The Kroger Co. (KR) 10-Year Financial Performance & Capital Metrics

KR • • Industrial / General

Consumer DefensiveGrocery StoresTraditional Supermarket ChainsNational Supermarket Chains

AboutThe Kroger Co. operates as a retailer in the United States. The company operates combination food and drug stores, multi-department stores, marketplace stores, and price impact warehouses. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; and multi-department stores provide apparel, home fashion and furnishings, outdoor living, electronics, automotive products, and toys. The company's marketplace stores offer full-service grocery, pharmacy, health and beauty care, and perishable goods, as well as general merchandise, including apparel, home goods, and toys; and price impact warehouse stores provide grocery, and health and beauty care items, as well as meat, dairy, baked goods, and fresh produce items. It also manufactures and processes food products for sale in its supermarkets and online; and sells fuel through 1,613 fuel centers. As of January 29, 2022, the company operated 2,726 supermarkets under various banner names in 35 states and the District of Columbia. The Kroger Co. was founded in 1883 and is based in Cincinnati, Ohio.Show more

Revenue $147.12B -1.9%
EBITDA $7.7B +12.4%
Net Income $2.67B +23.2%
EPS (Diluted) 3.67 +24.0%
Gross Margin 22.7% +2.1%
EBITDA Margin 5.23% +14.7%
Operating Margin 2.62% +26.8%
Net Margin 1.81% +25.6%
ROE 26.81% +33.9%
ROIC 9.89% +24.3%
Debt/Equity 3.03 +82.6%
Interest Coverage 8.39 +21.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.3%
✓Strong Piotroski F-Score: 7/9
✓20 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 2.8x turnover

✗Weaknesses

✗High debt to equity ratio of 3.0x
✗Thin 5Y average net margin of 1.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.1%

5Y3.77%

3Y2.18%

TTM-2.13%

Profit (Net Income) CAGR

10Y4.43%

5Y9.94%

3Y17.21%

TTM-2.43%

EPS CAGR

10Y7.87%

5Y12.46%

3Y19.14%

TTM3.4%

ROCE

10Y Avg11.59%

5Y Avg10.4%

3Y Avg10.93%

Latest10.82%

Peer Comparison

National Supermarket Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRThe Kroger Co.	39.55B	62.49	17.03	-1.94%	1.86%	29.4%	4.49%	3.03
ACIAlbertsons Companies, Inc.	8.93B	17.38	10.60	1.46%	1.06%	34.77%	8.39%	4.19

Profit & Loss

	Jan 2016	Jan 2017	Feb 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Feb 2024	Feb 2025
Sales/Revenue+	109.83B	115.34B	123.28B	121.85B	122.29B	132.5B	137.89B	148.26B	150.04B	147.12B
Revenue Growth %	0.01%	0.05%	0.07%	-0.01%	0%	0.08%	0.04%	0.08%	0.01%	-0.02%
Cost of Goods Sold+	85.5B	89.5B	95.81B	95.1B	95.29B	101.6B	107.54B	116.48B	116.67B	113.72B
COGS % of Revenue	0.78%	0.78%	0.78%	0.78%	0.78%	0.77%	0.78%	0.79%	0.78%	0.77%
Gross Profit+	24.33B	25.84B	27.47B	26.75B	26.99B	30.9B	30.35B	31.78B	33.36B	33.4B
Gross Margin %	0.22%	0.22%	0.22%	0.22%	0.22%	0.23%	0.22%	0.21%	0.22%	0.23%
Gross Profit Growth %	0.06%	0.06%	0.06%	-0.03%	0.01%	0.14%	-0.02%	0.05%	0.05%	0%
Operating Expenses+	20.76B	22.38B	24.86B	24.14B	24.74B	28.12B	26.87B	27.65B	30.27B	29.55B
OpEx % of Revenue	0.19%	0.19%	0.2%	0.2%	0.2%	0.21%	0.19%	0.19%	0.2%	0.2%
Selling, General & Admin	723M	881M	911M	884M	884M	874M	845M	839M	891M	877M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	20.04B	21.5B	23.95B	23.25B	23.86B	27.25B	26.03B	26.81B	29.38B	28.68B
Operating Income+	3.58B	3.45B	2.61B	2.61B	2.25B	2.78B	3.48B	4.13B	3.1B	3.85B
Operating Margin %	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.03%
Operating Income Growth %	0.14%	-0.03%	-0.24%	0%	-0.14%	0.24%	0.25%	0.19%	-0.25%	0.24%
EBITDA+	5.67B	5.79B	5.05B	5.08B	5.54B	6.15B	6.91B	7.71B	6.85B	7.7B
EBITDA Margin %	0.05%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
EBITDA Growth %	0.11%	0.02%	-0.13%	0.01%	0.09%	0.11%	0.12%	0.12%	-0.11%	0.12%
D&A (Non-Cash Add-back)	2.09B	2.34B	2.44B	2.46B	3.29B	3.37B	3.43B	3.58B	3.75B	3.85B
EBIT	3.58B	3.44B	2.08B	4.6B	2.58B	3.91B	2.62B	3.44B	3.28B	3.79B
Net Interest Income+	-481M	-520M	-598M	-616M	-599M	-548M	-581M	-544M	-449M	-459M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	481M	520M	598M	616M	599M	548M	581M	544M	449M	459M
Other Income/Expense	-482M	-538M	-1.13B	1.36B	-270M	590M	-1.43B	-1.22B	-260M	-507M
Pretax Income+	3.09B	2.91B	1.48B	3.98B	1.98B	3.37B	2.05B	2.9B	2.84B	3.34B
Pretax Margin %	0.03%	0.03%	0.01%	0.03%	0.02%	0.03%	0.01%	0.02%	0.02%	0.02%
Income Tax+	1.04B	957M	-405M	900M	469M	782M	385M	653M	667M	670M
Effective Tax Rate %	0.66%	0.68%	1.29%	0.78%	0.84%	0.77%	0.81%	0.77%	0.76%	0.8%
Net Income+	2.04B	1.98B	1.91B	3.11B	1.66B	2.58B	1.66B	2.24B	2.16B	2.67B
Net Margin %	0.02%	0.02%	0.02%	0.03%	0.01%	0.02%	0.01%	0.02%	0.01%	0.02%
Net Income Growth %	0.18%	-0.03%	-0.03%	0.63%	-0.47%	0.56%	-0.36%	0.36%	-0.04%	0.23%
Net Income (Continuing)	2.05B	1.96B	1.89B	3.08B	1.51B	2.59B	1.67B	2.25B	2.17B	2.67B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-22M	12M	-26M	-51M	-29M	-26M	-23M	-28M	-14M	-4M
EPS (Diluted)+	2.06	2.05	2.09	3.76	2.04	3.27	2.17	3.06	2.96	3.67
EPS Growth %	0.2%	-0%	0.02%	0.8%	-0.46%	0.6%	-0.34%	0.41%	-0.03%	0.24%
EPS (Basic)	2.09	2.08	2.11	3.80	2.05	3.31	2.20	3.10	2.99	3.70
Diluted Shares Outstanding	980M	958M	904M	818M	805M	781M	754M	727M	725M	720M
Basic Shares Outstanding	966M	942M	895M	810M	799M	773M	744M	718M	718M	715M
Dividend Payout Ratio	0.19%	0.22%	0.23%	0.14%	0.29%	0.21%	0.36%	0.3%	0.37%	0.33%

Balance Sheet

	Jan 2016	Jan 2017	Feb 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Feb 2024	Feb 2025
Total Current Assets+	9.89B	10.34B	11.12B	10.8B	10.89B	12.5B	12.17B	12.67B	12.95B	15.27B
Cash & Short-Term Investments	1.2B	1.23B	1.51B	1.61B	1.58B	2.78B	2.9B	2.14B	3.1B	5.27B
Cash Only	277M	322M	347M	429M	399M	1.69B	1.82B	1.01B	1.88B	3.96B
Short-Term Investments	923M	910M	1.16B	1.18B	1.18B	1.1B	1.08B	1.13B	1.22B	1.31B
Accounts Receivable	1.73B	1.65B	1.64B	1.59B	1.71B	1.78B	1.83B	2.23B	2.14B	2.19B
Days Sales Outstanding	5.76	5.22	4.85	4.76	5.09	4.91	4.84	5.5	5.2	5.45
Inventory	6.17B	6.56B	6.53B	6.85B	7.08B	7.06B	6.78B	7.56B	7.11B	7.04B
Days Inventory Outstanding	26.33	26.76	24.89	26.27	27.13	25.37	23.02	23.69	22.23	22.59
Other Current Assets	0	0	604M	166M	0	0	0	734M	609M	769M
Total Non-Current Assets+	24B	26.16B	26.08B	27.32B	34.29B	36.16B	36.91B	36.95B	37.56B	37.34B
Property, Plant & Equipment	19.62B	21.02B	21.07B	21.64B	28.68B	29.18B	30.48B	31.39B	31.92B	32.54B
Fixed Asset Turnover	5.60x	5.49x	5.85x	5.63x	4.26x	4.54x	4.52x	4.72x	4.70x	4.52x
Goodwill	2.72B	3.03B	2.92B	3.09B	3.08B	3.08B	3.08B	2.92B	2.92B	2.67B
Intangible Assets	1.05B	1.15B	1.1B	1.26B	1.07B	997M	942M	899M	899M	834M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	609M	965M	984M	1.33B	1.54B	2.9B	2.41B	1.75B	1.82B	1.29B
Total Assets+	33.9B	36.51B	37.23B	38.12B	45.16B	48.64B	49.09B	49.54B	50.51B	52.62B
Asset Turnover	3.24x	3.16x	3.31x	3.20x	2.71x	2.72x	2.81x	2.99x	2.97x	2.80x
Asset Growth %	0.11%	0.08%	0.02%	0.02%	0.18%	0.08%	0.01%	0.01%	0.02%	0.04%
Total Current Liabilities+	12.97B	12.86B	14.2B	14.27B	14.24B	15.37B	16.32B	17.24B	16.06B	15.94B
Accounts Payable	5.73B	5.82B	5.86B	6.06B	6.35B	6.68B	7.12B	10.18B	10.38B	10.12B
Days Payables Outstanding	24.45	23.73	22.32	23.25	24.32	24	24.16	31.9	32.48	32.49
Short-Term Debt	2.32B	2.2B	3.51B	3.1B	1.93B	844M	451M	1.15B	25M	104M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	3.45B	3.56B	3.68B	3.83B	4.16B	5.7B	6.26B	3.34B	3.49B	3.62B
Current Ratio	0.76x	0.80x	0.78x	0.76x	0.76x	0.81x	0.75x	0.74x	0.81x	0.96x
Quick Ratio	0.29x	0.29x	0.32x	0.28x	0.27x	0.35x	0.33x	0.30x	0.36x	0.52x
Cash Conversion Cycle	7.64	8.25	7.42	7.78	7.91	6.29	3.71	-2.71	-5.05	-4.46
Total Non-Current Liabilities+	14.13B	16.93B	16.09B	16.01B	22.44B	23.75B	23.33B	22.37B	22.85B	28.39B
Long-Term Debt	9.08B	11.12B	11.28B	11.25B	11.33B	11.57B	11.29B	10.14B	10.16B	15.8B
Capital Lease Obligations	631M	707M	751M	824M	7.29B	7.44B	7.94B	8.3B	8.22B	8.41B
Deferred Tax Liabilities	1.75B	1.93B	1.57B	1.56B	1.47B	1.54B	1.56B	1.67B	1.58B	1.42B
Other Non-Current Liabilities	2.67B	3.18B	2.5B	2.38B	2.36B	3.19B	2.54B	2.26B	2.89B	2.77B
Total Liabilities	27.11B	29.8B	30.32B	30.28B	36.59B	39.09B	39.66B	39.52B	38.9B	44.34B
Total Debt+	12.08B	14.08B	15.59B	15.23B	21.18B	20.59B	20.44B	20.41B	19.25B	25.08B
Net Debt	11.8B	13.76B	15.24B	14.8B	20.78B	18.9B	18.62B	19.4B	17.36B	21.12B
Debt / Equity	1.78x	2.10x	2.26x	1.94x	2.47x	2.16x	2.17x	2.04x	1.66x	3.03x
Debt / EBITDA	2.13x	2.43x	3.09x	3.00x	3.82x	3.35x	2.96x	2.65x	2.81x	3.26x
Net Debt / EBITDA	2.08x	2.37x	3.02x	2.91x	3.75x	3.07x	2.70x	2.52x	2.54x	2.74x
Interest Coverage	7.43x	6.64x	4.37x	4.24x	3.76x	5.07x	5.98x	7.58x	6.90x	8.39x
Total Equity+	6.8B	6.71B	6.91B	7.83B	8.57B	9.55B	9.43B	10.01B	11.6B	8.28B
Equity Growth %	0.25%	-0.01%	0.03%	0.13%	0.09%	0.11%	-0.01%	0.06%	0.16%	-0.29%
Book Value per Share	6.94	7.00	7.64	9.58	10.65	12.23	12.51	13.77	16.00	11.50
Total Shareholders' Equity	6.82B	6.7B	6.93B	7.89B	8.6B	9.58B	9.45B	10.04B	11.62B	8.29B
Common Stock	1.92B	1.92B	1.92B	1.92B	1.92B	1.92B	1.92B	1.92B	1.92B	1.92B
Retained Earnings	14.01B	15.54B	17.01B	19.68B	20.98B	23.02B	24.07B	25.6B	26.95B	28.72B
Treasury Stock	-11.41B	-13.12B	-14.68B	-16.61B	-16.99B	-18.19B	-19.72B	-20.65B	-20.68B	-24.82B
Accumulated OCI	-680M	-715M	-471M	-346M	-640M	-630M	-467M	-632M	-489M	-621M
Minority Interest	-22M	12M	-26M	-51M	-29M	-26M	-23M	-28M	-14M	-4M

Cash Flow

	Jan 2016	Jan 2017	Feb 2018	Feb 2019	Feb 2020	Jan 2021	Jan 2022	Jan 2023	Feb 2024	Feb 2025
Cash from Operations+	4.92B	4.27B	3.41B	4.16B	4.66B	6.82B	6.19B	4.31B	6.79B	5.79B
Operating CF Margin %	0.04%	0.04%	0.03%	0.03%	0.04%	0.05%	0.04%	0.03%	0.05%	0.04%
Operating CF Growth %	0.17%	-0.13%	-0.2%	0.22%	0.12%	0.46%	-0.09%	-0.3%	0.57%	-0.15%
Net Income	2.05B	1.96B	1.89B	3.08B	1.51B	2.59B	1.67B	2.25B	2.15B	2.67B
Depreciation & Amortization	2.09B	2.34B	2.44B	2.46B	3.29B	3.37B	3.43B	3.58B	3.75B	3.85B
Stock-Based Compensation	165M	141M	151M	154M	155M	185M	203M	190M	172M	175M
Deferred Taxes	317M	201M	-677M	-33M	-71M	44M	-31M	161M	-155M	-102M
Other Non-Cash Items	226M	111M	-228M	-1.97B	371M	-945M	1.15B	1.51B	67M	212M
Working Capital Changes	71M	-478M	-158M	474M	-592M	1.57B	-229M	-3.38B	808M	-1.01B
Change in Receivables	-59M	-387M	-235M	432M	-403M	481M	-61M	-222M	14M	-288M
Change in Inventory	-184M	-382M	-23M	-354M	-351M	7M	80M	-1.37B	342M	-144M
Change in Payables	440M	16M	190M	213M	342M	330M	438M	3M	545M	253M
Cash from Investing+	-3.57B	-3.88B	-2.71B	-1.19B	-2.61B	-2.81B	-2.61B	-3.02B	-3.75B	-3.23B
Capital Expenditures	-3.35B	-3.7B	-2.81B	-2.97B	-3.13B	-2.87B	-2.61B	-3.08B	-3.9B	-4.02B
CapEx % of Revenue	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-53M	225M	118M	10M	190M	-114M	-150M	-15M	154M	325M
Cash from Financing+	-1.34B	-352M	-681M	-2.9B	-2.08B	-2.71B	-3.44B	-2.29B	-2.17B	-490M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-385M	-429M	-443M	-437M	-486M	-534M	-589M	-682M	-796M	-883M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-21M	-18M	660M	-57M	9M	-7M	5M	-196M	-76M	-197M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.57B	573M	604M	1.2B	1.54B	3.95B	3.58B	1.23B	2.88B	1.78B
FCF Margin %	0.01%	0%	0%	0.01%	0.01%	0.03%	0.03%	0.01%	0.02%	0.01%
FCF Growth %	0.13%	-0.63%	0.05%	0.98%	0.28%	1.57%	-0.09%	-0.66%	1.34%	-0.38%
FCF per Share	1.60	0.60	0.67	1.46	1.91	5.06	4.74	1.70	3.98	2.47
FCF Conversion (FCF/Net Income)	2.41x	2.16x	1.79x	1.34x	2.81x	2.64x	3.74x	1.92x	3.14x	2.17x
Interest Paid	474M	505M	656M	614M	523M	564M	607M	545M	488M	252M
Taxes Paid	1B	557M	348M	600M	706M	659M	513M	698M	751M	681M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	33.32%	29.24%	28.01%	42.2%	20.22%	28.53%	17.44%	23.08%	20.02%	26.81%
Return on Invested Capital (ROIC)	15.17%	13.25%	9.19%	8.76%	6.49%	7.21%	9.23%	10.77%	7.96%	9.89%
Gross Margin	22.16%	22.4%	22.28%	21.95%	22.07%	23.32%	22.01%	21.43%	22.24%	22.7%
Net Margin	1.86%	1.71%	1.55%	2.55%	1.36%	1.95%	1.2%	1.51%	1.44%	1.81%
Debt / Equity	1.78x	2.10x	2.26x	1.94x	2.47x	2.16x	2.17x	2.04x	1.66x	3.03x
Interest Coverage	7.43x	6.64x	4.37x	4.24x	3.76x	5.07x	5.98x	7.58x	6.90x	8.39x
FCF Conversion	2.41x	2.16x	1.79x	1.34x	2.81x	2.64x	3.74x	1.92x	3.14x	2.17x
Revenue Growth	1.26%	5.01%	6.89%	-1.16%	0.36%	8.35%	4.07%	7.52%	1.2%	-1.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Perishable	25.73B	27.67B	29.14B	29.09B	29.45B	33.45B	33.97B	35.43B	35.69B	36.32B
Perishable Growth	-	7.54%	5.35%	-0.19%	1.25%	13.57%	1.56%	4.30%	0.71%	1.77%
Pharmacy	9.78B	10.43B	10.75B	10.62B	11.02B	11.39B	12.4B	13.38B	14.26B	15.69B
Pharmacy Growth	-	6.69%	3.07%	-1.26%	3.75%	3.39%	8.90%	7.87%	6.59%	10.04%
Non Perishable	57.19B	60.22B	62.38B	60.65B	61.46B	71.43B	69.65B	74.12B	76.9B	-
Non Perishable Growth	-	5.30%	3.58%	-2.77%	1.34%	16.22%	-2.50%	6.42%	3.75%	-
Fuel	14.8B	13.98B	16.25B	14.9B	14.05B	9.49B	14.68B	18.63B	16.62B	-
Fuel Growth	-	-5.56%	16.22%	-8.27%	-5.71%	-32.49%	54.73%	26.94%	-10.79%	-
Other Product	2.34B	3.04B	4.14B	4.96B	6.3B	6.74B	7.19B	6.7B	6.57B	-
Other Product Growth	-	30.08%	36.22%	19.75%	27.10%	6.95%	6.65%	-6.87%	-1.87%	-

Frequently Asked Questions

Valuation & Price

The Kroger Co. (KR) has a price-to-earnings (P/E) ratio of 17.0x. This is roughly in line with market averages.

Growth & Financials

The Kroger Co. (KR) reported $147.00B in revenue for fiscal year 2024. This represents a 63% increase from $90.27B in 2011.

The Kroger Co. (KR) saw revenue decline by 1.9% over the past year.

Yes, The Kroger Co. (KR) is profitable, generating $2.73B in net income for fiscal year 2024 (1.8% net margin).

Dividend & Returns

Yes, The Kroger Co. (KR) pays a dividend with a yield of 1.96%. This makes it attractive for income-focused investors.

The Kroger Co. (KR) has a return on equity (ROE) of 26.8%. This is excellent, indicating efficient use of shareholder capital.

The Kroger Co. (KR) generated $2.21B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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