Latest Ratios: P/E Ratio -4.4x · EV/EBITDA N/A · ROE -20.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $997M | $1.5B | $2.7B | $2.9B | $2.8B | $3.9B | $2.7B | — | — |
| Enterprise Value | $2.8B | $2.7B | $3.1B | $4.0B | $4.2B | $4.1B | $5.1B | $3.9B | — | — |
| P/E Ratio → | -4.44 | — | 38.67 | 34.13 | 44.91 | 44.89 | 36.34 | 170.79 | — | — |
| P/S Ratio | 0.22 | 0.21 | 0.35 | 0.68 | 0.82 | 0.91 | 1.23 | 1.04 | — | — |
| P/B Ratio | 1.02 | 1.01 | 1.29 | 2.23 | 2.63 | 2.79 | 4.19 | 3.56 | — | — |
| P/FCF | 42.44 | 41.87 | — | 24.39 | 53.13 | 66.62 | 76.59 | 81.57 | — | — |
| P/OCF | 4.55 | 4.49 | 13.76 | 8.96 | 15.76 | 16.98 | 21.32 | 20.00 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.58 | 0.72 | 1.01 | 1.18 | 1.34 | 1.64 | 1.52 | — | — |
| EV / EBITDA | — | — | 16.81 | 18.70 | 24.45 | 25.81 | 31.06 | 32.77 | — | — |
| EV / EBIT | — | — | 37.26 | 31.48 | 44.66 | 43.85 | 47.18 | 62.44 | — | — |
| EV / FCF | — | 114.98 | — | 35.87 | 76.98 | 98.00 | 101.84 | 119.21 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.3% | 30.3% | 30.2% | 31.3% | 30.5% | 30.8% | 31.1% | 30.8% | 30.4% | 30.4% |
| Operating Margin | -4.7% | -4.7% | 1.8% | 3.2% | 2.7% | 2.9% | 3.4% | 2.7% | 3.6% | 3.7% |
| Net Profit Margin | -4.8% | -4.8% | 0.9% | 2.0% | 1.8% | 2.0% | 3.4% | 0.6% | 0.7% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -20.6% | -20.6% | 3.3% | 6.8% | 6.1% | 6.5% | 12.8% | 3.0% | 4.4% | 4.8% |
| ROA | -7.2% | -7.2% | 1.3% | 2.8% | 2.4% | 2.4% | 4.6% | 0.9% | 1.2% | 1.6% |
| ROIC | -6.0% | -6.0% | 2.2% | 3.8% | 3.0% | 3.0% | 3.9% | 3.3% | 5.5% | 5.1% |
| ROCE | -8.0% | -8.0% | 2.9% | 5.0% | 3.9% | 3.8% | 5.1% | 4.3% | 6.8% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 1.38 | 1.14 | 1.27 | 1.45 | 1.50 | 1.68 | 2.86 | 1.66 |
| Debt / EBITDA | — | — | 8.88 | 6.53 | 8.17 | 9.14 | 8.34 | 10.58 | 6.62 | 5.92 |
| Net Debt / Equity | — | 1.77 | 1.33 | 1.05 | 1.18 | 1.31 | 1.38 | 1.64 | 2.79 | 1.65 |
| Net Debt / EBITDA | — | — | 8.54 | 5.99 | 7.57 | 8.27 | 7.70 | 10.35 | 6.46 | 5.87 |
| Debt / FCF | — | 73.11 | — | 11.48 | 23.85 | 31.38 | 25.25 | 37.64 | 22.08 | 66.64 |
| Interest Coverage | -6.45 | -6.45 | 3.01 | 5.54 | 4.97 | 5.61 | 5.00 | 1.30 | 1.31 | 1.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.37 | 1.37 | 1.44 | 1.35 | 1.67 | 1.86 | 1.64 | 1.30 | 1.59 | 1.58 |
| Quick Ratio | 0.32 | 0.32 | 0.31 | 0.43 | 0.47 | 0.70 | 0.59 | 0.25 | 0.28 | 0.19 |
| Cash Ratio | 0.19 | 0.19 | 0.18 | 0.30 | 0.37 | 0.59 | 0.45 | 0.13 | 0.14 | 0.04 |
| Asset Turnover | — | 1.52 | 1.38 | 1.34 | 1.29 | 1.15 | 1.26 | 1.17 | 1.66 | 1.57 |
| Inventory Turnover | 8.56 | 8.56 | 7.74 | 7.79 | 7.44 | 7.73 | 8.82 | 8.08 | 8.03 | 7.89 |
| Days Sales Outstanding | — | 1.61 | 1.69 | 1.76 | 1.55 | 1.23 | 1.33 | 1.40 | 1.14 | 1.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Payout Ratio | — | — | — | 0.0% | 0.2% | 0.3% | 0.4% | 23.6% | 967.9% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.6% | 2.9% | 2.2% | 2.2% | 2.8% | 0.6% | — | — |
| FCF Yield | 2.4% | 2.4% | — | 4.1% | 1.9% | 1.5% | 1.3% | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 5.3% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 5.3% | 0.2% | 0.1% | 0.0% | 0.0% | 0.1% | — | — |
| Shares Outstanding | — | $98M | $100M | $101M | $100M | $99M | $98M | $82M | $74M | $74M |
Margin Compression and Scaling
Based on current market data, Grocery Outlet's forward P/E of 19.56 appears to price in a recovery that remains unconfirmed by recent financial statements, especially given the company's negative TTM P/E and the significant divergence from the valuation multiples of more stable grocery sector peers.
The current valuation suggests investors are looking past the recent negative earnings profile, potentially banking on a return to historical profitability. However, the P/S ratio of 0.21 indicates that the market is heavily discounting the company's revenue-generating capacity relative to its historical growth trajectory.
As reported in recent financial filings, Grocery Outlet's ROIC has plummeted to 0.2% in 2026Q1, a stark decline from historical levels that suggests the company's aggressive capital deployment into new store footprints is failing to generate adequate returns on invested capital compared to industry benchmarks.
The collapse in ROIC indicates that the company is struggling to maintain its competitive advantage as it scales. This trend warrants further investigation into whether the current expansion strategy is structurally dilutive to shareholder value or merely a temporary byproduct of heavy upfront investment costs.
According to the latest quarterly data, the cash conversion cycle has fluctuated, with DIO reaching 43 days in 2026Q1, reflecting the operational challenges of managing a decentralized inventory model while attempting to maintain the 'treasure hunt' value proposition across a broader geographic footprint.
The variability in the cash conversion cycle suggests that the Independent Operator model may be facing friction in inventory turnover as the company expands into new regions. Investors should monitor whether these efficiency metrics stabilize as the company gains density in its newer Mid-Atlantic markets.
Based on the company's reported figures, the debt-to-equity ratio has surged to 2.28 in 2026Q1, indicating that Grocery Outlet is increasingly reliant on external financing to support its operations as internal cash generation remains under significant pressure compared to previous fiscal periods.
The rising debt load, coupled with a weakening interest coverage ratio of 0.86, suggests that debt service is becoming less comfortable. This leverage profile may limit management's ability to navigate further operational headwinds without seeking additional capital or restructuring existing obligations.
As evidenced by the company's unique procurement model, the P/E ratio is a commonly misapplied metric for Grocery Outlet, as it obscures the business's fundamental reliance on opportunistic supply availability rather than predictable, demand-driven retail growth cycles typical of traditional grocery chains.
Investors should instead focus on supply-side metrics and inventory turnover quality, as the company's earnings are more sensitive to manufacturer overstock levels than to standard consumer demand fluctuations. Relying on P/E ignores the structural volatility inherent in the 'treasure hunt' sourcing strategy.
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Quick answers to the most common questions about buying GO stock.
Grocery Outlet Holding Corp.'s current P/E ratio is -4.4x. The historical average is 61.6x.
Grocery Outlet Holding Corp.'s return on equity (ROE) is -20.6%. The historical average is 3.0%.
Based on historical data, Grocery Outlet Holding Corp. is trading at a P/E of -4.4x. Compare with industry peers and growth rates for a complete picture.
Grocery Outlet Holding Corp. has 30.3% gross margin and -4.7% operating margin.