Citi Trends
Citi Trends' revenue rose 8.9% to $820 million in fiscal 2025. Its operating margin was 0.5%, up from −5.2% a year earlier. Free cash flow was $1 million. It paid out $6 million in dividends and buybacks, 1012% of free cash flow. The diluted share count fell 0.2%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Citi Trends does
Citi Trends is an off-price retailer (it sells brand-name and fashion goods at lower prices than traditional stores) of apparel for women, men and children, family footwear, accessories and home products. It says it focuses on Black customers and locates its stores in Black communities, mainly in outdoor community shopping centers in urban, suburban and rural markets.
As of January 31, 2026, it operated 590 stores in 33 states. A store averages about 11,000 square feet of selling space. It sells in three tiers: basics at the lowest prices for budget shoppers, a core tier it calls better, and a top tier it calls best, where it is adding trend items priced below specialty retail and well-known brands at steep discounts to the manufacturer's suggested retail price.
The company says its stores' community locations and the size of its store network are hard for others to copy. It generally uses previously occupied store sites.
Its biggest risks, as it describes them
- Failing to read changes in fashion tastes quickly enough.
- Competition from other apparel retailers, and its dependence on the outdoor community shopping centers where its stores sit.
- Mismanaging inventory or not being able to fill its merchandising needs.
- Seasonal swings that make the first and fourth quarters more exposed to bad events.
- Reliance on third parties to produce and deliver its products, and the need to hire and keep staff while controlling labor costs.
Income statement
From fiscal 2016 to 2025, earnings per share fell 4.0% a year and net income 9.9% a year, while buybacks cut the share count by 44%.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 50 | 104 | 80 | 61 | 66 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | 259.9x | 246.1x | −63.6x | −123.8x | 11.3x |
| Current ratio | 1.0x | 1.4x | 1.3x | 1.1x | 1.1x |
| Quick ratio | 0.4x | 0.7x | 0.6x | 0.4x | 0.5x |
Cash flow
Projections
Project Citi Trends' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Citi Trends reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | −9.2% | −1.2% | 9.0% |
| Altman Z'' | 2.91 | 2.03 | 2.62 |
| Accruals ratio | −0.5% | −8.0% | −3.4% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Pass |
| Cash from operations is positive | Fail | Fail | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Fail | Fail | Fail |
| Share count didn't rise | Fail | Fail | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Fail | Pass | Pass |
| F-score | — | — | — |
Compare
Put Citi Trends side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Citi Trends | FY25 | 8.9% | 0.5% | 0.1% | — | — | — | |
| Zumiez | FY25 | 4.5% | 1.8% | 4.6% | — | — | — | Compare |
| Shoe Station Group | FY25 | −5.6% | 5.9% | 2.3% | — | — | — | Compare |
| Buckle | FY25 | 6.6% | 20.1% | 15.9% | — | — | — | Compare |
| Boot Barn | FY26 | 17.9% | 13.3% | 5.6% | — | — | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 695 | 755 | 770 | 782 | 783 | 992 | 795 | 748 | 753 | 820 |
| Revenue growth | 1.7% | 8.6% | 1.9% | 1.6% | 0.2% | 26.6% | −19.8% | −5.9% | 0.7% | 8.9% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 19 | 23 | 25 | 18 | 32 | 80 | 75 | −20 | −40 | 4 |
| Net income | 13 | 15 | 21 | 16 | 24 | 62 | 59 | −12 | −43 | 5 |
| Diluted EPS (US$) | 0.91 | 1.03 | 1.64 | 1.41 | 2.32 | 6.91 | 7.17 | −1.46 | −5.19 | 0.63 |
| Diluted shares (millions) | 15 | 14 | 13 | 12 | 10 | 9 | 8 | 8 | 8 | 8 |
| Cash flow | ||||||||||
| Cash from operations | 40 | 42 | 30 | 43 | 111 | 74 | 6 | −10 | −4 | 21 |
| Capital expenditure | 24 | 21 | 13 | 24 | 17 | 30 | 22 | 15 | 10 | 20 |
| Free cash flow | 16 | 21 | 17 | 18 | 94 | 45 | −17 | −24 | −14 | 1 |
| Dividends paid | 4 | 4 | 4 | 4 | 1 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 25 | 40 | 28 | 33 | 115 | 10 | 0 | 4 | 6 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 3 | 2 | 2 | 2 | 3 | 5 | 4 | 4 | 3 | 5 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 87 | 80 | 68 | 48 | — | 50 | 104 | 80 | 61 | 66 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 332 | 327 | 298 | 459 | 495 | 474 | 544 | 519 | 463 | 471 |
| Total liabilities | 109 | 118 | 111 | 288 | 331 | 358 | 378 | 361 | 350 | 355 |
| Shareholders' equity | 224 | 210 | 187 | 171 | 164 | 116 | 166 | 158 | 113 | 116 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 2.7% | 3.0% | 3.3% | 2.4% | 4.1% | 8.0% | 9.5% | −2.6% | −5.2% | 0.5% |
| Net margin | 1.9% | 1.9% | 2.8% | 2.1% | 3.1% | 6.3% | 7.4% | −1.6% | −5.7% | 0.6% |
| Free cash flow margin | 2.3% | 2.8% | 2.2% | 2.4% | 12.0% | 4.5% | −2.1% | −3.3% | −1.9% | 0.1% |
| Rule of 40 (growth + FCF margin) | 3.9% | 11.5% | 4.1% | 4.0% | 12.2% | 31.1% | −21.9% | −9.2% | −1.2% | 9.0% |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | 6.1% | 6.7% | 10.8% | 9.2% | 14.3% | 44.5% | 41.7% | −7.4% | −31.9% | 4.5% |
| Return on assets | 4.1% | 4.4% | 6.8% | 4.4% | 5.0% | 12.8% | 11.6% | −2.2% | −8.8% | 1.1% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |