Five Below vs Sally Beauty
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The short version
- Five Below is the larger business, with $4.8B of revenue in fiscal 2025 against $3.7B for Sally Beauty.
- Five Below grew revenue faster (22.9%, against −0.4%).
- Five Below kept more of each dollar of sales as operating profit (9.6% operating margin, against 8.9%).
- Five Below turned more of its sales into free cash flow (8.6% FCF margin, against 4.7%).
- Five Below earned a higher return on the capital invested in it (26.9%, against 16.1%).
- Investors pay more for each dollar of Five Below’s earnings: a P/E of 20.0x against 9.1x for Sally Beauty.
| Latest fiscal year | FIVE · FY25 | SBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.4B | $1.7B |
| Revenue | $4.8B | $3.7B |
| Free cash flow | $412M | $173M |
| Net income | $359M | $196M |
| Growth | ||
| Revenue growth | 22.9% | −0.4% |
| 5-year growth | 19.4% | 1.0% |
| Share count change | 0.5% | −2.9% |
| Profitability | ||
| Gross margin | 36.0% | 51.6% |
| Operating margin | 9.6% | 8.9% |
| Net margin | 7.5% | 5.3% |
| FCF margin | 8.6% | 4.7% |
| Return on capital | 26.9% | 16.1% |
| Return on equity | 17.9% | 27.5% |
| Balance sheet | ||
| Net debt | −$932M | $726M |
| Net debt / EBITDA | −1.4x | 1.7x |
| Dividends and buybacks | $0.0M | $54.0M |
| Valuation & quality | ||
| P/E | 20.0x | 9.1x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
FIVE $1.0B
SBH $4.0B
FY17
FIVE $1.3B
SBH $3.9B
FY18
FIVE $1.6B
SBH $3.9B
FY19
FIVE $1.8B
SBH $3.9B
FY20
FIVE $2.0B
SBH $3.5B
FY21
FIVE $2.8B
SBH $3.9B
FY22
FIVE $3.1B
SBH $3.8B
FY23
FIVE $3.6B
SBH $3.7B
FY24
FIVE $3.9B
SBH $3.7B
FY25
FIVE $4.8B
SBH $3.7B
FIVE
SBH
Operating margin
FY16
FIVE 11.4%
SBH 12.6%
FY17
FIVE 12.3%
SBH 12.2%
FY18
FIVE 12.0%
SBH 10.9%
FY19
FIVE 11.8%
SBH 11.8%
FY20
FIVE 7.9%
SBH 7.4%
FY21
FIVE 13.3%
SBH 10.8%
FY22
FIVE 11.2%
SBH 8.9%
FY23
FIVE 10.8%
SBH 8.7%
FY24
FIVE 8.4%
SBH 7.6%
FY25
FIVE 9.6%
SBH 8.9%
FIVE
SBH
Free cash flow
FY16
FIVE $61.8M
SBH $203M
FY17
FIVE $99.6M
SBH $254M
FY18
FIVE $70.4M
SBH $286M
FY19
FIVE −$25.3M
SBH $213M
FY20
FIVE $166M
SBH $316M
FY21
FIVE $39.8M
SBH $308M
FY22
FIVE $63.0M
SBH $57.3M
FY23
FIVE $165M
SBH $159M
FY24
FIVE $107M
SBH $145M
FY25
FIVE $412M
SBH $173M
FIVE
SBH
Return on capital
FY16
FIVE 44.4%
SBH 22.4%
FY17
FIVE 51.9%
SBH 20.5%
FY18
FIVE 59.4%
SBH 23.0%
FY19
FIVE 44.3%
SBH 23.5%
FY20
FIVE 25.7%
SBH 13.1%
FY21
FIVE 46.2%
SBH 23.9%
FY22
FIVE 29.8%
SBH 19.7%
FY23
FIVE 27.7%
SBH 17.2%
FY24
FIVE 20.2%
SBH 14.1%
FY25
FIVE 26.9%
SBH 16.1%
FIVE
SBH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.