Simply Good Foods

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

SMPL · Last close · October 26, 2026

$10.09

Simply Good Foods' revenue rose 9.0% to $1.5 billion in fiscal 2025. Its operating margin was 10.8%, down from 15.5% a year earlier. Free cash flow was $158 million, down 24.8%. It paid out $51 million in dividends and buybacks, 32% of free cash flow. The diluted share count rose 0.2%.

The Simply Good Foods Company Latest fiscal year ended August 30, 2025 10-K filed October 28, 2025 · 0001702744-25-000046 Updated October 20, 2026

Revenue

$1.5B

9.0%

Operating margin

10.8%

4.7 pts

Net income

$104M

25.6%

Free cash flow

$158M

24.8%

Return on capital

6.1%

2.2 pts

Market cap

$907M

Oct 26 close

P/E

—

Loss: no P/E

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.

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 2018 to 2025, earnings per share grew 10.4% a year and net income 15.7% a year, as new shares raised the share count by 39% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red. Where the filings' structured data doesn't give a year's net income, the column is blank.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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 Simply Good Foods 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 Simply Good Foods' 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 Simply Good Foods' fiscal 2025 free cash flow of $158M, net cash of −$151M at August 30, 2025 and 102 million diluted shares, from its filings. The scenarios are fitted to Simply Good Foods: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.5% 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 (Packaged Foods & Meats), plus 1 point as a smaller company, worth $907M; 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 August 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Simply Good Foods's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 9% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 11% then 7% 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: $10.09
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.

The P/E method needs positive earnings, and Simply Good Foods' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	75	68	88	132	98
Debt incl. finance leases	452	404	282	398	249
Net debt (negative means net cash)	377	336	194	265	151
Net debt to EBITDA	2.0x	1.5x	0.9x	1.2x	0.8x
Debt to equity	0.4x	0.3x	0.2x	0.2x	0.1x
Interest coverage	5.5x	9.3x	6.8x	7.9x	6.8x
Current ratio	2.6x	3.4x	4.1x	4.0x	3.6x
Quick ratio	1.8x	2.2x	2.8x	2.8x	2.3x

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, 4 insiders bought $1.4 million of Simply Good Foods shares on the open market, and 1 insider sold $114,075.

Date	Insider	Trade	Shares	Price	Value	Filing
May 14, 2026	Clayton C Daley JrDirector	Bought	10,000	$11.78	$117,800	Form 4
Apr 23, 2026	James M KiltsDirector	Bought	80,000	$12.39	$991,200	Form 4
Nov 17, 2025	Michael L ClawsonChief Commercial Officer	Bought	5,000	$20.00	$100,000	Form 4
Nov 11, 2025	Timothy Allen MatthewsVP, Controller and CAO	Sold	5,859	$19.47	$114,075	Form 4
Nov 6, 2025	Christopher J BealerChief Financial Officer	Bought	9,946	$20.01	$199,019	Form 4

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	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	6 of 9	4 of 9
Accruals ratio	−1.8%	−3.4%	−3.1%

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

Compare

Put Simply Good Foods 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
Simply Good Foods	FY25	9.0%	10.8%	10.9%	6.1%	0.8x	4
J&J Snack Foods	FY25	0.5%	5.3%	5.2%	7.3%	−0.7x	4	Compare
John B. Sanfilippo & Son	FY26	6.2%	7.6%	3.0%	16.6%	0.4x	3	Compare
Freshpet	FY25	13.0%	6.9%	1.1%	5.9%	0.9x	8	Compare
Marzetti	FY26	1.1%	12.4%	10.7%	18.2%	0.6x	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	—	—	431	523	817	1,006	1,169	1,243	1,331	1,451
Revenue growth	—	—	—	21.3%	56.0%	23.1%	16.2%	6.3%	7.1%	9.0%
Gross profit	—	—	183	218	324	410	446	453	512	526
Research and development	—	—	2	2	4	4	4	4	5	6
Operating income	—	—	67	73	78	174	203	205	206	157
Net income	10	—	37	−25	66	41	109	134	139	104
Diluted EPS (US$)	—	—	0.51	−0.31	0.35	0.42	1.08	1.32	1.38	1.02
Diluted shares (millions)	—	—	73	81	98	97	101	101	101	102
Cash flow
Cash from operations	—	—	61	73	59	132	111	171	216	178
Capital expenditure	—	—	2	1	2	6	5	12	6	20
Free cash flow	—	—	59	72	57	126	105	160	210	158
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	2	0	0	60	16	0	51
Acquisitions	0	0	0	0	0	0	0	0	280	2
Stock-based compensation	—	—	4	6	8	8	12	14	18	15
Balance sheet at fiscal year end
Cash and short-term investments	—	56	112	266	96	75	68	88	132	98
Debt incl. finance leases	—	192	192	191	598	452	404	282	398	249
Total assets	—	922	975	1,142	2,008	2,052	2,094	2,097	2,436	2,396
Total liabilities	—	324	302	429	869	863	656	526	709	589
Shareholders' equity	—	580	621	713	1,139	1,189	1,439	1,571	1,728	1,807
Margins and ratios
Gross margin	—	—	42.4%	41.6%	39.7%	40.8%	38.1%	36.5%	38.4%	36.2%
Operating margin	—	—	15.6%	13.9%	9.6%	17.3%	17.4%	16.5%	15.5%	10.8%
Net margin	—	—	8.7%	−4.8%	8.0%	4.1%	9.3%	10.8%	10.5%	7.1%
Free cash flow margin	—	—	13.7%	13.8%	7.0%	12.6%	9.0%	12.8%	15.8%	10.9%
Return on capital	—	—	9.5%	8.6%	5.7%	5.5%	8.8%	8.8%	8.2%	6.1%
Return on equity	—	—	6.2%	−3.8%	7.1%	3.5%	8.3%	8.9%	8.4%	5.9%
Return on assets	—	—	3.9%	−2.4%	4.2%	2.0%	5.2%	6.4%	6.2%	4.3%
Net debt to EBITDA	—	—	1.1x	−0.9x	5.3x	2.0x	1.5x	0.9x	1.2x	0.8x

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: Simply Good Foods' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Simply Good Foods.