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Sweetgreen, Inc. key statistics and ratios

In fiscal 2025, Sweetgreen, Inc. had return on equity of -33.4%, an operating margin of -20.5%, debt equal to 0.0% of equity and a current ratio of 1.09. 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.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin−64.2%−39.5%−41.1%−20.9%−14.1%−20.5%−21.4%
Net margin−64.0%−45.1%−40.5%−19.4%−13.4%−19.7%2.0%
Free-cash-flow margin−62.8%−43.9%−29.8%−10.8%−6.1%−17.5%−17.1%
Return on equity—−88.6%−31.9%−22.1%−19.5%−33.4%3.3%
Return on assets—−20.1%−22.8%−12.8%−10.5%−16.3%1.6%
Asset turnover—0.450.560.660.790.830.81
Current ratio—10.664.773.022.021.091.43
Debt to equity—0.0%0.0%0.0%0.0%0.0%0.0%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m
Effective tax rate——————10.6%
R&D as % of revenue——0.4%0.2%0.2%0.1%—
Capital spending as % of revenue21.8%24.9%20.6%15.4%12.5%15.7%13.0%
Free cash flow ÷ net income——————−850.8%

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

1 of 3 checks passed · June 28, 2026
What it owns · $896m
Short-term assets $164mLonger-term assets $732m
What it owes, and who funded it · $896m
Short-term liabilities $114mLonger-term liabilities $314mShareholders' equity $468m
  • Short-term assets cover short-term liabilities $164m of assets due within a year against $114m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $164m short-term assets against $314m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$146m against $104,000 of interest.

From Sweetgreen, 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.

Moat

17 /100

Weak moat

How hard Sweetgreen's competitive advantage looks for rivals to wear away, judged from 5 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 -11.8% of total assets over 5 years.

  • Durability 10 / 20

    Operating margin has been a median -21.4%; its worst year was -41.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -18.1% 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.

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Figures from Sweetgreen, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sweetgreen, Inc.