Dick's Sporting Goods vs Sally Beauty
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The short version
- Dick's Sporting Goods is the larger business, with $17.2B of revenue in fiscal 2025 against $3.7B for Sally Beauty, about 4.7 times as much.
- Dick's Sporting Goods grew revenue faster (28.1%, against −0.4%).
- Sally Beauty kept more of each dollar of sales as operating profit (8.9% operating margin, against 6.4%).
- Sally Beauty turned more of its sales into free cash flow (4.7% FCF margin, against 2.3%).
- Investors pay more for each dollar of Dick's Sporting Goods’s earnings: a P/E of 15.7x against 9.1x for Sally Beauty.
| Latest fiscal year | DKS · FY25 | SBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.0B | $1.7B |
| Revenue | $17.2B | $3.7B |
| Free cash flow | $400M | $173M |
| Net income | $849M | $196M |
| Growth | ||
| Revenue growth | 28.1% | −0.4% |
| 5-year growth | 12.4% | 1.0% |
| Share count change | 2.7% | −2.9% |
| Profitability | ||
| Gross margin | 32.9% | 51.6% |
| Operating margin | 6.4% | 8.9% |
| Net margin | 4.9% | 5.3% |
| FCF margin | 2.3% | 4.7% |
| Return on capital | — | 16.1% |
| Return on equity | 19.4% | 27.5% |
| Balance sheet | ||
| Net debt | — | $726M |
| Net debt / EBITDA | — | 1.7x |
| Dividends and buybacks | $761M | $54.0M |
| Valuation & quality | ||
| P/E | 15.7x | 9.1x |
| Piotroski F-score | — | 8 |
Revenue
FY16
DKS $7.9B
SBH $4.0B
FY17
DKS $8.6B
SBH $3.9B
FY18
DKS $8.4B
SBH $3.9B
FY19
DKS $8.8B
SBH $3.9B
FY20
DKS $9.6B
SBH $3.5B
FY21
DKS $12.3B
SBH $3.9B
FY22
DKS $12.4B
SBH $3.8B
FY23
DKS $13.0B
SBH $3.7B
FY24
DKS $13.4B
SBH $3.7B
FY25
DKS $17.2B
SBH $3.7B
DKS
SBH
Operating margin
FY16
DKS 5.7%
SBH 12.6%
FY17
DKS 5.6%
SBH 12.2%
FY18
DKS 5.3%
SBH 10.9%
FY19
DKS 4.3%
SBH 11.8%
FY20
DKS 7.7%
SBH 7.4%
FY21
DKS 16.6%
SBH 10.8%
FY22
DKS 11.8%
SBH 8.9%
FY23
DKS 9.9%
SBH 8.7%
FY24
DKS 11.0%
SBH 7.6%
FY25
DKS 6.4%
SBH 8.9%
DKS
SBH
Free cash flow
FY16
DKS $347M
SBH $203M
FY17
DKS $272M
SBH $254M
FY18
DKS $515M
SBH $286M
FY19
DKS $187M
SBH $213M
FY20
DKS $1.3B
SBH $316M
FY21
DKS $1.3B
SBH $308M
FY22
DKS $558M
SBH $57.3M
FY23
DKS $940M
SBH $159M
FY24
DKS $509M
SBH $145M
FY25
DKS $400M
SBH $173M
DKS
SBH
Return on capital
FY16
DKS —
SBH 22.4%
FY17
DKS —
SBH 20.5%
FY18
DKS —
SBH 23.0%
FY19
DKS —
SBH 23.5%
FY20
DKS —
SBH 13.1%
FY21
DKS —
SBH 23.9%
FY22
DKS —
SBH 19.7%
FY23
DKS —
SBH 17.2%
FY24
DKS —
SBH 14.1%
FY25
DKS —
SBH 16.1%
DKS
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.