Five Below

FIVE · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

FIVE · Last close · October 26, 2026

$230.00

Five Below's revenue rose 22.9% to $4.8 billion in fiscal 2025. Its operating margin was 9.6%, up from 8.3% a year earlier. Free cash flow was $412 million, up 286.0%. The diluted share count rose 0.5%.

Five Below, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 19, 2026 · 0001177609-26-000010 Updated October 9, 2026

Revenue

$4.8B

22.9%

Operating margin

9.6%

1.2 pts

Net income

$359M

41.4%

Free cash flow

$412M

286.0%

Return on capital

26.9%

6.7 pts

Market cap

$12.8B

Oct 26 close

P/E

20.6x

On $11.16 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. 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.

About these figures. Five Below reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Five Below does

Five Below is a discount retailer aimed at kids, teens and their parents. Its stores sell candy, clothing and accessories, party goods, room decor, craft supplies, tech accessories, sports items and newer trend products, most priced at $5 and below, along with some licensed and branded items. It also sells online, with home delivery or pickup in stores.

Five Below reports one business and earns its revenue from selling those goods. At the end of fiscal 2025 (January 31, 2026) it operated 1,921 stores in 46 states, typically about 9,500 square feet and located in shopping centers. It opened 150 net new stores in fiscal 2025 and plans about the same number in fiscal 2026. It says it could eventually have more than 3,500 stores. Net sales grew from $3.6 billion in fiscal 2023 to $4.8 billion in fiscal 2025.

The company buys from a broad range of vendors, most of them based in the U.S., and moves goods through its own distribution centers, which it calls shipcenters. It says it competes with other retailers, and its business is seasonal, with the holiday season the most important.

Its biggest risks, as it describes them

Rising prices for goods and commodities, which are hard to pass on when prices are kept very low.
Fewer shoppers at the shopping centers where its stores are located, such as when anchor tenants close.
Its growth depends on opening many new stores and expanding its distribution network on schedule.
Disruptions to its distribution network or to the timely arrival of inventory.
Heavy dependence on the holiday season, when adverse events could hurt results.

From Five Below's annual report on Form 10-K, filed March 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 19.5% a year and net income 19.6% a year, as new shares raised the share count by 1% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Five Below yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Five Below's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Five Below's fiscal 2025 free cash flow of $412M, net cash of $932M at January 31, 2026 and 55 million diluted shares, from its filings. The scenarios are fitted to Five Below: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 15.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Specialty Stores); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Five Below's own revenue growth, as above. Cautious: growth of 8% then 5% a year, 2% after year 10, a 10% discount rate. Base: growth of 15.5% then 9% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 23.5% then 13% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $230.00
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Five Below's earnings per share of $11.16 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Five Below's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Academy Sports + Outdoors, Sally Beauty, Signet Jewelers.

Earnings growth in the years ahead (% a year) Starts at Five Below's revenue growth over the last 3 years, 15.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $230.00
Value at this multiple, against the last close: —
Five Below's P/E at the last close: 20.6×

Company	Last close	Earnings per share	P/E today
Five BelowFIVE	$230.00	$11.16	20.6×
Signet JewelersSIG	$115.00	$8.62	13.3×
Academy Sports + OutdoorsASO	$59.61	$5.99	10.0×
Sally BeautySBH	$17.43	$1.92	9.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	342	399	460	529	932
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−342	−399	−460	−529	−932
Net debt to EBITDA	−0.7x	−0.9x	−0.9x	−1.1x	−1.4x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	643.9x	642.5x	777.4x	771.0x	963.0x
Current ratio	1.5x	1.8x	1.7x	1.8x	2.0x
Quick ratio	0.8x	0.9x	0.9x	0.9x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $93,312 of Five Below shares on the open market, and 9 insiders sold $23.8 million, $1.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Eric M SpecterCAO	Sold	5,500	$248.99	$1.4 million	Form 4
Sep 10, 2026	Jacob Kimball HawkinsCmoo	Sold	818	$248.88	$203,584	Form 4
Sep 9, 2026	Maureen Marie GellermanCHRO	Sold	1,610	$248.94	$400,793	Form 4
Sep 4, 2026	Kenneth R BullCOO	Sold	10,510	$248.06	$2.6 million	Form 4
Sep 4, 2026	Michael F Devine IIIDirector	Sold	4,250	$250.61	$1.1 million	Form 4
Jun 29, 2026	Robert LynchDirector	Bought	530	$176.06	$93,312	Form 4
Mar 26, 2026	Richard L MarkeeDirector	Sold	3,000	$232.04	$696,120	Form 4
Mar 24, 2026	Ronald SargentDirector	Sold	10,000	$231.75	$2.3 million	Form 4
Mar 23, 2026	Ronald SargentDirector	Sold	10,000	$231.28	$2.3 million	Form 4
Mar 20, 2026	Kenneth R BullCOO	Sold	10,000	$234.14	$2.3 million	Form 4
Jan 15, 2026	Kenneth R BullCOO	Sold	1,925	$202.29	$389,406	Form 4
Jan 13, 2026	Eric M SpecterCAO	Sold	8,500	$201.16	$1.7 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	5 of 9	7 of 9
Accruals ratio	−5.5%	−4.3%	−4.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Five Below 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
Five Below	FY25	22.9%	9.6%	8.6%	26.9%	−1.4x	7
Academy Sports + Outdoors	FY25	2.0%	8.5%	3.7%	17.6%	0.2x	7	Compare
Sally Beauty	FY25	−0.4%	8.9%	4.7%	16.1%	1.7x	8	Compare
Signet Jewelers	FY26	1.6%	5.8%	7.7%	24.9%	−1.6x	8	Compare
MarineMax	FY25	−5.0%	1.5%	0.5%	1.4%	11.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,000	1,278	1,560	1,847	1,962	2,848	3,076	3,559	3,876	4,764
Revenue growth	20.2%	27.8%	22.0%	18.4%	6.2%	45.2%	8.0%	15.7%	8.9%	22.9%
Gross profit	357	463	565	674	652	1,030	1,096	1,274	1,353	1,715
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	114	157	187	217	155	380	345	386	324	457
Net income	72	102	150	175	123	279	262	301	254	359
Diluted EPS (US$)	1.30	1.84	2.66	3.12	2.20	4.95	4.69	5.41	4.60	6.47
Diluted shares (millions)	55	56	56	56	56	56	56	56	55	55
Cash flow
Cash from operations	107	167	184	187	366	328	315	500	431	586
Capital expenditure	45	68	114	212	200	288	252	335	324	175
Free cash flow	62	100	70	−25	166	40	63	165	107	412
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	2	37	13	60	40	80	40	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	12	16	12	12	10	26	24	18	16	35
Balance sheet at fiscal year end
Cash and short-term investments	154	245	337	262	410	342	399	460	529	932
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	500	696	952	1,959	2,315	2,880	3,325	3,872	4,340	4,937
Total liabilities	169	237	337	1,199	1,433	1,760	1,963	2,287	2,531	2,744
Shareholders' equity	331	459	615	760	882	1,120	1,362	1,585	1,808	2,193
Margins and ratios
Gross margin	35.7%	36.2%	36.2%	36.5%	33.2%	36.2%	35.6%	35.8%	34.9%	36.0%
Operating margin	11.4%	12.3%	12.0%	11.8%	7.9%	13.3%	11.2%	10.8%	8.3%	9.6%
Net margin	7.2%	8.0%	9.6%	9.5%	6.3%	9.8%	8.5%	8.5%	6.5%	7.5%
Free cash flow margin	6.2%	7.8%	4.5%	−1.4%	8.4%	1.4%	2.0%	4.6%	2.8%	8.6%
Return on capital	44.4%	51.9%	59.4%	44.2%	25.7%	46.2%	29.8%	27.7%	20.2%	26.9%
Return on equity	24.9%	25.9%	27.9%	25.5%	15.0%	27.9%	21.1%	20.4%	14.9%	17.9%
Return on assets	16.1%	17.1%	18.2%	12.0%	5.8%	10.7%	8.4%	8.4%	6.2%	7.7%
Net debt to EBITDA	−1.1x	−1.3x	−1.4x	−1.0x	−1.8x	−0.7x	−0.9x	−0.9x	−1.1x	−1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Five Below's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Five Below.