Sally Beauty Holdings, Inc. SBH

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 18.41 USD on Nov 2, 2026, +29.1% year to date

Quant rating

Quant rating A Rank 31 of 344 in Consumer Discretionary

Growth C 214 of 344
Valuation B 57 of 344
Quality B 60 of 344
Revisions C 152 of 344
Momentum A 41 of 344

Wall Street consensus Hold (2.60)Average target 17.00 USD −7.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.7B
Enterprise value: 2.4B
52-week range: 11.57 – 18.68
3-year range: 7.79 – 18.68
Dividend yield: –
Beta (5 years): 1.14
Shares outstanding: 93.6M
Next earnings: Nov 10, 2026

About the company

Sally Beauty Holdings, Inc. is an international specialty retailer and distributor of professional beauty supplies. The Company offers professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty and Beauty Systems Group segments. Sally is a domestic and international chain of retail stores and digital platforms that offers professional beauty supplies to both salon professionals and retail customers primarily in North America, parts of Europe and South America. Sally Beauty stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands, such as Ion, Bondbar, Strawberry Leopard, and Generic Value Products. Beauty Systems Group stores, branded as Cosmo Prof or Armstrong McCall stores, along with its outside sales consultants, sell up to 8,000 professionally branded products, including Paul Mitchell, Wella, Matrix, Schwarzkopf, Kenra, Goldwell, Joico, Amika and Moroccanoil.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,701	3,717	3,728	3,816	3,875	–
Revenue growth	−0.4%	−0.3%	−2.3%	−1.5%	10.3%	1.0%
EPS (basic, normalized)	1.90	1.69	1.83	2.16	2.40	–
EPS growth	12.4%	−7.7%	−15.3%	−10.0%	–	–
Gross margin	51.6%	50.9%	50.8%	50.3%	50.4%	50.8%
Net margin	5.3%	4.1%	5.0%	4.8%	6.2%	5.1%
ROE	27.5%	27.0%	46.0%	63.9%	162.0%	65.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	173
Current ratio	2.37x
Long-term debt (mil)	804
Net debt (mil)	634
Total equity (mil)	871
Net debt / equity	0.73x
Net debt / EBITDA	1.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,701	−0.4%	0.6x	448	+3.2%	5.3x	1.90	+12.4%	9.7x
2026	3,732	+0.8%	0.6x	448	0.0%	5.3x	2.07	+8.8%	8.9x
2027	3,777	+1.2%	0.6x	460	+2.7%	5.1x	2.23	+8.0%	8.2x
2028	3,875	+2.6%	0.6x	464	+0.9%	5.1x	2.45	+9.6%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,732	0.0%	0.0%	−0.4%	2.07	+0.1%	+0.1%	−0.3%
2027	3,777	−0.3%	−0.3%	−1.1%	2.23	−0.3%	−0.3%	−1.5%
2028	3,875	0.0%	0.0%	−0.1%	2.45	0.0%	0.0%	−0.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	908	942	935	938	883	933	947	943	903	935
Sales mean (mil)	911	932	936	944	901	929	933	940	901	939
Surprise	−0.3%	+1.1%	−0.1%	−0.6%	−2.0%	+0.5%	+1.5%	+0.3%	+0.3%	−0.4%
EPS reported	0.35	0.45	0.50	0.43	0.42	0.51	0.55	0.48	0.44	0.55
EPS mean	0.40	0.40	0.47	0.43	0.39	0.42	0.47	0.46	0.41	0.53
Surprise	−11.6%	+11.8%	+5.4%	−0.3%	+7.2%	+20.3%	+16.0%	+3.4%	+7.3%	+3.0%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SBH Sally Beauty Holdings, Inc.	1.7B	1.42x	5.3%	1.99x	8.9x	8.2x	5.3x	5.1x
ULTA Ulta Beauty Inc	27.3B	0.07x	9.3%	10.32x	22.0x	19.8x	13.7x	13.0x
SIG Signet Jewelers Limited	4.6B	−0.77x	4.3%	2.53x	10.3x	8.8x	5.4x	5.0x
BBWI Bath & Body Works, Inc.	4.7B	2.00x	8.9%	−4.44x	8.5x	8.3x	6.2x	6.2x
ASO Academy Sports and Outdoors, Inc.	3.8B	0.29x	6.2%	1.76x	9.2x	8.7x	5.6x	5.5x
WRBY Warby Parker Inc.	2.9B	−3.07x	0.2%	7.51x	51.7x	38.1x	22.5x	17.5x
Mean		−0.01x	5.7%	3.28x	18.4x	15.3x	9.8x	8.7x
Median		0.18x	5.8%	2.26x	9.7x	8.7x	5.9x	5.9x

Technical analysis

1M+13.4%
3M+23.0%
1Y+21.8%
3Y+104.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sally Beauty Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,701	3,717	3,728	3,816	3,875	3,514
Cost of revenue	1,791	1,827	1,836	1,896	1,922	1,799
Gross profit	1,911	1,890	1,892	1,919	1,953	1,716
Selling, general & administrative expenses	1,578	1,607	1,556	1,554	1,530	1,441
Research & development	–	–	–	–	–	–
Depreciation/amortization	0	0.3	0.3	0.3	0.3	0.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	5.5	1.6	13.2	44.0	4.6	15.9
Other operating expenses	0	0	0	0	0	0
Operating income	327	281	323	321	418	259
Net interest income (expense)	−63.4	−74.7	−71.2	−77.1	−93.5	−98.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	263	206	252	244	325	160
Provision for taxes	67.5	52.9	67.5	60.5	85.1	46.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	196	153	185	184	240	113
Extraordinary items	–	–	–	–	–	–
Net income	196	153	185	184	240	113
EBIT, normalized	332	283	336	365	423	275
EBITDA, normalized	432	392	439	465	525	381
Basic EPS, normalized	1.90	1.69	1.83	2.16	2.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sally Beauty Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	149	108	123	70.6	401	514
Receivables	117	92.2	75.9	72.3	66.6	56.4
Total inventory	988	1,037	975	936	871	815
Prepaid expenses	–	–	–	–	–	–
Other current assets	48.2	68.5	53.9	53.2	44.7	48.0
Total current assets	1,301	1,305	1,228	1,132	1,384	1,433
Property, plant & equipment	931	852	868	830	845	841
Goodwill	541	538	533	526	541	540
Intangibles	53.0	60.0	55.2	50.3	55.5	58.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	45.0	36.9	40.6	38.0	21.8	23.1
Total assets	2,871	2,793	2,725	2,577	2,847	2,895
Liabilities
Accounts payable	225	269	259	276	292	236
Payable/accrued	–	–	–	–	–	–
Accrued expenses	329	283	296	300	344	307
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.0	4.1	4.2	68.7	0.2	0.2
Other current liabilities	18.5	36.2	20.6	23.6	29.2	19.6
Total current liabilities	576	593	579	668	665	563
Long-term debt	862	978	1,066	1,083	1,383	1,797
Minority interest	–	–	–	–	–	–
Other liabilities	639	593	571	532	519	519
Total liabilities	2,077	2,164	2,217	2,283	2,566	2,880
Shareholders' equity
Preferred stock	0	0	0	0	–	–
Common stock	1.0	1.0	1.1	1.1	1.1	1.1
Additional paid-in capital	0	0	5.7	4.2	17.3	1.9
Retained earnings (accumulated deficit)	898	741	625	440	357	117
Treasury stock	–	–	–	–	–	–
Other equity	−105	−113	−123	−152	−94.6	−105
Total equity	794	629	509	294	281	15.4
Total liabilities & shareholders' equity	2,871	2,793	2,725	2,577	2,847	2,895

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sally Beauty Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	196	153	185	184	240	113
Depreciation, depletion & amortization	99.9	110	102	99.9	102	107
Deferred taxes	−12.2	−1.7	9.6	−17.6	−7.3	13.7
Non-cash items	−0.1	23.8	24.3	54.7	20.4	16.1
Changes in working capital	−8.7	−38.8	−71.6	−164	26.7	177
Cash from operations	275	247	249	156	382	427
Investing activities
Capital expenditures	−102	−101	−90.7	−99.2	−73.9	−111
Other investing cash flows	43.9	−7.7	−9.0	−3.2	−2.1	−12.9
Cash from investing	−58.3	−109	−99.8	−102	−76.0	−124
Financing activities
Financing cash flow items	−6.8	−11.0	−5.2	0	−1.3	−6.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−172	−143	−95.6	−374	−419	146
Cash from financing	−178	−154	−101	−374	−420	140
Foreign exchange effects	3.1	1.1	3.7	−10.8	0.9	−0.2
Net change in cash	41.2	−15.0	52.4	−330	−113	443
Free cash flow	173	145	159	57.2	308	316

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.