SFMSprouts Farmers Market, Inc.

Retail-Grocery Stores

Revenue: $8.8B; 14% YoY
Operating margin: 7.8%; 19% YoY
EBITDA: $844M; 31% YoY
Market cap: $4.6B
Employees: 36,000; $245K revenue each
Net debt / EBITDA: -0.1×; −$104M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
137% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
66% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$245K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$22M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.5B	$6.1B	$6.8B	$7.7B	$8.8B	14%
Operating income	$392M	$334M	$350M	$504M	$686M	36%
Net income	$287M	$244M	$261M	$381M	$524M	38%
Operating cash flow	$494M	$365M	$465M	$645M	$716M	11%
Capex	$122M	$102M	$225M	$230M	$248M	7.8%
Stock-based comp	$14M	$16M	$19M	$28M	$31M	9.5%
Buybacks	$0	$188M	$203M	$228M	$472M	107%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $440K · 2
Open-market sells, 12 mo: $23M · 63
Net: −$22M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	−$4M	396	221
FY2024	$12M	$64M	659	241
FY2023	$7M	$5M	166	165
FY2022	$6M	$13M	152	164