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Sweetgreen

SG NYSE Restaurants Financials FY2020–FY2025

Sweetgreen's revenue rose 0.4% to $680 million in fiscal 2025. Its operating margin was −20.5%, down from −14.1% a year earlier. Free cash flow was −$119 million. The diluted share count rose 3.2%.

Last close · Oct 23, 2026

$9.82

3.9%
Value it Compare
Revenue Total sales reported in the income statement.
$680M
0.4% vs prior year
Operating margin Operating income as a share of revenue.
−20.5%
6.4 pts
Net income Profit after all expenses, interest and tax.
−$134M
Free cash flow Cash from operations minus capital spending.
−$119M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−44.2%
11.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
98.2x
On $0.10 EPS (TTM)

About these figures. Sweetgreen reports no borrowings, so debt is counted as zero.

What Sweetgreen does

No business description yet.

Legal name
SWEETGREEN, INC.
Fiscal year ends
December 28, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012520
0001477815

Revenue and margins

Sweetgreen had $680M of revenue in fiscal 2025, up 0.4% 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 −$119M in fiscal 2025, −17.5% 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

Sweetgreen returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 3.2%.

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

Value Sweetgreen 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 $89.2M and divides by 118.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 98.2x · peers 49.4x · sector 17.7x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $472M$332M$257M$215M$89.2M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage −1,544.8x−2,329.4x−955.8x−373.8x−7,332.5x
Current ratio 10.7x4.8x3.0x2.0x1.1x
Quick ratio 10.6x4.8x3.0x2.0x1.1x
Total assets $763M$909M$857M$857M$788M
Total liabilities $110M$368M$374M$411M$432M
Shareholders' equity $653M$541M$483M$446M$356M
Net debt (− = net cash) −$472M−$332M−$257M−$215M−$89.2M

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

$4.5M

3 insiders

Sold, 12 months

$0.3M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 17, 2026 Jamie McConnellChief Financial Officer Sold 15,033 $6.21 $0.1M Form 4
Aug 17, 2026 Jason Miles CochranChief Operating Officer Sold 4,809 $6.21 $0.0M Form 4
May 18, 2026 Jamie McConnellChief Financial Officer Sold 1,401 $8.00 $0.0M Form 4
May 18, 2026 Jason Miles CochranChief Operating Officer Sold 15,038 $7.99 $0.1M Form 4
Apr 7, 2026 Goldman Sachs & Co. Llc10% owner Bought 594,553 $5.69 $3.4M Form 4
Mar 5, 2026 Nicolas JammetChief Concept Officer, Director Bought 4,428 $5.71 $0.0M Form 4
Nov 12, 2025 Jonathan NemanChief Executive Officer, Director Bought 179,800 $5.56 $1.0M Form 4
Nov 12, 2025 Nicolas JammetChief Concept Officer, Director Bought 18,115 $5.51 $0.1M 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 4 / 84 / 82 / 8
Accruals ratio −15.8%−15.6%−14.8%
Altman Z'' −1.18−2.03−4.41

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
Sweetgreen SG $1.2B 0.4% −20.5% −17.5% −44.2% 98.2x 2
Wingstop WING $3.3B 11.4% 25.7% 15.2% 51.0% 28.3x 4 Compare →
Cava Group CAVA $6.3B 22.4% 4.7% 2.2% 13.9% 97.2x 4 Compare →
BJ's Restaurants BJRI $1.2B 3.1% 3.3% 2.9% 11.1% 30.2x 7 Compare →
Shake Shack SHAK $2.7B 15.4% 4.3% 3.9% 9.6% 68.6x 7 Compare →

6 years of figures

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

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $221M $340M $470M $584M $677M $680M
Research and development — — $2.0M $1.2M $1.2M $1.0M
Operating income −$142M −$134M −$193M −$122M −$95.7M −$139M
Interest expense $0.4M $0.1M $0.1M $0.1M $0.3M $0.0M
Pretax income −$141M −$153M −$189M −$113M −$91.7M −$134M
Income tax $0.0M $0.1M $1.3M $0.4M −$1.3M $0.0M
Net income −$141M −$153M −$190M −$113M −$90.4M −$134M
Diluted EPS −$8.80 −$5.51 −$1.73 −$1.01 −$0.79 −$1.14
Diluted shares 0.02B 0.03B 0.11B 0.11B 0.11B 0.12B
Cash flow
Cash from operations −$90.4M −$64.5M −$43.2M $26.5M $43.4M −$12.7M
Capital expenditure $48.1M $84.5M $96.9M $89.7M $84.5M $107M
Free cash flow −$139M −$149M −$140M −$63.2M −$41.1M −$119M
Depreciation and amortization $26.9M $35.5M $46.5M $59.5M $67.3M $71.5M
Stock-based compensation $4.9M $28.9M $78.7M $49.5M $39.0M $36.5M
Acquisitions $0.8M $3.3M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $103M $472M $332M $257M $215M $89.2M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $507M $346M $276M $235M $130M
Current liabilities — $47.5M $72.5M $91.6M $116M $119M
Inventory $0.0M $0.9M $1.4M $2.1M $2.0M $2.4M
Property and equipment, net — $181M $235M $267M $297M $327M
Total assets — $763M $909M $857M $857M $788M
Total liabilities — $110M $368M $374M $411M $432M
Shareholders' equity −$307M $653M $541M $483M $446M $356M
Margins
Operating margin −64.2% −39.5% −41.1% −21.0% −14.1% −20.5%
EBITDA margin −52.0% −29.1% −31.2% −10.8% −4.2% −10.0%
Net margin −64.0% −45.1% −40.5% −19.4% −13.4% −19.7%
FCF margin −62.8% −43.9% −29.8% −10.8% −6.1% −17.5%
Returns
Return on capital — — −78.2% −44.4% −33.1% −44.2%
Return on capital employed — — −24.9% −15.3% −12.7% −19.8%
Return on equity — — −31.9% −22.2% −19.5% −33.4%
Return on assets — — −22.8% −12.8% −10.6% −16.3%
Growth
Revenue growth — 54.1% 38.3% 24.2% 15.9% 0.4%
Share count change — 73.1% 296.4% 1.6% 2.2% 3.2%
Financial health
Debt / equity — 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −350.5x −1,544.8x −2,329.4x −955.8x −373.8x −7,332.5x
Current ratio — 10.7x 4.8x 3.0x 2.0x 1.1x
Quick ratio — 10.6x 4.8x 3.0x 2.0x 1.1x
Capital allocation
Capex / revenue 21.8% 24.9% 20.6% 15.4% 12.5% 15.7%
Stock comp / revenue 2.2% 8.5% 16.8% 8.5% 5.8% 5.4%
Quality scores
Piotroski F-score — — — 4.0 4.0 2.0
Altman Z'' — 7.0 −0.3 −1.2 −2.0 −4.4
Accruals ratio — — −17.6% −15.8% −15.6% −14.8%

Source: SEC EDGAR XBRL filings (CIK 0001477815). Data updated October 12, 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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