SPAR (SGRP)
Market Price (9/9/2026): $0 | Market Cap: $-Sector: Industrials | Industry: Diversified Support Services
SPAR (SGRP)
Market Price (9/9/2026): $0Market Cap: $-Sector: IndustrialsIndustry: Diversified Support Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Future of Retail. Themes include In-Store Merchandising & Execution, Field Marketing Services, and Retail Operations Optimization. | Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -107% | Penny stockMkt Price is 0.7 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 171% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg QQuarterly Revenue Change % is -4.5% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% 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 -138% Key risksSGRP key risks include [1] severe financial distress with a high probability of bankruptcy, Show more. |
| Megatrend and thematic driversMegatrends include Future of Retail. Themes include In-Store Merchandising & Execution, Field Marketing Services, and Retail Operations Optimization. |
| Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -107% |
| Penny stockMkt Price is 0.7 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 171% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg QQuarterly Revenue Change % is -4.5% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| 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 -138% |
| Key risksSGRP key risks include [1] severe financial distress with a high probability of bankruptcy, Show more. |
Qualitative Assessment
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SPAR (SGRP) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Revised Full-Year Guidance. While SPAR Group (SGRP) returned to profitability in fiscal Q2 2026 (ended June 30, 2026), reporting a net income of $409 thousand or $0.02 diluted earnings per share, compared to a net loss in fiscal Q2 2025, its net revenues declined by 4.5% year-over-year to $36.9 million. This included a 7.8% decrease in U.S. sales due to lower remodel work. Furthermore, the company revised its full-year fiscal 2026 net revenue guidance downwards to a range of $130 million to $138 million from previous estimates of $143 million to $151 million, reflecting current expectations for lower remodel activity. This combination of improved earnings quality but reduced revenue outlook created conflicting signals for investors, contributing to the stock's largely stable trend.
2. Strategic Shift Towards Higher-Margin Services. SPAR Group is undergoing a strategic pivot to prioritize higher-margin recurring merchandising services over lower-margin project work, such as remodel services. While this shift is intended to improve long-term profitability and earnings quality, it has an immediate impact on overall revenue, as evidenced by the decline in U.S. sales. This strategic transition, while viewed as positive for future shareholder value, is a longer-term initiative, and its near-term revenue contraction likely tempered significant upward stock movement.
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SPAR (SGRP) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Revised Full-Year Guidance. While SPAR Group (SGRP) returned to profitability in fiscal Q2 2026 (ended June 30, 2026), reporting a net income of $409 thousand or $0.02 diluted earnings per share, compared to a net loss in fiscal Q2 2025, its net revenues declined by 4.5% year-over-year to $36.9 million. This included a 7.8% decrease in U.S. sales due to lower remodel work. Furthermore, the company revised its full-year fiscal 2026 net revenue guidance downwards to a range of $130 million to $138 million from previous estimates of $143 million to $151 million, reflecting current expectations for lower remodel activity. This combination of improved earnings quality but reduced revenue outlook created conflicting signals for investors, contributing to the stock's largely stable trend.
2. Strategic Shift Towards Higher-Margin Services. SPAR Group is undergoing a strategic pivot to prioritize higher-margin recurring merchandising services over lower-margin project work, such as remodel services. While this shift is intended to improve long-term profitability and earnings quality, it has an immediate impact on overall revenue, as evidenced by the decline in U.S. sales. This strategic transition, while viewed as positive for future shareholder value, is a longer-term initiative, and its near-term revenue contraction likely tempered significant upward stock movement.
3. NASDAQ Delisting and Transition to OTCQB. In late July 2026, SPAR Group transitioned its listing from the NASDAQ exchange to the OTCQB Market, following a delisting notice. This move, which became effective after the company did not file a hearing request by July 21, 2026, can negatively impact a stock's visibility, liquidity, and appeal to institutional investors. This significant change in market listing likely acted as a counterbalance to any positive news, preventing sustained gains and contributing to the stock remaining at similar levels.
4. Operating Cash Flow and Balance Sheet Dynamics. Despite reporting positive working capital of $25.8 million as of June 30, 2026, SPAR Group utilized $8.7 million in net cash from operating activities during the first half of fiscal 2026, driven by working capital intensity from growth initiatives. Additionally, the company's lines of credit balance increased to $26.7 million from $20.4 million at the end of fiscal 2025. These financial metrics, indicating ongoing cash usage from operations and increased debt, may have introduced investor caution, offsetting positive sentiment from the return to net income and thereby contributing to a flat stock performance.
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Stock Movement Drivers
Fundamental Drivers
The -3.4% change in SGRP stock from 5/31/2026 to 9/8/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.72 | 0.70 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 133 | 131 | -1.3% |
| P/S Multiple | 0.1 | 0.1 | 6.5% |
| Shares Outstanding (Mil) | 24 | 26 | -8.0% |
| Cumulative Contribution | -3.4% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SGRP | -3.4% | |
| Market (SPY) | 1.3% | 8.4% |
| Sector (XLI) | 0.7% | 17.9% |
Fundamental Drivers
The -10.5% change in SGRP stock from 2/28/2026 to 9/8/2026 was primarily driven by a -11.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.78 | 0.70 | -10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 147 | 131 | -11.1% |
| P/S Multiple | 0.1 | 0.1 | 11.7% |
| Shares Outstanding (Mil) | 24 | 26 | -9.9% |
| Cumulative Contribution | -10.5% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SGRP | -10.5% | |
| Market (SPY) | 12.0% | 3.9% |
| Sector (XLI) | -1.3% | 8.7% |
Fundamental Drivers
The -41.2% change in SGRP stock from 8/31/2025 to 9/8/2026 was primarily driven by a -27.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.19 | 0.70 | -41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 144 | 131 | -8.8% |
| P/S Multiple | 0.2 | 0.1 | -27.9% |
| Shares Outstanding (Mil) | 23 | 26 | -10.6% |
| Cumulative Contribution | -41.2% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SGRP | -41.2% | |
| Market (SPY) | 19.8% | 2.4% |
| Sector (XLI) | 15.9% | 8.0% |
Fundamental Drivers
The -38.1% change in SGRP stock from 8/31/2023 to 9/8/2026 was primarily driven by a -50.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.13 | 0.70 | -38.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 265 | 131 | -50.6% |
| P/S Multiple | 0.1 | 0.1 | 41.5% |
| Shares Outstanding (Mil) | 23 | 26 | -11.4% |
| Cumulative Contribution | -38.1% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SGRP | -38.1% | |
| Market (SPY) | 76.1% | 0.8% |
| Sector (XLI) | 67.9% | 1.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SGRP Return | 7% | 6% | -22% | 92% | -59% | -9% | -37% |
| Peers Return | -27% | -35% | 15% | -18% | -26% | 26% | -58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SGRP Win Rate | 42% | 42% | 42% | 42% | 33% | 56% | |
| Peers Win Rate | 42% | 36% | 61% | 42% | 42% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SGRP Max Drawdown | -47% | -39% | -35% | -51% | -62% | -68% | |
| Peers Max Drawdown | -49% | -55% | -53% | -36% | -47% | -54% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADV, OMC, FLNT.
[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 9/8/2026 (YTD)
How Low Can It Go
| Event | SGRP | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.4% | -7.8% |
| % Gain to Breakeven | 22.6% | 8.5% |
| Time to Breakeven | 15 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 172 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.8% | -6.7% |
| % Gain to Breakeven | 40.5% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.9% | -24.5% |
| % Gain to Breakeven | 23.3% | 32.4% |
| Time to Breakeven | 14 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.7% | -33.7% |
| % Gain to Breakeven | 111.3% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.1% | -19.2% |
| % Gain to Breakeven | 100.5% | 23.8% |
| Time to Breakeven | 233 days | 105 days |
In The Past
SPAR's stock fell -18.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 22.6% gain to breakeven.
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| Event | SGRP | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 172 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.8% | -6.7% |
| % Gain to Breakeven | 40.5% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.7% | -33.7% |
| % Gain to Breakeven | 111.3% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.1% | -19.2% |
| % Gain to Breakeven | 100.5% | 23.8% |
| Time to Breakeven | 233 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.3% | -12.2% |
| % Gain to Breakeven | 37.6% | 13.9% |
| Time to Breakeven | 640 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.0% | -6.8% |
| % Gain to Breakeven | 44.9% | 7.3% |
| Time to Breakeven | 676 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.2% | -17.9% |
| % Gain to Breakeven | 41.3% | 21.8% |
| Time to Breakeven | 333 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.2% | -53.4% |
| % Gain to Breakeven | 118.2% | 114.4% |
| Time to Breakeven | 23 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.5% | -8.6% |
| % Gain to Breakeven | 37.9% | 9.5% |
| Time to Breakeven | 187 days | 47 days |
In The Past
SPAR's stock fell -18.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 22.6% 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 SPAR (SGRP)
SPAR Group, Inc. (SGRP) is a global provider of merchandising and brand marketing services designed to optimize retail operations and product visibility for its clients. The company primarily assists retailers, manufacturers, and distributors in managing their in-store presence and ensuring product effectiveness across various retail environments worldwide. Essentially, SPAR Group helps products get onto shelves, look good, and move off the shelves efficiently.
The company offers a comprehensive suite of services. These include syndicated and dedicated merchandising services for new product launches, promotional support, product recalls, inventory control, and store resets or remodels. SPAR Group also provides in-store and in-home assembly services for items like furniture and grills, supplies experienced staffing for retail and distribution centers, and conducts critical retail compliance and price audit services to ensure promotional accuracy, branding consistency, and competitive pricing intelligence.
SPAR Group serves a diverse and extensive customer base across numerous retail sectors. Its clients primarily include grocery and drug stores, discount and dollar stores, convenience stores, home improvement centers, consumer electronics retailers, and mass merchandisers. By supporting both retailers and the manufacturers that supply them, SPAR Group plays a key role in enhancing the in-store experience and operational efficiency within a wide array of retail categories.
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Here are 1-3 brief analogies to describe SPAR Group (SGRP):
- Think of SPAR Group as the 'Geek Squad for general retail operations,' providing on-site teams to major retailers and brands for everything from setting up product displays and managing inventory to store remodels and in-store assembly.
- It's like the 'in-store last-mile delivery' for products, similar to how UPS or FedEx transports goods, but SPAR Group ensures they are perfectly merchandised, assembled, and stocked on the shelves *inside* the retail store.
- Consider SPAR Group as the 'Foxconn for retail operational services,' acting as a major outsourced partner for brands and retailers to execute merchandising, in-store setup, and compliance tasks globally, much like Foxconn manufactures electronics for other companies.
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- Retail Merchandising & Execution Services: Provides comprehensive in-store support including new product launches, promotional merchandising, store resets, inventory control, and general product support for retailers and manufacturers.
- Product Assembly Services: Offers in-store, in-home, and in-office assembly of furniture, grills, and other products for retailers and their customers.
- Retail Staffing Solutions: Supplies experienced personnel for retail locations and distribution centers to retailers and consumer goods manufacturers.
- Retail Audit & Data Services: Conducts retail compliance and price audits, verifies promotions and branding, and gathers competitive price intelligence to ensure accuracy and consistency.
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SPAR Group, Inc. (SGRP) primarily sells its services to other businesses (B2B) rather than directly to individuals. The company provides merchandising, brand marketing, and various in-store and supply chain services to a broad range of clients.
Based on the provided information, SPAR's major customers fall into the following categories:
- Retailers: This extensive category includes grocery and drug stores, discount stores, dollar stores, convenience stores, cash and carry outlets, home improvement stores, consumer electronics stores, automotive stores, office supply stores, pharmacies, and mass merchandisers.
- Manufacturers: Companies that produce consumer goods and require merchandising, brand marketing, and in-store support for their products.
- Distributors: Businesses involved in the supply chain that require support for product movement, inventory control, and retail execution.
Specific names of individual customer companies are not provided in the background information.
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William Linnane, President and Chief Executive Officer
William Linnane was appointed permanent Chief Executive Officer of SPAR Group, Inc. on November 14, 2025, after serving as President and Interim CEO earlier in the year. He also joined the company's Board of Directors. Linnane has a track record of meeting revenue goals and maintaining expense discipline, and has held other executive roles at SPAR. He has expressed his commitment to transforming retail innovation into measurable results and building a leaner, more profitable business.
Steven Hennen, Chief Financial Officer
Steven Hennen was appointed Chief Financial Officer of SPAR Group, Inc., effective December 8, 2025. He brings over 25 years of finance and operational leadership experience. Hennen most recently served as President and CFO of Baker & Taylor, a multi-hundred-million-dollar revenue company, where he managed global finance and operations. His background includes finance and M&A roles at Red Ventures, a digital marketing company, where he participated in significant accretive M&A activity. He also held CFO and senior leadership roles for DyStar, Color Solutions International, Boehme Filatex, and Technimark. Hennen began his career with KPMG, LLP, advancing to Audit Manager, and earned a Bachelor of Science in Accounting from Marquette University.
James Gillis, Executive Chairman of the Board of Directors
James Gillis serves as the Executive Chairman of SPAR Group's Board of Directors. He expressed confidence in the current leadership team to accelerate growth and deliver results for clients and shareholders.
Josh Jewett, Chief Technology Officer
Josh Jewett was appointed Chief Technology Officer of SPAR Group, Inc. He is described as a retail industry technology expert with Fortune 500 CIO experience and leads SPAR's digital transformation initiatives. Jewett reports to William Linnane.
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The key risks to SPAR Group, Inc. (SGRP) include its financial health and regulatory compliance, the inherent challenges of its low-margin business model, and difficulties with international operations and IT system implementations.
1. Financial Distress and Regulatory Non-Compliance
SPAR Group faces significant financial challenges, including reported GAAP Net Losses and declining revenue, which indicate operational inefficiencies and potential distress. Critically, the company has encountered repeated issues with Nasdaq Listing Rules, specifically concerning late SEC filings, posing a risk of delisting. Furthermore, material weaknesses in internal control over financial reporting have been identified, leading to restatements of financial statements, which underscores underlying operational and financial management difficulties.
2. Low-Margin, People-Centric Business Model with Revenue Concentration
The company operates in a low-margin, people-centric service industry, making it highly susceptible to persistent wage inflation, which can squeeze already thin gross margins. A significant risk also stems from revenue concentration, where a substantial portion of the business relies on a few large, long-standing retail clients. The ongoing consolidation within the retail sector amplifies this threat, as the loss of a single major contract could have a catastrophic impact on SPAR Group's financial stability.
3. Challenges with International Operations and IT System Implementations
SPAR Group has experienced difficulties in the integration and performance of its acquired international operations, particularly in regions like Switzerland and previously Poland (which the company planned to divest). Domestically, the company faced considerable challenges with the implementation of a new SAP enterprise resource planning system in South Africa, resulting in significant costs, operational disruptions, and a temporary loss of retailer loyalty.
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The clear emerging threat to SPAR Group, Inc. is the increasing adoption of **automation, robotics, and AI-powered monitoring systems** within retail environments. Many of SPAR's core services, such as inventory control, planogram compliance, price auditing, and out-of-stock detection, are labor-intensive tasks performed by human merchandisers and auditors. Retailers are increasingly investing in technologies like inventory robots that scan shelves, AI-powered cameras that monitor product placement and displays, and smart shelf systems that track stock levels in real-time. These technologies offer the potential for more efficient, accurate, and cost-effective execution of tasks currently performed by SPAR, thereby reducing the demand for their traditional human-based merchandising, auditing, and compliance services.
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Addressable Markets for SPAR Group, Inc. (SGRP) Main Products and Services
SPAR Group, Inc. offers a range of merchandising, assembly, and compliance services. The addressable markets for its main products and services are sized as follows:- Merchandising and Brand Marketing Services:
- The global Field Marketing Market, which includes merchandising and in-store demonstrations, was valued at USD 1.54 billion in 2025 and is projected to reach USD 3.57 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 9.79% from 2025 to 2034. North America accounts for more than 35% of the global market share in field marketing.
- Assembly Services (furniture, grills, and other products):
- The global Furniture Assembly Services Market was valued at approximately USD 8.5 billion in 2023 and is projected to reach USD 14.2 billion by 2032, with a CAGR of 5.8%. The U.S. Furniture Assembly Services Market was valued at $385 million in 2025.
- Retailer Specific Services (in-store services including new store openings, resets, and remodels):
- The U.S. Retail Service Market was valued at USD 15.14 billion in 2024 and is projected to reach USD 31.61 billion by 2032, exhibiting a CAGR of 9.64% during the forecast period of 2025 to 2032.
- Retail Compliance and Price Audit Services, and Competitive Price Intelligence Gathering:
- The global Auditing Services Market was valued at USD 233.95 billion in 2025 and is projected to grow to USD 338.28 billion by 2034, with a CAGR of 4.20%. Specifically for the United States, the auditing services market size is estimated at USD 51.88 billion in 2025, growing to USD 53.55 billion in 2026, and is projected to reach USD 62.81 billion by 2031, at a CAGR of 3.23% from 2026 to 2031.
- The global Price Intelligence Market reached USD 1.82 billion in 2024 and is projected to grow at a CAGR of 16.5% from 2025 to 2033, reaching USD 8.09 billion by 2033. The North American price intelligence market accounted for approximately USD 690 million, or 38% of global revenue, in 2024.
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SPAR Group, Inc. (SGRP) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends, primarily within its North American operations.
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Continued Recovery and Expansion of Retail Remodel and Transformation Services: The company anticipates robust growth from its retail remodel and transformation services, particularly in the United States and Canada. This growth is fueled by pent-up demand from retailers, who had previously delayed store transformation investments, and by existing clients expanding their project scopes for store repurposing and enhancements.
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Growth and Market Share Expansion in Core Merchandising Services: SPAR Group expects to achieve ongoing growth and increase its market share in its core merchandising services within North America. This is identified as a strategic imperative for 2026, with a focus on higher-margin merchandising services for retailers and consumer packaged goods clients.
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Leveraging Technology and Artificial Intelligence (AI): SPAR Group is accelerating its adoption of technology and AI to enhance its go-to-market strategy, aiming for innovation and competitive differentiation. This includes investments in new Enterprise Resource Planning (ERP) systems and the development of a "SPAR Accelerate" business, which is an in-house data science and engineering capability designed to translate raw data into actionable insights for market-leading services.
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New Client Acquisition and Expansion of Existing Client Relationships: The company is focused on acquiring new clients, particularly within its remodel services segment, and expanding the scope of projects with existing clients. This strategy is expected to contribute to revenue growth within its concentrated North American markets.
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Share Repurchases
- On March 28, 2024, SPAR Group, Inc.'s Board of Directors authorized a stock repurchase program for up to 2,500,000 shares of common stock, to be executed over a one-year period.
Share Issuance
- An investor group acquired 220,000 SPAR shares for $2.00 per share, totaling $440,000, in a private transaction from treasury on August 26, 2025.
- In late 2025, executives including the CFO, CTO, and CEO made share purchases: the CFO bought 55,000 shares, the CTO bought 125,000 shares, and the CEO acquired 173,000 shares.
Inbound Investments
- An investor group of high-net-worth individuals invested $440,000 in cash to acquire 220,000 SPAR shares from the company's treasury on August 26, 2025.
- A previously announced merger agreement with Highwire Capital was terminated on May 23, 2025, due to Highwire's failure to complete the transaction.
Outbound Investments
- During 2024, SPAR Group, Inc. exited non-core international markets, including Mexico, Brazil, South Africa, China, Japan, and India.
- The company divested its stake in the Australian joint venture, effective December 31, 2023.
Capital Expenditures
- For the year ended December 31, 2021, capital expenditures, including capitalized software, amounted to $1.7 million.
- In the first quarter of 2022, capital expenditures, including capitalized software, totaled $478 thousand.
- In a recent unspecified quarter, capital expenditures were $1.1 million.
Peer Outperformance in Diversified Support Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.0% | 107.9% | 197.4% | CDNL 2840% · FIX 2213% · STRL 2157% |
| Marine Transportation | 5 | 63.4% | 63.9% | 165.0% | HOS 47689% · MATX 180% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.3% | 61.8% | 116.9% | CAT 336% · ALSN 291% · WAB 228% |
| Aerospace & Defense | 55 | -1.5% | 61.3% | 75.2% | ATI 1081% · FTAI 956% · HWM 642% |
| Passenger Ground Transportation | 3 | -15.6% | 50.1% | 54.2% | UBER 81% · CAR 54% · LYFT -68% |
| Rail Transportation | 7 | 32.0% | 70.6% | 47.1% | FSTR 143% · CSX 67% · UNP 54% |
| Industrial Machinery & Supplies & Components | 71 | 9.4% | 50.6% | 42.0% | CRS 1417% · PSIX 1021% · EROC 690% |
| Cargo Ground Transportation | 16 | 38.0% | 6.6% | 39.2% | XPO 268% · R 260% · CVLG 228% |
| Trading Companies & Distributors | 19 | 3.5% | 36.0% | 34.2% | DXPE 565% · AIT 293% · WCC 230% |
| Diversified Support Services ← | 33 | 9.3% | 30.0% | 28.2% | LIME 4271% · TH 410% · WLFC 380% |
| Electrical Components & Equipment | 41 | 21.5% | 56.7% | 26.0% | POWL 2280% · BE 1267% · VRT 1066% |
| Building Products | 33 | -12.6% | 3.5% | 17.1% | LMB 603% · GFF 407% · PPIH 293% |
| Agricultural & Farm Machinery | 17 | 16.6% | 5.8% | -4.7% | BLBD 230% · DE 99% · GENC 62% |
| Industrial Conglomerates | 17 | 8.7% | 14.4% | -5.5% | RCMT 606% · CSW 136% · CSL 79% |
| Research & Consulting Services | 13 | -11.2% | -23.2% | -11.4% | HURN 200% · GRNQ 151% · CRAI 96% |
| Environmental & Facilities Services | 29 | -9.1% | 28.8% | -11.8% | CECO 1002% · ADUR 410% · NVRI 376% |
| Data Processing & Outsourced Services | 6 | -33.3% | -14.8% | -26.6% | EXLS 45% · BR 9% · G -26% |
| Office Services & Supplies | 9 | 12.1% | 27.7% | -27.6% | PBI 188% · TILE 152% · HNI 58% |
| Passenger Airlines | 11 | 0.1% | -1.0% | -30.0% | LTM 3212% · UAL 132% · SKYW 110% |
| Air Freight & Logistics | 12 | -10.6% | -23.2% | -37.8% | CHRW 94% · FDX 67% · EXPD 60% |
| Human Resource & Employment Services | 22 | 4.8% | -20.7% | -38.2% | BBSI 78% · ADP 47% · PAYX 23% |
| Security & Alarm Services | 10 | -36.0% | 8.4% | -39.2% | CIX 154% · MG 105% · NL 57% |
| Airport Services | 3 | -67.9% | -77.9% | -57.1% | JOBY -27% · ASLE -57% · UP -100% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.99 |
| Mkt Cap | 0.2 |
| Rev LTM | 1,904 |
| Op Inc LTM | 9 |
| FCF LTM | 30 |
| FCF 3Y Avg | 18 |
| CFO LTM | 61 |
| CFO 3Y Avg | 48 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.3% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 5.1% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | -6.0% |
| Op Inc Chg 3Y Avg | -110.6% |
| Op Mgn LTM | -3.1% |
| Op Mgn 3Y Avg | -4.1% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 0.7% |
| CFO/Rev 3Y Avg | 0.7% |
| FCF/Rev LTM | -1.7% |
| FCF/Rev 3Y Avg | -1.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 136 | 164 | 188 | 261 | 256 |
| Total | 136 | 164 | 188 | 261 | 256 |
| $ Mil | 2015 | 2014 | 2013 | 2000 |
|---|---|---|---|---|
| International | 3 | 2 | 2 | |
| United States | 1 | 1 | 1 | |
| Incentive | 5 | |||
| Internet-Based Software | -0 | |||
| Merchandising | 31 | |||
| Total | 3 | 3 | 3 | 36 |
| $ Mil | 2015 | 2014 | 2013 | 2000 |
|---|---|---|---|---|
| United States | 22 | 22 | 18 | |
| International | 22 | 23 | 17 | |
| Incentive | 11 | |||
| Merchandising | 44 | |||
| Total | 43 | 45 | 34 | 56 |
Price Behavior
| Market Price | $0.70 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/04/1996 | |
| Distance from 52W High | -40.2% | |
| 50 Days | 200 Days | |
| DMA Price | $0.67 | $0.74 |
| DMA Trend | down | down |
| Distance from DMA | 3.8% | -5.4% |
| 3M | 1YR | |
| Volatility | 149.4% | 83.8% |
| Downside Capture | 432.83 | 156.89 |
| Upside Capture | 329.93 | 66.21 |
| Correlation (SPY) | 7.9% | 2.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.98 | 0.81 | 0.84 | 0.27 | 0.14 | 0.04 |
| Up Beta | 2.88 | -0.72 | -0.01 | -0.61 | -0.32 | -0.04 |
| Down Beta | -1.12 | -12.82 | -4.72 | -2.57 | -1.57 | -0.40 |
| Up Capture | 110% | 555% | 478% | 160% | 53% | 7% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 33 | 61 | 105 | 312 |
| Down Capture | -178% | 563% | 310% | 182% | 135% | 79% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 17 | 27 | 61 | 131 | 370 |
[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 SGRP | |
|---|---|---|---|---|
| SGRP | -40.5% | 83.7% | -0.21 | - |
| Sector ETF (XLI) | 16.8% | 17.1% | 0.74 | 8.2% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | 2.4% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | -4.0% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -6.9% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | -6.2% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 2.5% |
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 SGRP | |
|---|---|---|---|---|
| SGRP | -13.9% | 71.3% | 0.08 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 8.2% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 9.0% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 0.6% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 2.7% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 4.4% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 6.7% |
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 SGRP | |
|---|---|---|---|---|
| SGRP | -3.0% | 73.8% | 0.27 | - |
| Sector ETF (XLI) | 13.4% | 20.1% | 0.59 | 12.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 12.4% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 0.4% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 4.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 9.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 3.1% | -0.9% | |
| 5/12/2026 | 6.2% | 1.7% | 21.8% |
| 11/18/2025 | 0.4% | -7.2% | -21.7% |
| 8/18/2025 | 0.0% | 0.9% | 0.0% |
| 8/15/2024 | 3.9% | -9.9% | 32.6% |
| 5/16/2024 | 9.1% | 30.9% | 35.7% |
| 11/14/2023 | -2.0% | -8.9% | -6.9% |
| 8/16/2023 | 2.4% | -3.5% | -19.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 3 | 6 |
| # Negative | 3 | 9 | 5 |
| Median Positive | 2.4% | 1.7% | 14.6% |
| Median Negative | -2.0% | -6.0% | -9.0% |
| Max Positive | 9.1% | 30.9% | 35.7% |
| Max Negative | -4.4% | -9.9% | -21.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 3.1% | -0.9% | |
| 5/12/2026 | 6.2% | 1.7% | 21.8% |
| 11/18/2025 | 0.4% | -7.2% | -21.7% |
| 8/18/2025 | 0.0% | 0.9% | 0.0% |
| 8/15/2024 | 3.9% | -9.9% | 32.6% |
| 5/16/2024 | 9.1% | 30.9% | 35.7% |
| 11/14/2023 | -2.0% | -8.9% | -6.9% |
| 8/16/2023 | 2.4% | -3.5% | -19.1% |
| 5/23/2023 | -0.8% | -2.5% | 4.2% |
| 11/15/2022 | 0.0% | -8.6% | -5.9% |
| 8/16/2022 | -4.4% | -2.5% | 7.3% |
| 3/29/2022 | 0.0% | -6.0% | -9.0% |
| SUMMARY STATS | |||
| # Positive | 9 | 3 | 6 |
| # Negative | 3 | 9 | 5 |
| Median Positive | 2.4% | 1.7% | 14.6% |
| Median Negative | -2.0% | -6.0% | -9.0% |
| Max Positive | 9.1% | 30.9% | 35.7% |
| Max Negative | -4.4% | -9.9% | -21.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 07/17/2025 | 10-Q |
| 12/31/2024 | 05/16/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 04/17/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 07/17/2025 | 10-Q |
| 12/31/2024 | 05/16/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 04/17/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 04/15/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 06/29/2020 | 10-Q |
| 12/31/2019 | 04/14/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net revenues | Reported | 130.00 Mil | 134.00 Mil | 138.00 Mil | -8.8% | Lowered | Guidance: 147.00 Mil for 2026 | |
| 2026 Gross Profit | Calculated | 27.95 Mil | 30.15 Mil | 32.43 Mil | Rev x Gross Margin | |||
| 2026 Gross margins | Reported | 21.5% | 22.5% | 23.5% | 1.0% | Raised | Guidance: 21.5% for 2026 | |
| 2026 Selling, general, and administrative costs | Reported | 21.00 Mil | 22.50 Mil | 24.00 Mil | -13.5% | Lowered | Guidance: 26.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | Reported | 143.00 Mil | 147.00 Mil | 151.00 Mil | ||||
| 2026 Gross Profit | Calculated | 29.32 Mil | 31.61 Mil | 33.98 Mil | Rev x Gross Margin | |||
| 2026 Gross Margins | Reported | 20.5% | 21.5% | 22.5% | ||||
| 2026 Selling, general, and administrative costs | Reported | 25.50 Mil | 26.00 Mil | 26.50 Mil | ||||
| 2028 Gross Margins Target | Reported | 25.0% | ||||||
Q3 2025 Earnings Reported 11/18/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 SG&A Expenses | Reported | 6.50 Mil | ||||||
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Robert G/ | Direct | Sell | 6122026 | 0.85 | 10,000 | 8,500 | 2,449,181 | Form | |
| 2 | Hennen, Steven Michael | Chief Financial Officer | Direct | Buy | 5052026 | 0.64 | 78,000 | 49,920 | 85,120 | Form |
| 3 | Hennen, Steven Michael | Chief Financial Officer | Direct | Buy | 12302025 | 0.78 | 55,000 | 42,900 | 42,900 | Form |
| 4 | Linnane, William | President | Direct | Buy | 11042025 | 1.02 | 173,000 | 176,460 | 194,727 | Form |
| 5 | Brown, Robert G/ | Direct | Sell | 9292025 | 1.07 | 10,000 | 10,700 | 3,093,893 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Robert G/ | Direct | Sell | 6122026 | 0.85 | 10,000 | 8,500 | 2,449,181 | Form | |
| 2 | Hennen, Steven Michael | Chief Financial Officer | Direct | Buy | 5052026 | 0.64 | 78,000 | 49,920 | 85,120 | Form |
| 3 | Hennen, Steven Michael | Chief Financial Officer | Direct | Buy | 12302025 | 0.78 | 55,000 | 42,900 | 42,900 | Form |
| 4 | Linnane, William | President | Direct | Buy | 11042025 | 1.02 | 173,000 | 176,460 | 194,727 | Form |
| 5 | Brown, Robert G/ | Direct | Sell | 9292025 | 1.07 | 10,000 | 10,700 | 3,093,893 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Diversified Support Services Resources |
| Facilities Management Journal (FMJ) |
| Supply Chain Brain |
| Corporate Services News |
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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