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Sally Beauty Holdings, Inc. (SBH) stock

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NYSE: SBH NYSE Other Specialty Retail Next results ~November 10, 2026

B Fundamentals grade

Sally Beauty Holdings, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$33

Cash-flow model

Base case. Range ~$23–$46 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 83% above it.

Price used: $17.89, November 3, 2026

Sally Beauty Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds118 adding, 130 cuttingOf 47 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Sally Beauty Holdings files

Where Sally Beauty stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.73bn, up 1.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 6.5% from 4.6% a year earlier. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $31.81 a share, against a share price of $17.52. At that price, our model says the market is pricing in cash flow shrinking about 6.1% a year for five years, slower than the -0.8% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Sally Beauty Holdings, Inc.'s trailing-twelve-month revenue grew 1.1% year on year, with a free-cash-flow margin of 6.5%. Where it stands out: free-cash-flow margin of 6.5% ranks 7 of 34 other specialty retail companies we cover. Where it lags: long-term debt as % of assets of 28.3% ranks 21 of 26 other specialty retail companies we cover.

Our discounted-cash-flow model values the business at ~$33 per share in the base case (~$23–$46 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 43.6% while net income fell 0.9%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $18.41 is 78% below our value per share of $33.
  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 28.3% ranks 21 of 26 other specialty retail companies we cover (median 14.2%).
  • Heavily shorted. 28.6% of the shares available to trade are sold short (14.6 days of average volume to cover).

Latest results: FY2026 Q3

Filed August 3, 2026
Earnings per share
$0.55 against an average estimate of $0.53: beat by 3.0%
Revenue
$935m, up 0.2% on a year earlier
Share reaction
+10.6% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 10, 2026; average EPS estimate $0.60

Sally Beauty Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.8%
  • 1 week+4.2%
  • 1 month+10.2%
  • This year+29.1%
  • 1 year+25.3%
  • 5 years+5.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.7B
Operating margin
8.4%
Net margin
5.2%
EPS (TTM, diluted)
$1.92

Growth

Revenue growth
+1.1%
Change in growth rate
+0.3 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$241M
FCF margin
6.5%
Stock pay % of revenue
0.6%

Earnings

Last results
August 3, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sally Beauty Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 6.2% a year for five years.That is slower than the -0.8% a year revenue growth Sally Beauty Holdings has delivered.

  • Priced in-6.2%
  • Last 12 months1.1%
  • 3 years a year-0.4%
  • 5 years a year-0.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($17.89, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$33
Price used
$17.89close November 3, 2026
Implied change
▲ +83%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Sally Beauty Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($226M, FY2026 Q3 TTM), growing 1.3% and 1.8% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$23–~$46 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Sally Beauty Holdings, Inc.'s free cash flow after stock-based pay ( $226M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Sally Beauty Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$33 ~$23–$46 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$29 ~$20–$45 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$33 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$28–$33 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sally Beauty Holdings, Inc. with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +40%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $28$40$57$78$107$143
8.5% $20$29$41$56$76$102
10% $15$22$31$43$58$78

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$25.68$19.58$18.39$14.89$8.69$16.85$12.60$8.38$13.57$16.28$18.41
Market value$3.8bn$2.7bn$2.3bn$1.8bn$997m$1.9bn$1.4bn$916m$1.5bn$1.7bn$1.8bn
+ Net debt (− = net cash)$1.7bn$1.8bn$1.7bn$1.5bn$1.3bn$992m$1.1bn$955m$886m$726m$642m
Enterprise value$5.5bn$4.5bn$4.0bn$3.3bn$2.3bn$2.9bn$2.5bn$1.9bn$2.3bn$2.4bn$2.5bn
Multiples
Price / sales 1.0x0.7x0.6x0.5x0.3x0.5x0.4x0.2x0.4x0.5x0.5x
Price / earnings 17.1x12.6x8.8x6.6x5.4x8.0x7.6x5.0x9.5x8.6x9.6x
Price / free cash flow 18.8x10.7x8.0x8.4x3.2x6.2x24.3x5.8x10.0x9.8x7.7x
EV / EBITDA 9.3x7.7x7.5x5.9x6.3x5.6x5.6x4.4x6.0x5.6x6.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Sally Beauty Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.2% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 50.4%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.8%; its worst year was 7.2%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.2% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (78 before it).

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

Forecasts and guidance

Next results: November 10, 2026, before the open. Analysts expect revenue of $950m and EPS of $0.60 (range $0.60 to $0.60) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.07 +9% $3.7bn +1%
Next $2.23 +8% $3.8bn +1%

Next year's EPS estimate has moved −0.3% in 90 days, across 5 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.53 $0.55 +3.0%
Mar 2026 $0.41 $0.44 +7.3%
Dec 2025 $0.46 $0.48 +3.5%
Sept 2025 $0.48 $0.55 +15.1%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Sally Beauty Holdings, Inc.'s revenue by +1.3% next year and +1.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.0%, weight 64%) and the company's own record (+2.0%, weight 36%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy360%
Hold120%
Sell120%

Monthly trend

  1. Oct 202612115
  2. Sep 202612115
  3. Aug 202612115
  4. Jul 202612115

Counts of recommendations published by analysts covering Sally Beauty Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.6%
of tradable shares
Days to cover
14.63
at average volume
Short interest, 1 month
−8%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.4%
of shares
Employees
11,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +21.8%

$15.11 on October 31, 2025 to $18.41

ThenNowEffect
Revenue (last 12 months) $3.7bn $3.7bn +1.1%
Net margin 5.3% 5.2% −2.0%
P/E multiple 8.2x 9.6x +17.8%
Share count 105m 100m +4.4%

Biggest factor: p/e multiple.

Last 3 years +98.6%

$9.27 on November 3, 2023 to $18.41

ThenNowEffect
Revenue (last 12 months) $3.8bn $3.7bn −1.1%
Net margin 4.3% 5.2% +19.0%
P/E multiple 6.2x 9.6x +54.9%
Share count 109m 100m +9.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SBH+42%−32%+6%−21%+37%+29%
Industry peers (median)+44%−29%+2%−22%−11%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SBH50%50%50%50%67%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SBH−40%−43%−60%−32%−31%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 79% from March 30, 2016 to April 3, 2020. Getting back needed a 382% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.82 – $18.41
From 52-week high
0.0%
vs 50-day average
+11.1%
vs 200-day average
+22.2%
Volatility (1 year)
43%
Beta vs S&P 500
0.69

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±8.1%
After a week
8 up, 4 down
typical move ±11.7%
After a month
8 up, 4 down
typical move ±14.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +10.6% +3.3% +11.9% +9.4%
May 11, 2026 −10.9% +0.1% −15.8% −6.8%
February 9, 2026 −3.5% +0.2% −2.7% −7.6%
November 13, 2025 −3.4% −1.7% −3.6% +1.6%
August 5, 2025 +20.8% +0.3% +26.1% +41.7%
May 12, 2025 +14.6% +4.0% +11.0% +12.1%
February 13, 2025 +1.2% +1.1% −2.6% −2.5%
November 14, 2024 +7.0% −1.9% +3.5% −0.9%
August 8, 2024 +8.4% +2.8% +34.7% +24.5%
May 9, 2024 −1.5% +0.7% +4.3% +3.6%
February 1, 2024 +2.8% +2.4% +5.4% +1.3%
November 14, 2023 +12.1% +2.2% +18.7% +61.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Sally Beauty Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Sally Beauty Holdings, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sally Beauty Holdings, Inc.
$3.7B $3.7B $3.7B $3.7B $3.7B $3.7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.7B Revenue (TTM), FY24 Q1: $3.7B Revenue (TTM), FY24 Q2: $3.7B Revenue (TTM), FY24 Q3: $3.7B Revenue (TTM), FY24 Q4: $3.7B Revenue (TTM), FY25 Q1: $3.7B Revenue (TTM), FY25 Q2: $3.7B Revenue (TTM), FY25 Q3: $3.7B Revenue (TTM), FY25 Q4: $3.7B Revenue (TTM), FY26 Q1: $3.7B Revenue (TTM), FY26 Q2: $3.7B Revenue (TTM), FY26 Q3: $3.7B $3.7B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.7B
FY24 Q1 $3.7B
FY24 Q2 $3.7B
FY24 Q3 $3.7B
FY24 Q4 $3.7B
FY25 Q1 $3.7B
FY25 Q2 $3.7B
FY25 Q3 $3.7B
FY25 Q4 $3.7B
FY26 Q1 $3.7B
FY26 Q2 $3.7B
FY26 Q3 $3.7B
Revenue growth, TTM YoY Sally Beauty Holdings, Inc.
-3% -2% -1% 0% 1% 2% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.3% Revenue growth, TTM YoY, FY24 Q1: -2.4% Revenue growth, TTM YoY, FY24 Q2: -2.8% Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: 0.6% Revenue growth, TTM YoY, FY25 Q2: 0.2% Revenue growth, TTM YoY, FY25 Q3: -0.4% Revenue growth, TTM YoY, FY25 Q4: -0.4% Revenue growth, TTM YoY, FY26 Q1: -0.5% Revenue growth, TTM YoY, FY26 Q2: 0.8% Revenue growth, TTM YoY, FY26 Q3: 1.1% 1.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.3%
FY24 Q1 -2.4%
FY24 Q2 -2.8%
FY24 Q3 -1.7%
FY24 Q4 -0.3%
FY25 Q1 0.6%
FY25 Q2 0.2%
FY25 Q3 -0.4%
FY25 Q4 -0.4%
FY26 Q1 -0.5%
FY26 Q2 0.8%
FY26 Q3 1.1%
Operating margin (TTM) Sally Beauty Holdings, Inc.
7% 7.5% 8% 8.5% 9% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.7% Operating margin (TTM), FY24 Q1: 8.3% Operating margin (TTM), FY24 Q2: 8.0% Operating margin (TTM), FY24 Q3: 7.5% Operating margin (TTM), FY24 Q4: 7.6% Operating margin (TTM), FY25 Q1: 8.4% Operating margin (TTM), FY25 Q2: 8.8% Operating margin (TTM), FY25 Q3: 8.9% Operating margin (TTM), FY25 Q4: 8.9% Operating margin (TTM), FY26 Q1: 8.2% Operating margin (TTM), FY26 Q2: 8.2% Operating margin (TTM), FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.7%
FY24 Q1 8.3%
FY24 Q2 8.0%
FY24 Q3 7.5%
FY24 Q4 7.6%
FY25 Q1 8.4%
FY25 Q2 8.8%
FY25 Q3 8.9%
FY25 Q4 8.9%
FY26 Q1 8.2%
FY26 Q2 8.2%
FY26 Q3 8.4%
FCF margin (TTM) Sally Beauty Holdings, Inc.
3% 4% 5% 6% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.3% FCF margin (TTM), FY24 Q1: 4.0% FCF margin (TTM), FY24 Q2: 4.5% FCF margin (TTM), FY24 Q3: 4.4% FCF margin (TTM), FY24 Q4: 3.9% FCF margin (TTM), FY25 Q1: 3.7% FCF margin (TTM), FY25 Q2: 4.0% FCF margin (TTM), FY25 Q3: 4.6% FCF margin (TTM), FY25 Q4: 4.7% FCF margin (TTM), FY26 Q1: 5.8% FCF margin (TTM), FY26 Q2: 6.1% FCF margin (TTM), FY26 Q3: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.3%
FY24 Q1 4.0%
FY24 Q2 4.5%
FY24 Q3 4.4%
FY24 Q4 3.9%
FY25 Q1 3.7%
FY25 Q2 4.0%
FY25 Q3 4.6%
FY25 Q4 4.7%
FY26 Q1 5.8%
FY26 Q2 6.1%
FY26 Q3 6.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Sally Beauty Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.7B
  2. Cost of revenue $1.8B · 48.4%
  3. Gross profit $1.9B · 51.6%
  4. Selling, general and admin $1.6B · 42.8%
  5. Operating income $328M · 8.9%
  6. Income tax $67.5M · 1.8%
  7. Interest and other $64.4M · 1.7%
  8. Net income $196M · 5.3%

Shares of revenue. Source: Sally Beauty Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 2,637 2,916 3,269 3,524 3,622 3,753 3,834 3,953 3,938 3,933 3,876 3,514 3,875 3,816 3,728 3,717 3,701 3,729
Gross profit 1,243 1,404 1,595 1,743 1,795 1,860 1,898 1,964 1,965 1,944 1,911 1,716 1,953 1,919 1,898 1,890 1,911 1,943
EBITDA 344 392 508 564 593 587 585 598 591 535 566 366 521 438 427 392 428 414
Operating income 297 341 448 499 520 507 495 498 479 427 458 259 418 338 325 283 328 314
Net income 99 144 214 233 261 246 235 223 215 258 272 185 240 184 185 153 196 192
Diluted EPS $0.54 $0.78 $1.14 $1.24 $1.48 $1.51 $1.49 $1.50 $1.56 $2.08 $2.26 $0.99 $2.10 $1.66 $1.69 $1.43 $1.89 $1.92
Growth (year on year)
Revenue −0.4% +10.6% +12.1% +7.8% +2.8% +3.6% +2.2% +3.1% −0.4% −0.1% −1.4% −9.3% +10.3% −1.5% −2.3% −0.3% −0.4% +1.1%
EBITDA +3.8% +14.0% +29.6% +11.0% +5.1% −1.0% −0.3% +2.3% −1.2% −9.4% +5.7% −35.4% +42.4% −16.0% −2.3% −8.2% +9.0% −4.2%
Operating income +4.9% +14.9% +31.5% +11.3% +4.2% −2.6% −2.3% +0.6% −4.0% −10.9% +7.5% −43.6% +61.7% −19.3% −3.7% −13.0% +15.9% −4.8%
Net income +27.8% +45.1% +48.6% +9.0% +12.1% −5.8% −4.4% −5.2% −3.5% +20.0% +5.3% −32.0% +29.9% −23.5% +0.6% −16.9% +27.7% −0.9%
Diluted EPS +28.6% +44.4% +46.2% +8.8% +19.4% +2.0% −1.3% +0.7% +4.0% +33.3% +8.7% −56.2% +112.1% −21.0% +1.8% −15.4% +32.2% +3.5%
Margins
Gross margin 47.2% 48.2% 48.8% 49.5% 49.6% 49.6% 49.5% 49.7% 49.9% 49.4% 49.3% 48.8% 50.4% 50.3% 50.9% 50.9% 51.6% 52.1%
EBITDA margin 13.0% 13.4% 15.5% 16.0% 16.4% 15.6% 15.2% 15.1% 15.0% 13.6% 14.6% 10.4% 13.4% 11.5% 11.5% 10.6% 11.6% 11.1%
Operating margin 11.3% 11.7% 13.7% 14.2% 14.4% 13.5% 12.9% 12.6% 12.2% 10.8% 11.8% 7.4% 10.8% 8.8% 8.7% 7.6% 8.9% 8.4%
Net margin 3.8% 4.9% 6.5% 6.6% 7.2% 6.6% 6.1% 5.6% 5.5% 6.6% 7.0% 5.3% 6.2% 4.8% 5.0% 4.1% 5.3% 5.2%
Free-cash-flow margin 7.1% 5.8% 7.1% 6.5% 6.2% 6.4% 5.1% 5.1% 6.4% 7.3% 5.5% 9.0% 7.9% 1.5% 4.3% 3.9% 4.7% 6.5%
Cash flow
Cash from operations 223 217 292 298 310 316 301 354 343 373 320 427 382 157 249 247 275 368
Capital spending 37 49 60 69 85 77 107 151 90 87 108 111 74 99 91 101 102 127
Free cash flow 186 169 232 229 226 239 194 203 254 286 213 316 308 57 159 145 173 241
Stock-based pay 9 13 16 17 19 22 17 13 11 11 9 8 12 10 16 17 19 23
Free cash flow after stock pay 177 156 217 212 206 217 177 190 243 276 203 308 296 47 143 128 153 219
Balance sheet
Cash 54 59 63 240 47 107 140 87 64 77 71 514 401 71 123 108 149 173
Total debt 1,678 1,563 1,413 1,617 1,691 1,800 1,800 1,800 1,891 1,795 1,609 1,813 1,393 1,152 1,078 994 875 815
Net debt (negative = net cash) 1,623 1,503 1,350 1,377 1,644 1,694 1,660 1,713 1,828 1,717 1,538 1,299 992 1,081 955 886 726 642
Diluted shares 183m 184m 188m 189m 176m 163m 158m 149m 138m 124m 120m 115m 114m 110m 109m 107m 104m 100m
Returned to shareholders
Buybacks 0 0 — 200 510 333 228 209 347 167 47 61 — 130 15 60 54 93
Total returned 0 0 — 200 510 333 228 209 347 167 47 61 — 130 15 60 54 93

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $2.9bn
Short-term assets $1.3bnLonger-term assets $1.6bn
What it owes, and who funded it · $2.9bn
Short-term liabilities $554mLonger-term liabilities $1.5bnShareholders' equity $871m
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $554m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $1.5bn of longer-dated liabilities.
  • More cash than debt $173m of cash against $815m of debt.
  • Debt below 40% of shareholders' equity Debt is 94% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 495% to 94% over five years.
  • A year's operating cash flow covers at least 20% of debt $368m of operating cash flow against $815m of debt.
  • Operating profit covers interest at least five times over Operating income of $314m against $59m of interest.

From Sally Beauty Holdings, Inc.'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.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$92.6M
Returned to shareholders
38%
of free cash flow
Buybacks, last 3 fiscal years
$130M
Diluted share count
−4.2%
year over year
Total shareholder yield
5.3%
dividends 0.0% + buybacks 5.3% of market value
Sales & admin spending
43.7%
of revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated SBH MNSO FIVE WOOF ASO HZO Median
Revenue, last 12 months $3.7bn $3.0bn $5.3bn $6.0bn $6.2bn $2.2bn $1.2bn
Revenue growth, last 12 months 1.1% 26.3% 25.6% −1.3% 3.7% −5.4% 4.0%
Revenue growth, 3-year average −0.4% — 17.8% −1.1% −0.1% −2.1% 2.6%
Revenue growth, latest quarter 0.2% — 22.9% 0.0% 3.0% −7.0% 2.3%
Gross margin 52.1% 45.0% 40.3% 38.8% 35.8% 34.2% 36.5%
Operating margin 8.4% 15.4% 14.7% 2.2% 9.6% 3.0% 2.2%
Operating margin, 3-year average 8.3% — 10.9% −5.5% 9.4% 3.5% 1.5%
Net margin 5.2% 5.6% 11.7% 0.5% 6.4% 0.2% 0.8%
Cash from operations / revenue 9.9% 12.0% 15.1% 6.3% 8.8% 10.0% 5.5%
Free-cash-flow margin 6.5% 6.4% 11.3% 4.0% 5.3% 8.1% 3.0%
Free-cash-flow margin, 3-year average 5.1% — 6.6% 1.5% 5.4% 0.4% 2.7%
Stock pay / revenue 0.6% 1.7% 0.6% 0.5% 0.4% 0.6% 0.6%
Change in share count −4.2% −1.1% 0.6% 3.7% −4.5% −4.7% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 1.1% 4.0% 23 of 35
Change in growth rate Growth +0.3pp -0.2pp 14 of 35
Gross margin Profitability 52.1% 36.5% 9 of 31
Operating margin Profitability 8.4% 2.2% 8 of 33
Net margin Profitability 5.2% 0.8% 12 of 35
Free-cash-flow margin Cash generation 6.5% 3.1% 7 of 34
Stock pay as % of revenue Cash generation 0.6% 0.7% 13 of 30
Long-term debt as % of assets Balance sheet 28.3% 14.2% 21 of 26
Change in share count Balance sheet -4.2% 0.6% 7 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Geography
Region Revenue Share YoY
United States $3B 81.8% ▲ 0.1%
Other Countries $672M 18.2% ▼ 2.6%

From Sally Beauty Holdings, Inc.'s 10-K filed November 13, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
248
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
32 / 43

Top buyers and sellers, Q2 2026: 118 institutions bought and 130 sold ; the biggest buyer was Geode Capital Management, LLC (+718K shares) and the biggest seller Goldman Sachs Group Inc (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $223M 15.8M 15.3% ▲ 4.0%
Vanguard Portfolio Management LLC $90.9M 6.4M 6.2% ▲ 2.1%
Dimensional Fund Advisors LP $85.6M 6.1M 5.9% ▲ 3.1%
LSV Asset Management $63M 4.5M 4.3% ▲ 14.9%
State Street Corp $62.8M 4.4M 4.3% ▲ 1.4%
Vanguard Capital Management LLC $60M 4.2M 4.1% ▼ 0.4%
Fisher Asset Management, LLC $53.2M 3.8M 3.6% ▼ 2.4%
FMR LLC $52.8M 3.7M 3.6% ▲ 2.8%
American Century Companies Inc $47.7M 3.4M 3.3% ▲ 18.9%
Victory Capital Management Inc $46.9M 3.3M 3.2% ▲ 8.3%
Wasatch Advisors LP $46.7M 3.3M 3.2% ▼ 2.6%
Geode Capital Management, LLC $46.1M 3.3M 3.1% ▲ 28.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sally Beauty Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $879,931 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $879,931 net selling
Insider Date Trade Shares Price Value
Platz Marlo Michelle Cormier Former SVP & CFO June 8, 2026 Sell 42,771 $12.70 $543,192
Mcintosh Kim GVP, CONTROLLER & CAO December 11, 2025 Sell 5,900 $15.71 $92,689
Sherman Scott C SVP, CLO and CHRO December 1, 2025 Sell 15,000 $16.27 $244,050

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Sally Beauty Holdings, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Lamar Smith(TX):Sale (full), $1,001 - $15,000, traded November 30, 2016, filed December 12, 2016
  • Lamar Smith(TX):Sale (full), $1,001 - $15,000, traded February 4, 2016, filed March 15, 2016
  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded October 2, 2015, filed November 3, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 11, 2026
  • February 9, 2026
  • November 13, 2025
  • August 5, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Sally Beauty Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sally Beauty Holdings, Inc. in brief

What does Sally Beauty Holdings, Inc. do?
Sally Beauty Holdings, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in September.
What is Sally Beauty Holdings, Inc.'s stock ticker?
Sally Beauty Holdings, Inc. trades under the ticker SBH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sally Beauty Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sally Beauty Holdings, Inc. reported revenue of $3.7B, 1.1% higher than a year earlier, according to its SEC filings.
What is Sally Beauty Holdings, Inc.'s free cash flow?
Sally Beauty Holdings, Inc.'s free-cash-flow margin is 6.5% of revenue over the trailing twelve months, ranking 7 of the 34 other specialty retail companies we cover.
What is Sally Beauty Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sally Beauty Holdings, Inc.'s free cash flow after stock-based pay gives ~$33 per share in the base case, and ~$23–$46 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sally Beauty Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sally Beauty Holdings, Inc. buying back stock, and does it pay a dividend?
Sally Beauty Holdings, Inc. spent $92.6M on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Sally Beauty Holdings, Inc.'s market cap?
On November 2, 2026, Sally Beauty Holdings, Inc.'s market capitalisation was about $1.8B, with a price-to-earnings ratio of 9.6 and net debt of $642M. Market figures come from third-party market data and may be delayed.
How much debt does Sally Beauty Holdings, Inc. have?
Sally Beauty Holdings, Inc.'s debt-to-equity ratio is 93.5%, from its latest balance sheet (495.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sally Beauty Holdings, Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to Sally Beauty Holdings, Inc. are Miniso Group Holding Ltd, Five Below, Inc, Petco Health & Wellness Company, Inc., Academy Sports & Outdoors, Inc. and Marinemax Inc. The side-by-side comparison below sets their revenue, margins and growth against Sally Beauty Holdings, Inc.'s.
Are insiders buying or selling Sally Beauty Holdings, Inc. stock?
Over the last 12 months, Sally Beauty Holdings, Inc.'s directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Sally Beauty Holdings, Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sally Beauty Holdings, Inc. announces its own schedule.