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Grocery Outlet

GO Nasdaq Food Retail Financials FY2017–FY2025

Grocery Outlet's revenue rose 7.3% to $4.7 billion in fiscal 2025. Its operating margin was −4.7%, down from 1.8% a year earlier. Free cash flow was $24 million. The diluted share count fell 1.6%.

Last close · Oct 23, 2026

$13.30

4.3%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
7.3% vs prior year
Operating margin Operating income as a share of revenue.
−4.7%
6.5 pts
Net income Profit after all expenses, interest and tax.
−$225M
669.4%
Free cash flow Cash from operations minus capital spending.
$23.8M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−11.6%
15.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Grocery Outlet's fiscal 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Grocery Outlet does

No business description yet.

Legal name
Grocery Outlet Holding Corp.
Fiscal year ends
January 3, 2026
Latest annual report
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Accession · CIK
0001771515-26-000015
0001771515

Revenue and margins

Grocery Outlet had $4.7B of revenue in fiscal 2025, up 7.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $23.8M in fiscal 2025, 0.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Grocery Outlet returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Grocery Outlet yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$426M and divides by 98.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Grocery Outlet can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $140M$103M$115M$62.8M$69.6M
Debt incl. finance leases $467M$385M$299M$482M$496M
Net debt / EBITDA 2.1x1.6x0.9x2.2x—
Debt / equity 0.5x0.4x0.3x0.4x0.5x
Interest coverage 6.1x5.0x5.5x3.0x−6.8x
Current ratio 1.9x1.7x1.4x1.4x1.4x
Quick ratio 0.7x0.5x0.4x0.3x0.3x
Total assets $2.7B$2.8B$3.0B$3.2B$3.1B
Total liabilities $1.7B$1.7B$1.8B$2.0B$2.1B
Shareholders' equity $1.0B$1.1B$1.2B$1.2B$984M
Net debt (− = net cash) $327M$283M$184M$419M$426M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$4.2M

4 insiders

Sold, 12 months

$0.0M

2 insiders

Of sales under plans

44%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 27, 2026 Carey F. JarosDirector Bought 15,000 $11.70 $0.2M Form 4
Aug 21, 2026 Frank Michael KerrSee Remarks Sold 1,432 $11.30 $0.0M Form 4
Aug 20, 2026 Paul Blaine MillerSee Remarks Bought 8,000 $10.90 $0.1M Form 4
Jun 25, 2026 Paul Blaine MillerSee Remarks Bought 5,000 $9.50 $0.0M Form 4
Jun 18, 2026 Paul Blaine MillerSee Remarks Bought 10,000 $9.37 $0.1M Form 4
Apr 1, 2026 Andrea Renee BortnerSee Remarks Sold plan 1,851 $7.00 $0.0M Form 4
Mar 27, 2026 Erik D. RagatzDirector Bought 125,000 $7.06 $0.9M Form 4
Mar 24, 2026 Jason J. N. PotterPresident and CEO, Director Bought 2,556 $6.68 $0.0M Form 4
Mar 23, 2026 Jason J. N. PotterPresident and CEO, Director Bought 110,252 $6.35 $0.7M Form 4
Mar 19, 2026 Erik D. RagatzDirector Bought 50,000 $5.75 $0.3M Form 4
Mar 19, 2026 Jason J. N. PotterPresident and CEO, Director Bought 286,097 $5.90 $1.7M Form 4
Mar 18, 2026 Erik D. RagatzDirector Bought 33,997 $5.85 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 96 / 95 / 9
Accruals ratio −7.8%−2.4%−14.3%
Altman Z'' 1.681.510.46

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Grocery Outlet GO $1.3B 7.3% −4.7% 0.5% −11.6% — 5
Maplebear CART $14.0B 10.8% 13.3% 24.3% 22.5% 30.8x 6 Compare →
Sprouts Farmers Market SFM $6.3B 14.1% 7.8% 5.3% 46.9% 12.7x 7 Compare →
Casey's CASY $25.9B 10.2% — 4.1% 13.6% 33.7x 7 Compare →
United Natural Foods UNFI $2.9B −2.0% 0.7% 1.0% 5.3% — 6 Compare →

9 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.1B $2.3B $2.6B $3.1B $3.1B $3.6B $4.0B $4.4B $4.7B
Gross profit $632M $695M $787M $973M $949M $1.1B $1.2B $1.3B $1.4B
Operating income $76.9M $82.5M $68.3M $107M $89.1M $95.0M $126M $78.3M −$222M
Interest expense $45.8M $47.3M $49.4M $20.3M $14.6M $19.1M $22.7M $26.2M $32.8M
Pretax income $25.8M $21.9M $16.8M $87.1M $77.5M $75.7M $104M $56.2M −$249M
Income tax $5.2M $6.0M $1.4M −$19.6M $15.2M $10.7M $24.6M $16.7M −$24.3M
Net income $20.6M $15.9M $15.4M $107M $62.3M $65.1M $79.4M $39.5M −$225M
Diluted EPS $0.30 $0.23 $0.19 $1.08 $0.63 $0.65 $0.79 $0.40 −$2.30
Diluted shares 0.07B 0.07B 0.08B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B
Cash flow
Cash from operations $84.7M $106M $133M $181M $166M $186M $303M $112M $222M
Capital expenditure $71.1M $64.8M $97.2M $125M $123M $131M $169M $187M $198M
Free cash flow $13.6M $41.1M $35.6M $56.3M $42.2M $55.0M $134M −$74.7M $23.8M
Depreciation and amortization $43.2M $45.4M $47.9M $55.5M $68.4M $78.3M $88.0M $108M $129M
Stock-based compensation $1.7M $10.4M $31.4M $38.1M $17.6M $32.6M $31.1M $10.5M $10.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $60.5M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $3.5M $5.9M $81.4M $0.0M
Dividends paid $1.3M $154M $3.6M $0.4M $0.2M $0.1M $0.0M $0.0M $0.0M
Dividends and buybacks $1.3M $154M $3.7M $0.4M $0.2M $3.6M $5.9M $81.4M $0.0M
Balance sheet
Cash and short-term investments $5.8M $21.1M $28.1M $105M $140M $103M $115M $62.8M $69.6M
Total debt — $857M $460M $460M $460M $380M $293M $478M $493M
Finance lease liabilities $0.0M $0.0M $6.0M $6.1M $6.9M $5.7M $6.2M $3.9M $2.8M
Current assets — $240M $271M $382M $443M $467M $517M $504M $498M
Current liabilities — $151M $209M $233M $238M $281M $384M $350M $364M
Inventory $0.0M $198M $219M $245M $276M $334M $350M $394M $382M
Property and equipment, net — $304M $357M $434M $499M $561M $643M $750M $743M
Total assets — $1.4B $2.2B $2.5B $2.7B $2.8B $3.0B $3.2B $3.1B
Total liabilities — $1.1B $1.4B $1.6B $1.7B $1.7B $1.8B $2.0B $2.1B
Shareholders' equity $427M $300M $745M $922M $1.0B $1.1B $1.2B $1.2B $984M
Margins
Gross margin 30.5% 30.4% 30.8% 31.1% 30.8% 30.5% 31.3% 30.2% 30.3%
Operating margin 3.7% 3.6% 2.7% 3.4% 2.9% 2.7% 3.2% 1.8% −4.7%
EBITDA margin 5.8% 5.6% 4.5% 5.2% 5.1% 4.8% 5.4% 4.3% −2.0%
Net margin 1.0% 0.7% 0.6% 3.4% 2.0% 1.8% 2.0% 0.9% −4.8%
FCF margin 0.7% 1.8% 1.4% 1.8% 1.4% 1.5% 3.4% −1.7% 0.5%
Returns
Return on capital — — 5.4% 8.7% 5.5% 6.0% 6.9% 3.7% −11.6%
Return on capital employed — — 4.3% 5.1% 3.8% 3.9% 5.0% 2.9% −8.0%
Return on equity — — 3.0% 12.8% 6.5% 6.1% 6.8% 3.3% −20.6%
Return on assets — — 0.9% 4.6% 2.4% 2.4% 2.8% 1.3% −7.2%
Growth
Revenue growth — 10.2% 11.9% 22.5% −1.8% 16.2% 10.9% 10.1% 7.3%
Net income growth — −23.0% −2.8% 592.1% −41.6% 4.4% 22.1% −50.3% −669.9%
EPS growth — −23.3% −17.4% 468.4% −41.7% 3.2% 21.5% −49.4% −675.0%
FCF growth — 201.0% −13.2% 58.0% −25.1% 30.4% 144.3% −155.5% —
Share count change — 0.3% 19.4% 20.3% 1.0% 0.8% 0.7% −1.2% −1.6%
Financial health
Net debt / EBITDA — 6.5x 3.8x 2.2x 2.1x 1.6x 0.9x 2.2x —
Debt / equity — 2.9x 0.6x 0.5x 0.5x 0.4x 0.3x 0.4x 0.5x
Interest coverage 1.7x 1.7x 1.4x 5.3x 6.1x 5.0x 5.5x 3.0x −6.8x
Current ratio — 1.6x 1.3x 1.6x 1.9x 1.7x 1.4x 1.4x 1.4x
Quick ratio — 0.3x 0.3x 0.6x 0.7x 0.5x 0.4x 0.3x 0.3x
Capital allocation
Capex / revenue 3.4% 2.8% 3.8% 4.0% 4.0% 3.7% 4.3% 4.3% 4.2%
Stock comp / revenue 0.1% 0.5% 1.2% 1.2% 0.6% 0.9% 0.8% 0.2% 0.2%
Payouts / FCF 9.6% 374.2% 10.2% 0.8% 0.4% 6.5% 4.4% — 0.0%
Quality scores
Piotroski F-score — — — 7.0 5.0 5.0 7.0 6.0 5.0
Altman Z'' — 1.2 1.0 1.5 1.6 1.7 1.7 1.5 0.5
Accruals ratio — — −6.6% −3.2% −4.0% −4.4% −7.8% −2.4% −14.3%

Source: SEC EDGAR XBRL filings (CIK 0001771515). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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