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

SBH • • Industrial / General
Consumer CyclicalSpecialty RetailSpecialty Health & BeautyPersonal Care Retailers
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
  • ✓Momentum leader: RS Rating 83 (top 17%)
  • ✓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

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.35%
5Y1.04%
3Y-1.01%
TTM-0.42%

Profit (Net Income) CAGR

10Y-1.81%
5Y11.58%
3Y2.19%
TTM27.68%

EPS CAGR

10Y2.41%
5Y13.81%
3Y4.42%
TTM31.25%

ROCE

10Y Avg20.1%
5Y Avg15.73%
3Y Avg14.54%
Latest14.58%

Peer Comparison

Personal Care Retailers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
NHTCNatural Health Trends Corp.40.53M3.5270.68-2.19%-0.29%-0.45%0.08
OLPXOlaplex Holdings, Inc.1.1B1.6556.31-7.77%-1.18%-0.56%12.89%0.74
ULTAUlta Beauty, Inc.29.49B664.8526.240.79%10.31%46.14%3.27%0.77
SBHSally Beauty Holdings, Inc.1.56B15.838.38-0.42%5.29%24.66%11.1%1.97
BBWIBath & Body Works, Inc.4.7B22.986.37-1.64%9.5%14.03%
JWELJowell Global Ltd.4.64M2.14-0.58-16.89%-6.63%-114.89%14.34%0.13
YSGYatsen Holding Limited288.53M4.51-0.640.8%-11.76%-15.88%0.05
HNSTThe Honest Company, Inc.285.07M2.55-41.739.87%1.85%3.72%0.35%0.12

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+3.95B3.94B3.93B3.88B3.51B3.87B3.82B3.73B3.72B3.7B
Revenue Growth %0.03%-0%-0%-0.01%-0.09%0.1%-0.02%-0.02%-0%-0%
Cost of Goods Sold+1.99B1.97B1.99B1.97B1.8B1.92B1.88B1.84B1.83B1.79B
COGS % of Revenue0.5%0.5%0.51%0.51%0.51%0.5%0.49%0.49%0.49%0.48%
Gross Profit+1.96B1.96B1.94B1.91B1.72B1.95B1.94B1.89B1.89B1.91B
Gross Margin %0.5%0.5%0.49%0.49%0.49%0.5%0.51%0.51%0.51%0.52%
Gross Profit Growth %0.03%0%-0.01%-0.02%-0.1%0.14%-0.01%-0.02%-0%0.01%
Operating Expenses+1.47B1.46B1.48B1.45B1.46B1.54B1.6B1.57B1.61B1.58B
OpEx % of Revenue0.37%0.37%0.38%0.37%0.41%0.4%0.42%0.42%0.43%0.43%
Selling, General & Admin1.36B1.35B1.38B1.45B1.44B1.52B1.54B1.55B1.6B1.58B
SG&A % of Revenue0.34%0.34%0.35%0.37%0.41%0.39%0.4%0.42%0.43%0.43%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses99.66M112.32M0014.03M15.65M59.59M17.02M4.22M0
Operating Income+498.3M478.6M426.59M350.13M258.76M418.44M337.64M325.03M282.73M327.81M
Operating Margin %0.13%0.12%0.11%0.09%0.07%0.11%0.09%0.09%0.08%0.09%
Operating Income Growth %0.01%-0.04%-0.11%-0.18%-0.26%0.62%-0.19%-0.04%-0.13%0.16%
EBITDA+597.95M590.92M535.42M457.79M365.54M520.64M437.57M427.44M392.47M427.73M
EBITDA Margin %0.15%0.15%0.14%0.12%0.1%0.13%0.11%0.11%0.11%0.12%
EBITDA Growth %0.02%-0.01%-0.09%-0.14%-0.2%0.42%-0.16%-0.02%-0.08%0.09%
D&A (Non-Cash Add-back)99.66M112.32M108.83M107.66M106.78M102.2M99.93M102.41M109.74M99.92M
EBIT498.3M478.6M426.59M458.47M272.79M427.5M393.13M338.65M283.76M327.81M
Net Interest Income+-144.24M-132.9M-98.16M-96.31M-98.79M-93.51M-93.54M-72.98M-76.41M-64.39M
Interest Income0000000000
Interest Expense144.24M132.9M98.16M96.31M98.79M93.51M93.54M72.98M76.41M64.39M
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+354.06M345.7M328.43M362.16M159.97M324.93M244.1M252.05M206.32M263.42M
Pretax Margin %0.09%0.09%0.08%0.09%0.05%0.08%0.06%0.07%0.06%0.07%
Income Tax+131.12M130.62M70.38M90.54M46.72M85.08M60.54M67.45M52.91M67.54M
Effective Tax Rate %0.63%0.62%0.79%0.75%0.71%0.74%0.75%0.73%0.74%0.74%
Net Income+222.94M215.08M258.05M271.62M113.25M239.86M183.55M184.6M153.41M195.88M
Net Margin %0.06%0.05%0.07%0.07%0.03%0.06%0.05%0.05%0.04%0.05%
Net Income Growth %-0.05%-0.04%0.2%0.05%-0.58%1.12%-0.23%0.01%-0.17%0.28%
Net Income (Continuing)222.94M215.08M258.05M271.62M113.25M239.86M183.55M184.6M153.41M195.88M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+1.501.562.082.260.992.101.661.691.431.89
EPS Growth %0.01%0.04%0.33%0.09%-0.56%1.12%-0.21%0.02%-0.15%0.32%
EPS (Basic)1.511.562.092.270.992.131.691.721.481.95
Diluted Shares Outstanding148.8M138.18M123.83M120.28M114.68M114.21M110.29M109.34M106.93M103.82M
Basic Shares Outstanding147.18M137.53M123.19M119.64M113.88M112.65M108.67M107.33M103.94M100.66M
Dividend Payout Ratio----------

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+1.17B1.17B1.16B1.16B1.43B1.38B1.13B1.23B1.31B1.3B
Cash & Short-Term Investments86.62M63.76M77.3M71.5M514.15M400.96M70.56M123M107.96M149.16M
Cash Only86.62M63.76M77.3M71.5M514.15M400.96M70.56M123M107.96M149.16M
Short-Term Investments0000000000
Accounts Receivable83.98M92.24M90.49M104.54M56.43M66.58M72.28M75.88M92.19M116.56M
Days Sales Outstanding7.768.558.49.845.866.276.917.439.0511.49
Inventory907.34M930.86M944.34M952.91M814.5M871.35M936.37M975.22M1.04B987.58M
Days Inventory Outstanding166.53172.17173.37176.92165.28165.63181.98193.9207.13201.3
Other Current Assets94.89M55.22M42.96M34.61M48.01M44.69M53.19M53.9M68.54M48.15M
Total Non-Current Assets+959.24M952.59M942.33M934.89M1.46B1.46B1.44B1.5B1.49B1.57B
Property, Plant & Equipment319.56M313.72M308.36M319.63M840.66M845.05M830.05M868.44M852.45M930.98M
Fixed Asset Turnover12.37x12.55x12.75x12.13x4.18x4.59x4.60x4.29x4.36x3.98x
Goodwill532.71M537.79M535.92M530.79M540.04M541.21M526.07M533.08M538.27M540.67M
Intangible Assets92.96M80.31M72.7M62.05M58.28M55.53M50.31M55.17M59.96M53.02M
Long-Term Investments05.18M-75.97M-80.39M-92.09M35K3.86M4.67M00
Other Non-Current Assets14M20.78M25.35M22.43M23.07M21.77M38.03M35.9M36.91M44.97M
Total Assets+2.13B2.12B2.1B2.1B2.9B2.85B2.58B2.73B2.79B2.87B
Asset Turnover1.85x1.85x1.87x1.85x1.21x1.36x1.48x1.37x1.33x1.29x
Asset Growth %0.02%-0%-0.01%0%0.38%-0.02%-0.09%0.06%0.02%0.03%
Total Current Liabilities+488.67M574.57M491.17M456.08M563.36M664.88M667.91M579.26M592.67M575.97M
Accounts Payable271.38M307.75M303.24M278.69M236.33M291.63M275.72M258.88M269.42M224.51M
Days Payables Outstanding49.8156.9255.6751.7447.9655.4353.5851.4753.8345.76
Short-Term Debt716K96.08M5.5M1K180K194K68.66M4.17M4.13M4M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities115.69M86.1M100.66M87.88M99.19M114.27M83.56M75.19M092.39M
Current Ratio2.40x2.04x2.35x2.55x2.54x2.08x1.70x2.12x2.20x2.26x
Quick Ratio0.54x0.42x0.43x0.46x1.10x0.77x0.29x0.44x0.45x0.54x
Cash Conversion Cycle124.48123.8126.1135.02123.18116.47135.31149.86162.35167.03
Total Non-Current Liabilities+1.92B1.91B1.87B1.7B2.32B1.9B1.62B1.64B1.57B1.5B
Long-Term Debt1.78B1.77B1.77B1.59B1.8B1.38B1.08B1.07B978.25M861.97M
Capital Lease Obligations0000394.38M404.63M424.76M455.07M479.62M538.43M
Deferred Tax Liabilities114.66M120.15M75.97M80.39M92.09M85.78M85.08M93.22M91.76M79.49M
Other Non-Current Liabilities21.61M20.14M30.02M27.76M32.98M29.06M22.43M23.14M22.07M21.03M
Total Liabilities2.41B2.49B2.37B2.16B2.88B2.57B2.28B2.22B2.16B2.08B
Total Debt+1.78B1.87B1.77B1.59B2.34B1.94B1.73B1.68B1.6B1.56B
Net Debt1.7B1.8B1.7B1.52B1.83B1.54B1.66B1.55B1.49B1.41B
Debt / Equity----151.83x6.92x5.91x3.29x2.54x1.97x
Debt / EBITDA2.98x3.16x3.31x3.48x6.41x3.73x3.96x3.92x4.07x3.65x
Net Debt / EBITDA2.84x3.05x3.17x3.33x5.01x2.96x3.80x3.63x3.80x3.31x
Interest Coverage3.45x3.60x4.35x3.64x2.62x4.47x3.61x4.45x3.70x5.09x
Total Equity+-276.17M-363.62M-268.56M-60.32M15.44M280.74M293.64M508.75M628.53M794.21M
Equity Growth %0.07%-0.32%0.26%0.78%1.26%17.18%0.05%0.73%0.24%0.26%
Book Value per Share-1.86-2.63-2.17-0.500.132.462.664.655.887.65
Total Shareholders' Equity-276.17M-363.62M-268.56M-60.32M15.44M280.74M293.64M508.75M628.53M794.21M
Common Stock1.45M1.3M1.2M1.17M1.12M1.13M1.07M1.06M1.02M979K
Retained Earnings-177.56M-283.08M-179.76M55.8M117.11M356.97M440.17M624.77M740.68M898.08M
Treasury Stock0000000000
Accumulated OCI-100.05M-81.84M-89.99M-117.29M-104.7M-94.64M-151.85M-122.76M-113.17M-104.85M
Minority Interest0000000000

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+351M344.38M372.66M320.42M426.89M381.86M156.5M249.31M246.53M274.83M
Operating CF Margin %0.09%0.09%0.09%0.08%0.12%0.1%0.04%0.07%0.07%0.07%
Operating CF Growth %0.17%-0.02%0.08%-0.14%0.33%-0.11%-0.59%0.59%-0.01%0.11%
Net Income222.94M215.08M258.05M271.62M113.25M239.86M183.55M184.6M153.41M195.88M
Depreciation & Amortization99.66M112.32M108.83M107.66M106.78M102.2M99.93M102.41M109.74M99.92M
Stock-Based Compensation12.58M10.51M10.52M9.18M8.43M11.66M9.94M15.86M17.17M19.25M
Deferred Taxes21.46M14.12M-20.54M5.53M13.69M-7.34M-17.59M9.63M-1.66M-12.2M
Other Non-Cash Items35.7M41.62M4.89M-2.81M7.72M8.76M44.77M8.42M6.68M-19.33M
Working Capital Changes-41.33M-49.27M10.91M-70.77M177.03M26.72M-164.1M-71.61M-38.81M-8.69M
Change in Receivables936K702K-1.95M4.4M51.49M-11.05M-9.18M-1.86M-14.59M-23.94M
Change in Inventory-31.4M-16.34M-16.45M-20.27M149.84M-52.28M-96.19M-21.53M-54.6M50.07M
Change in Payables13.62M-19.6M4.59M-42.72M-26.88M79.85M-46.29M-29.7M15.02M-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 Revenue0.04%0.02%0.02%0.03%0.03%0.02%0.03%0.02%0.03%0.03%
Acquisitions----------
Investments----------
Other Investing2.53M41K369K15.31M53K235K00043.57M
Cash from Financing+-229.03M-278.39M-263.28M-229.31M139.76M-419.97M-373.68M-100.82M-153.73M-178.42M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing16.22M8.96M1.35M2.16M-3.46M2.27M6.93M-4.5M-9.21M-5.3M
Net Change in Cash----------
Free Cash Flow+199.78M254.71M286.15M212.66M316.03M307.96M57.25M158.57M145.36M172.69M
FCF Margin %0.05%0.06%0.07%0.05%0.09%0.08%0.02%0.04%0.04%0.05%
FCF Growth %0.03%0.27%0.12%-0.26%0.49%-0.03%-0.81%1.77%-0.08%0.19%
FCF per Share1.341.842.311.772.762.700.521.451.361.66
FCF Conversion (FCF/Net Income)1.57x1.60x1.44x1.18x3.77x1.59x0.85x1.35x1.61x1.40x
Interest Paid138.96M141.88M90.08M95.17M83.12M88.98M82.07M71.94M86.72M64.1M
Taxes Paid123.74M114.55M70.25M83.78M49.87M79.77M82.61M63.81M35.99M94.3M

Key Ratios

Metric2016201720182019202020212022202320242025
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 Margin49.69%49.89%49.44%49.29%48.82%50.45%50.78%50.76%50.86%51.62%
Net Margin5.64%5.46%6.56%7.01%3.22%6.19%4.81%4.95%4.13%5.29%
Debt / Equity----151.83x6.92x5.91x3.29x2.54x1.97x
Interest Coverage3.45x3.60x4.35x3.64x2.62x4.47x3.61x4.45x3.70x5.09x
FCF Conversion1.57x1.60x1.44x1.18x3.77x1.59x0.85x1.35x1.61x1.40x
Revenue Growth3.08%-0.36%-0.15%-1.43%-9.34%10.26%-1.53%-2.29%-0.3%-0.42%

Revenue by Segment

2016201720182019202020212022202320242025
Sally Beauty Supply2.36B2.35B2.33B2.29B2.08B2.28B2.19B2.14B2.11B2.09B
Sally Beauty Supply Growth--0.82%-0.48%-1.75%-9.26%9.50%-3.75%-2.45%-1.50%-0.60%
Beauty Systems Group1.59B1.59B1.6B1.58B1.43B1.6B1.62B1.59B1.61B1.61B
Beauty Systems Group Growth-0.32%0.35%-0.96%-9.45%11.37%1.62%-2.07%1.32%-0.18%

Revenue by Geography

2016201720182019202020212022202320242025
UNITED STATES--3.19B3.17B2.91B-3.14B3.05B3.03B3.03B
UNITED STATES Growth----0.60%-8.07%---2.95%-0.77%0.07%
Other Countries---------672.34M
Other Countries Growth----------
Foreign Location690.97M689.65M743.57M706.59M600.16M646.91M672.67M677.8M690.09M-
Foreign Location Growth--0.19%7.82%-4.97%-15.06%7.79%3.98%0.76%1.81%-
U S-----3.23B----
U S Growth----------
U3.26B3.25B--------
U Growth--0.40%--------

Frequently Asked Questions

Valuation & Price

Sally Beauty Holdings, Inc. (SBH) has a price-to-earnings (P/E) ratio of 8.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Sally Beauty Holdings, Inc. (SBH) reported $3.70B in revenue for fiscal year 2025. This represents a 5% increase from $3.52B in 2012.

Sally Beauty Holdings, Inc. (SBH) saw revenue decline by 0.4% over the past year.

Yes, Sally Beauty Holdings, Inc. (SBH) is profitable, generating $195.9M in net income for fiscal year 2025 (5.3% net margin).

Dividend & Returns

Sally Beauty Holdings, Inc. (SBH) has a return on equity (ROE) of 27.5%. This is excellent, indicating efficient use of shareholder capital.

Sally Beauty Holdings, Inc. (SBH) generated $172.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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