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Sally Beauty (SBH)

Market Price (2/21/2026): $15.885 | Market Cap: $1.6 Bil
Sector: Consumer Discretionary | Industry: Specialty Stores

Sally Beauty (SBH)

Market Price (2/21/2026): $15.885
Market Cap: $1.6 Bil
Sector: Consumer Discretionary
Industry: Specialty Stores

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.3%, FCF Yield is 14%		 Weak multi-year price returns
2Y Excs Rtn is -22%, 3Y Excs Rtn is -74%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Health & Wellness Trends. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.		 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%		 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
2   Key risks
SBH key risks include [1] declining comparable sales driven by soft customer traffic and [2] eroding profitability from elevated labor and rent costs.
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.3%, FCF Yield is 14%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and Health & Wellness Trends. Themes include Online Marketplaces, Direct-to-Consumer Brands, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -22%, 3Y Excs Rtn is -74%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 89%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
6 Key risks
SBH key risks include [1] declining comparable sales driven by soft customer traffic and [2] eroding profitability from elevated labor and rent costs.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Sally Beauty (SBH) stock has gained about 5% since 10/31/2025 because of the following key factors:

1. Strong Earnings Performance and Raised Guidance.

Sally Beauty reported adjusted diluted earnings per share (EPS) that exceeded analyst expectations for both the fourth quarter of fiscal year 2025 and the first quarter of fiscal year 2026. For Q4 2025, announced on November 13, 2025, adjusted EPS was $0.55, surpassing estimates of $0.49. Similarly, for Q1 2026, reported on February 9, 2026, adjusted EPS came in at $0.48, beating the $0.47 consensus. The company also raised the low end of its fiscal 2026 EPS guidance, signaling confidence in future profitability.

2. Successful Cost Management and Margin Expansion.

The company's "Fuel for Growth" program has been instrumental in driving product margin improvement and generating cost savings. This initiative contributed to a 100-basis-point expansion in gross margin to 52.2% in Q4 2025 and a 50-basis-point expansion to 51.3% in Q1 2026. Sally Beauty aims to achieve cumulative run rate savings of approximately $120 million by the end of fiscal year 2026, which has positively impacted its bottom line.

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Stock Movement Drivers

Fundamental Drivers

The 5.2% change in SBH stock from 10/31/2025 to 2/20/2026 was primarily driven by a 10.1% change in the company's P/E Multiple.
(LTM values as of)103120252202026Change
Stock Price ($)15.1115.895.2%
Change Contribution By: 
Total Revenues ($ Mil)3,6893,7070.5%
Net Income Margin (%)5.3%4.9%-7.4%
P/E Multiple7.88.610.1%
Shares Outstanding (Mil)100982.7%
Cumulative Contribution5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/20/2026
ReturnCorrelation
SBH5.2% 
Market (SPY)1.1%13.1%
Sector (XLY)-2.1%17.0%

Fundamental Drivers

The 63.1% change in SBH stock from 7/31/2025 to 2/20/2026 was primarily driven by a 61.9% change in the company's P/E Multiple.
(LTM values as of)73120252202026Change
Stock Price ($)9.7415.8963.1%
Change Contribution By: 
Total Revenues ($ Mil)3,6983,7070.2%
Net Income Margin (%)5.0%4.9%-3.2%
P/E Multiple5.38.661.9%
Shares Outstanding (Mil)102983.9%
Cumulative Contribution63.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/20/2026
ReturnCorrelation
SBH63.1% 
Market (SPY)9.4%17.8%
Sector (XLY)6.3%27.8%

Fundamental Drivers

The 46.2% change in SBH stock from 1/31/2025 to 2/20/2026 was primarily driven by a 18.8% change in the company's P/E Multiple.
(LTM values as of)13120252202026Change
Stock Price ($)10.8715.8946.2%
Change Contribution By: 
Total Revenues ($ Mil)3,7173,707-0.3%
Net Income Margin (%)4.1%4.9%17.9%
P/E Multiple7.38.618.8%
Shares Outstanding (Mil)102984.6%
Cumulative Contribution46.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/20/2026
ReturnCorrelation
SBH46.2% 
Market (SPY)15.6%32.0%
Sector (XLY)1.8%41.3%

Fundamental Drivers

The 2.0% change in SBH stock from 1/31/2023 to 2/20/2026 was primarily driven by a 9.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)13120232202026Change
Stock Price ($)15.5815.892.0%
Change Contribution By: 
Total Revenues ($ Mil)3,8163,707-2.9%
Net Income Margin (%)4.8%4.9%1.2%
P/E Multiple9.18.6-5.1%
Shares Outstanding (Mil)107989.3%
Cumulative Contribution2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/20/2026
ReturnCorrelation
SBH2.0% 
Market (SPY)75.9%33.7%
Sector (XLY)61.7%39.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SBH Return42%-32%6%-21%36%11%21%
Peers Return60%-2%35%-25%-12%10%54%
S&P 500 Return27%-19%24%23%16%0%83%

Monthly Win Rates [3]
SBH Win Rate50%50%50%50%67%100% 
Peers Win Rate70%50%57%38%38%80% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SBH Max Drawdown-2%-40%-42%-29%-25%0% 
Peers Max Drawdown-7%-41%-24%-40%-48%-6% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ULTA, ELF, EL, COTY, BBWI. See SBH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/20/2026 (YTD)

How Low Can It Go

Unique KeyEventSBHS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-71.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven248.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-62.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven168.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven336 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-56.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven128.5%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-74.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven296.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven669 days1,480 days

Compare to ULTA, ELF, EL, COTY, BBWI

In The Past

Sally Beauty's stock fell -71.3% during the 2022 Inflation Shock from a high on 5/7/2021. A -71.3% loss requires a 248.3% gain to breakeven.

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About Sally Beauty (SBH)

Sally Beauty Holdings, Inc. operates as a specialty retailer and distributor of professional beauty supplies. The company operates through two segments, Sally Beauty Supply and Beauty Systems Group. The Sally Beauty Supply segment offers beauty products, including hair color and care products, skin and nail care products, styling tools, and other beauty products for retail customers, salons, and salon professionals. This segment also provides products under third-party brands, such as Wella, Clairol, OPI, Conair, and L'Oreal, as well as exclusive-label brand merchandise. The Beauty Systems Group segment offers professional beauty products, such as hair color and care products, skin and nail care products, styling tools, and other beauty items directly to salons and salon professionals through its professional-only stores, e-commerce platforms, and sales force, as well as through franchised stores under the Armstrong McCall store name. This segment also sells products under third-party brands, such as Paul Mitchell, Wella, Matrix, Schwarzkopf, Kenra, Goldwell, Joico, and Olaplex. As of September 30, 2021, the company operated 4,777 stores, including 134 franchised units in the United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain, and Germany. It also distributes its products through full-service/exclusive distributors, open-line distributors, direct sales, and mega-salon stores. Sally Beauty Holdings, Inc. was founded in 1964 and is headquartered in Denton, Texas.

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1. The Home Depot for professional stylists and serious DIY beauty enthusiasts.

2. Ulta Beauty, but with a stronger emphasis on professional salon supplies and at-home hair color.

3. A wholesale club like Costco, but exclusively for professional hairdressers and cosmetologists.

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  • Hair Care Products: Sally Beauty offers a comprehensive range of shampoos, conditioners, hair colors, and styling products for professional and personal use.
  • Nail Care Products: The company provides an assortment of nail polishes, gels, acrylics, and tools essential for manicures and pedicures.
  • Skin Care Products: Customers can find various cleansers, moisturizers, treatments, and cosmetics tailored for different skin types and concerns.
  • Hair Styling Tools & Appliances: Sally Beauty sells professional and consumer-grade hair dryers, curling irons, flat irons, clippers, and other styling devices.
  • Beauty Accessories & Professional Supplies: This category includes items like brushes, combs, hair extensions, and essential salon supplies for licensed beauty professionals.

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For the public company Sally Beauty (symbol: SBH), its business model involves selling and distributing professional beauty supplies through its Sally Beauty Supply and CosmoProf (formerly Beauty Systems Group) segments. Sally Beauty Supply stores cater to both retail consumers and salon professionals, while CosmoProf stores are exclusively for licensed salon professionals. Given this dual approach, Sally Beauty primarily serves categories of customers rather than a few major corporate customers. Here are the categories of customers Sally Beauty serves:

Sally Beauty (SBH) primarily serves the following categories of customers:

  • DIY Consumers/General Public: These are individual consumers who purchase beauty products, tools, and supplies for their personal use. This includes a wide range of products for hair care, nail care, skincare, and cosmetics. They primarily shop at Sally Beauty Supply stores.
  • Licensed Beauty Professionals: This category includes individual hair stylists, nail technicians, estheticians, and other licensed beauty professionals. They purchase professional-grade products, equipment, and tools for use in their services to clients. They shop at both Sally Beauty Supply and, more extensively, at CosmoProf stores, which require a professional license for entry and purchase.
  • Small Salon Owners/Operators: These are individuals or small business owners who operate independent beauty salons, spas, or barbershops. They procure supplies, inventory, and professional products from Sally Beauty and CosmoProf for their salon's operations and to offer services to their clientele. This category often overlaps with licensed beauty professionals but emphasizes the business procurement aspect.

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Denise Paulonis, President and Chief Executive Officer

Denise Paulonis has served as the President and Chief Executive Officer of Sally Beauty Holdings since October 2021. Prior to this role, she was the Executive Vice President and Chief Financial Officer of Sprouts Farmers Market Inc. from 2020 to 2021. From August 2016 to January 2020, Ms. Paulonis was the Chief Financial Officer and Executive Vice President at The Michaels Companies, where she also held senior finance positions including Senior Vice President of Finance and Treasurer, and Vice President of Corporate Finance, Investor Relations, and Treasury. Her career also includes various senior-level positions at PepsiCo from 2009 to 2014, such as Vice President of Financial Planning and Analysis for Frito Lay, Vice President of Finance and Strategy for PepsiCo U.S. Sales, and Vice President of Global Corporate Strategy. She also has experience with McKinsey & Company and Bank of America. Ms. Paulonis has served as an Independent Director at Conagra Brands, Inc. since 2022.

Marlo Cormier, Senior Vice President and Chief Financial Officer

Marlo Cormier was appointed as Senior Vice President and Chief Financial Officer of Sally Beauty Holdings in November 2020. She initially joined Sally Beauty in April 2020 as Senior Vice President of Finance and Chief Accounting Officer. Before her tenure at Sally Beauty, Ms. Cormier was the Senior Vice President, Corporate Finance and Chief Accounting Officer at Fossil Group Inc. from 2013 to 2020, where her responsibilities included general accounting, SEC reporting, financial planning and analysis, taxes, and treasury. From 2001 to 2013, she held various executive roles at Callaway Golf, including Vice President and Chief Accounting Officer. Ms. Cormier began her career as a Manager in Deloitte's Accounting and Audit Services group, where she worked for seven years.

John Goss, President of Sally Beauty Supply

John Goss has been the President of Sally Beauty Supply since November 2020. Prior to this, he served as Group Vice President and Head of Stores and Operations for Sally Beauty Supply, where he oversaw over 2,900 retail stores and led the implementation of Ship-From-Store (SFS) and Buy Online/Pickup in Store (BOPIS). Before joining Sally Beauty Holdings in 2016, Mr. Goss held consecutive roles as Vice President of Operations and then Vice President of Transformation Management Office for Signet Jewelers. He has also held various leadership positions at Zales Jeweler, T-Mobile, Gap Inc., and L Brands.

Mark Spinks, President of Beauty Systems Group LLC

Mark Spinks has served as the President of Beauty Systems Group LLC since July 2015.

Mary Beth Edwards, Senior Vice President, Chief Information Officer and Chief Transformation Officer

Mary Beth Edwards was appointed Senior Vice President, Chief Information Officer, and Chief Transformation Officer in November 2020. Prior to this role, she was the Group Vice President, Global Sourcing of Sally Beauty Holdings since April 2019.

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The key risks to Sally Beauty's business (SBH) are primarily related to macroeconomic pressures and operational costs.

  1. Challenging Macroeconomic Conditions and Consumer Spending: Sally Beauty is significantly impacted by tough macroeconomic challenges that exert pressure on consumer spending. This includes soft customer traffic and inflationary pressures, which have led to declining comparable sales and overall net sales in recent periods. The main risk is that shoppers may cut back on spending by either purchasing lower-cost beauty products or giving them up entirely.
  2. High-Cost Operating Environment: The company has been grappling with a high-cost environment, specifically elevated labor costs and rent expenses, which contribute to increased selling, general, and administrative (SG&A) expenses. While Sally Beauty has initiatives like the "Fuel for Growth Program" to drive efficiency and reduce costs, these persistent high operational costs continue to affect profitability.
  3. Intense Competition: The beauty products distribution industry is highly competitive and fragmented, with numerous players including other beauty stores, salons, mass merchandisers, online retailers, drug stores, and supermarkets. This competitive landscape, coupled with the company being a mature entity in the retail sector that is not significantly growing, poses an ongoing challenge to maintaining and growing market share and profitability.

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Increased competition from online marketplaces aggressively expanding their offerings of professional beauty supplies, directly targeting both salons and general consumers.

The accelerating trend of beauty brands leveraging direct-to-consumer (DTC) channels and rapidly growing social commerce platforms to sell products directly, bypassing traditional retail and distribution channels.

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Sally Beauty (symbol: SBH) operates in various segments of the beauty industry, primarily focusing on hair care, hair color, nail care, skin care, and professional beauty supplies and services. The addressable markets for their main products and services can be sized as follows:

  • Global Cosmetics Market: The global cosmetics market, which encompasses products for skin, hair, and nails, was valued at approximately USD 419.8 billion in 2024 and is estimated to reach USD 629.7 billion by 2033.

  • North America Beauty and Personal Care Products Market: This market, which includes cosmetics, skin, hair, and nail products, was valued at USD 170.33 billion in 2024 and is projected to reach USD 247.30 billion by 2033.

  • U.S. Cosmetics Market: The U.S. cosmetics market alone was valued at USD 80 billion in 2023.

  • Global Hair Care Market: The global hair care market was valued at USD 106.91 billion in 2024 and is anticipated to grow to USD 213.47 billion by 2032.

  • U.S. Hair Care Market: The U.S. hair care products market size was estimated at USD 20.84 billion in 2024 and is expected to grow to USD 30.06 billion by 2030.

  • Global Professional Beauty Services Market: This market, which includes services for hair care, skin care, and nail care, was valued at USD 221.09 billion in 2024 and is projected to grow to USD 378.47 billion by 2032.

  • U.S. Professional Beauty Services Market: The professional beauty services market in the U.S. is expected to grow significantly, reaching USD 75.87 billion by 2032.

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Sally Beauty Holdings (SBH) is focusing on several key strategies to drive future revenue growth over the next two to three years, primarily through enhancing customer engagement, expanding product offerings, and modernizing its retail presence. These drivers are evident in recent earnings releases, transcripts, and analyst commentary:

  1. Digital Marketplace Expansion and E-commerce Growth: Sally Beauty is prioritizing the expansion of its digital presence and e-commerce capabilities. The company has reported strong growth in e-commerce sales, with digital marketplace initiatives driving customer engagement and sales. For example, global e-commerce sales increased to $99 million, representing 11% of total net sales, with specific growth of 21% year-over-year in Q2 2025 and 15% in Q3 2025 in the Sally Beauty segment. This strategy aims to attract new customers and facilitate more profitable sales growth through platforms like Amazon, DoorDash, Instacart, and Walmart.

  2. Product Innovation and Growth of High-Margin Owned Brands: The company plans to accelerate product innovation and grow its high-margin owned brands. Management has indicated a consistent pipeline of innovation across both owned and third-party brands for fiscal 2025. This includes new product launches in categories such as hair color, bonding, nails, and appliances, along with expanded partnerships like Sauce Beauty and the introduction of new products like the Ion 8-in-1 Airstyler.

  3. Store Refresh Programs and Modernization: Sally Beauty is investing in store refresh programs designed to modernize locations and enhance the in-store shopping experience. These initiatives aim to transform Sally Beauty into a more dynamic beauty destination that inspires customer discovery and joy. Pilot programs have been initiated in markets like Orlando to test various levels of store investment. The company expects these efforts to improve foot traffic and align with evolving consumer preferences.

  4. Customer-Centric Initiatives: Efforts to enhance customer centricity are expected to drive growth by improving customer engagement and acquisition. Key initiatives include the "Licensed Colorist on Demand" service, which provides high-touch service and professional consultation, and the "Happy Beauty Co." concept, which is being evaluated for progress. These programs aim to attract new customers, with "Licensed Colorist on Demand" bringing in 45% new customers to the brand.

  5. Expanded Distribution and Brand Innovation within Beauty Systems Group (BSG) Segment: The Beauty Systems Group (BSG) segment is expected to see continued revenue growth through expanded distribution and new brand innovation. This segment has demonstrated consistent sales growth, driven by widening its distribution channels and introducing new professional products.

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Share Repurchases

  • Sally Beauty Holdings has an ongoing share repurchase program, originally authorized for $1.0 billion in 2017.
  • The program was extended in May 2025 to continue until September 30, 2029, with approximately $501.1 million of authorization remaining.
  • The company repurchased $60.0 million in fiscal year 2024 and $15.0 million in fiscal year 2023. In Q2 fiscal year 2025, $10 million in shares were repurchased, and $13 million was deployed to repurchase 1.5 million shares in Q3 fiscal year 2025.

Share Issuance

  • Information available primarily indicates a reduction in shares outstanding due to repurchases, with no significant dollar amount of shares issued noted over the last 3-5 years.

Inbound Investments

  • No information is available regarding large inbound investments made in Sally Beauty by third-parties over the last 3-5 years.

Outbound Investments

  • In fiscal year 2024, Sally Beauty acquired assets from Exclusive Beauty Supplies in Florida for $7.5 million.

Capital Expenditures

  • Capital expenditures were approximately $100 million for the full fiscal year 2024.
  • Expected capital expenditures for fiscal year 2025 are projected to be $95 million.
  • The primary focus of capital expenditures includes strategic initiatives like digital expansion, store refresh programs, and IT capabilities, as well as investments in end-to-end supply chain systems and processes.

Better Bets vs. Sally Beauty (SBH)

Latest Trefis Analyses

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Trade Ideas

Select ideas related to SBH.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
LULU_1302026_Dip_Buyer_FCFYield01302026LULULululemon AthleticaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		1.1%1.1%-2.8%
KSS_1302026_Short_Squeeze01302026KSSKohl'sSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		13.6%13.6%-1.0%
AAP_1022026_Short_Squeeze01022026AAPAdvance Auto PartsSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		51.3%51.3%-0.4%
KTB_12192025_Dip_Buyer_FCFYield12192025KTBKontoor BrandsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		5.2%5.2%-10.3%
COUR_12192025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG12192025COURCourseraDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		-21.8%-21.8%-24.2%
SBH_12312018_Dip_Buyer_FCFYield12312018SBHSally BeautyDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-26.4%7.0%-31.2%

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Peer Comparisons

Peers to compare with:

Financials

SBHULTAELFELCOTYBBWIMedian
NameSally Be.Ulta Bea.e.l.f. B.Estee La.Coty Bath & B. 
Mkt Price15.89682.8994.02114.232.6924.3859.20
Mkt Cap1.630.55.641.42.45.05.3
Rev LTM3,70711,9821,52014,6715,8077,3546,581
Op Inc LTM3031,5861681,4103601,205783
FCF LTM2171,0422151,137391946668
FCF 3Y Avg168961100267344789305
CFO LTM3351,3592461,6705861,180883
CFO 3Y Avg2701,3491161,7995711,047809

Growth & Margins

SBHULTAELFELCOTYBBWIMedian
NameSally Be.Ulta Bea.e.l.f. B.Estee La.Coty Bath & B. 
Rev Chg LTM-0.5%5.5%16.7%-3.3%-4.6%-1.0%-0.8%
Rev Chg 3Y Avg-0.8%7.3%47.4%-3.5%3.6%-1.5%1.4%
Rev Chg Q0.6%12.9%37.8%5.6%0.5%-1.0%3.1%
QoQ Delta Rev Chg LTM0.1%2.8%9.7%1.6%0.2%-0.2%0.9%
Op Mgn LTM8.2%13.2%11.1%9.6%6.2%16.4%10.3%
Op Mgn 3Y Avg8.4%14.0%12.3%8.7%9.0%16.8%10.7%
QoQ Delta Op Mgn LTM-0.7%-0.4%1.3%0.9%-2.0%-0.7%-0.6%
CFO/Rev LTM9.0%11.3%16.2%11.4%10.1%16.0%11.4%
CFO/Rev 3Y Avg7.3%11.8%8.8%12.0%9.6%14.2%10.7%
FCF/Rev LTM5.8%8.7%14.1%7.7%6.7%12.9%8.2%
FCF/Rev 3Y Avg4.5%8.4%7.6%1.8%5.8%10.7%6.7%

Valuation

SBHULTAELFELCOTYBBWIMedian
NameSally Be.Ulta Bea.e.l.f. B.Estee La.Coty Bath & B. 
Mkt Cap1.630.55.641.42.45.05.3
P/S0.42.53.72.80.40.71.6
P/EBIT5.119.331.971.6-6.24.012.2
P/E8.625.753.6-232.4-4.47.27.9
P/CFO4.622.522.624.84.04.213.6
Total Yield11.6%3.9%1.9%-0.1%-22.5%17.4%2.9%
Dividend Yield0.0%0.0%0.0%0.3%0.0%3.4%0.0%
FCF Yield 3Y Avg13.0%4.1%2.0%1.5%7.5%12.8%5.8%
D/E1.00.10.20.21.41.00.6
Net D/E0.90.10.10.21.20.90.5

Returns

SBHULTAELFELCOTYBBWIMedian
NameSally Be.Ulta Bea.e.l.f. B.Estee La.Coty Bath & B. 
1M Rtn-1.1%-0.1%2.4%-3.1%-17.5%10.4%-0.6%
3M Rtn6.4%32.5%34.2%27.5%-14.9%65.5%30.0%
6M Rtn17.1%29.0%-20.4%26.2%-31.6%-19.9%-1.4%
12M Rtn70.5%86.2%32.2%62.9%-52.4%-37.1%47.6%
3Y Rtn-0.9%30.1%28.5%-51.7%-75.7%-35.3%-18.1%
1M Excs Rtn-1.6%-0.6%1.9%-3.6%-18.0%9.9%-1.1%
3M Excs Rtn4.0%30.2%24.3%25.8%-23.1%13.6%18.9%
6M Excs Rtn13.2%24.1%-30.0%24.9%-52.7%-23.4%-5.1%
12M Excs Rtn55.2%77.3%16.1%50.4%-63.8%-49.2%33.2%
3Y Excs Rtn-74.4%-36.9%-39.6%-119.8%-143.2%-108.1%-91.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Sally2,1072,1392,1932,2782,081
Beauty Systems Group (BSG)1,6101,5891,6231,5971,434
Total3,7173,7283,8163,8753,514


Operating Income by Segment
$ Mil20252024202320222021
Sally334358351418238
Beauty Systems Group (BSG)178181193205194
Restructuring0-17-28-5-14
Unallocated expenses-230-198-179-200-159
Total283325338418259


Assets by Segment
$ Mil20252024202320222021
Sally1,3581,2791,1961,2351,371
Beauty Systems Group (BSG)1,3241,2931,2511,1791,107
Corporate111153130432418
Total2,7932,7252,5772,8472,895


Price Behavior

Price Behavior
Market Price$15.89 
Market Cap ($ Bil)1.6 
First Trading Date11/17/2006 
Distance from 52W High-6.5% 
   50 Days200 Days
DMA Price$15.49$13.18
DMA Trendupup
Distance from DMA2.6%20.5%
 3M1YR
Volatility44.4%53.3%
Downside Capture105.9778.52
Upside Capture114.29122.72
Correlation (SPY)12.7%31.5%
SBH Betas & Captures as of 1/31/2026

 1M2M3M6M1Y3Y
Beta-0.310.070.600.870.921.11
Up Beta2.632.682.812.621.111.26
Down Beta-1.77-1.51-0.750.450.440.61
Up Capture84%14%63%117%128%146%
Bmk +ve Days11223471142430
Stock +ve Days12213469127357
Down Capture-61%99%68%-8%101%108%
Bmk -ve Days9192754109321
Stock -ve Days8202755121383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SBH
SBH71.9%53.3%1.20-
Sector ETF (XLY)4.5%24.2%0.1340.6%
Equity (SPY)13.5%19.4%0.5331.3%
Gold (GLD)74.5%25.6%2.150.3%
Commodities (DBC)7.2%16.9%0.257.2%
Real Estate (VNQ)7.1%16.7%0.2431.0%
Bitcoin (BTCUSD)-30.6%44.9%-0.6815.0%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SBH
SBH1.2%49.8%0.20-
Sector ETF (XLY)7.5%23.7%0.2844.5%
Equity (SPY)13.4%17.0%0.6239.7%
Gold (GLD)22.6%17.1%1.082.3%
Commodities (DBC)10.9%19.0%0.464.4%
Real Estate (VNQ)5.0%18.8%0.1737.2%
Bitcoin (BTCUSD)7.2%57.1%0.3513.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SBH
SBH-5.8%49.4%0.07-
Sector ETF (XLY)14.3%21.9%0.6044.6%
Equity (SPY)16.1%17.9%0.7741.1%
Gold (GLD)14.8%15.6%0.79-2.4%
Commodities (DBC)8.6%17.6%0.4010.7%
Real Estate (VNQ)7.0%20.7%0.3040.1%
Bitcoin (BTCUSD)67.8%66.7%1.0710.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date1302026
Short Interest: Shares Quantity17.2 Mil
Short Interest: % Change Since 1152026-0.9%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest10.5 days
Basic Shares Quantity97.8 Mil
Short % of Basic Shares17.6%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/9/20265.2%1.0% 
11/13/2025-1.6%-4.6%1.6%
8/5/202517.0%18.9%41.6%
5/12/202522.2%12.2%13.5%
2/13/20254.5%1.5%-0.7%
11/14/202410.0%4.8%-0.5%
8/8/20249.7%20.9%27.2%
5/9/2024-4.4%1.0%5.3%
...
SUMMARY STATS   
# Positive131412
# Negative121112
Median Positive8.2%5.4%10.8%
Median Negative-5.6%-5.5%-8.5%
Max Positive22.2%20.9%50.2%
Max Negative-15.5%-20.6%-20.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/09/202610-Q
09/30/202511/13/202510-K
06/30/202508/05/202510-Q
03/31/202505/12/202510-Q
12/31/202402/13/202510-Q
09/30/202411/14/202410-K
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/01/202410-Q
09/30/202311/16/202310-K
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/02/202310-Q
09/30/202211/17/202210-K
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1McIntosh, KimGVP, CONTROLLER & CAODirectSell1212202515.715,90092,698334,579Form
2Sherman, Scott CSVP, CLO and CHRODirectSell1203202516.2715,000244,086937,046Form
3Rangel, Max RDirectBuy908202514.073,50049,23949,239Form
4Perelman, Debra GoldingDirectBuy814202513.482,30031,01131,011Form
5Paulonis, DenisePresident & CEODirectBuy811202511.744,50052,8304,306,995Form

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