Grocery Outlet Holding Corp. key statistics and ratios

In fiscal 2025, Grocery Outlet Holding Corp. had return on equity of -20.6%, an operating margin of -4.7%, debt equal to 50.2% of equity and a current ratio of 1.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Grocery Outlet Holding Corp.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Jan 2026	LTMJul 2026
Gross margin	30.4%	30.4%	30.8%	31.1%	30.8%	30.5%	31.3%	30.2%	30.3%	30.0%
Operating margin	3.7%	3.6%	2.7%	3.4%	2.9%	2.7%	3.2%	1.8%	−4.7%	−7.9%
Net margin	1.0%	0.7%	0.6%	3.4%	2.0%	1.8%	2.0%	0.9%	−4.8%	−8.0%
Free-cash-flow margin	0.7%	1.8%	1.4%	1.8%	1.4%	1.5%	3.4%	−1.7%	0.5%	0.3%
Return on equity	4.8%	4.4%	3.0%	12.8%	6.5%	6.1%	6.8%	3.3%	−20.6%	−42.4%
Return on assets	—	1.2%	0.9%	4.6%	2.4%	2.4%	2.8%	1.3%	−7.2%	−12.5%
Asset turnover	—	1.66	1.44	1.34	1.19	1.31	1.38	1.42	1.50	1.56
Current ratio	—	1.59	1.30	1.64	1.86	1.67	1.35	1.44	1.37	1.29
Debt to equity	0.0%	285.8%	61.8%	49.9%	45.6%	34.7%	24.1%	40.0%	50.2%	62.0%
Effective tax rate	20.1%	27.4%	8.1%	−22.5%	19.6%	14.1%	23.7%	29.7%	—	—
SG&A as % of revenue	24.6%	24.4%	25.0%	24.6%	27.9%	27.9%	28.1%	28.1%	28.4%	28.5%
Capital spending as % of revenue	3.4%	2.8%	3.8%	4.0%	4.0%	3.6%	4.3%	4.3%	4.2%	3.7%
Free cash flow ÷ net income	66.2%	258.7%	231.1%	52.8%	67.7%	84.6%	169.3%	−189.1%	—	—
Dividends ÷ net income	6.3%	967.9%	23.6%	0.4%	0.3%	0.2%	0.0%	0.0%	—	—
Dividends and buybacks ÷ free cash flow	9.6%	374.2%	10.2%	0.8%	0.4%	6.5%	4.4%	—	0.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Grocery Outlet Holding Corp.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Gross margin	31.1%	29.5%	30.4%	30.6%	30.4%	29.7%	29.6%	30.2%
Operating margin	3.6%	1.0%	−2.0%	1.1%	2.0%	−19.3%	−15.3%	1.3%
Net margin	2.2%	0.2%	−2.1%	0.4%	1.0%	−18.0%	−15.5%	0.5%
Free-cash-flow margin	−1.7%	−1.8%	−0.1%	1.2%	−1.8%	2.7%	−0.0%	0.1%
Current ratio	1.46	1.44	1.25	1.21	1.30	1.37	1.28	1.29
Debt to equity	35.0%	39.9%	40.3%	39.9%	41.7%	50.1%	60.6%	61.9%
SG&A as % of revenue	27.5%	27.0%	29.4%	28.5%	28.3%	27.4%	29.8%	28.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · July 4, 2026

What it owns · $3.0bn

Short-term assets $515mLonger-term assets $2.5bn

What it owes, and who funded it · $3.0bn

Short-term liabilities $398mLonger-term liabilities $1.8bnShareholders' equity $817m

Short-term assets cover short-term liabilities $515m of assets due within a year against $398m of liabilities due within a year.
Short-term assets cover long-term liabilities $515m short-term assets against $1.8bn of longer-dated liabilities.
More cash than debt $74m of cash against $506m of debt.
Debt below 40% of shareholders' equity Debt is 62% of equity.
Debt burden no higher than five years ago Debt to equity moved from 46% to 62% over five years.
A year's operating cash flow covers at least 20% of debt $185m of operating cash flow against $506m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Grocery Outlet Holding Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

35 /100

Weak moat

How hard Grocery Outlet Holding's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.9% of total assets over 8 years.
Pricing power 11 / 20

Gross margin has been a median 30.6%, moving by 0.3 percentage points (standard deviation) across 8 years.
Durability 0 / 20

Operating margin has been a median 2.7%; its worst year was -7.9%.
Cash conversion 7 / 20

Free cash flow was positive in 5 of 8 years, at a median 0.6% of revenue.
Discipline 17 / 20

The diluted share count fell 1.3% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: GO vs WMK GO vs IMKTA GO vs SFM GO vs VLGEA

More: Food Retail stocks compared, Consumer Staples sector, rankings of US companies

Figures from Grocery Outlet Holding Corp.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Grocery Outlet Holding Corp.