Sprouts Farmers Market, Inc. (SFM) 10-Year Financial Performance & Capital Metrics

SFM • • Industrial / General

Consumer DefensiveGrocery StoresSpecialty & Natural Food RetailersNatural & Organic Grocers

AboutSprouts Farmers Market, Inc. offers fresh, natural, and organic food products in the United States. The company offers perishable product categories, including fresh produce, meat, seafood, deli, bakery, floral and dairy, and dairy alternatives; and non-perishable product categories, such as grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care. As of January 2, 2022, it operated 374 stores in 23 states. Sprouts Farmers Market, Inc. was founded in 2002 and is headquartered in Phoenix, Arizona.Show more

Revenue $7.72B +12.9%
EBITDA $645M +33.7%
Net Income $381M +47.0%
EPS (Diluted) 3.75 +50.0%
Gross Margin 38.37% +3.3%
EBITDA Margin 8.35% +18.4%
Operating Margin 6.54% +27.6%
Net Margin 4.93% +30.2%
ROE 30.81% +30.6%
ROIC 14.16% +32.1%
Debt/Equity 1.27 -12.1%
Interest Coverage 87.31 +61.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.8%
✓Strong 5Y profit CAGR of 20.5%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 2.1x turnover

✗Weaknesses

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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.03%

5Y6.5%

3Y8.16%

TTM16.83%

Profit (Net Income) CAGR

10Y13.46%

5Y20.53%

3Y15.95%

TTM49.33%

EPS CAGR

10Y18.28%

5Y24.57%

3Y21.32%

TTM52.35%

ROCE

10Y Avg16.08%

5Y Avg15.26%

3Y Avg15.06%

Latest17.57%

Peer Comparison

Natural & Organic Grocers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SFMSprouts Farmers Market, Inc.	7.94B	81.51	21.74	12.9%	5.77%	35.75%	5.23%	1.27
NGVCNatural Grocers by Vitamin Cottage, Inc.	619.13M	26.88	13.44	7.19%	3.49%	21.87%	8.93%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.59B	4.05B	4.66B	5.21B	5.63B	6.47B	6.1B	6.4B	6.84B	7.72B
Revenue Growth %	0.21%	0.13%	0.15%	0.12%	0.08%	0.15%	-0.06%	0.05%	0.07%	0.13%
Cost of Goods Sold+	2.54B	2.68B	3.1B	3.46B	3.73B	4.08B	3.88B	4.04B	4.3B	4.76B
COGS % of Revenue	0.71%	0.66%	0.66%	0.66%	0.66%	0.63%	0.64%	0.63%	0.63%	0.62%
Gross Profit+	1.05B	1.36B	1.57B	1.75B	1.9B	2.39B	2.22B	2.36B	2.54B	2.96B
Gross Margin %	0.29%	0.34%	0.34%	0.34%	0.34%	0.37%	0.36%	0.37%	0.37%	0.38%
Gross Profit Growth %	0.19%	0.3%	0.15%	0.12%	0.09%	0.25%	-0.07%	0.06%	0.08%	0.17%
Operating Expenses+	822.87M	1.15B	1.34B	1.52B	1.69B	2B	1.89B	2B	2.19B	2.46B
OpEx % of Revenue	0.23%	0.28%	0.29%	0.29%	0.3%	0.31%	0.31%	0.31%	0.32%	0.32%
Selling, General & Admin	821.07M	1.07B	1.25B	1.4B	1.56B	1.87B	1.76B	1.87B	2.02B	2.31B
SG&A % of Revenue	0.23%	0.26%	0.27%	0.27%	0.28%	0.29%	0.29%	0.29%	0.3%	0.3%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.8M	81.52M	95.32M	120.12M	127.75M	123.75M	126.93M	134.56M	171.17M	145.64M
Operating Income+	228.75M	212.93M	226.07M	222.91M	217.36M	391.67M	334.08M	358.36M	350.23M	504.5M
Operating Margin %	0.06%	0.05%	0.05%	0.04%	0.04%	0.06%	0.05%	0.06%	0.05%	0.07%
Operating Income Growth %	0.15%	-0.07%	0.06%	-0.01%	-0.02%	0.8%	-0.15%	0.07%	-0.02%	0.44%
EBITDA+	298.27M	293.65M	323.06M	333.66M	340.16M	518.17M	459.62M	485.43M	482.14M	644.66M
EBITDA Margin %	0.08%	0.07%	0.07%	0.06%	0.06%	0.08%	0.08%	0.08%	0.07%	0.08%
EBITDA Growth %	0.14%	-0.02%	0.1%	0.03%	0.02%	0.52%	-0.11%	0.06%	-0.01%	0.34%
D&A (Non-Cash Add-back)	69.51M	80.72M	96.99M	110.75M	122.8M	126.51M	125.54M	127.07M	131.91M	140.16M
EBIT	228.75M	215.93M	226.77M	234.51M	221.46M	391.67M	338.84M	366.43M	386.68M	504.9M
Net Interest Income+	-17.72M	-14.79M	-21.17M	-27.83M	-20.94M	-19.09M	-17.46M	-11.07M	-6.49M	-5.78M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	17.72M	14.79M	21.17M	27.83M	20.94M	19.09M	17.46M	11.07M	6.49M	5.78M
Other Income/Expense	-22.76M	-14.34M	-20.55M	-27.11M	-21.19M	-14.79M	-11.68M	-9.05M	-6.49M	2.2M
Pretax Income+	205.99M	198.59M	205.52M	195.8M	196.17M	376.88M	322.39M	349.31M	343.74M	506.7M
Pretax Margin %	0.06%	0.05%	0.04%	0.04%	0.03%	0.06%	0.05%	0.05%	0.05%	0.07%
Income Tax+	77M	74.29M	47.08M	37.26M	46.54M	89.43M	78.23M	88.15M	84.88M	126.1M
Effective Tax Rate %	0.63%	0.63%	0.77%	0.81%	0.76%	0.76%	0.76%	0.75%	0.75%	0.75%
Net Income+	128.99M	124.31M	158.44M	158.54M	149.63M	287.45M	244.16M	261.16M	258.86M	380.6M
Net Margin %	0.04%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.05%
Net Income Growth %	0.2%	-0.04%	0.27%	0%	-0.06%	0.92%	-0.15%	0.07%	-0.01%	0.47%
Net Income (Continuing)	128.99M	124.31M	158.44M	158.54M	149.63M	287.45M	244.16M	261.16M	258.86M	380.6M
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)+	0.83	0.83	1.15	1.22	1.25	2.43	2.10	2.39	2.50	3.75
EPS Growth %	0.19%	0%	0.39%	0.06%	0.02%	0.94%	-0.14%	0.14%	0.05%	0.5%
EPS (Basic)	0.84	0.84	1.17	1.23	1.25	2.44	2.12	2.41	2.53	3.79
Diluted Shares Outstanding	155.88M	149.65M	137.88M	129.78M	119.74M	118.22M	116.08M	109.14M	103.39M	101.38M
Basic Shares Outstanding	153.1M	147.31M	135.17M	128.83M	119.37M	117.82M	115.38M	108.23M	102.48M	100.36M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	345.21M	264.03M	299.51M	333.84M	387.84M	465.96M	567.72M	673.8M	603.77M	675.52M
Cash & Short-Term Investments	136.07M	12.46M	19.48M	1.59M	85.31M	169.7M	245.29M	293.23M	201.79M	265.16M
Cash Only	136.07M	12.46M	19.48M	1.59M	85.31M	169.7M	245.29M	293.23M	201.79M	265.16M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	26.28M	27.38M	25.89M	40.98M	15.71M	23.64M	33.21M	34.26M	53.87M	39.74M
Days Sales Outstanding	2.67	2.47	2.03	2.87	1.02	1.33	1.99	1.95	2.88	1.88
Inventory	165.43M	204.46M	229.54M	264.37M	275.98M	254.22M	265.39M	310.55M	323.2M	343.33M
Days Inventory Outstanding	23.76	27.82	27.05	27.89	26.99	22.73	24.97	28.03	27.45	26.34
Other Current Assets	462K	462K	454K	2.17M	2.03M	2.31M	2.28M	2.73M	2.85M	2.82M
Total Non-Current Assets+	1.08B	1.18B	1.28B	1.34B	2.34B	2.34B	2.36B	2.4B	2.72B	2.97B
Property, Plant & Equipment	494.07M	604.66M	713.03M	766.43M	1.77B	1.77B	1.79B	1.83B	2.12B	2.36B
Fixed Asset Turnover	7.27x	6.69x	6.54x	6.79x	3.18x	3.65x	3.41x	3.50x	3.22x	3.27x
Goodwill	368.08M	368.08M	368.08M	368.08M	368.08M	368.88M	368.88M	368.88M	381.74M	381.75M
Intangible Assets	198.6M	197.61M	196.21M	194.8M	185.4M	184.96M	184.96M	184.96M	208.06M	208.09M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	19M	5.52M	4.78M	12.46M	11.73M	14.7M	13.51M	13.97M	12.29M	13.24M
Total Assets+	1.43B	1.44B	1.58B	1.68B	2.72B	2.81B	2.92B	3.07B	3.33B	3.64B
Asset Turnover	2.52x	2.81x	2.95x	3.11x	2.07x	2.30x	2.09x	2.09x	2.05x	2.12x
Asset Growth %	0.04%	0.01%	0.1%	0.06%	0.63%	0.03%	0.04%	0.05%	0.08%	0.09%
Total Current Liabilities+	230.42M	259.15M	299.71M	310M	416.81M	496.13M	513.47M	522.38M	546.87M	679.97M
Accounts Payable	134.48M	115.33M	119.03M	120.27M	122.84M	139.34M	145.9M	172.9M	179.93M	213.41M
Days Payables Outstanding	19.31	15.69	14.03	12.69	12.01	12.46	13.72	15.61	15.28	16.37
Short-Term Debt	0	0	0	0	0	0	0	0	0	151.72M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	48.08M	32.86M	45.62M	48.6M	48.58M	76.69M	0	23.95M	25.01M	216.84M
Current Ratio	1.50x	1.02x	1.00x	1.08x	0.93x	0.94x	1.11x	1.29x	1.10x	0.99x
Quick Ratio	0.78x	0.23x	0.23x	0.22x	0.27x	0.43x	0.59x	0.70x	0.51x	0.49x
Cash Conversion Cycle	7.11	14.6	15.05	18.07	16	11.61	13.23	14.38	15.04	11.85
Total Non-Current Liabilities+	372.95M	507.83M	631.2M	776.42M	1.72B	1.43B	1.45B	1.5B	1.63B	1.64B
Long-Term Debt	160M	255M	348M	453M	538M	250M	250M	250M	125M	0
Capital Lease Obligations	115.5M	117.37M	125.49M	119.64M	1.09B	1.08B	1.11B	1.15B	1.41B	1.53B
Deferred Tax Liabilities	123.33M	19.26M	27.07M	50.4M	54.36M	58.07M	57.9M	61.12M	62.38M	73.06M
Other Non-Current Liabilities	97.45M	116.2M	130.64M	153.38M	41.52M	40.91M	36.31M	36.34M	36.27M	38.26M
Total Liabilities	603.37M	766.98M	930.91M	1.09B	2.14B	1.93B	1.96B	2.02B	2.18B	2.32B
Total Debt+	290.47M	384.74M	482.73M	580.07M	1.74B	1.47B	1.51B	1.54B	1.66B	1.68B
Net Debt	154.4M	372.27M	463.25M	578.48M	1.65B	1.3B	1.26B	1.25B	1.46B	1.41B
Debt / Equity	0.35x	0.57x	0.74x	0.98x	2.98x	1.66x	1.57x	1.47x	1.45x	1.27x
Debt / EBITDA	0.97x	1.31x	1.49x	1.74x	5.10x	2.83x	3.28x	3.17x	3.44x	2.60x
Net Debt / EBITDA	0.52x	1.27x	1.43x	1.73x	4.85x	2.50x	2.75x	2.57x	3.03x	2.19x
Interest Coverage	12.91x	14.39x	10.68x	8.01x	10.38x	20.51x	19.13x	32.38x	53.96x	87.31x
Total Equity+	822.99M	672.91M	650.69M	589.2M	581.95M	881.29M	959.88M	1.05B	1.15B	1.32B
Equity Growth %	0.2%	-0.18%	-0.03%	-0.09%	-0.01%	0.51%	0.09%	0.09%	0.1%	0.15%
Book Value per Share	5.28	4.50	4.72	4.54	4.86	7.45	8.27	9.59	11.11	13.04
Total Shareholders' Equity	822.99M	672.91M	650.69M	589.2M	581.95M	881.29M	959.88M	1.05B	1.15B	1.32B
Common Stock	153K	140K	132K	124K	117K	118K	111K	105K	101K	99K
Retained Earnings	245.45M	75.5M	30.56M	-69.2M	-84.45M	203M	258.82M	320.01M	373.61M	513.65M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	-784K	1.13M	-4.68M	-8.47M	-3.76M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	239.9M	254.35M	309.57M	294.38M	355.21M	494.04M	364.8M	371.33M	465.07M	645.21M
Operating CF Margin %	0.07%	0.06%	0.07%	0.06%	0.06%	0.08%	0.06%	0.06%	0.07%	0.08%
Operating CF Growth %	0.32%	0.06%	0.22%	-0.05%	0.21%	0.39%	-0.26%	0.02%	0.25%	0.39%
Net Income	128.99M	124.31M	158.44M	158.54M	149.63M	287.45M	244.16M	261.16M	258.86M	380.6M
Depreciation & Amortization	69.17M	80.41M	96.74M	110.75M	204.65M	225.78M	234.06M	244.38M	265.02M	274.09M
Stock-Based Compensation	8.02M	13.4M	14.22M	14.51M	8.95M	14.34M	15.88M	16.6M	18.9M	28.42M
Deferred Taxes	15.58M	20.66M	7.8M	23.33M	-216K	3.72M	-178K	3.23M	-4.92M	10.69M
Other Non-Cash Items	8.08M	1.21M	2.33M	5.6M	8.25M	3.36M	5.93M	8.74M	31.64M	6.02M
Working Capital Changes	10.06M	14.36M	30.03M	-18.35M	-16.05M	-40.62M	-135.05M	-162.79M	-104.42M	-54.6M
Change in Receivables	-5.62M	-4.8M	-4.92M	-7.67M	36.06M	25.98M	16.93M	13.38M	3.17M	30.01M
Change in Inventory	-22.64M	-39.03M	-25.08M	-34.82M	-11.61M	21.75M	-11.42M	-45.16M	-10.86M	-20.13M
Change in Payables	19.39M	16.02M	39.24M	4.37M	28.7M	20.18M	4.52M	13.36M	12.21M	27.99M
Cash from Investing+	-128.31M	-180.8M	-198.59M	-177.08M	-183.23M	-121.97M	-102.38M	-124.01M	-238.34M	-230.38M
Capital Expenditures	-131.02M	-181.51M	-198.62M	-177.08M	-183.23M	-121.97M	-102.38M	-124.01M	-225.31M	-230.38M
CapEx % of Revenue	0.04%	0.04%	0.04%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.71M	706K	30K	1K	0	0	0	0	0	0
Cash from Financing+	-106.03M	-197.15M	-103.96M	-134.53M	-87.44M	-287.41M	-186.86M	-199.13M	-318.05M	-351.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	24.68M	6.48M	9.3M	19.65M	4.56M	1.34M	2.17M	1.67M	11.45M	3.12M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	108.88M	72.84M	110.94M	117.3M	171.98M	372.07M	262.42M	247.32M	239.76M	414.84M
FCF Margin %	0.03%	0.02%	0.02%	0.02%	0.03%	0.06%	0.04%	0.04%	0.04%	0.05%
FCF Growth %	1.01%	-0.33%	0.52%	0.06%	0.47%	1.16%	-0.29%	-0.06%	-0.03%	0.73%
FCF per Share	0.70	0.49	0.80	0.90	1.44	3.15	2.26	2.27	2.32	4.09
FCF Conversion (FCF/Net Income)	1.86x	2.05x	1.95x	1.86x	2.37x	1.72x	1.49x	1.42x	1.80x	1.70x
Interest Paid	17.45M	14.54M	20.76M	27.09M	20.29M	14.79M	11.43M	11.13M	12.56M	5.01M
Taxes Paid	40.66M	46.08M	33.48M	15.53M	44.64M	94.77M	82.89M	93.42M	96.63M	102.23M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.1%	16.62%	23.94%	25.57%	25.55%	39.29%	26.52%	26.03%	23.59%	30.81%
Return on Invested Capital (ROIC)	17.69%	15.79%	15.71%	14.65%	9.59%	13.32%	11.39%	11.9%	10.72%	14.16%
Gross Margin	29.27%	33.7%	33.59%	33.56%	33.77%	36.9%	36.39%	36.87%	37.15%	38.37%
Net Margin	3.59%	3.07%	3.4%	3.04%	2.66%	4.44%	4%	4.08%	3.79%	4.93%
Debt / Equity	0.35x	0.57x	0.74x	0.98x	2.98x	1.66x	1.57x	1.47x	1.45x	1.27x
Interest Coverage	12.91x	14.39x	10.68x	8.01x	10.38x	20.51x	19.13x	32.38x	53.96x	87.31x
FCF Conversion	1.86x	2.05x	1.95x	1.86x	2.37x	1.72x	1.49x	1.42x	1.80x	1.70x
Revenue Growth	21.08%	12.62%	15.28%	11.63%	8.21%	14.8%	-5.7%	4.99%	6.76%	12.9%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Perishables	3B	3.25B	3.7B	3.52B	3.72B	3.92B	4.42B
Perishables Growth	-	8.59%	13.77%	-4.94%	5.67%	5.33%	12.99%
Non Perishables	2.21B	2.38B	2.77B	2.58B	2.69B	2.92B	3.29B
Non Perishables Growth	-	7.70%	16.20%	-6.73%	4.06%	8.74%	12.77%

Frequently Asked Questions

Valuation & Price

Sprouts Farmers Market, Inc. (SFM) has a price-to-earnings (P/E) ratio of 21.7x. This is roughly in line with market averages.

Growth & Financials

Sprouts Farmers Market, Inc. (SFM) reported $8.40B in revenue for fiscal year 2024. This represents a 659% increase from $1.11B in 2011.

Sprouts Farmers Market, Inc. (SFM) grew revenue by 12.9% over the past year. This is steady growth.

Yes, Sprouts Farmers Market, Inc. (SFM) is profitable, generating $484.9M in net income for fiscal year 2024 (4.9% net margin).

Dividend & Returns

Sprouts Farmers Market, Inc. (SFM) has a return on equity (ROE) of 30.8%. This is excellent, indicating efficient use of shareholder capital.

Sprouts Farmers Market, Inc. (SFM) generated $502.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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