Sweetgreen (SG)
Market Price (10/15/2026): $10.11 | Market Cap: $1.2 BilSector: Consumer Discretionary | Industry: Restaurants
Sweetgreen (SG)
Market Price (10/15/2026): $10.11Market Cap: $1.2 BilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Health & Wellness Trends, Vegan & Alternative Foods, and E-commerce & DTC Adoption. Themes include Organic & Natural Products, Show more. | Trading close to highsDist 52W High is -1.8% Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -95% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -123 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 77x, P/EPrice/Earnings or Price/(Net Income) is 87x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% Key risksSG key risks include [1] a premium pricing model that has created a significant "value perception problem," leading to declining customer traffic, Show more. |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, Vegan & Alternative Foods, and E-commerce & DTC Adoption. Themes include Organic & Natural Products, Show more. |
| Trading close to highsDist 52W High is -1.8% |
| Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -95% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -123 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 77x, P/EPrice/Earnings or Price/(Net Income) is 87x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksSG key risks include [1] a premium pricing model that has created a significant "value perception problem," leading to declining customer traffic, Show more. |
Qualitative Assessment
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Sweetgreen (SG) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Improved Fiscal Q2 2026 Performance and Strategic Operational Initiatives.
Sweetgreen's fiscal Q2 2026 (ended June 28, 2026) results, reported on August 6, 2026, showcased an improvement in several key metrics, contributing to positive investor sentiment. Although the company reported a net loss of $26.3 million and an adjusted EPS of -$0.22, missing analyst estimates of -$0.10, its same-store sales decline improved to 6.2% compared to a 12.8% decline in fiscal Q1 2026. The company's "Sweet Growth Transformation Plan" outlined plans for approximately 13 new restaurant openings in fiscal year 2026, with about half featuring the automated "Infinite Kitchen" concept, which aims to enhance operational efficiency and profitability through labor efficiencies and throughput gains.
2. Increased Digital Sales Penetration.
In fiscal Q2 2026, Sweetgreen demonstrated strong digital engagement, with its total digital revenue mix increasing to 66.3%, up from 60.8% in the prior year period. This sustained growth in digital channels highlights the company's successful adaptation to consumer preferences for convenient ordering and pickup, contributing to revenue stability and potential future growth.
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Sweetgreen (SG) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Improved Fiscal Q2 2026 Performance and Strategic Operational Initiatives.
Sweetgreen's fiscal Q2 2026 (ended June 28, 2026) results, reported on August 6, 2026, showcased an improvement in several key metrics, contributing to positive investor sentiment. Although the company reported a net loss of $26.3 million and an adjusted EPS of -$0.22, missing analyst estimates of -$0.10, its same-store sales decline improved to 6.2% compared to a 12.8% decline in fiscal Q1 2026. The company's "Sweet Growth Transformation Plan" outlined plans for approximately 13 new restaurant openings in fiscal year 2026, with about half featuring the automated "Infinite Kitchen" concept, which aims to enhance operational efficiency and profitability through labor efficiencies and throughput gains.
2. Increased Digital Sales Penetration.
In fiscal Q2 2026, Sweetgreen demonstrated strong digital engagement, with its total digital revenue mix increasing to 66.3%, up from 60.8% in the prior year period. This sustained growth in digital channels highlights the company's successful adaptation to consumer preferences for convenient ordering and pickup, contributing to revenue stability and potential future growth.
3. Positive Analyst Sentiment and Price Target Upgrades.
Sweetgreen experienced a wave of positive analyst coverage and price target adjustments in late September and early October 2026. Notably, RBC Capital maintained a "Buy" rating and raised its price target from $6.50 to $11.00 on September 29, 2026, while Wells Fargo upgraded the stock to "Buy" with an $11.00 price target on September 28, 2026. The consensus rating for Sweetgreen shifted to "Buy" during this period, reflecting growing confidence from the investment community regarding the company's outlook.
4. Strategic Market Expansion and Menu Innovation.
Sweetgreen continued its strategic expansion by announcing new restaurant openings, including its debut in Jacksonville, Florida, on September 8, 2026, and Salt Lake City, Utah, on September 1, 2026. These new locations expand the company's footprint and potential customer base. Additionally, Sweetgreen introduced menu innovations, such as naming Molly Baz its first Chef in Residence and debuting three new lunch orders on September 29, 2026, along with a "Fall's Best Dressed" campaign focusing on Brussels on September 2, 2026.
5. Resolution of Cyclospora Outbreak Investigation.
The FDA concluded its investigation into the Cyclospora outbreak linked to lettuce around October 8, 2026. This development likely alleviated investor concerns, as the Q2 2026 earnings outlook had estimated the cyclospora disruption could impact comparable store sales by 200-300 basis points, restaurant-level margin by 100-150 basis points, and Adjusted EBITDA by $7-10 million. The resolution of this health concern removed a significant operational overhang.
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Stock Movement Drivers
Fundamental Drivers
The 15.1% change in SG stock from 6/30/2026 to 10/14/2026 was primarily driven by a 41.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.81 | 10.14 | 15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 675 | 682 | 1.0% |
| Net Income Margin (%) | 2.5% | 2.0% | -19.4% |
| P/E Multiple | 62.3 | 88.2 | 41.6% |
| Shares Outstanding (Mil) | 119 | 119 | -0.2% |
| Cumulative Contribution | 15.1% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SG | 15.1% | |
| Market (SPY) | 3.1% | -0.4% |
| Sector (XLY) | -4.9% | 14.0% |
Fundamental Drivers
The 95.4% change in SG stock from 3/31/2026 to 10/14/2026 was primarily driven by a 95.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.19 | 10.14 | 95.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 679 | 682 | 0.3% |
| P/S Multiple | 0.9 | 1.8 | 95.5% |
| Shares Outstanding (Mil) | 118 | 119 | -0.4% |
| Cumulative Contribution | 95.4% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SG | 95.4% | |
| Market (SPY) | 18.6% | 3.1% |
| Sector (XLY) | 2.5% | 21.5% |
Fundamental Drivers
The 27.1% change in SG stock from 9/30/2025 to 10/14/2026 was primarily driven by a 29.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.98 | 10.14 | 27.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 686 | 682 | -0.6% |
| P/S Multiple | 1.4 | 1.8 | 29.1% |
| Shares Outstanding (Mil) | 118 | 119 | -0.9% |
| Cumulative Contribution | 27.1% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SG | 27.1% | |
| Market (SPY) | 16.5% | 17.2% |
| Sector (XLY) | -6.4% | 29.2% |
Fundamental Drivers
The -13.7% change in SG stock from 9/30/2023 to 10/14/2026 was primarily driven by a -29.8% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.75 | 10.14 | -13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 520 | 682 | 31.1% |
| P/S Multiple | 2.5 | 1.8 | -29.8% |
| Shares Outstanding (Mil) | 112 | 119 | -6.2% |
| Cumulative Contribution | -13.7% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SG | -13.7% | |
| Market (SPY) | 86.2% | 33.9% |
| Sector (XLY) | 41.7% | 35.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SG Return | -35% | -73% | 32% | 184% | -79% | 48% | -80% |
| Peers Return | 5% | -25% | 43% | 62% | -30% | -7% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| SG Win Rate | 0% | 42% | 50% | 58% | 42% | 50% | |
| Peers Win Rate | 46% | 29% | 53% | 67% | 38% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SG Max Drawdown | - | -79% | -46% | -32% | -85% | -47% | |
| Peers Max Drawdown | -35% | -46% | -29% | -26% | -48% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CAVA, CMG, SHAK, WING, LOCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | SG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.9% | -9.5% |
| % Gain to Breakeven | 78.3% | 10.5% |
| Time to Breakeven | 112 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.8% | 7.1% |
| Time to Breakeven | 49 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.5% | -24.5% |
| % Gain to Breakeven | 174.0% | 32.4% |
| Time to Breakeven | 681 days | 427 days |
In The Past
Sweetgreen's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% gain to breakeven.
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Asset Allocation
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| Event | SG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.9% | -9.5% |
| % Gain to Breakeven | 78.3% | 10.5% |
| Time to Breakeven | 112 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.2% | -6.7% |
| % Gain to Breakeven | 49.8% | 7.1% |
| Time to Breakeven | 49 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -63.5% | -24.5% |
| % Gain to Breakeven | 174.0% | 32.4% |
| Time to Breakeven | 681 days | 427 days |
In The Past
Sweetgreen's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sweetgreen (SG)
Sweetgreen (SG) operates a chain of fast-casual restaurants, providing healthy food options to consumers. The company's core offering revolves around meals prepared with seasonal and organic ingredients, catering to individuals seeking nutritious and convenient dining experiences.
In addition to traditional dine-in service, Sweetgreen leverages technology through its online and mobile ordering platforms, enabling customers to easily place orders for pickup or delivery. The company also sells gift cards, further expanding its service offerings and facilitating customer engagement.
With a presence across 13 states and Washington, D.C., and operating 140 restaurants as of September 2021, Sweetgreen primarily serves health-conscious consumers in urban and suburban markets who value high-quality, quick-service meals.
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- Chipotle for salads and healthy bowls.
- A healthier, salad-focused version of Panera Bread.
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- Healthy Fast-Casual Meals: Sweetgreen's primary product offering consists of salads, warm bowls, and other healthy food items prepared with seasonal and organic ingredients for consumption in their restaurants or through takeout.
- Gift Cards: The company sells redeemable gift cards that customers can purchase and use to pay for meals at its restaurants.
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Sweetgreen (SG) primarily sells to individuals rather than other companies. As a fast-casual restaurant chain, its business model involves serving food directly to consumers through its physical locations and online/mobile ordering platforms.
Based on the company's offerings and the nature of the fast-casual dining industry, Sweetgreen serves the following categories of customers:
- Health-conscious consumers: Individuals who prioritize healthy eating, fresh, seasonal, and organic ingredients, and may have specific dietary preferences or restrictions (e.g., vegetarian, vegan, gluten-free).
- Urban professionals and office workers: Customers seeking convenient, quick, and healthy lunch or dinner options, often located near their workplaces in urban centers and who frequently utilize online and mobile ordering for efficiency.
- Younger demographics and students: Individuals, including college students and younger adults, who are often early adopters of health-focused food trends, appreciate modern dining experiences, and value the convenience of mobile ordering.
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Jonathan Neman
Chief Executive Officer + Co-Founder Jonathan Neman co-founded Sweetgreen in 2007, and has served as its CEO since December 2017 and President since February 2018. He also serves as the Chair of the Board. Neman graduated from Georgetown University's McDonough School of Business. He has led the company's expansion from a small regional chain to a national brand and guided it through its initial public offering. His career has been primarily focused on Sweetgreen, and there is no public information indicating he founded or managed other companies, sold companies to acquirers, or has a pattern of managing private equity-backed firms.Jamie McConnell
Chief Financial Officer Jamie McConnell was appointed Chief Financial Officer of Sweetgreen, effective September 22, 2025. Before joining Sweetgreen, McConnell served as Chief Accounting and Administrative Officer at Chipotle Mexican Grill since 2018. She brings over 20 years of financial leadership experience in the restaurant, retail, and e-commerce industries, with previous roles at Aviation Capital Group, Rent-A-Center, Allergan, and Deloitte. There is no public information indicating she founded or managed other companies, sold companies to acquirers, or has a pattern of managing private equity-backed firms.Nicolas Jammet
Chief Concept Officer + Co-Founder Nicolas Jammet co-founded Sweetgreen in 2007, along with Jonathan Neman and Nathaniel Ru, after graduating from Georgetown University's McDonough School of Business. He currently serves as the Chief Concept Officer.Jason Cochran
Chief Operating Officer Jason Cochran was appointed Chief Operating Officer of Sweetgreen, effective May 5, 2025. He has more than two decades of executive leadership experience in the restaurant and consumer retail sectors. Prior to Sweetgreen, he was CEO and a board member of American West Restaurant Group, a large Pizza Hut franchisee. His career also includes serving as Vice President of Operations Services at Chipotle Mexican Grill and 14 years at GameStop, where he was Senior Vice President of U.S. stores.Wouleta Ayele
Chief Technology Officer Wouleta Ayele serves as Sweetgreen's Chief Technology Officer.AI Analysis | Feedback
The key risks to Sweetgreen's business, trading under the symbol SG, are primarily driven by challenging macroeconomic conditions, persistent profitability issues, and intense competition within the fast-casual dining sector.
- Macroeconomic Pressures and Declining Customer Traffic/Value Perception: Sweetgreen faces significant headwinds from macroeconomic pressures, leading to a decline in customer traffic and a struggle to justify its premium pricing. The company has reported decreasing same-store sales and negative traffic, as price-sensitive customers, particularly younger demographics, cut back on meals out of home. This risk is exacerbated by a "more selective consumer environment" where consumers are less willing to pay higher prices for Sweetgreen's offerings.
- Persistent Operating Losses, Cost Volatility, and Profitability Challenges: Sweetgreen has consistently recorded net losses and experienced a deterioration in profit margins. The company's cost structure, including rising labor, food, and rent expenses, significantly erodes profitability. Supply chain disruptions and commodity price volatility for ingredients like produce and proteins further strain margins and operational efficiency.
- Intense Competition: Sweetgreen operates in a highly competitive fast-casual dining industry, facing rivals such as Chipotle, CAVA, Chopt, Just Salad, and Panera. This competitive landscape puts pressure on Sweetgreen's market share and pricing strategy, especially as other chains introduce their own "better-for-you" options or offer more affordable alternatives. The increased restaurant supply growth is outpacing demand, intensifying consumer choice and price transparency.
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Sweetgreen faces clear emerging threats from the following:
- The rise of ghost kitchens and virtual brands: These delivery-only food operations leverage lower overhead costs by not requiring physical dining spaces, allowing them to compete aggressively on price, speed, and specialized menus for the growing online food delivery market. They can quickly adapt to trends and operate efficiently through third-party delivery platforms, directly challenging Sweetgreen's significant online and mobile ordering business.
- The expansion of direct-to-consumer (DTC) prepared meal services: Companies offering healthy, pre-cooked meals delivered directly to consumers on a subscription or on-demand basis provide a convenient alternative to restaurant take-out or delivery. Services like Factor_ or Freshly target consumers seeking consistent healthy eating options for their weekly meals, potentially reducing the frequency with which they would order from fast-casual restaurants like Sweetgreen.
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Sweetgreen operates within several significant addressable markets, primarily in the United States, given its focus on fast-casual dining and healthy food options.
The **U.S. Fast Casual Restaurants Market** is a substantial addressable market for Sweetgreen. This market was valued at approximately $84.1 billion in 2025 and is projected to reach $115.5 billion by 2026. Globally, the fast-casual restaurants market was valued at $144.8 billion in 2024 and is projected to reach $230 billion by 2030, with North America dominating this segment. The U.S. fast casual restaurants market size is valued to increase by $84.5 billion, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2024 to 2029.
Another key addressable market is the **U.S. Healthy Food Market**, also referred to as the Health & Wellness Food Market. The U.S. Healthy Food Market size was valued at $279.83 billion in 2025 and is projected to reach $476.74 billion by 2033. Similarly, the demand for health and wellness foods in the USA was valued at $183.7 billion in 2025 and is forecasted to reach $328.6 billion by 2035, growing at a CAGR of 6.0%. North America, as a region, dominated the Healthy Food Market, accounting for 40.69% of the revenue share in 2025.
More specifically, for Sweetgreen's core product of salads, the **North American Soup and Salad Restaurant Market** is also a relevant segment. This market in North America accounted for $19.6 billion in 2024. The global soup and salad restaurant market was valued at $45.8 billion in 2024 and is estimated to reach approximately $82.1 billion by 2033, growing at a CAGR of 6.7%.
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- Expansion through New Restaurant Openings: Sweetgreen plans to continue opening new restaurants, which is a core driver of top-line revenue growth. The company aimed for 24-26 net new restaurant openings in fiscal year 2024 and intends to accelerate unit growth in 2025. In 2025, Sweetgreen opened 35 net new restaurants, bringing its total to 281 locations. For fiscal year 2026, the company expects to open approximately 15 net new restaurants.
- Menu Innovation: Sweetgreen emphasizes menu innovation to attract and retain customers. This has been highlighted as a key growth driver and a continuous focus. The company has a robust innovation pipeline, including the launch of wraps, which are anticipated to broaden its customer base and boost sales.
- Technological Advancements, particularly the Infinite Kitchen: Sweetgreen is investing in technology such as the "Infinite Kitchen" to improve operational efficiency and enhance the customer experience. This technology is designed to deliver faster service, improve order accuracy, and elevate food quality, contributing to higher average unit volumes and labor savings. Sweetgreen has been actively implementing Infinite Kitchens, with plans for nearly half of its 2026 net new restaurants to feature this technology.
- Growth of Digital Channels and Loyalty Programs: The company is focused on increasing sales through its online and mobile ordering platforms and its loyalty program, SG Rewards. Digital sales constituted 59% of total fiscal year revenue in 2023, with a significant portion coming from Sweetgreen's own digital channels. The SG Rewards program, introduced in 2025, is designed to incentivize direct ordering and deepen guest engagement, driving owned digital growth. Total digital revenue reached 61.8% in Q3 2025.
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Share Issuance
- Sweetgreen completed its Initial Public Offering (IPO) in November 2021, selling 13 million shares of Class A common stock at $28 per share, which generated $364 million in net proceeds.
- The company's shares outstanding have increased by 5.59% since its IPO in late 2021.
- As part of the acquisition of Spyce Food Co. in September 2021, Sweetgreen issued 1,843,493 shares of Class S stock, valued at approximately $37 million, with a potential for an additional $20 million in Class A common stock contingent on performance milestones by June 30, 2026.
Inbound Investments
- Prior to its IPO, Sweetgreen raised $156 million in a funding round in January 2021 led by Durable Capital Partners.
Outbound Investments
- Sweetgreen acquired Spyce Food Co. in September 2021 for $51.3 million to integrate its robotic kitchen technology, known as "Infinite Kitchen," into its operations.
- In November 2025, Sweetgreen sold its Spyce business to Wonder for $186.4 million, receiving $100 million in cash and $86.4 million in Series C Preferred Stock from Wonder, while retaining rights to deploy the Infinite Kitchen technology.
Capital Expenditures
- Sweetgreen's capital expenditures were $85 million in 2021, $97 million in 2022, $90 million in 2023, and $84 million in 2024.
- The primary focus of capital expenditures has been on opening new restaurants and integrating the Infinite Kitchen technology.
- For 2025, Sweetgreen planned to open 37 net new restaurants, with about half featuring Infinite Kitchen technology, and for 2026, the company plans to open 15 to 20 net new restaurants, with a focus on lowering capital expenditures.
Peer Outperformance in Restaurants
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -17.3% | 83.1% | 86.7% | CVSA 263% · PRDO 237% · LRN 146% |
| Homebuilding | 18 | -4.7% | 32.5% | 46.0% | GRBK 183% · PHM 145% · TOL 140% |
| Specialty Stores | 7 | 9.7% | 37.8% | 17.7% | ASO 40% · DKS 29% · FIVE 18% |
| Hotels, Resorts & Cruise Lines | 21 | 9.7% | 36.6% | 13.7% | RCL 236% · MAR 151% · LIND 142% |
| Home Furnishings | 3 | -4.3% | 47.1% | 1.4% | SGI 50% · MHK -34% |
| Home Improvement Retail | 5 | -20.3% | 2.4% | -2.0% | HD -1% · LOW -2% · FND -62% |
| Footwear | 9 | 69.5% | 49.8% | -11.3% | DECK 45% · SHOO 19% · CROX -11% |
| Automotive Retail | 18 | -15.4% | 3.5% | -11.4% | MUSA 229% · PAG 119% · ORLY 111% |
| Specialized Consumer Services | 10 | -12.0% | 15.0% | -14.3% | HRB 110% · FTDR 86% · SCI 38% |
| Distributors | 4 | -8.8% | -26.5% | -15.4% | ARMK 116% · GPC 22% · LKQ -52% |
| Restaurants ← | 36 | -8.9% | -8.2% | -18.5% | EAT 321% · CAKE 188% · TXRH 100% |
| Apparel Retail | 26 | 0.5% | 17.4% | -39.9% | ANF 303% · TJX 140% · ROST 124% |
| Leisure Facilities | 12 | 6.5% | -8.0% | -40.7% | OSW 130% · LTH 128% · PLNT -40% |
| Household Appliances | 18 | 3.3% | 1.7% | -40.7% | |
| Computer & Electronics Retail | 3 | 15.4% | 46.5% | -40.8% | BBY 0% · GME -41% |
| Leisure Products | 14 | -17.8% | -16.9% | -44.8% | GOLF 84% · HAS 33% · MAT -12% |
| Automotive Parts & Equipment | 39 | -7.6% | -20.0% | -46.5% | MOD 1343% · GTX 258% · BWA 57% |
| Broadline Retail | 14 | -5.4% | 25.5% | -48.5% | EBAY 70% · AMZN 57% · OLLI 39% |
| Casinos & Gaming | 20 | -7.9% | -23.6% | -49.4% | MCRI 95% · RRR 15% · BYD 10% |
| Apparel, Accessories & Luxury Goods | 29 | 2.1% | 18.9% | -49.5% | RL 254% · TPR 241% · KTB 67% |
| Consumer Electronics | 11 | -22.5% | -25.3% | -76.5% | GRMN 98% · SONO -44% |
| Other Specialty Retail | 17 | -31.9% | -37.6% | -78.3% | ULTA 46% · TSCO -5% · BBWI -68% |
| Automobile Manufacturers | 8 | -73.1% | -54.8% | -79.0% | GM 52% · TSLA 39% · F 6% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.86 |
| Mkt Cap | 3.0 |
| Rev LTM | 1,047 |
| Op Inc LTM | 91 |
| FCF LTM | 45 |
| FCF 3Y Avg | 32 |
| CFO LTM | 191 |
| CFO 3Y Avg | 164 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 7.9% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 19.3% |
| Op Inc Chg 3Y Avg | 20.6% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 7.9% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 15.4% |
| CFO/Rev 3Y Avg | 14.6% |
| FCF/Rev LTM | 5.9% |
| FCF/Rev 3Y Avg | 4.5% |
Price Behavior
| Market Price | $10.14 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 11/18/2021 | |
| Distance from 52W High | -0.7% | |
| 50 Days | 200 Days | |
| DMA Price | $7.36 | $7.00 |
| DMA Trend | up | up |
| Distance from DMA | 37.7% | 44.8% |
| 3M | 1YR | |
| Volatility | 68.6% | 75.5% |
| Downside Capture | -61.31 | 92.19 |
| Upside Capture | 201.74 | 106.83 |
| Correlation (S&P 500) | 2.2% | 17.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.11 | 0.12 | -0.03 | 0.22 | 1.02 | 1.74 |
| Up Beta | 0.72 | -3.88 | -1.51 | 0.81 | 1.18 | 1.76 |
| Down Beta | 10.64 | 7.04 | 0.89 | 0.20 | 1.78 | 1.89 |
| Up Capture | 277% | 161% | 21% | 55% | 60% | 284% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 24 | 33 | 69 | 122 | 374 |
| Down Capture | -159% | -152% | 23% | -109% | 76% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 7 | 17 | 29 | 54 | 124 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SG | |
|---|---|---|---|---|
| SG | 35.2% | 75.5% | 0.71 | - |
| Sector ETF (XLY) | -4.1% | 19.1% | -0.35 | 29.2% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 16.5% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 0.2% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -20.2% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 10.9% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SG | |
|---|---|---|---|---|
| SG | -25.9% | 79.4% | -0.04 | - |
| Sector ETF (XLY) | 5.1% | 24.1% | 0.17 | 42.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 39.2% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 5.0% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 2.5% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 32.9% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SG | |
|---|---|---|---|---|
| SG | -13.9% | 79.4% | -0.04 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 42.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 39.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 5.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 2.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 32.9% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -8.0% | 3.2% | 16.5% |
| 5/7/2026 | 1.9% | 0.3% | 9.3% |
| 2/26/2026 | -9.6% | -6.4% | -23.5% |
| 11/6/2025 | -7.5% | -5.0% | 10.4% |
| 8/7/2025 | -23.1% | -27.7% | -35.2% |
| 5/8/2025 | -16.2% | -16.2% | -22.9% |
| 2/26/2025 | 0.0% | -0.6% | 14.6% |
| 11/7/2024 | -5.9% | -20.2% | -10.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 10 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 12.7% | 29.6% | 16.0% |
| Median Negative | -9.3% | -14.0% | -23.5% |
| Max Positive | 34.0% | 48.3% | 99.1% |
| Max Negative | -23.1% | -32.5% | -36.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -8.0% | 3.2% | 16.5% |
| 5/7/2026 | 1.9% | 0.3% | 9.3% |
| 2/26/2026 | -9.6% | -6.4% | -23.5% |
| 11/6/2025 | -7.5% | -5.0% | 10.4% |
| 8/7/2025 | -23.1% | -27.7% | -35.2% |
| 5/8/2025 | -16.2% | -16.2% | -22.9% |
| 2/26/2025 | 0.0% | -0.6% | 14.6% |
| 11/7/2024 | -5.9% | -20.2% | -10.7% |
| 8/8/2024 | 33.4% | 40.1% | 9.2% |
| 5/9/2024 | 34.0% | 34.9% | 38.4% |
| 2/29/2024 | 28.4% | 45.4% | 99.1% |
| 11/2/2023 | -12.1% | -18.8% | -10.0% |
| 7/27/2023 | -8.7% | -6.1% | -10.0% |
| 5/4/2023 | 12.7% | 15.8% | 30.1% |
| 2/23/2023 | 3.2% | -10.9% | -30.1% |
| 11/8/2022 | -20.9% | -14.0% | -36.9% |
| 8/9/2022 | 8.0% | 24.3% | 15.4% |
| 5/5/2022 | -8.9% | -32.5% | -36.8% |
| 3/3/2022 | 25.4% | 48.3% | 48.7% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 10 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 12.7% | 29.6% | 16.0% |
| Median Negative | -9.3% | -14.0% | -23.5% |
| Max Positive | 34.0% | 48.3% | 99.1% |
| Max Negative | -23.1% | -32.5% | -36.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
| 09/30/2021 | 11/19/2021 | 424B4 |
Recent Forward Guidance
Updated 10/8/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net New Restaurant Openings | Reported | 13 | 0 | Affirmed | Guidance: 13 for 2026 | |||
| 2026 Same-Store Sales Change | Reported | -0.08 | -0.08 | -0.07 | -4.5% | Lowered | Guidance: -0.03 for 2026 | |
| 2026 Restaurant-Level Profit Margin | Reported | 10.5% | 10.75% | 11.0% | -3.7% | Lowered | Guidance: 14.45% for 2026 | |
| 2026 Adjusted EBITDA | Reported | -27.00 Mil | -25.00 Mil | -23.00 Mil | -814.3% | Lowered | Guidance: 3.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net New Restaurant Openings | Reported | 13 | -13.3% | Lowered | Guidance: 15 for 2026 | |||
| 2026 Same-Store Sales Change | Reported | -0.04 | -0.03 | -0.02 | 0 | Affirmed | Guidance: -0.03 for 2026 | |
| 2026 Restaurant-Level Profit Margin | Reported | 14.2% | 14.45% | 14.7% | 0 | Affirmed | Guidance: 14.45% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.00 Mil | 3.50 Mil | 6.00 Mil | 0 | Affirmed | Guidance: 3.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net New Restaurant Openings | Reported | 15 | -40.0% | Lower New | Actual: 25 for 2025 | |||
| 2026 Same-Store Sales Change | Reported | -0.04 | -0.03 | -0.02 | -9.5% | Lower New | Actual: 0.07 for 2025 | |
| 2026 Restaurant-Level Profit Margin | Reported | 14.2% | 14.45% | 14.7% | -5.3% | Lower New | Actual: 19.75% for 2025 | |
| 2026 Adjusted EBITDA | Reported | 1.00 Mil | 3.50 Mil | 6.00 Mil | -82.1% | Lower New | Actual: 19.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Same-store sales growth | Reported | 6.0% | 6.5% | 7.0% | 0.5% | Raised | Guidance: 6.0% for 2025 | |
| 2025 Restaurant-level profit margin | Reported | 19.5% | 19.75% | 20.0% | ||||
| 2025 New restaurant openings | Reported | 23 | 25 | 27 | 0 | Affirmed | Guidance: 25 for 2025 | |
| 2025 Revenue | Reported | 675.00 Mil | 677.50 Mil | 680.00 Mil | -8.1% | Lowered | Guidance: 737.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 18.00 Mil | 19.50 Mil | 21.00 Mil | -2.5% | Lowered | Guidance: 20.00 Mil for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McConnell, Jamie | Chief Financial Officer | Direct | Sell | 8182026 | 6.21 | 15,033 | 93,355 | 1,307,137 | Form |
| 2 | Cochran, Jason Miles | Chief Operating Officer | Direct | Sell | 8182026 | 6.21 | 4,809 | 29,864 | 1,285,942 | Form |
| 3 | Cochran, Jason Miles | Chief Operating Officer | Direct | Sell | 5192026 | 7.99 | 15,038 | 120,158 | 1,693,025 | Form |
| 4 | McConnell, Jamie | Chief Financial Officer | Direct | Sell | 5192026 | 8.00 | 1,401 | 11,208 | 1,804,176 | Form |
| 5 | Goldman, Sachs Group Inc | See footnotes | Buy | 4092026 | 5.69 | 594,553 | 3,382,595 | 67,704,223 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McConnell, Jamie | Chief Financial Officer | Direct | Sell | 8182026 | 6.21 | 15,033 | 93,355 | 1,307,137 | Form |
| 2 | Cochran, Jason Miles | Chief Operating Officer | Direct | Sell | 8182026 | 6.21 | 4,809 | 29,864 | 1,285,942 | Form |
| 3 | Cochran, Jason Miles | Chief Operating Officer | Direct | Sell | 5192026 | 7.99 | 15,038 | 120,158 | 1,693,025 | Form |
| 4 | McConnell, Jamie | Chief Financial Officer | Direct | Sell | 5192026 | 8.00 | 1,401 | 11,208 | 1,804,176 | Form |
| 5 | Goldman, Sachs Group Inc | See footnotes | Buy | 4092026 | 5.69 | 594,553 | 3,382,595 | 67,704,223 | Form | |
| 6 | Jammet, Nicolas | Chief Concept Officer | See footnote | Buy | 3092026 | 5.71 | 4,428 | 25,284 | 128,721 | Form |
| 7 | Jammet, Nicolas | Chief Concept Officer | See footnote | Buy | 11122025 | 5.51 | 18,115 | 99,804 | 99,804 | Form |
| 8 | Neman, Jonathan | CHIEF EXECUTIVE OFFICER | See footnote | Buy | 11122025 | 5.56 | 179,800 | 999,688 | 999,688 | Form |
| 9 | Reback, Mitch | CHIEF FINANCIAL OFFICER | Direct | Sell | 8192025 | 9.19 | 11,530 | 105,961 | 2,967,368 | Form |
Investor Activity (13F)
Updated Oct 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Restaurants Resources |
| Nation's Restaurant News |
| Restaurant Business |
| QSR Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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