$16.37+0.30 (+1.90%)
Market open · 15-min delayed · as of 11:12 AM ET
Sally Beauty Holdings Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue fell 0.4% in FY25, net margin 5.3%, and free cash flow (~$172.7M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▼0.4%
3,701.4
FY21→FY25CAGR −1.1%/yr
Net income ($M)▲27.7%
195.9
FY21→FY25CAGR −4.9%/yr
Free cash flow ($M)▲18.8%
172.7
FY21→FY25CAGR −13.5%/yr
Diluted EPS▲32.2%
1.89
buyback-liftedCAGR −2.6%/yr
What the receipts whisper · what a headline number hides
Share count
−9.1%
114.2mn → 103.8mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$102.1M
steady at 2.8% of revenue (+1.0% YoY).
Returns vs FCF
31%
$54.0M returned vs $172.7M of FCF in FY25. Buybacks covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
5¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 50.4% → 51.6%. Net margin 5.3% is above the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 3,729.1 | 3,701.4 | 3,717.0 | 3,728.1 | 3,815.6 | 3,875.0 | ▼0.4% | −1.1% |
Cost of revenue | 1,785.7 | 1,790.7 | 1,826.7 | 1,830.0 | 1,896.4 | 1,921.7 | ▼2.0% | −1.7% |
Gross profit | 1,943.4 | 1,910.7 | 1,890.3 | 1,898.2 | 1,919.2 | 1,953.3 | ▲1.1% | −0.5% |
Selling, general & admin | 1,629.2 | 1,582.9 | 1,607.7 | 1,555.9 | 1,553.9 | 1,530.3 | ▼1.5% | +0.8% |
Total operating expenses | 1,629.2 | 1,582.9 | 1,607.6 | 1,573.2 | 1,581.5 | 1,534.9 | ▼1.5% | +0.8% |
Operating incomefeeds ROC rank | 314.2 | 327.8 | 282.7 | 325.0 | 337.6 | 418.4 | ▲15.9% | −5.9% |
Other income, net | −57.4 | −64.4 | −76.4 | −73.0 | −93.5 | −93.5 | — | — |
Pretax income | 256.8 | 263.4 | 206.3 | 252.1 | 244.1 | 324.9 | ▲27.7% | −5.1% |
Income tax | 64.5 | 67.5 | 52.9 | 67.5 | 60.5 | 85.1 | ▲27.6% | −5.6% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 192.3 | 195.9 | 153.4 | 184.6 | 183.6 | 239.9 | ▲27.7% | −4.9% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 1.92 | 1.89 | 1.43 | 1.69 | 1.66 | 2.10 | ▲32.2% | −2.6% |
Diluted shares (mn) | 97.91 | 103.82 | 106.93 | 109.34 | 110.29 | 114.21 | ▼2.9% | −2.4% |
| Margins | ||||||||
Gross margin74th pct in Consumer Cyclical | 52.1% | 51.6% | 50.9% | 50.9% | 50.3% | 50.4% | ▲0.8pp | +1.2pp |
Operating margin | 8.4% | 8.9% | 7.6% | 8.7% | 8.8% | 10.8% | ▲1.2pp | −1.9pp |
Net margin54th pct in Consumer Cyclical | 5.2% | 5.3% | 4.1% | 5.0% | 4.8% | 6.2% | ▲1.2pp | −0.9pp |
† TTM = trailing four quarters through 2026-06-30.
5 more years of statements and CSV export are on Premium.Premium · $119/yr · 7-day trial · cancel anytimeUnlock with Premium →
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-11-13 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.