Detailed financial statements for Signet Jewelers Limited (SIG): 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.
Signet Jewelers Limited (SJG) functions as a prominent retailer specializing in diamond jewelry. Its diverse operations are structured across three primary segments: North America, International, and 'Other' activities. Within North America, the company oversees numerous jewelry stores and kiosks. These are strategically situated in malls, as mall-based kiosks, and in standalone off-mall sites throughout both the United States and Canada.
Analysis Summary
Signet Jewelers Limited reported revenue of $6.81B in the most recent fiscal year, growing at a 5-year CAGR of 5.4%.
Balance sheet quality for SIG: current ratio of 1.6, net debt of $342.5M. 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 $525.3M represents 178% 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 | $6.41B | $6.25B | $6.25B | $6.14B | $5.23B | $7.83B | $7.84B | $7.17B | $6.70B | $6.81B |
| Cost of Revenue | $4.05B | $4.06B | $4.09B | $3.91B | $3.49B | $4.70B | $4.79B | $4.35B | $4.08B | $4.12B |
| Gross Profit | $2.36B | $2.19B | $2.16B | $2.22B | $1.73B | $3.12B | $3.05B | $2.83B | $2.63B | $2.69B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.88B | $1.87B | $1.99B | $1.92B | $1.59B | $2.23B | $2.21B | $2.20B | $2.12B | $2.17B |
| Operating Expenses | $1.60B | $1.61B | $1.96B | $1.95B | $1.58B | $2.22B | $2.45B | $2.20B | $2.51B | $2.18B |
| Operating Income | $763.2M | $579.9M | -$764.6M | $393.5M | $147.5M | $903.4M | $865.8M | $621.5M | $110.7M | $515.3M |
| EBITDA | $931.0M | $782.0M | -$578.3M | $343.9M | $118.3M | $1.06B | $1.03B | $789.6M | $654.9M | $662.8M |
| Interest Expense | $49.4M | $52.7M | $39.7M | $35.6M | $32.0M | $16.9M | $13.5M | 0 | 0 | 0 |
| Pre-tax Income | $713.8M | $527.2M | -$802.6M | $129.7M | -$89.7M | $884.4M | $451.2M | $639.8M | $124.2M | $398.1M |
| Income Tax | $170.6M | $7.9M | -$145.2M | $24.2M | -$74.5M | $114.5M | $74.5M | -$170.6M | $63.0M | $103.7M |
| Net Income | $543.2M | $519.3M | -$657.4M | $105.5M | -$15.2M | $769.9M | $376.7M | $810.4M | $61.2M | $294.4M |
| EPS | $7.13 | $7.72 | $-12.02 | $1.40 | $-0.29 | $14.01 | $7.34 | $18.05 | $-0.81 | $7.13 |
| EPS (Diluted) | $7.08 | $7.44 | $-12.02 | $1.40 | $-0.29 | $12.22 | $6.64 | $15.01 | $-0.81 | $7.08 |
| Shares Outstanding (Diluted) | $76.7M | $69.8M | $54.7M | $51.8M | $52.0M | $63.0M | $56.7M | $54.0M | $44.1M | $41.6M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.39B | $2.35B | $1.55B | $1.53B |
| Gross Profit | $518.8M | $988.2M | $556.5M | $602.4M |
| Operating Income | $33.5M | $440.2M | $45.9M | $108.8M |
| EBITDA | $62.2M | $460.4M | $80.6M | $143.9M |
| Net Income | $20.0M | $250.0M | $31.7M | $52.1M |
| EPS | $0.49 | $6.16 | $0.79 | $1.34 |
| EPS (Diluted) | $0.49 | $6.08 | $0.78 | $1.33 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $98.7M | $225.1M | $195.4M | $374.5M | $1.17B | $1.42B | $1.17B | $1.38B | $604.0M | $874.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.96B | $782.3M | $97.8M | $40.7M | $83.6M | $18.3M | $24.1M | $18.8M | $14.3M | $18.7M |
| Inventory | $2.45B | $2.28B | $2.39B | $2.33B | $2.03B | $2.06B | $2.15B | $1.94B | $1.94B | -$231.6M |
| Total Current Assets | $4.64B | $3.45B | $2.86B | $3.15B | $3.58B | $3.73B | $3.51B | $3.54B | $2.71B | $2.99B |
| Property, Plant & Equipment | $822.9M | $877.9M | $800.5M | $2.43B | $1.97B | $1.78B | $1.64B | $1.50B | $1.61B | -$251.6M |
| Goodwill | $517.6M | $821.7M | $296.6M | $248.8M | $238.0M | $484.6M | $751.7M | $754.5M | $482.0M | $428.4M |
| Intangible Assets | $417.0M | $481.5M | $265.0M | $263.8M | $179.0M | $314.2M | $407.4M | $402.8M | $307.2M | $286.4M |
| Total Assets | $6.60B | $5.84B | $4.42B | $6.30B | $6.18B | $6.58B | $6.62B | $6.81B | $5.73B | $5.95B |
| Accounts Payable | $255.7M | $237.0M | $153.7M | $227.9M | $812.6M | $899.8M | $879.0M | $735.1M | $767.0M | $772.1M |
| Short-term Debt | $91.1M | $44.0M | $78.8M | $95.6M | 0 | 0 | 0 | $147.7M | 0 | 0 |
| Total Current Liabilities | $1.20B | $1.04B | $1.03B | $1.65B | $2.00B | $2.07B | $2.25B | $1.98B | $1.83B | $1.89B |
| Long-term Debt | $1.32B | $688.2M | $649.6M | $515.9M | $146.7M | $147.1M | $147.4M | 0 | 0 | 0 |
| Total Liabilities | $3.50B | $2.73B | $2.60B | $4.46B | $4.35B | $4.36B | $4.39B | $3.99B | $3.87B | $3.99B |
| Retained Earnings | $4.00B | $4.40B | $2.28B | $2.24B | $2.19B | $2.88B | $3.14B | $3.83B | $3.75B | $3.99B |
| Total Equity | $3.10B | $3.11B | $1.82B | $1.84B | $1.83B | $2.22B | $2.23B | $2.82B | $1.85B | $1.97B |
| Total Debt | $1.41B | $732.2M | $728.4M | $2.39B | $1.67B | $1.45B | $1.33B | $1.24B | $1.18B | $1.22B |
| Net Debt | $1.31B | $507.1M | $533.0M | $2.01B | $498.8M | $33.9M | $163.5M | -$135.0M | $575.9M | $342.5M |
| Working Capital | $3.44B | $2.41B | $1.82B | $1.50B | $1.58B | $1.66B | $1.26B | $1.56B | $880.7M | $1.11B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $543.2M | $519.3M | -$657.4M | $105.5M | -$15.2M | $769.9M | $376.7M | $810.4M | $61.2M | $294.4M |
| Depreciation & Amortization | $188.8M | $203.4M | $183.6M | $178.0M | $176.0M | $163.5M | $164.5M | $161.9M | $148.2M | $147.5M |
| Stock-based Compensation | $8.0M | $16.1M | $16.5M | $16.9M | $14.5M | $45.8M | $42.0M | $41.1M | $22.2M | $26.9M |
| Change in Working Capital | -$65.6M | $327.1M | -$149.9M | $181.5M | $890.6M | $206.1M | $162.6M | -$291.0M | $15.1M | $92.5M |
| Operating Cash Flow | $678.3M | $1.94B | $697.7M | $555.7M | $1.37B | $1.26B | $797.9M | $546.9M | $590.9M | $678.8M |
| Capital Expenditure | -$278.0M | -$237.4M | -$133.5M | -$136.3M | -$83.0M | -$129.6M | -$138.9M | -$125.5M | -$153.0M | -$153.5M |
| Acquisitions | 0 | -$331.8M | $5.5M | $500,000 | 0 | -$515.8M | -$391.8M | $47.8M | 0 | -$2.0M |
| Stock Repurchased | -$1.00B | -$460.0M | -$485.0M | 0 | 0 | -$311.8M | -$376.1M | -$139.3M | -$951.8M | -$205.2M |
| Dividends Paid | -$75.6M | -$111.2M | -$110.2M | -$108.6M | -$27.2M | -$43.6M | -$69.5M | -$72.8M | -$67.1M | -$51.9M |
| Free Cash Flow | $400.3M | $1.70B | $564.2M | $419.4M | $1.29B | $1.13B | $659.0M | $421.4M | $437.9M | $525.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.4% | -0.1% | -1.8% | -14.8% | +49.7% | +0.2% | -8.6% | -6.5% | +1.6% | |
| Net Income Growth (YoY) | -4.4% | -226.6% | +116.0% | -114.4% | +5,165.1% | -51.1% | +115.1% | -92.4% | +381.0% | |
| EPS Growth (YoY) | +8.3% | -255.7% | +111.6% | -120.7% | +4,931.0% | -47.6% | +145.9% | -104.5% | +980.2% | |
| Shares Change (YoY) | -9.0% | -21.6% | -5.3% | +0.4% | +21.2% | -10.0% | -4.8% | -18.3% | -5.7% | |
| FCF Growth (YoY) | +325.5% | -66.9% | -25.7% | +207.4% | -12.5% | -41.6% | -36.1% | +3.9% | +20.0% | |
| Gross Margin | 36.8% | 35.0% | 34.6% | 36.2% | 33.1% | 39.9% | 38.9% | 39.4% | 39.2% | 39.5% |
| Operating Margin | 11.9% | 9.3% | -12.2% | 6.4% | 2.8% | 11.5% | 11.0% | 8.7% | 1.7% | 7.6% |
| EBITDA Margin | 14.5% | 12.5% | -9.3% | 5.6% | 2.3% | 13.6% | 13.1% | 11.0% | 9.8% | 9.7% |
| Net Margin | 8.5% | 8.3% | -10.5% | 1.7% | -0.3% | 9.8% | 4.8% | 11.3% | 0.9% | 4.3% |
| FCF Margin | 6.2% | 27.2% | 9.0% | 6.8% | 24.7% | 14.4% | 8.4% | 5.9% | 6.5% | 7.7% |
| Effective Tax Rate | 23.9% | 1.5% | 18.1% | 18.7% | 83.1% | 12.9% | 16.5% | -26.7% | 50.7% | 26.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.22 | $24.40 | $10.31 | $8.10 | $24.79 | $17.90 | $11.62 | $7.80 | $9.93 | $12.63 |
| Dividends Per Share | $0.99 | $1.59 | $2.01 | $2.10 | $0.52 | $0.69 | $1.23 | $1.35 | $1.52 | $1.25 |
| Shares Outstanding (Basic) | $74.5M | $63.0M | $54.7M | $51.7M | $52.0M | $52.5M | $46.6M | $44.9M | $44.1M | $41.3M |
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.
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.89 | 6.85 | -2.03 | 17.36 | -140.07 | 6.10 | 10.35 | 5.56 | -73.12 | 12.94 |
| P/B | 1.87 | 1.07 | 0.73 | 0.68 | 1.15 | 2.02 | 1.59 | 1.60 | 1.41 | 1.94 |
| P/S | 0.90 | 0.53 | 0.21 | 0.20 | 0.40 | 0.57 | 0.45 | 0.63 | 0.39 | 0.56 |
| Gross Margin | 36.8% | 35.0% | 34.6% | 36.2% | 33.1% | 39.9% | 38.9% | 39.4% | 39.2% | 39.5% |
| Operating Margin | 11.9% | 9.3% | -12.2% | 6.4% | 2.8% | 11.5% | 11.0% | 8.7% | 1.7% | 7.6% |
| Net Margin | 8.5% | 8.3% | -10.5% | 1.7% | -0.3% | 9.8% | 4.8% | 11.3% | 0.9% | 4.3% |
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Explore sector: Consumer Cyclical · Luxury Goods
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