Detailed financial statements for Five Below, Inc. (FIVE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Five Below, Inc. operates as a prominent specialty discount retailer primarily serving the United States market. The company's diverse inventory spans a wide array of personal accessories, from fashionable novelty socks, sunglasses, and jewelry to scarves, gloves, hair accessories, and athletic apparel like tops, bottoms, and t-shirts.
Analysis Summary
Five Below, Inc. reported revenue of $4.76B in the most recent fiscal year, growing at a 5-year CAGR of 19.4%. Net income reached $358.6M, with a 23.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.4%, operating margin 14.7%, net margin 11.7%. Free cash flow grew at 20.0% CAGR over 5 years.
At $245.50 (closing price, October 29, 2026), FIVE trades at a P/E of 22.04 and an ROE of 27.73%. Market capitalisation stands at $13.6B, placing it among large-cap names.
Balance sheet quality for FIVE: current ratio of 2.0, net debt of $1.10B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $411.7M represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $1.28B | $1.56B | $1.85B | $1.96B | $2.85B | $3.08B | $3.56B | $3.88B | $4.76B |
| Cost of Revenue | $643.4M | $814.8M | $994.5M | $1.17B | $1.31B | $1.82B | $1.98B | $2.29B | $2.52B | $3.24B |
| Gross Profit | $357.0M | $463.4M | $565.1M | $674.0M | $652.3M | $1.03B | $1.10B | $1.27B | $1.35B | $1.52B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $243.1M | $306.0M | $377.9M | $456.7M | $497.5M | $565.7M | $644.8M | $757.5M | $861.4M | $1.07B |
| Operating Expenses | $243.1M | $306.0M | $377.9M | $456.7M | $497.5M | $650.6M | $750.4M | $888.3M | $1.03B | $1.07B |
| Operating Income | $114.0M | $157.4M | $187.2M | $217.3M | $154.8M | $379.9M | $345.0M | $385.6M | $323.8M | $457.4M |
| EBITDA | $140.6M | $190.6M | $228.6M | $272.3M | $224.1M | $455.0M | $453.2M | $531.8M | $506.1M | $672.5M |
| Interest Expense | 0 | 0 | 0 | 0 | $1.7M | $3.5M | 0 | 0 | 0 | 0 |
| Pre-tax Income | $114.3M | $158.8M | $191.8M | $221.6M | $153.1M | $366.7M | $347.5M | $401.1M | $338.7M | $480.4M |
| Income Tax | $42.4M | $56.4M | $42.2M | $46.5M | $29.7M | $87.9M | $86.0M | $100.0M | $85.1M | $121.7M |
| Net Income | $71.8M | $102.5M | $149.6M | $175.1M | $123.4M | $278.8M | $261.5M | $301.1M | $253.6M | $358.6M |
| EPS | $1.31 | $1.86 | $2.68 | $3.14 | $2.21 | $4.98 | $4.71 | $5.43 | $4.61 | $6.51 |
| EPS (Diluted) | $1.30 | $1.84 | $2.66 | $3.12 | $2.20 | $4.95 | $4.69 | $5.41 | $4.60 | $6.46 |
| Shares Outstanding (Diluted) | 55.1 M | 55.6 M | 56.2 M | 56.2 M | 56.1 M | 56.3 M | 55.7 M | 55.6 M | 55.2 M | 55.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.04B | $1.73B | $1.29B | $1.26B |
| Gross Profit | $351.4M | $648.0M | $427.5M | $612.4M |
| Operating Income | $43.3M | $310.9M | $154.2M | $275.4M |
| EBITDA | $98.0M | $365.8M | $213.6M | $342.0M |
| Net Income | $36.5M | $238.2M | $123.1M | $221.4M |
| EPS | $0.66 | $4.32 | $2.23 | $4.02 |
| EPS (Diluted) | $0.66 | $4.28 | $2.21 | $3.99 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76.1M | $112.7M | $251.7M | $202.5M | $268.8M | $65.0M | $332.3M | $179.7M | $331.7M | $723.7M |
| Short-term Investments | $77.8M | $132.0M | $85.4M | $59.2M | $140.9M | $277.1M | $66.8M | $280.3M | $197.1M | $208.5M |
| Receivables | 0 | 0 | 0 | 0 | $6.3M | $11.3M | $8.9M | $4.8M | $4.6M | $5.2M |
| Inventory | $154.4M | $187.0M | $243.6M | $324.0M | $281.3M | $455.1M | $527.7M | $584.6M | $659.5M | $846.6M |
| Total Current Assets | $339.8M | $479.4M | $642.3M | $665.7M | $755.4M | $904.7M | $1.07B | $1.20B | $1.35B | $1.92B |
| Property, Plant & Equipment | $138.4M | $180.3M | $301.3M | $1.28B | $1.54B | $1.93B | $2.24B | $2.64B | $2.97B | $3.00B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $500.5M | $695.7M | $952.3M | $1.96B | $2.31B | $2.88B | $3.32B | $3.87B | $4.34B | $5.52B |
| Accounts Payable | $51.2M | $73.0M | $103.7M | $130.2M | $138.6M | $196.5M | $221.1M | $256.3M | $260.3M | $368.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $301.1M |
| Total Current Liabilities | $116.6M | $164.5M | $253.1M | $351.3M | $435.7M | $586.9M | $602.6M | $715.9M | $756.4M | $954.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $169.1M | $237.2M | $337.2M | $1.20B | $1.43B | $1.76B | $1.96B | $2.29B | $2.53B | $3.33B |
| Retained Earnings | $9.3M | $111.7M | $261.8M | $436.9M | $560.3M | $839.1M | $1.10B | $1.40B | $1.66B | $2.01B |
| Total Equity | $331.4M | $458.6M | $615.1M | $759.8M | $881.9M | $1.12B | $1.36B | $1.58B | $1.81B | $2.19B |
| Total Debt | 0 | 0 | 0 | $948.1M | $1.11B | $1.30B | $1.50B | $1.74B | $1.98B | $2.03B |
| Net Debt | -$153.9M | -$244.6M | -$337.2M | $686.4M | $700.6M | $956.9M | $1.10B | $1.28B | $1.45B | $1.10B |
| Working Capital | $223.2M | $314.9M | $389.2M | $314.4M | $319.7M | $317.8M | $463.8M | $487.6M | $594.9M | $962.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $351.0M | $723.7M | $638.9M | $561.1M |
| Total Assets | $4.79B | $5.52B | $5.06B | $5.28B |
| Total Liabilities | $2.84B | $3.33B | $2.74B | $2.80B |
| Total Equity | $1.95B | $2.19B | $2.31B | $2.48B |
| Total Debt | $2.01B | $2.03B | $2.00B | $2.04B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $71.8M | $102.5M | $149.6M | $175.1M | $123.4M | $278.8M | $261.5M | $301.1M | $253.6M | $358.6M |
| Depreciation & Amortization | $26.6M | $33.2M | $41.5M | $55.0M | $69.3M | $84.8M | $105.6M | $130.7M | $167.4M | $192.1M |
| Stock-based Compensation | $12.0M | $16.4M | $12.0M | $12.4M | $9.6M | $25.8M | $23.6M | $17.9M | $15.6M | $34.7M |
| Change in Working Capital | -$1.4M | $10.8M | -$19.6M | -$70.3M | $140.9M | -$69.5M | -$99.2M | $42.0M | -$459,000 | $7.9M |
| Operating Cash Flow | $106.6M | $167.4M | $184.1M | $187.0M | $366.0M | $327.9M | $314.9M | $499.6M | $430.6M | $586.4M |
| Capital Expenditure | -$44.8M | -$67.8M | -$113.7M | -$212.3M | -$200.2M | -$288.2M | -$252.0M | -$335.1M | -$324.0M | -$174.7M |
| Acquisitions | $44.8M | $67.8M | $113.7M | $212.3M | $200.2M | $177.4M | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$1.9M | -$1.5M | -$10.0M | -$47.3M | -$16.6M | -$67.3M | -$45.0M | -$80.5M | -$40.2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $61.8M | $99.6M | $70.4M | -$25.3M | $165.8M | $39.7M | $63.0M | $164.6M | $106.7M | $411.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$80.1M | $440.9M | $227.2M | $215.5M |
| Capital Expenditure | -$53.0M | -$40.8M | -$37.2M | -$73.2M |
| Free Cash Flow | -$133.2M | $400.1M | $190.0M | $142.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.8M | $8.5M | $5.1M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +27.8% | +22.0% | +18.4% | +6.2% | +45.2% | +8.0% | +15.7% | +8.9% | +22.9% | |
| Net Income Growth (YoY) | +42.6% | +46.1% | +17.0% | -29.5% | +126.0% | -6.2% | +15.1% | -15.8% | +41.4% | |
| EPS Growth (YoY) | +42.0% | +44.1% | +17.2% | -29.6% | +125.3% | -5.4% | +15.3% | -15.1% | +41.2% | |
| Shares Change (YoY) | +0.8% | +1.2% | -0.1% | -0.2% | +0.4% | -1.0% | -0.2% | -0.8% | +0.8% | |
| FCF Growth (YoY) | +61.1% | -29.3% | -135.9% | +756.1% | -76.0% | +58.4% | +161.3% | -35.2% | +286.0% | |
| Gross Margin | 35.7% | 36.3% | 36.2% | 36.5% | 33.2% | 36.2% | 35.6% | 35.8% | 34.9% | 32.0% |
| Operating Margin | 11.4% | 12.3% | 12.0% | 11.8% | 7.9% | 13.3% | 11.2% | 10.8% | 8.4% | 9.6% |
| EBITDA Margin | 14.1% | 14.9% | 14.7% | 14.7% | 11.4% | 16.0% | 14.7% | 14.9% | 13.1% | 14.1% |
| Net Margin | 7.2% | 8.0% | 9.6% | 9.5% | 6.3% | 9.8% | 8.5% | 8.5% | 6.5% | 7.5% |
| FCF Margin | 6.2% | 7.8% | 4.5% | -1.4% | 8.4% | 1.4% | 2.0% | 4.6% | 2.8% | 8.6% |
| Effective Tax Rate | 37.1% | 35.5% | 22.0% | 21.0% | 19.4% | 24.0% | 24.7% | 24.9% | 25.1% | 25.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.12 | $1.79 | $1.25 | $-0.45 | $2.96 | $0.71 | $1.13 | $2.96 | $1.93 | $7.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 54.8 M | 55.2 M | 55.8 M | 55.8 M | 55.8 M | 56.0 M | 55.5 M | 55.5 M | 55.1 M | 55.2 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 27.73% |
| Return on Invested Capital | 13.01% |
| Return on Assets | 11.73% |
| Gross Margin | 38.38% |
| Operating Margin | 14.75% |
| Net Margin | 11.65% |
Financial Health
| Debt / Equity | 0.82 |
| Current Ratio | 2.22 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.76 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 30.42 | 34.91 | 46.17 | 36.06 | 79.52 | 31.90 | 41.45 | 33.35 | 20.34 | 29.44 |
| P/B | 6.59 | 7.82 | 11.22 | 8.32 | 11.12 | 7.94 | 7.96 | 6.34 | 2.86 | 4.82 |
| P/S | 2.18 | 2.80 | 4.42 | 3.42 | 5.00 | 3.12 | 3.53 | 2.82 | 1.33 | 2.22 |
| Gross Margin | 35.7% | 36.3% | 36.2% | 36.5% | 33.2% | 36.2% | 35.6% | 35.8% | 34.9% | 32.0% |
| Operating Margin | 11.4% | 12.3% | 12.0% | 11.8% | 7.9% | 13.3% | 11.2% | 10.8% | 8.4% | 9.6% |
| Net Margin | 7.2% | 8.0% | 9.6% | 9.5% | 6.3% | 9.8% | 8.5% | 8.5% | 6.5% | 7.5% |
Related companies: COST · DLTR · OLLI · TGT · DG · BURL · MNSO
Explore sector: Consumer Cyclical · Specialty Retail
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