Sprouts Farmers Market

SFM · Nasdaq · Consumer Staples · Financials, fiscal 2016 to 2025

SFM · Last close · October 26, 2026

$65.91

Sprouts Farmers Market's revenue rose 14.1% to $8.8 billion in fiscal 2025. Its operating margin was 7.8%, up from 6.5% a year earlier. Free cash flow was $468 million, up 12.8%. It paid out $472 million in dividends and buybacks, 101% of free cash flow. The diluted share count fell 2.6%.

Sprouts Farmers Market, Inc. Latest fiscal year ended December 28, 2025 10-K filed February 19, 2026 · 0001575515-26-000008 Updated October 9, 2026

Revenue

$8.8B

14.1%

Operating margin

7.8%

1.2 pts

Net income

$524M

37.6%

Free cash flow

$468M

12.8%

Return on capital

46.9%

11.6 pts

Market cap

$6.2B

Oct 26 close

P/E

12.6x

On $5.23 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. Debt is what Sprouts had drawn on its credit line, its only borrowing; it had repaid it all by the end of 2024. Its filings for 2019 and 2020 do not tag the amount, so debt is blank for those years.

What Sprouts Farmers Market does

Sprouts Farmers Market is a grocery chain that focuses on fresh, natural and organic food. It is based in Phoenix and had 477 stores in 24 states at the end of December 2025. Shoppers buy produce, meat and seafood, deli and bakery items, dairy, packaged groceries, vitamins and supplements, bulk foods, frozen foods, beer and wine, and health and body care products. Sprouts also offers delivery and pickup through its website and app.

All of its revenue comes from selling food and related goods to shoppers at its stores and online, and it reports one segment. Its stores put produce in the center, and it typically dedicates approximately 20% of selling space to it. Its own Sprouts Brand products made up just over 25% of revenue in fiscal 2025. Stores average about 28,000 square feet, and newer, smaller stores are between 21,000 and 25,000 square feet. Sprouts says it plans to keep opening stores.

Sprouts buys from hundreds of vendors and runs six fresh distribution centers that handle nearly all of its produce. In 2025 it began moving meat and seafood distribution in-house too, and it says supply disruptions during that change led to availability problems. It names grocery chains and specialty natural food stores as competitors.

Its biggest risks, as it describes them

Competition from other grocery and natural food retailers that may cut into its sales and profit.
Changes in product and commodity prices and availability, including from tariffs.
Interruptions at its distribution centers or with its distributors, including its shift to self-distribution of meat and seafood.
Food safety concerns and product recalls that could lead to lawsuits and hurt its reputation.
Heavy concentration of its stores in certain regions, which exposes it to local downturns and disasters.

From Sprouts Farmers Market's annual report on Form 10-K, filed February 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 22.9% a year and net income 17.3% a year, as buybacks cut the share count by 34%.

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 Sprouts Farmers Market 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 Sprouts Farmers Market'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 Sprouts Farmers Market's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 1.6 times depreciation, which holds its free cash flow down) of $558M, net cash of $244M at December 28, 2025 and 99 million diluted shares, from its filings. The scenarios are fitted to Sprouts Farmers Market: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.2% 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 8%: 7% for a stable business (Food Retail), plus 1 point as a smaller company, worth $6.2B; 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 depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 28, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Sprouts Farmers Market's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 9% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 17% then 10% a year, 3% after year 10, a 7% 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: $65.91
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 Sprouts Farmers Market's earnings per share of $5.23 (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: 24.6×, the middle of Sprouts Farmers Market's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. 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 June 28, 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: Casey's, Maplebear, United Natural Foods.

Earnings growth in the years ahead (% a year) Starts at Sprouts Farmers Market's revenue growth over the last 3 years, 11.2% 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: $65.91
Value at this multiple, against the last close: —
Sprouts Farmers Market's P/E at the last close: 12.6×

Company	Last close	Earnings per share	P/E today
United Natural FoodsUNFI	$48.25	$1.34	36.0×
Casey'sCASY	$703.93	$20.76	33.9×
MaplebearCART	$60.88	$1.83	33.3×
Sprouts Farmers MarketSFM	$65.91	$5.23	12.6×

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	245	293	202	265	257
Debt incl. finance leases	261	260	135	9	14
Net debt (negative means net cash)	15	−33	−67	−257	−244
Net debt to EBITDA	0.0x	−0.1x	−0.1x	−0.4x	−0.3x
Debt to equity	0.3x	0.2x	0.1x	0.0x	0.0x
Interest coverage	29.2x	32.2x	27.9x	100.7x	379.3x
Current ratio	1.1x	1.3x	1.1x	1.0x	0.9x
Quick ratio	0.6x	0.7x	0.5x	0.5x	0.4x

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, 2 insiders bought $440,248 of Sprouts Farmers Market shares on the open market, and 14 insiders sold $22.6 million, $8.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 5, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$64.48	$695,562	Form 4
Oct 2, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$64.77	$698,724	Form 4
Sep 8, 2026	Dustin HamiltonChief Stores Officer	Sold	292	$80.36	$23,465	Form 4
Sep 2, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$78.25	$844,161	Form 4
Sep 1, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$82.66	$891,736	Form 4
Aug 14, 2026	Joseph D O'LearyDirector	Sold	2,597	$82.57	$214,434	Form 4
Aug 4, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$86.80	$936,398	Form 4
Aug 3, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$89.34	$963,800	Form 4
Jul 7, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$84.87	$915,578	Form 4
Jul 6, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$87.41	$942,979	Form 4
Jun 11, 2026	Nicholas KonatPresident & COO	Sold	12,538	$87.90	$1.1 million	Form 4
Jun 8, 2026	Jack SinclairChief Executive Officer, Director	Sold plan	10,788	$86.92	$937,693	Form 4

The latest 12 of 60 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	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	8 of 9	7 of 9
Accruals ratio	−6.5%	−7.6%	−4.9%

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

Compare

Put Sprouts Farmers Market 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
Sprouts Farmers Market	FY25	14.1%	7.8%	5.3%	46.9%	−0.3x	7
Grocery Outlet	FY25	7.3%	−4.7%	0.5%	−11.6%	—	5	Compare
Casey's	FY26	10.2%	—	4.1%	13.6%	1.3x	7	Compare
Maplebear	FY25	10.8%	13.3%	24.3%	22.5%	−1.2x	6	Compare
United Natural Foods	FY26	−2.0%	0.7%	1.0%	5.3%	3.0x	6	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	4,046	4,665	5,207	5,635	6,469	6,100	6,404	6,837	7,719	8,806
Revenue growth	12.6%	15.3%	11.6%	8.2%	14.8%	−5.7%	5.0%	6.8%	12.9%	14.1%
Gross profit	1,363	1,567	1,748	1,895	2,379	2,209	2,349	2,522	2,942	3,416
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	213	226	223	217	392	334	358	350	504	686
Net income	124	158	158	150	287	244	261	259	381	524
Diluted EPS (US$)	0.83	1.15	1.22	1.25	2.43	2.10	2.39	2.50	3.75	5.31
Diluted shares (millions)	150	138	130	120	118	116	109	103	101	99
Cash flow
Cash from operations	254	310	294	355	494	365	371	465	645	716
Capital expenditure	181	199	177	183	122	102	124	225	230	248
Free cash flow	73	111	117	172	372	262	247	240	415	468
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	294	203	258	176	0	188	200	204	228	472
Acquisitions	0	0	0	0	0	0	0	13	0	0
Stock-based compensation	13	14	14	9	14	16	17	19	28	31
Balance sheet at fiscal year end
Cash and short-term investments	12	20	2	85	170	245	293	202	265	257
Debt incl. finance leases	255	348	453	—	—	261	260	135	9	14
Total assets	1,440	1,582	1,676	2,723	2,806	2,923	3,070	3,327	3,641	4,159
Total liabilities	767	931	1,086	2,141	1,925	1,963	2,024	2,179	2,319	2,756
Shareholders' equity	673	651	589	582	881	960	1,046	1,148	1,322	1,403
Margins and ratios
Gross margin	33.7%	33.6%	33.6%	33.6%	36.8%	36.2%	36.7%	36.9%	38.1%	38.8%
Operating margin	5.3%	4.8%	4.3%	3.9%	6.0%	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%	6.0%
Free cash flow margin	1.8%	2.4%	2.2%	3.0%	5.8%	4.3%	3.9%	3.5%	5.4%	5.3%
Return on capital	15.1%	18.4%	17.9%	—	—	—	26.9%	25.2%	35.3%	46.9%
Return on equity	16.6%	23.9%	25.6%	25.6%	39.3%	26.5%	26.0%	23.6%	30.8%	38.4%
Return on assets	8.7%	10.5%	9.7%	6.8%	10.4%	8.5%	8.7%	8.1%	10.9%	13.4%
Net debt to EBITDA	0.8x	1.0x	1.4x	—	—	0.0x	−0.1x	−0.1x	−0.4x	−0.3x

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