Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -20.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $997M | $1.5B | $2.7B | $2.9B | $2.8B | $3.9B | $2.7B | — | — |
| Enterprise Value | $2.8B | $2.7B | $3.1B | $4.0B | $4.2B | $4.1B | $5.1B | $3.9B | — | — |
| P/E Ratio → | -4.85 | — | 38.67 | 34.13 | 44.91 | 44.89 | 36.34 | 170.79 | — | — |
| P/S Ratio | 0.24 | 0.21 | 0.35 | 0.68 | 0.82 | 0.91 | 1.23 | 1.04 | — | — |
| P/B Ratio | 1.11 | 1.01 | 1.29 | 2.23 | 2.63 | 2.79 | 4.19 | 3.56 | — | — |
| P/FCF | 46.39 | 41.87 | — | 24.39 | 53.13 | 66.62 | 76.59 | 81.57 | — | — |
| P/OCF | 4.97 | 4.49 | 13.76 | 8.96 | 15.76 | 16.98 | 21.32 | 20.00 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.58 | 0.72 | 1.01 | 1.18 | 1.34 | 1.64 | 1.52 | — | — |
| EV / EBITDA | — | — | 16.81 | 18.70 | 24.45 | 25.81 | 31.06 | 32.77 | — | — |
| EV / EBIT | — | — | 37.26 | 31.48 | 44.66 | 43.85 | 47.18 | 62.44 | — | — |
| EV / FCF | — | 114.98 | — | 35.87 | 76.98 | 98.00 | 101.84 | 119.21 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.3% | 30.3% | 30.2% | 31.3% | 30.5% | 30.8% | 31.1% | 30.8% | 30.4% | 30.4% |
| Operating Margin | -4.7% | -4.7% | 1.8% | 3.2% | 2.7% | 2.9% | 3.4% | 2.7% | 3.6% | 3.7% |
| Net Profit Margin | -4.8% | -4.8% | 0.9% | 2.0% | 1.8% | 2.0% | 3.4% | 0.6% | 0.7% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -20.6% | -20.6% | 3.3% | 6.8% | 6.1% | 6.5% | 12.8% | 3.0% | 4.4% | 4.8% |
| ROA | -7.2% | -7.2% | 1.3% | 2.8% | 2.4% | 2.4% | 4.6% | 0.9% | 1.2% | 1.6% |
| ROIC | -6.0% | -6.0% | 2.2% | 3.8% | 3.0% | 3.0% | 3.9% | 3.3% | 5.5% | 5.1% |
| ROCE | -8.0% | -8.0% | 2.9% | 5.0% | 3.9% | 3.8% | 5.1% | 4.3% | 6.8% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 1.38 | 1.14 | 1.27 | 1.45 | 1.50 | 1.68 | 2.86 | 1.66 |
| Debt / EBITDA | — | — | 8.88 | 6.53 | 8.17 | 9.14 | 8.34 | 10.58 | 6.62 | 5.92 |
| Net Debt / Equity | — | 1.77 | 1.33 | 1.05 | 1.18 | 1.31 | 1.38 | 1.64 | 2.79 | 1.65 |
| Net Debt / EBITDA | — | — | 8.54 | 5.99 | 7.57 | 8.27 | 7.70 | 10.35 | 6.46 | 5.87 |
| Debt / FCF | — | 73.11 | — | 11.48 | 23.85 | 31.38 | 25.25 | 37.64 | 22.08 | 66.64 |
| Interest Coverage | -6.45 | -6.45 | 3.01 | 5.54 | 4.97 | 5.61 | 5.00 | 1.30 | 1.31 | 1.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.37 | 1.37 | 1.44 | 1.35 | 1.67 | 1.86 | 1.64 | 1.30 | 1.59 | 1.58 |
| Quick Ratio | 0.32 | 0.32 | 0.31 | 0.43 | 0.47 | 0.70 | 0.59 | 0.25 | 0.28 | 0.19 |
| Cash Ratio | 0.19 | 0.19 | 0.18 | 0.30 | 0.37 | 0.59 | 0.45 | 0.13 | 0.14 | 0.04 |
| Asset Turnover | — | 1.52 | 1.38 | 1.34 | 1.29 | 1.15 | 1.26 | 1.17 | 1.66 | 1.57 |
| Inventory Turnover | 8.56 | 8.56 | 7.74 | 7.79 | 7.44 | 7.73 | 8.82 | 8.08 | 8.03 | 7.89 |
| Days Sales Outstanding | — | 1.61 | 1.69 | 1.76 | 1.55 | 1.23 | 1.33 | 1.40 | 1.14 | 1.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Payout Ratio | — | — | — | 0.0% | 0.2% | 0.3% | 0.4% | 23.6% | 967.9% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.6% | 2.9% | 2.2% | 2.2% | 2.8% | 0.6% | — | — |
| FCF Yield | 2.2% | 2.4% | — | 4.1% | 1.9% | 1.5% | 1.3% | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 5.3% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 5.3% | 0.2% | 0.1% | 0.0% | 0.0% | 0.1% | — | — |
| Shares Outstanding | — | $98M | $100M | $101M | $100M | $99M | $98M | $82M | $74M | $74M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying GO stock.
Grocery Outlet Holding Corp.'s current P/E ratio is -4.9x. The historical average is 61.6x.
Grocery Outlet Holding Corp.'s return on equity (ROE) is -20.6%. The historical average is 3.0%.
Based on historical data, Grocery Outlet Holding Corp. is trading at a P/E of -4.9x. Compare with industry peers and growth rates for a complete picture.
Grocery Outlet Holding Corp. has 30.3% gross margin and -4.7% operating margin.
Key Metrics
Top Statement Risk
Margin compression and expansion costs
Metrics are mathematically derived from official filings.
Margin Compression Masks Core Stability
Gross margin held near 30% for ten quarters, but operating margin swung from 11.8% in 2025Q4 to 1.3% in 2026Q2, per reported figures, indicating cost absorption issues.
The stability of gross margin around 30% suggests the opportunistic sourcing model remains intact, but the collapse in operating margin from 11.8% to 1.3% within two quarters points to a severe loss of operating leverage. SG&A surged 55.7% while revenue stayed flat, implying that expansion-related costs are not yet generating proportional top-line growth. Investors should monitor whether this is a temporary investment phase or a structural shift in the cost base.
Return on Capital Decays Amid Expansion
ROIC fell from 3.8% in 2025Q4 to 0.5% in 2026Q2, while ROE turned negative in two of the last three quarters, per the data, indicating capital efficiency is deteriorating.
The sharp decline in ROIC from 3.8% to 0.5% suggests that new store investments are not yet generating adequate returns, possibly due to the Mid-Atlantic expansion's higher logistics costs. ROE swung to -20.1% in 2026Q1, reflecting non-cash charges that eroded equity, but the underlying operating returns remain thin. If the expansion does not eventually lift asset turnover, the company risks a prolonged period of sub-cost-of-capital returns.
Working Capital Efficiency Shows Mixed Signals
Cash conversion cycle improved to 21 days in 2026Q2 from 27 days in 2024Q4, per reported figures, but DIO remains elevated at 43 days, indicating inventory management challenges.
The improvement in CCC from 27 to 21 days is driven by a slight reduction in DIO and stable DPO, but the absolute level of DIO at 43 days is high for a grocery retailer, reflecting the opportunistic buying model's need to hold larger inventories. The quick ratio of 0.30 is extremely low, suggesting heavy reliance on inventory to meet short-term obligations, which could be risky if closeout supply dries up. Asset turnover has remained flat near 0.35-0.40, indicating that the expansion is not yet improving efficiency.
Leverage Creeps Higher with Thin Coverage
Debt-to-equity rose from 1.14 in 2024Q1 to 1.67 in 2026Q2, while interest coverage fell to 2.40 in 2026Q2 from 5.45 in 2024Q3, per reported figures, signaling tighter debt service.
The steady increase in D/E from 1.14 to 1.67 indicates that GO is funding its expansion with debt, yet the absolute level remains moderate compared to peers like Kroger at 4.16. However, interest coverage of 2.40 is thin, and the negative coverage in 2025Q4 and 2026Q1 reflects the impact of non-cash charges on EBIT. If operating margins do not recover, the company may face refinancing risk, though the low D/E provides some cushion.
Liquidity Cushion Thin but Stable
Current ratio improved to 1.29 in 2026Q2 from 1.25 in 2024Q1, but cash of $74.2M covers only 2.5% of total liabilities, per the balance sheet, indicating a narrow buffer.
The current ratio has remained above 1.0, suggesting that current assets cover current liabilities, but the quick ratio of 0.30 reveals that inventory is the dominant current asset, which may not be easily liquidated in a stress scenario. Cash levels are minimal relative to the $1.4B debt stack, leaving little room for unexpected shocks. The company's ability to weather a downturn depends on its inventory turning quickly and the IO model's variable cost structure.
Misapplied Metric: P/E on Distorted Earnings
The trailing P/E of -4.42 is meaningless given negative earnings, while forward P/E of 20.05 may overstate value if non-cash charges persist, per reported figures.
The most commonly misapplied ratio for GO is the P/E, because reported earnings are heavily distorted by non-cash charges such as the goodwill impairment that reduced goodwill by 39% in 2026Q1. Investors should instead focus on EV/EBITDA, which at 16.20 forward, reflects the company's operating cash generation potential. Additionally, the P/B of 1.01 is misleading because equity has been eroded by impairments, making book value less representative of economic value. A more appropriate valuation metric would be EV/Sales or EV/EBITDAR, which adjusts for the lease-like nature of IO commissions.