Sprouts Farmers Market
SFM Nasdaq Food Retail Financials FY2016–FY2025
Sprouts Farmers Market's revenue rose 14.1% to $8.8 billion in fiscal 2025. Its operating margin was 7.8%, up from 6.5% a year earlier. Free cash flow was $468 million, up 12.8%. It paid out $472 million in dividends and buybacks, 101% of free cash flow. The diluted share count fell 2.6%.
About these figures. Debt is what Sprouts had drawn on its credit line, its only borrowing; it had repaid it all by the end of 2024. Its filings for 2019 and 2020 do not tag the amount, so debt is blank for those years.
What Sprouts Farmers Market does
Sprouts Farmers Market is a grocery chain that focuses on fresh, natural and organic food. It is based in Phoenix and had 477 stores in 24 states at the end of December 2025. Shoppers buy produce, meat and seafood, deli and bakery items, dairy, packaged groceries, vitamins and supplements, bulk foods, frozen foods, beer and wine, and health and body care products. Sprouts also offers delivery and pickup through its website and app.
All of its revenue comes from selling food and related goods to shoppers at its stores and online, and it reports one segment. Its stores put produce in the center, and it typically dedicates approximately 20% of selling space to it. Its own Sprouts Brand products made up just over 25% of revenue in fiscal 2025. Stores average about 28,000 square feet, and newer, smaller stores are between 21,000 and 25,000 square feet. Sprouts says it plans to keep opening stores.
Sprouts buys from hundreds of vendors and runs six fresh distribution centers that handle nearly all of its produce. In 2025 it began moving meat and seafood distribution in-house too, and it says supply disruptions during that change led to availability problems. It names grocery chains and specialty natural food stores as competitors.
- Legal name
- Sprouts Farmers Market, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001575515-26-000008
0001575515
Revenue and margins
Sprouts Farmers Market had $8.8B of revenue in fiscal 2025, up 14.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 22.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $468M in fiscal 2025, 5.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Sprouts Farmers Market returned $472M to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count fell 2.6%.
Value Sprouts Farmers Market 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
—
Adds net cash of $244M and divides by 98.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 12.7x · peers 33.7x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Sprouts Farmers Market can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $245M | $293M | $202M | $265M | $257M |
| Debt incl. finance leases | $261M | $260M | $135M | $8.6M | $13.8M |
| Net debt / EBITDA | 0.0x | −0.1x | −0.1x | −0.4x | −0.3x |
| Debt / equity | 0.3x | 0.3x | 0.1x | 0.0x | 0.0x |
| Interest coverage | 29.2x | 32.2x | 27.9x | 100.7x | 379.3x |
| Current ratio | 1.1x | 1.3x | 1.1x | 1.0x | 0.9x |
| Quick ratio | 0.6x | 0.7x | 0.5x | 0.5x | 0.4x |
| Total assets | $2.9B | $3.1B | $3.3B | $3.6B | $4.2B |
| Total liabilities | $2.0B | $2.0B | $2.2B | $2.3B | $2.8B |
| Shareholders' equity | $960M | $1.0B | $1.1B | $1.3B | $1.4B |
| Net debt (− = net cash) | $15.4M | −$33.3M | −$67.1M | −$257M | −$244M |
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
$0.0M
0 insiders
Sold, 12 months
$9.2M
4 insiders
Of sales under plans
85%
$7.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $64.48 | $0.7M | Form 4 |
| Oct 2, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $64.77 | $0.7M | Form 4 |
| Sep 8, 2026 | Dustin HamiltonChief Stores Officer | Sold | 292 | $80.36 | $0.0M | Form 4 |
| Sep 2, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $78.25 | $0.8M | Form 4 |
| Sep 1, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $82.66 | $0.9M | Form 4 |
| Aug 14, 2026 | Joseph D O'LearyDirector | Sold | 2,597 | $82.57 | $0.2M | Form 4 |
| Aug 4, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $86.80 | $0.9M | Form 4 |
| Aug 3, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $89.34 | $1.0M | Form 4 |
| Jul 7, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $84.87 | $0.9M | Form 4 |
| Jul 6, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $87.41 | $0.9M | Form 4 |
| Jun 11, 2026 | Nicholas KonatPresident & COO | Sold | 12,538 | $87.90 | $1.1M | Form 4 |
| Jun 8, 2026 | Jack SinclairChief Executive Officer, Director | Sold plan | 10,788 | $86.92 | $0.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 / 9 | 8 / 9 | 7 / 9 |
| Accruals ratio | −6.5% | −7.6% | −4.9% |
| Altman Z'' | 1.74 | 1.98 | 1.99 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Sprouts Farmers Market SFM | $6.3B | 14.1% | 7.8% | 5.3% | 46.9% | 12.7x | 7 | |
| Grocery Outlet GO | $1.3B | 7.3% | −4.7% | 0.5% | −11.6% | — | 5 | Compare → |
| Casey's CASY | $25.9B | 10.2% | — | 4.1% | 13.6% | 33.7x | 7 | Compare → |
| Maplebear CART | $14.0B | 10.8% | 13.3% | 24.3% | 22.5% | 30.8x | 6 | Compare → |
| United Natural Foods UNFI | $2.9B | −2.0% | 0.7% | 1.0% | 5.3% | — | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.0B | $4.7B | $5.2B | $5.6B | $6.5B | $6.1B | $6.4B | $6.8B | $7.7B | $8.8B |
| Gross profit | $1.4B | $1.6B | $1.7B | $1.9B | $2.4B | $2.2B | $2.3B | $2.5B | $2.9B | $3.4B |
| Operating income | $213M | $226M | $223M | $217M | $392M | $334M | $358M | $350M | $505M | $686M |
| Interest expense | $14.8M | $21.2M | $27.4M | $20.3M | $14.8M | $11.4M | $11.1M | $12.6M | $5.0M | $1.8M |
| Pretax income | $199M | $206M | $196M | $196M | $377M | $322M | $349M | $344M | $507M | $689M |
| Income tax | $74.3M | $47.1M | $37.3M | $46.5M | $89.4M | $78.2M | $88.1M | $84.9M | $126M | $165M |
| Net income | $124M | $158M | $159M | $150M | $287M | $244M | $261M | $259M | $381M | $524M |
| Diluted EPS | $0.83 | $1.15 | $1.22 | $1.25 | $2.43 | $2.10 | $2.39 | $2.50 | $3.75 | $5.31 |
| Diluted shares | 0.15B | 0.14B | 0.13B | 0.12B | 0.12B | 0.12B | 0.11B | 0.10B | 0.10B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $254M | $310M | $294M | $355M | $494M | $365M | $371M | $465M | $645M | $716M |
| Capital expenditure | $181M | $199M | $177M | $183M | $122M | $102M | $124M | $225M | $230M | $248M |
| Free cash flow | $73.3M | $111M | $117M | $172M | $372M | $262M | $247M | $240M | $415M | $468M |
| Depreciation and amortization | $80.7M | $97.0M | $111M | $123M | $127M | $126M | $127M | $138M | $140M | $158M |
| Stock-based compensation | $13.4M | $14.2M | $14.5M | $8.9M | $14.3M | $15.9M | $16.6M | $18.9M | $28.4M | $31.1M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $13.0M | $0.0M | $0.0M |
| Share buybacks | $294M | $203M | $258M | $176M | $0.0M | $188M | $200M | $204M | $229M | $472M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $294M | $203M | $258M | $176M | $0.0M | $188M | $200M | $204M | $228M | $472M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $12.5M | $19.5M | $1.6M | $85.3M | $170M | $245M | $293M | $202M | $265M | $257M |
| Total debt | $255M | $348M | $453M | — | — | $250M | $250M | $125M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $12.2M | $11.4M | $10.7M | $9.9M | $9.7M | $8.6M | $13.8M |
| Current assets | $264M | $300M | $334M | $388M | $466M | $568M | $674M | $604M | $676M | $810M |
| Current liabilities | $259M | $300M | $310M | $417M | $496M | $514M | $522M | $547M | $680M | $871M |
| Inventory | $205M | $230M | $264M | $276M | $254M | $265M | $311M | $323M | $343M | $427M |
| Property and equipment, net | $605M | $713M | $766M | $742M | $727M | $716M | $722M | $799M | $895M | $1.1B |
| Total assets | $1.4B | $1.6B | $1.7B | $2.7B | $2.8B | $2.9B | $3.1B | $3.3B | $3.6B | $4.2B |
| Total liabilities | $767M | $931M | $1.1B | $2.1B | $1.9B | $2.0B | $2.0B | $2.2B | $2.3B | $2.8B |
| Shareholders' equity | $673M | $651M | $589M | $582M | $881M | $960M | $1.0B | $1.1B | $1.3B | $1.4B |
| Margins | ||||||||||
| Gross margin | 33.7% | 33.6% | 33.6% | 33.6% | 36.8% | 36.2% | 36.7% | 36.9% | 38.1% | 38.8% |
| Operating margin | 5.3% | 4.9% | 4.3% | 3.9% | 6.1% | 5.5% | 5.6% | 5.1% | 6.5% | 7.8% |
| EBITDA margin | 7.3% | 6.9% | 6.4% | 6.0% | 8.0% | 7.5% | 7.6% | 7.1% | 8.4% | 9.6% |
| Net margin | 3.1% | 3.4% | 3.0% | 2.7% | 4.4% | 4.0% | 4.1% | 3.8% | 4.9% | 6.0% |
| FCF margin | 1.8% | 2.4% | 2.3% | 3.1% | 5.8% | 4.3% | 3.9% | 3.5% | 5.4% | 5.3% |
| Returns | ||||||||||
| Return on capital | 15.1% | 18.4% | 17.9% | — | — | — | 27.0% | 25.2% | 35.3% | 46.9% |
| Return on capital employed | 17.9% | 18.4% | 16.8% | 11.8% | 17.0% | 14.2% | 14.5% | 13.2% | 17.6% | 22.0% |
| Return on equity | 16.6% | 23.9% | 25.6% | 25.6% | 39.3% | 26.5% | 26.0% | 23.6% | 30.8% | 38.4% |
| Return on assets | 8.7% | 10.5% | 9.7% | 6.8% | 10.4% | 8.5% | 8.7% | 8.1% | 10.9% | 13.4% |
| Growth | ||||||||||
| Revenue growth | 12.6% | 15.3% | 11.6% | 8.2% | 14.8% | −5.7% | 5.0% | 6.8% | 12.9% | 14.1% |
| Net income growth | −3.6% | 27.5% | 0.1% | −5.6% | 92.1% | −15.1% | 7.0% | −0.9% | 47.0% | 37.6% |
| EPS growth | 0.0% | 38.6% | 6.1% | 2.5% | 94.4% | −13.6% | 13.8% | 4.6% | 50.0% | 41.6% |
| FCF growth | −36.0% | 51.3% | 5.7% | 46.6% | 116.4% | −29.5% | −5.8% | −3.1% | 73.0% | 12.8% |
| Share count change | −4.0% | −7.9% | −5.9% | −7.7% | −1.3% | −1.8% | −6.0% | −5.3% | −2.0% | −2.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.8x | 1.0x | 1.4x | — | — | 0.0x | −0.1x | −0.1x | −0.4x | −0.3x |
| Debt / equity | 0.4x | 0.5x | 0.8x | — | — | 0.3x | 0.3x | 0.1x | 0.0x | 0.0x |
| Interest coverage | 14.4x | 10.7x | 8.1x | 10.7x | 26.5x | 29.2x | 32.2x | 27.9x | 100.7x | 379.3x |
| Current ratio | 1.0x | 1.0x | 1.1x | 0.9x | 0.9x | 1.1x | 1.3x | 1.1x | 1.0x | 0.9x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.3x | 0.4x | 0.6x | 0.7x | 0.5x | 0.5x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.5% | 4.3% | 3.4% | 3.3% | 1.9% | 1.7% | 1.9% | 3.3% | 3.0% | 2.8% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% |
| Payouts / FCF | 401.3% | 183.3% | 220.2% | 102.5% | 0.0% | 71.8% | 80.9% | 84.9% | 55.1% | 100.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 6.0 | — | — | — | 9.0 | 7.0 | 8.0 | 7.0 |
| Altman Z'' | 2.1 | 1.8 | 1.4 | 0.7 | 1.6 | 1.7 | 2.0 | 1.7 | 2.0 | 2.0 |
| Accruals ratio | −9.1% | −10.0% | −8.3% | −9.4% | −7.5% | −4.2% | −3.7% | −6.5% | −7.6% | −4.9% |
Source: SEC EDGAR XBRL filings (CIK 0001575515). Data updated October 9, 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.