# Sally Beauty Holdings, Inc. (SBH)

> Source: Nexqual · https://nexqual.com/SBH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sally Beauty Holdings, Inc. (SBH), nexqual.com/SBH" · informational, not investment advice.

**Price:** USD 17.62 (+6.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.6 · day 16.54–17.69 · 52w 11.54–17.92 · market cap $1.65B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.73B, net income $192M (5.2% margin), free cash flow $241M (SEC filings).
- Valuation: P/E 8.6x (avg 7.7x at the last 3 fiscal year-ends), EV/EBITDA 5.5x, net debt $642M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $543K; 1 not under a Rule 10b5-1 plan ($543K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (5 analysts), mean target USD 17 (range 13–20).
- Total return with dividends: 1Y +17.0% vs S&P 500 +14.9%; 5Y +10.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.6, revenue estimate $950M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.87B | $3.82B | $3.73B | $3.72B | $3.70B | $3.73B |
| Gross profit | $1.95B | $1.92B | $1.90B | $1.89B | $1.91B | — |
| Operating income | $418M | $338M | $325M | $283M | $328M | $314M |
| Net income | $240M | $184M | $185M | $153M | $196M | $192M |
| EPS (diluted) | $2.10 | $1.66 | $1.69 | $1.43 | $1.89 | — |
| Free cash flow | $308M | $57.3M | $159M | $145M | $173M | $241M |
| Gross margin | 50.4% | 50.3% | 50.9% | 50.9% | 51.6% | — |
| Operating margin | 10.8% | 8.8% | 8.7% | 7.6% | 8.9% | 8.4% |
| Net margin | 6.2% | 4.8% | 5.0% | 4.1% | 5.3% | 5.2% |
| Revenue growth | +10.3% | -1.5% | -2.3% | -0.3% | -0.4% | — |
| Cash + short-term investments | $401M | $70.6M | $123M | $108M | $149M | — |
| Total debt | $1.39B | $1.09B | $1.08B | $994M | $875M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.6x · P/S 0.4x · EV/EBITDA 5.5x · EV/Sales 0.6x · P/FCF 6.8x · P/B 1.9x · FCF yield 14.62% · Earnings yield 11.66% · Buyback yield (TTM) 5.61% · Net debt $642M · EV $2.29B
P/E at fiscal year-ends: Sep 2025 8.6x, Sep 2024 9.5x, Sep 2023 5.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-08 | Platz Marlo Michelle Cormier | Former SVP & CFO | 42,771 | $543K | 23.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 5 analysts; mean target USD 17 (low 13, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-04 | TD Cowen | Target raised | Buy | $17 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.0% | +10.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.1% | +1.9% |
| Volatility (annualized) | 42.7% | 44.4% |
| Max drawdown | -30.5% (Feb 2026→May 2026) | -65.3% (Dec 2021→Oct 2023) |

## Peers (Specialty Retail)
ARHS (Arhaus, Inc.) USD 11.53 +5.39% · SVV (Savers Value Village, Inc.) USD 9.85 -0.30% · EYE (National Vision Holdings, Inc.) USD 18.87 +6.49% · BOBS (Bob's Discount Furniture, Inc.) USD 16.31 +8.16% · HZO (MarineMax, Inc.  (FL)) USD 52.38 -0.08% · WINA (Winmark Corporation) USD 285.97 +1.85%

## More
Full page: https://nexqual.com/SBH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SBH's own 10-K filed 2025-11-13 (https://www.sec.gov/Archives/edgar/data/1368458/000119312525280122/sbh-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Henkel | "For fiscal year 2025, our five largest suppliers – Henkel AG & Co. KGaA; the Professional Products Division of L'Oreal USA S/D, Inc.;" |
| Customer | Amazon (AMZN) | "Furthermore, over the past few years, we launched digital marketplaces with Walmart.com, Amazon, DoorDash, Uber Eats and Instacart, to help fuel digital sales growth and attract new customers to our Sally brands." |
| Customer | Uber (UBER) | "Furthermore, over the past few years, we launched digital marketplaces with Walmart.com, Amazon, DoorDash, Uber Eats and Instacart, to help fuel digital sales growth and attract new customers to our Sally brands." |
| Customer | Walmart (WMT) | "Furthermore, over the past few years, we launched digital marketplaces with Walmart.com, Amazon, DoorDash, Uber Eats and Instacart, to help fuel digital sales growth and attract new customers to our Sally brands." |
| Customer | ByteDance | "We use marketing, advertising and promotional programs to attract customers through various media, including social media (e.g., Instagram, TikTok, Facebook), websites, streaming services, mobile applications, e-mail, an…" |
| Customer | Meta Platforms (META) | "We use marketing, advertising and promotional programs to attract customers through various media, including social media (e.g., Instagram, TikTok, Facebook), websites, streaming services, mobile applications, e-mail, an…" |
| Competitor | Shopify (SHOP) | "Furthermore, our e-commerce businesses face significant competition from larger retailers with more established e-commerce platforms, as well as online retailers, including Amazon, and online store e-commerce platforms, …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| SBS | $538.6M | 57.6% | +2.2% | $89.4M | 16.6% |
| BSG | $396.9M | 42.4% | -2.4% | $49.0M | 12.3% |
| Corporate costs (not allocated) | — | — | — | -$51.9M | — |
| Total revenue | $935.5M | 100% | — | $138.3M | 14.8% |

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.03B | 81.8% | +0.1% |
| Other Countries | $672.3M | 18.2% | -2.6% |
| Total revenue | $3.70B | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Within Prior Guidance Ranges PLANO, Texas, August 3, 2026 – Sally Beauty Holdings, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.60 | $0.61 | -1.3% | $950.1M | 5 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.53 | -0.5% | $947.3M | 4 |
| Current fiscal year (ends 2026-09-30) | $2.07 | $2.06 | +0.4% | $3.73B | 5 |
| Next fiscal year (ends 2027-09-30) | $2.23 | $2.24 | -0.3% | $3.78B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±13.6%; last 8 reports averaged ±9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 60.8% | ±13.6% |
| 2026-12-18 | 56 | 50.4% | ±15.7% |
| 2027-03-19 | 147 | 49.7% | ±24.7% |
| 2027-06-17 | 237 | 51.0% | ±31.8% |