SGSweetgreen, Inc.

Retail-Eating Places

Revenue: $679M; 0.4% YoY
Operating margin: -20.5%; 45% YoY
EBITDA: −$68M; 139% YoY
Market cap: $1.0B
Employees: 6,486; $105K revenue each
Net debt / EBITDA: —
AI in 10-K: 4.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$911K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$105K · 70th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$870K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$340M	$470M	$584M	$677M	$679M	0.4%
Operating income	−$134M	−$193M	−$122M	−$96M	−$139M	46%
Net income	−$153M	−$190M	−$113M	−$90M	−$134M	48%
Operating cash flow	−$65M	−$43M	$26M	$43M	−$13M	129%
Capex	$85M	$97M	$90M	$84M	$106M	26%
Stock-based comp	$29M	$79M	$50M	$39M	$36M	6.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 4
Open-market sells, 12 mo: $255K · 4
Net: $870K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	−$36M	25	87
FY2024	$911K	$52M	116	103
FY2023	$623K	$7M	40	89
FY2022	$350K	−$62M	32	76
FY2021	$39M	$111M	112	98