05M	206.32M	263.42M
Pretax Margin %	8.96%	8.78%	8.35%	9.34%	4.55%	8.39%	6.4%	6.76%	5.55%	7.12%
Income Tax+	131.12M	130.62M	70.38M	90.54M	46.72M	85.08M	60.54M	67.45M	52.91M	67.54M
Effective Tax Rate %	62.97%	62.21%	78.57%	75%	70.79%	73.82%	75.2%	73.24%	74.36%	74.36%
Net Income+	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Net Margin %	5.64%	5.46%	6.56%	7.01%	3.22%	6.19%	4.81%	4.95%	4.13%	5.29%
Net Income Growth %	-5.17%	-3.53%	19.98%	5.26%	-58.31%	111.8%	-23.47%	0.57%	-16.89%	27.68%
Net Income (Continuing)	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.50	1.56	2.08	2.26	0.99	2.10	1.66	1.69	1.43	1.89
EPS Growth %	0.67%	4%	33.33%	8.65%	-56.19%	112.12%	-20.95%	1.81%	-15.38%	32.17%
EPS (Basic)	1.51	1.56	2.09	2.27	0.99	2.13	1.69	1.72	1.48	1.95
Diluted Shares Outstanding	148.8M	138.18M	123.83M	120.28M	114.68M	114.21M	110.29M	109.34M	106.93M	103.82M
Basic Shares Outstanding	147.18M	137.53M	123.19M	119.64M	113.88M	112.65M	108.67M	107.33M	103.94M	100.66M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	1.17B	1.17B	1.16B	1.16B	1.43B	1.38B	1.13B	1.23B	1.31B	1.3B
Cash & Short-Term Investments	86.62M	63.76M	77.3M	71.5M	514.15M	400.96M	70.56M	123M	107.96M	149.16M
Cash Only	86.62M	63.76M	77.3M	71.5M	514.15M	400.96M	70.56M	123M	107.96M	149.16M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	83.98M	92.24M	90.49M	104.54M	56.43M	66.58M	72.28M	75.88M	92.19M	116.56M
Days Sales Outstanding	7.76	8.55	8.4	9.84	5.86	6.27	6.91	7.43	9.05	11.49
Inventory	907.34M	930.86M	944.34M	952.91M	814.5M	871.35M	936.37M	975.22M	1.04B	987.58M
Days Inventory Outstanding	166.53	172.17	173.37	176.92	165.28	165.63	181.98	193.9	207.13	201.3
Other Current Assets	94.89M	55.22M	42.96M	34.61M	48.01M	44.69M	53.19M	53.9M	68.54M	48.15M
Total Non-Current Assets+	959.24M	952.59M	942.33M	934.89M	1.46B	1.46B	1.44B	1.5B	1.49B	1.57B
Property, Plant & Equipment	319.56M	313.72M	308.36M	319.63M	840.66M	845.05M	830.05M	868.44M	852.45M	930.98M
Fixed Asset Turnover	12.37x	12.55x	12.75x	12.13x	4.18x	4.59x	4.60x	4.29x	4.36x	3.98x
Goodwill	532.71M	537.79M	535.92M	530.79M	540.04M	541.21M	526.07M	533.08M	538.27M	540.67M
Intangible Assets	92.96M	80.31M	72.7M	62.05M	58.28M	55.53M	50.31M	55.17M	59.96M	53.02M
Long-Term Investments	0	5.18M	-75.97M	-80.39M	-92.09M	35K	3.86M	4.67M	0	59K
Other Non-Current Assets	14M	20.78M	25.35M	22.43M	23.07M	21.77M	38.03M	40.56M	36.91M	44.91M
Total Assets+	2.13B	2.12B	2.1B	2.1B	2.9B	2.85B	2.58B	2.73B	2.79B	2.87B
Asset Turnover	1.85x	1.85x	1.87x	1.85x	1.21x	1.36x	1.48x	1.37x	1.33x	1.29x
Asset Growth %	1.8%	-0.42%	-1.21%	0.05%	37.97%	-1.66%	-9.49%	5.76%	2.48%	2.8%
Total Current Liabilities+	488.67M	574.57M	491.17M	456.08M	563.36M	664.88M	667.91M	579.26M	592.67M	575.97M
Accounts Payable	271.38M	307.75M	303.24M	278.69M	236.33M	291.63M	275.72M	258.88M	269.42M	224.51M
Days Payables Outstanding	49.81	56.92	55.67	51.74	47.96	55.43	53.58	51.47	53.83	45.76
Short-Term Debt	716K	96.08M	5.5M	1K	180K	194K	68.66M	4.17M	4.13M	4M
Deferred Revenue (Current)	23.22M	20.59M	18.45M	18.16M	16.73M	18.54M	18.81M	18.26M	16.08M	14.2M
Other Current Liabilities	115.69M	86.1M	100.66M	87.88M	99.19M	114.27M	83.56M	75.19M	0	92.39M
Current Ratio	2.40x	2.04x	2.35x	2.55x	2.54x	2.08x	1.70x	2.12x	2.20x	2.26x
Quick Ratio	0.54x	0.42x	0.43x	0.46x	1.10x	0.77x	0.29x	0.44x	0.45x	0.54x
Cash Conversion Cycle	124.48	123.8	126.1	135.02	123.18	116.47	135.31	149.86	162.35	167.03
Total Non-Current Liabilities+	1.92B	1.91B	1.87B	1.7B	2.32B	1.9B	1.62B	1.64B	1.57B	1.5B
Long-Term Debt	1.78B	1.77B	1.77B	1.59B	1.8B	1.38B	1.08B	1.07B	978.25M	861.97M
Capital Lease Obligations	0	0	0	0	394.38M	404.63M	424.76M	455.07M	479.62M	538.43M
Deferred Tax Liabilities	114.66M	120.15M	75.97M	80.39M	92.09M	85.78M	85.08M	93.22M	91.76M	79.49M
Other Non-Current Liabilities	21.61M	20.14M	30.02M	27.76M	32.98M	29.06M	22.43M	23.14M	22.07M	21.03M
Total Liabilities	2.41B	2.49B	2.37B	2.16B	2.88B	2.57B	2.28B	2.22B	2.16B	2.08B
Total Debt+	1.78B	1.87B	1.77B	1.59B	2.34B	1.94B	1.73B	1.68B	1.6B	1.56B
Net Debt	1.7B	1.8B	1.7B	1.52B	1.83B	1.54B	1.66B	1.55B	1.49B	1.41B
Debt / Equity	-	-	-	-	151.83x	6.92x	5.91x	3.29x	2.54x	1.97x
Debt / EBITDA	2.98x	3.16x	3.31x	3.48x	6.41x	3.73x	3.96x	3.92x	4.07x	3.65x
Net Debt / EBITDA	2.84x	3.05x	3.17x	3.33x	5.01x	2.96x	3.80x	3.63x	3.80x	3.31x
Interest Coverage	3.45x	3.60x	4.35x	3.64x	2.62x	4.47x	3.61x	4.45x	3.70x	5.09x
Total Equity+	-276.17M	-363.62M	-268.56M	-60.32M	15.44M	280.74M	293.64M	508.75M	628.53M	794.21M
Equity Growth %	7.27%	-31.67%	26.14%	77.54%	125.6%	1717.92%	4.59%	73.26%	23.55%	26.36%
Book Value per Share	-1.86	-2.63	-2.17	-0.50	0.13	2.46	2.66	4.65	5.88	7.65
Total Shareholders' Equity	-276.17M	-363.62M	-268.56M	-60.32M	15.44M	280.74M	293.64M	508.75M	628.53M	794.21M
Common Stock	1.45M	1.3M	1.2M	1.17M	1.12M	1.13M	1.07M	1.06M	1.02M	979K
Retained Earnings	-177.56M	-283.08M	-179.76M	55.8M	117.11M	356.97M	440.17M	624.77M	740.68M	898.08M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-100.05M	-81.84M	-89.99M	-117.29M	-104.7M	-94.64M	-151.85M	-122.76M	-113.17M	-104.85M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	351M	344.38M	372.66M	320.42M	426.89M	381.86M	156.5M	249.31M	246.53M	274.83M
Operating CF Margin %	8.88%	8.74%	9.48%	8.27%	12.15%	9.85%	4.1%	6.69%	6.63%	7.42%
Operating CF Growth %	16.7%	-1.89%	8.21%	-14.02%	33.23%	-10.55%	-59.02%	59.3%	-1.12%	11.48%
Net Income	222.94M	215.08M	258.05M	271.62M	113.25M	239.86M	183.55M	184.6M	153.41M	195.88M
Depreciation & Amortization	99.66M	112.32M	108.83M	107.66M	106.78M	102.2M	99.93M	102.41M	109.74M	99.92M
Stock-Based Compensation	12.58M	10.51M	10.52M	9.18M	8.43M	11.66M	9.94M	15.86M	17.17M	19.25M
Deferred Taxes	21.46M	14.12M	-20.54M	5.53M	13.69M	-7.34M	-17.59M	9.63M	-1.66M	-12.2M
Other Non-Cash Items	35.7M	41.62M	4.89M	-2.81M	7.72M	8.76M	44.77M	8.42M	6.68M	-19.33M
Working Capital Changes	-41.33M	-49.27M	10.91M	-70.77M	177.03M	26.72M	-164.1M	-71.61M	-38.81M	-8.69M
Change in Receivables	936K	702K	-1.95M	4.4M	51.49M	-11.05M	-9.18M	-1.86M	-14.59M	-23.94M
Change in Inventory	-31.4M	-16.34M	-16.45M	-20.27M	149.84M	-52.28M	-96.19M	-21.53M	-54.6M	50.07M
Change in Payables	13.62M	-19.6M	4.59M	-42.72M	-26.88M	79.85M	-46.29M	-29.7M	15.02M	-31.77M
Cash from Investing+	-174.83M	-89.63M	-95.31M	-95.87M	-123.78M	-76.02M	-102.42M	-99.78M	-108.91M	-58.28M
Capital Expenditures	-151.22M	-89.67M	-86.51M	-107.75M	-110.86M	-73.9M	-99.25M	-90.74M	-101.17M	-102.14M
CapEx % of Revenue	3.83%	2.28%	2.2%	2.78%	3.15%	1.91%	2.6%	2.43%	2.72%	2.76%
Acquisitions	-26.14M	41K	-9.18M	-3.42M	-12.97M	-2.35M	-3.17M	-9.03M	-7.75M	287K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.53M	41K	369K	15.31M	53K	235K	0	0	0	43.57M
Cash from Financing+	-229.03M	-278.39M	-263.28M	-229.31M	139.76M	-419.97M	-373.68M	-100.82M	-153.73M	-178.42M
Debt Issued (Net)	-39.28M	60.61M	-97.93M	-184.03M	204.58M	-422.24M	-250.28M	-81.18M	-84.14M	-119.12M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-209.07M	-346.87M	-166.7M	-47.43M	-61.36M	0	-130.33M	-15.15M	-60.39M	-54M
Other Financing	16.22M	8.96M	1.35M	2.16M	-3.46M	-1.3M	6.93M	-4.5M	-9.21M	-5.3M
Net Change in Cash	-53.42M	-22.86M	13.54M	-5.8M	442.66M	-113.19M	-330.4M	52.44M	-15.04M	41.2M
Free Cash Flow+	199.78M	254.71M	286.15M	212.66M	316.03M	307.96M	57.25M	158.57M	145.36M	172.69M
FCF Margin %	5.05%	6.47%	7.28%	5.49%	8.99%	7.95%	1.5%	4.25%	3.91%	4.67%
FCF Growth %	2.85%	27.49%	12.34%	-25.68%	48.61%	-2.56%	-81.41%	176.98%	-8.33%	18.8%
FCF per Share	1.34	1.84	2.31	1.77	2.76	2.70	0.52	1.45	1.36	1.66
FCF Conversion (FCF/Net Income)	1.57x	1.60x	1.44x	1.18x	3.77x	1.59x	0.85x	1.35x	1.61x	1.40x
Interest Paid	138.96M	141.88M	90.08M	95.17M	83.12M	88.98M	82.07M	71.94M	86.72M	64.1M
Taxes Paid	123.74M	114.55M	70.25M	83.78M	49.87M	79.77M	82.61M	63.81M	35.99M	94.3M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	733.31%	161.97%	63.91%	46.01%	26.98%	27.54%
Return on Invested Capital (ROIC)	26.97%	25.09%	22.3%	18.17%	11.73%	17.11%	13.4%	12.13%	10.15%	11.36%
Gross Margin	49.69%	49.89%	49.44%	49.29%	48.82%	50.45%	50.78%	50.76%	50.86%	51.62%
Net Margin	5.64%	5.46%	6.56%	7.01%	3.22%	6.19%	4.81%	4.95%	4.13%	5.29%
Debt / Equity	-	-	-	-	151.83x	6.92x	5.91x	3.29x	2.54x	1.97x
Interest Coverage	3.45x	3.60x	4.35x	3.64x	2.62x	4.47x	3.61x	4.45x	3.70x	5.09x
FCF Conversion	1.57x	1.60x	1.44x	1.18x	3.77x	1.59x	0.85x	1.35x	1.61x	1.40x
Revenue Growth	3.08%	-0.36%	-0.15%	-1.43%	-9.34%	10.26%	-1.53%	-2.29%	-0.3%	-0.42%

Sally Beauty Holdings, Inc. (SBH) 10-Year Financial Performance & Capital Metrics

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Growth Metrics

Revenue CAGR

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Peer Comparison

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Revenue History

Financial Ratios

Sally Beauty Holdings, Inc. (SBH) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SBH vs Peers

vs ULTA

vs BBWI

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios