GOGrocery Outlet Holding Corp.

Retail-Grocery Stores

Revenue: $4.7B; 7.3% YoY
Operating margin: -4.7%; 364% YoY
EBITDA: −$114M; 161% YoY
Market cap: $1.3B
Employees: 2,207; $2M revenue each
Net debt / EBITDA: —; $215M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$3.6B	$4.0B	$4.4B	$4.7B	7.3%
Operating income	$95M	$126M	$78M	−$222M	383%
Net income	$62M	$79M	$39M	−$225M	670%
Operating cash flow	$186M	$303M	$112M	$222M	98%
Capex	$130M	$169M	$187M	$198M	6.3%
Stock-based comp	$33M	$31M	$11M	$10M	0.2%
Buybacks	$3M	$6M	$81M	$0	100%
Dividends	$100K	$15K	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $8M · 19
Open-market sells, 12 mo: $923K · 12
Net: $7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	26	110
FY2024	—	—	39	106
FY2023	—	—	69	92
FY2022	—	—	72	117