Detailed financial statements for Sprouts Farmers Market, Inc. (SFM): 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.
Sprouts Farmers Market, Inc. is a U.S.-based retailer that specializes in providing fresh, natural, and organic food options. The company's comprehensive product lineup includes both temperature-sensitive and shelf-stable goods. Among its perishable offerings are a wide selection of fresh produce, various meats, seafood, deli items, baked goods, floral arrangements, dairy products, and plant-based dairy substitutes.
Analysis Summary
Sprouts Farmers Market, Inc. reported revenue of $8.81B in the most recent fiscal year, growing at a 5-year CAGR of 6.4%. Net income reached $523.7M, with a 12.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 37.4%, operating margin 7.5%, net margin 5.6%. Free cash flow grew at 4.7% CAGR over 5 years.
At the current price of $64.92, SFM trades at a P/E of 12.26 and an ROE of 34.84%. Market capitalisation stands at $6.1B.
Balance sheet quality for SFM: current ratio of 0.9, net debt of $1.69B. 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 decent: free cash flow of $467.7M represents 89% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.05B | $4.66B | $5.21B | $5.63B | $6.47B | $6.10B | $6.40B | $6.84B | $7.72B | $8.81B |
| Cost of Revenue | $2.68B | $3.10B | $3.46B | $3.73B | $4.08B | $3.88B | $4.04B | $4.30B | $4.76B | $5.54B |
| Gross Profit | $1.36B | $1.57B | $1.75B | $1.90B | $2.39B | $2.22B | $2.36B | $2.54B | $2.96B | $3.27B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.07B | $1.25B | $1.40B | $1.56B | $1.87B | $1.76B | $1.87B | $2.02B | $2.31B | $2.58B |
| Operating Expenses | $1.15B | $1.34B | $1.52B | $1.69B | $2.00B | $1.89B | $2.00B | $2.19B | $2.46B | $2.58B |
| Operating Income | $212.9M | $226.1M | $222.9M | $217.4M | $391.7M | $334.1M | $358.4M | $350.2M | $504.5M | $691.1M |
| EBITDA | $296.7M | $323.8M | $345.3M | $344.3M | $518.2M | $464.4M | $493.5M | $518.6M | $645.1M | $995.8M |
| Interest Expense | $14.8M | $21.2M | $27.8M | $20.9M | $19.1M | $17.5M | $11.1M | $6.5M | $5.8M | $2.7M |
| Pre-tax Income | $198.6M | $205.5M | $195.8M | $196.2M | $376.9M | $322.4M | $349.3M | $343.7M | $506.7M | $688.8M |
| Income Tax | $74.3M | $47.1M | $37.3M | $46.5M | $89.4M | $78.2M | $88.1M | $84.9M | $126.1M | $165.1M |
| Net Income | $124.3M | $158.4M | $158.5M | $149.6M | $287.4M | $244.2M | $261.2M | $258.9M | $380.6M | $523.7M |
| EPS | $0.84 | $1.17 | $1.23 | $1.25 | $2.44 | $2.12 | $2.41 | $2.53 | $3.79 | $5.36 |
| EPS (Diluted) | $0.83 | $1.15 | $1.22 | $1.25 | $2.43 | $2.10 | $2.39 | $2.50 | $3.75 | $5.31 |
| Shares Outstanding (Diluted) | $149.7M | $137.9M | $129.8M | $119.7M | $118.2M | $116.1M | $109.1M | $103.4M | $101.4M | $98.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.20B | $2.15B | $2.33B | $2.33B |
| Gross Profit | $812.2M | $777.0M | $875.2M | $900.6M |
| Operating Income | $158.9M | $124.0M | $216.5M | $174.2M |
| EBITDA | $237.0M | $204.7M | $298.9M | $261.2M |
| Net Income | $120.1M | $89.8M | $163.7M | $129.2M |
| EPS | $1.23 | $0.93 | $1.73 | $1.37 |
| EPS (Diluted) | $1.22 | $0.92 | $1.71 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.5M | $19.5M | $1.6M | $85.3M | $169.7M | $245.3M | $293.2M | $201.8M | $265.2M | $257.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $27.4M | $25.9M | $41.0M | $15.7M | $23.6M | $33.2M | $34.3M | $53.9M | $39.7M | $96.4M |
| Inventory | $204.5M | $229.5M | $264.4M | $276.0M | $254.2M | $265.4M | $310.5M | $323.2M | $343.3M | $427.1M |
| Total Current Assets | $264.0M | $299.5M | $333.8M | $387.8M | $466.0M | $567.7M | $673.8M | $603.8M | $675.5M | $809.9M |
| Property, Plant & Equipment | $604.7M | $713.0M | $766.4M | $1.77B | $1.77B | $1.79B | $1.83B | $2.12B | $2.36B | $2.74B |
| Goodwill | $368.1M | $368.1M | $368.1M | $368.1M | $368.9M | $368.9M | $368.9M | $381.7M | $381.8M | $381.8M |
| Intangible Assets | $197.6M | $196.2M | $194.8M | $185.4M | $185.0M | $185.0M | $185.0M | $208.1M | $208.1M | $208.2M |
| Total Assets | $1.44B | $1.58B | $1.68B | $2.72B | $2.81B | $2.92B | $3.07B | $3.33B | $3.64B | $4.16B |
| Accounts Payable | $115.3M | $119.0M | $120.3M | $122.8M | $139.3M | $145.9M | $172.9M | $179.9M | $213.4M | $291.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $259.2M | $299.7M | $310.0M | $416.8M | $496.1M | $513.5M | $522.4M | $546.9M | $680.0M | $870.8M |
| Long-term Debt | $255.0M | $348.0M | $453.0M | $538.0M | $250.0M | $250.0M | $250.0M | $125.0M | 0 | 0 |
| Total Liabilities | $767.0M | $930.9M | $1.09B | $2.14B | $1.93B | $1.96B | $2.02B | $2.18B | $2.32B | $2.76B |
| Retained Earnings | $75.5M | $30.6M | -$69.2M | -$84.4M | $203.0M | $258.8M | $320.0M | $373.6M | $513.7M | $561.1M |
| Total Equity | $672.9M | $650.7M | $589.2M | $582.0M | $881.3M | $959.9M | $1.05B | $1.15B | $1.32B | $1.40B |
| Total Debt | $384.7M | $482.7M | $580.1M | $1.74B | $1.47B | $1.51B | $1.54B | $1.66B | $1.68B | $1.94B |
| Net Debt | $372.3M | $463.2M | $578.5M | $1.65B | $1.30B | $1.26B | $1.25B | $1.46B | $1.41B | $1.69B |
| Working Capital | $4.9M | -$207,000 | $23.8M | -$29.0M | -$30.2M | $54.2M | $151.4M | $56.9M | -$4.4M | -$60.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $322.4M | $257.3M | $252.2M | $223.9M |
| Total Assets | $4.01B | $4.16B | $4.27B | $4.33B |
| Total Liabilities | $2.58B | $2.76B | $2.84B | $2.83B |
| Total Equity | $1.43B | $1.40B | $1.43B | $1.50B |
| Total Debt | $1.86B | $1.94B | $2.06B | $2.11B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $124.3M | $158.4M | $158.5M | $149.6M | $287.4M | $244.2M | $261.2M | $258.9M | $380.6M | $523.7M |
| Depreciation & Amortization | $80.4M | $96.7M | $110.7M | $204.6M | $225.8M | $234.1M | $244.4M | $265.0M | $274.1M | $304.3M |
| Stock-based Compensation | $13.4M | $14.2M | $14.5M | $8.9M | $14.3M | $15.9M | $16.6M | $18.9M | $28.4M | $31.1M |
| Change in Working Capital | $14.4M | $30.0M | -$18.3M | -$16.0M | -$40.6M | -$135.1M | -$162.8M | -$104.4M | -$54.6M | -$155.2M |
| Operating Cash Flow | $254.4M | $309.6M | $294.4M | $355.2M | $494.0M | $364.8M | $371.3M | $465.1M | $645.2M | $716.0M |
| Capital Expenditure | -$181.5M | -$198.6M | -$177.1M | -$183.2M | -$122.0M | -$102.4M | -$124.0M | -$225.3M | -$230.4M | -$248.3M |
| Acquisitions | $706,000 | $30,000 | $1,000 | 0 | 0 | 0 | 0 | -$13.0M | 0 | 0 |
| Stock Repurchased | -$294.3M | -$203.4M | -$258.3M | -$176.3M | 0 | -$188.3M | -$200.0M | -$203.5M | -$228.5M | -$471.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $72.8M | $110.9M | $117.3M | $172.0M | $372.1M | $262.4M | $247.3M | $239.8M | $414.8M | $467.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $167.1M | $136.9M | $235.3M | $133.7M |
| Capital Expenditure | -$55.8M | -$72.2M | -$101.2M | -$88.8M |
| Free Cash Flow | $111.4M | $64.7M | $134.1M | $45.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.6M | 0 | $8.6M | $7.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.3% | +11.6% | +8.2% | +14.8% | -5.7% | +5.0% | +6.8% | +12.9% | +14.1% | |
| Net Income Growth (YoY) | +27.5% | +0.1% | -5.6% | +92.1% | -15.1% | +7.0% | -0.9% | +47.0% | +37.6% | |
| EPS Growth (YoY) | +39.3% | +5.1% | +1.6% | +95.2% | -13.1% | +13.7% | +5.0% | +49.8% | +41.4% | |
| Shares Change (YoY) | -7.9% | -5.9% | -7.7% | -1.3% | -1.8% | -6.0% | -5.3% | -1.9% | -2.6% | |
| FCF Growth (YoY) | +52.3% | +5.7% | +46.6% | +116.3% | -29.5% | -5.8% | -3.1% | +73.0% | +12.8% | |
| Gross Margin | 33.7% | 33.6% | 33.6% | 33.8% | 36.9% | 36.4% | 36.9% | 37.1% | 38.4% | 37.1% |
| Operating Margin | 5.3% | 4.8% | 4.3% | 3.9% | 6.1% | 5.5% | 5.6% | 5.1% | 6.5% | 7.8% |
| EBITDA Margin | 7.3% | 6.9% | 6.6% | 6.1% | 8.0% | 7.6% | 7.7% | 7.6% | 8.4% | 11.3% |
| Net Margin | 3.1% | 3.4% | 3.0% | 2.7% | 4.4% | 4.0% | 4.1% | 3.8% | 4.9% | 5.9% |
| FCF Margin | 1.8% | 2.4% | 2.3% | 3.1% | 5.8% | 4.3% | 3.9% | 3.5% | 5.4% | 5.3% |
| Effective Tax Rate | 37.4% | 22.9% | 19.0% | 23.7% | 23.7% | 24.3% | 25.2% | 24.7% | 24.9% | 24.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.49 | $0.80 | $0.90 | $1.44 | $3.15 | $2.26 | $2.27 | $2.32 | $4.09 | $4.74 |
| 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) | $147.3M | $135.2M | $128.8M | $119.4M | $117.8M | $115.4M | $108.2M | $102.5M | $100.4M | $97.7M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 34.84% |
| Return on Invested Capital | 13.50% |
| Return on Assets | 11.61% |
| Gross Margin | 37.37% |
| Operating Margin | 7.48% |
| Net Margin | 5.58% |
Financial Health
| Debt / Equity | 1.40 |
| Current Ratio | 0.99 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.55 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.52 | 20.81 | 19.11 | 15.48 | 8.24 | 14.00 | 13.43 | 19.02 | 33.59 | 15.05 |
| P/B | 4.14 | 5.06 | 5.14 | 3.97 | 2.69 | 3.57 | 3.35 | 4.29 | 9.67 | 5.62 |
| P/S | 0.69 | 0.71 | 0.58 | 0.41 | 0.37 | 0.56 | 0.55 | 0.72 | 1.66 | 0.89 |
| Gross Margin | 33.7% | 33.6% | 33.6% | 33.8% | 36.9% | 36.4% | 36.9% | 37.1% | 38.4% | 37.1% |
| Operating Margin | 5.3% | 4.8% | 4.3% | 3.9% | 6.1% | 5.5% | 5.6% | 5.1% | 6.5% | 7.8% |
| Net Margin | 3.1% | 3.4% | 3.0% | 2.7% | 4.4% | 4.0% | 4.1% | 3.8% | 4.9% | 5.9% |
Related companies: ACI · CAG · CPB · INGR · LW · OLLI · PPC
Explore sector: Consumer Defensive · Grocery Stores
More sections of SFM: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks