GO Nasdaq Food Retail Financials FY2017βFY2025
Grocery Outlet had $4.7B of revenue in fiscal 2025, up 7.3% on the year before. Over five years, revenue changed +8.4% a year on average.
Hi! I read Grocery Outletβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+7.3%
Yes. Sales grew 7.3% last year.
Does it make a profit?
β4.8%
No. It lost money last year.
Does profit turn into cash?
0.5%
Partly. 0.5% of sales ends up as free cash.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Grocery Outlet's fiscal 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Grocery Outlet did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 12, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 13, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 2, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 4, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 5, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 5, 2025 | Q1 '25 | Time not announced | 8-K β |
| Feb 18, 2025 | Q4 '24 | Time not announced | 8-K β |
| Oct 29, 2024 | Q3 '24 | Time not announced | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Grocery Outlet had $4.7B of revenue in fiscal 2025, up 7.3% on the year before. Over five years, revenue changed +8.4% a year on average. Its operating margin was β4.7%, down 6.5Β pts: of every 100 in sales, about β5 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Grocery Outlet lost $225M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $23.8M in fiscal 2025, 0.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA Β· Grocery Outlet returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 1.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· In the last 12 months, insiders bought $4.2M and sold $0.0M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$4.2M
4 insiders
Sold, 12 months
$0.0M
2 insiders
Of sales under plans
44%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Grocery Outlet owes $426M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Grocery Outlet can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $140M | $103M | $115M | $62.8M | $69.6M |
| Debt incl. finance leases | $467M | $385M | $299M | $482M | $496M |
| Net debt / EBITDA | 2.1x | 1.6x | 0.9x | 2.2x | β |
| Debt / equity | 0.5x | 0.4x | 0.3x | 0.4x | 0.5x |
| Interest coverage | 6.1x | 5.0x | 5.5x | 3.0x | β6.8x |
| Current ratio | 1.9x | 1.7x | 1.4x | 1.4x | 1.4x |
| Quick ratio | 0.7x | 0.5x | 0.4x | 0.3x | 0.3x |
| 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 (β = net cash) | $327M | $283M | $184M | $419M | $426M |
KIRA Β· Its return on capital was β11.6%: every 100 invested in the business earned about β12 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· Grocery Outlet passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | β7.8% | β2.4% | β14.3% |
| Altman Z'' | 1.68 | 1.51 | 0.46 |
What does the share cost, and how does it compare?
KIRA Β· At $13.30 a share, the company is worth $1.3B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$426M and divides by 98.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA Β· Grocery Outlet grew sales faster than 1 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Grocery Outlet GO | $1.3B | 7.3% | β4.7% | 0.5% | β11.6% | β | 5 | |
| Maplebear CART | $14.0B | 10.8% | 13.3% | 24.3% | 22.5% | 30.8x | 6 | Compare β |
| Sprouts Farmers Market SFM | $6.3B | 14.1% | 7.8% | 5.3% | 46.9% | 12.7x | 7 | Compare β |
| Casey's CASY | $25.9B | 10.2% | β | 4.1% | 13.6% | 33.7x | 7 | Compare β |
| United Natural Foods UNFI | $2.9B | β2.0% | 0.7% | 1.0% | 5.3% | β | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | β$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 | β$249M |
| Income tax | $5.2M | $6.0M | $1.4M | β$19.6M | $15.2M | $10.7M | $24.6M | $16.7M | β$24.3M |
| Net income | $20.6M | $15.9M | $15.4M | $107M | $62.3M | $65.1M | $79.4M | $39.5M | β$225M |
| Diluted EPS | $0.30 | $0.23 | $0.19 | $1.08 | $0.63 | $0.65 | $0.79 | $0.40 | β$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 | β$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 | β | $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 | β | $240M | $271M | $382M | $443M | $467M | $517M | $504M | $498M |
| Current liabilities | β | $151M | $209M | $233M | $238M | $281M | $384M | $350M | $364M |
| Inventory | $0.0M | $198M | $219M | $245M | $276M | $334M | $350M | $394M | $382M |
| Property and equipment, net | β | $304M | $357M | $434M | $499M | $561M | $643M | $750M | $743M |
| Total assets | β | $1.4B | $2.2B | $2.5B | $2.7B | $2.8B | $3.0B | $3.2B | $3.1B |
| Total liabilities | β | $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% | β4.7% |
| EBITDA margin | 5.8% | 5.6% | 4.5% | 5.2% | 5.1% | 4.8% | 5.4% | 4.3% | β2.0% |
| Net margin | 1.0% | 0.7% | 0.6% | 3.4% | 2.0% | 1.8% | 2.0% | 0.9% | β4.8% |
| FCF margin | 0.7% | 1.8% | 1.4% | 1.8% | 1.4% | 1.5% | 3.4% | β1.7% | 0.5% |
| Returns | |||||||||
| Return on capital | β | β | 5.4% | 8.7% | 5.5% | 6.0% | 6.9% | 3.7% | β11.6% |
| Return on capital employed | β | β | 4.3% | 5.1% | 3.8% | 3.9% | 5.0% | 2.9% | β8.0% |
| Return on equity | β | β | 3.0% | 12.8% | 6.5% | 6.1% | 6.8% | 3.3% | β20.6% |
| Return on assets | β | β | 0.9% | 4.6% | 2.4% | 2.4% | 2.8% | 1.3% | β7.2% |
| Growth | |||||||||
| Revenue growth | β | 10.2% | 11.9% | 22.5% | β1.8% | 16.2% | 10.9% | 10.1% | 7.3% |
| Net income growth | β | β23.0% | β2.8% | 592.1% | β41.6% | 4.4% | 22.1% | β50.3% | β669.9% |
| EPS growth | β | β23.3% | β17.4% | 468.4% | β41.7% | 3.2% | 21.5% | β49.4% | β675.0% |
| FCF growth | β | 201.0% | β13.2% | 58.0% | β25.1% | 30.4% | 144.3% | β155.5% | β |
| Share count change | β | 0.3% | 19.4% | 20.3% | 1.0% | 0.8% | 0.7% | β1.2% | β1.6% |
| Financial health | |||||||||
| Net debt / EBITDA | β | 6.5x | 3.8x | 2.2x | 2.1x | 1.6x | 0.9x | 2.2x | β |
| Debt / equity | β | 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 | β6.8x |
| Current ratio | β | 1.6x | 1.3x | 1.6x | 1.9x | 1.7x | 1.4x | 1.4x | 1.4x |
| Quick ratio | β | 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% | β | 0.0% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | β | 7.0 | 5.0 | 5.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | β | 1.2 | 1.0 | 1.5 | 1.6 | 1.7 | 1.7 | 1.5 | 0.5 |
| Accruals ratio | β | β | β6.6% | β3.2% | β4.0% | β4.4% | β7.8% | β2.4% | β14.3% |
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 β not investment advice. Check the original filings before relying on any figure.
