SBHNYSERetail-Retail Stores, NECFiscal year ends September 30
Sally Beauty Holdings, Inc.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$16.46−0.19 (-1.14%)
Close on Oct 19, 2026
- Market cap
- $1.61B
- P/E (TTM)
- 8.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
51.6%+2.8 pts over 5 years
Operating margin
8.9%+1.5 pts over 5 years
Net margin
5.3%+0.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.4% | -1.0% | +1.0% | -0.4% | |
| Gross profit | +1.1% | -0.1% | +2.2% | +0.1% | |
| Operating income | +15.9% | -1.0% | +4.8% | -4.0% | |
| Net income | +27.7% | +2.2% | +1.2% | – | |
| EPS, diluted | +32.2% | +4.4% | +13.8% | +2.4% | |
| Free cash flow | +18.8% | +44.5% | -11.4% | -1.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -77.7% | -822.6% | 27.5% | |
| Return on assets | 10.6% | 7.4% | 6.9% | |
| Current ratio | 2.40 | 2.54 | 2.26 | |
| Debt to equity | -6.46 | 116.37 | 1.09 | |
| Net debt to EBITDA | 2.84× | 3.51× | 1.68× | |
| Interest coverage | 3.5× | 2.6× | 5.1× | |
| Inventory turnover | 2.2× | 2.0× | 1.8× | |
| Capex to revenue | 3.8% | 3.2% | 2.8% | |
| Diluted shares | 149M | 115M | 104M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sally Beauty generated $1.31B from operations and spent $727.07M on capital expenditure, dividends and share buybacks. 64% of that went back into the business.
Generated
$1.31B
Used
$727.07M
Capital expenditure$467.21M64%Dividends$00%Share buybacks$259.87M36%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.3%
×Asset turnover1.31×
×Equity multiplier3.98×
=Return on equity, FY202527.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.3% | 1.31× | 3.98× | 27.5% |
| FY2024 | 4.1% | 1.35× | 4.85× | 27.0% |
| FY2023 | 5.0% | 1.41× | 6.61× | 46.0% |
| FY2022 | 4.8% | 1.41× | 9.44× | 63.9% |
| FY2021 | 6.2% | 1.35× | 19.39× | 162.0% |
| FY2020 | 5.3% | 1.41× | -111.27× | -822.6% |
| FY2019 | 7.0% | 1.85× | -12.76× | -165.2% |
| FY2018 | 6.6% | 1.87× | -6.64× | -81.6% |
| FY2017 | 5.5% | 1.88× | -6.56× | -67.2% |
| FY2016 | 5.6% | 1.89× | -7.30× | -77.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$195.88M
- Cash generatingOperating cash flow above zero$274.83M
- Return on assets improvedROA up on the prior year5.6% → 7.0%
- Earnings backed by cashOperating cash flow above net income$274.83M vs $195.88M
- Less leverageLong-term debt to assets fell35.0% → 30.0%
- Better liquidityCurrent ratio rose2.20 → 2.26
- No dilutionShare count did not rise107M → 104M
- Gross margin improvedGross margin up on the prior year50.86% → 51.62%
- More efficientAsset turnover rose1.36 → 1.33