# Sprouts Farmers Market, Inc. (SFM)

> Source: Nexqual · https://nexqual.com/SFM · data as of 2026-10-23 18:17 UTC · cite as "Nexqual, Sprouts Farmers Market, Inc. (SFM), nexqual.com/SFM" · informational, not investment advice.

**Price:** USD 66.08 (-4.04% today) · US market open, as of October 23, 2026 at 18:17 UTC; quotes may be delayed. Prev close 68.86 · day 65.61–69.53 · 52w 61.88–109.24 · market cap $6.16B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $9.00B, net income $503M (5.6% margin), free cash flow $357M (SEC filings).
- Valuation: P/E 12.3x (avg 22.7x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold SFM (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $10.1M; 4 not under a Rule 10b5-1 plan ($1.4M); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.31 on a 1–5 scale) (16 analysts), mean target USD 92.43 (range 70–114).
- Total return with dividends: 1Y -39.0% vs S&P 500 +14.5%; 5Y +198.5% vs S&P 500 +77.2%.
- Next earnings: 2026-10-28, EPS estimate USD 1.23, revenue estimate $2.33B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.10B | $6.40B | $6.84B | $7.72B | $8.81B | $9.00B |
| Gross profit | $2.21B | $2.35B | $2.52B | $2.94B | $3.42B | — |
| Operating income | $334M | $358M | $350M | $504M | $686M | $670M |
| Net income | $244M | $261M | $259M | $381M | $524M | $503M |
| EPS (diluted) | $2.10 | $2.39 | $2.50 | $3.75 | $5.31 | — |
| Free cash flow | $262M | $247M | $240M | $415M | $468M | $357M |
| Gross margin | 36.2% | 36.7% | 36.9% | 38.1% | 38.8% | — |
| Operating margin | 5.5% | 5.6% | 5.1% | 6.5% | 7.8% | 7.4% |
| Net margin | 4.0% | 4.1% | 3.8% | 4.9% | 5.9% | 5.6% |
| Revenue growth | -5.7% | +5.0% | +6.8% | +12.9% | +14.1% | — |
| Cash + short-term investments | $245M | $293M | $202M | $265M | $257M | — |
| Total debt | $250M | $250M | $125M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 12.3x · P/S 0.7x · P/FCF 17.3x · P/B 4.1x · FCF yield 5.79% · Earnings yield 8.16% · Buyback yield (TTM) 6.32%
P/E at fiscal year-ends: Dec 2025 15.0x, Dec 2024 33.8x, Dec 2023 19.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SFM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.35% | $38.2M | Added +54.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 9 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-02…2026-10-05 | Sinclair Jack | Chief Executive Officer | 21,576 | $1.4M | 7.4% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-09-08 | Hamilton Dustin | Chief Stores Officer | 292 | $23K | 1.8% | No | Too little history (no open-market trades in 2023) |
| 2026-09-01…2026-09-02 | Sinclair Jack | Chief Executive Officer | 21,576 | $1.7M | 7.4% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-14 | O'Leary Joseph D | Director | 2,597 | $214K | 15% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03…2026-08-04 | Sinclair Jack | Chief Executive Officer | 21,576 | $1.9M | 7.4% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-06…2026-07-07 | Sinclair Jack | Chief Executive Officer | 21,576 | $1.9M | 7.4% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-11 | Konat Nicholas | President & COO | 12,538 | $1.1M | 15.9% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-05…2026-06-08 | Sinclair Jack | Chief Executive Officer | 21,578 | $1.8M | 7.4% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Lombardi Brandon F. | Chief Legal Officer | 406 | $33K | 5.6% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
% 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 2.31 on a 1–5 scale), 16 analysts; mean target USD 92.43 (low 70, high 114).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | RBC Capital | Target lowered | Outperform | $114 → $111 |
| 2026-10-06 | JP Morgan | Target lowered | Overweight | $103 → $90 |
| 2026-09-25 | Deutsche Bank | Target lowered | Hold | $84 → $77 |
| 2026-09-01 | Evercore ISI Group | Target raised | Outperform | $90 → $95 |
| 2026-07-30 | UBS | Target raised | Neutral | $80 → $86 |
| 2026-07-30 | Evercore ISI Group | Target raised | Outperform | $87 → $90 |
| 2026-07-30 | JP Morgan | Upgrade | Neutral → Overweight | $80 → $103 |
| 2026-07-27 | Evercore ISI Group | Target lowered | Outperform | $90 → $87 |
| 2026-07-22 | UBS | Target raised | Neutral | $75 → $80 |
| 2026-07-22 | JP Morgan | Target raised | Neutral | $78 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -39.0% | +198.5% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | -39.0% | +24.5% |
| Volatility (annualized) | 52.0% | 39.6% |
| Max drawdown | -42.3% (Oct 2025→Sep 2026) | -64.7% (Feb 2025→Sep 2026) |

## Peers (Grocery Stores)
ACI (Albertsons Companies, Inc.) USD 13.88 +0.04% · IMKTA (Ingles Markets, Incorporated) USD 87.17 -1.79% · GO (Grocery Outlet Holding Corp.) USD 13.41 -3.56% · KR (Kroger Company (The)) USD 66.8 -1.58% · YSWY (Yesway, Inc.) USD 24.32 -0.78% · NGVC (Natural Grocers by Vitamin Cott) USD 31.45 -2.86%

## More
Full page: https://nexqual.com/SFM · 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 SFM's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1575515/000157551526000008/sfm-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | KeHE Distributors | "KeHE Distributors, LLC ("KeHE"), is our primary supplier of dry grocery and frozen food products, accounting for approximately 52%, 50% and 47% of our total purchases in fiscal 2025, 2024 and 2023, respectively." |
| Supplier | UNITED NATURAL FOODS INC (UNFI) | "Another 12% of our total purchases in fiscal 2025 and 3% of our total purchases in each of fiscal 2024 and 2023 were made through our secondary supplier, United Natural Foods, Inc. ("UNFI")." |
| Competitor | Kroger (KR) | "Our competitors within the overall grocery industry primarily include other specialty food retailers such as Whole Foods, Trader Joe's, and smaller local or regional operators, conventional supermarkets such as Kroger, A…" |
| Competitor | Walmart (WMT) | "Our competitors within the overall grocery industry primarily include other specialty food retailers such as Whole Foods, Trader Joe's, and smaller local or regional operators, conventional supermarkets such as Kroger, A…" |
| Competitor | Amazon (AMZN) | "Our competitors within the overall grocery industry primarily include other specialty food retailers such as Whole Foods, Trader Joe's, and smaller local or regional operators, conventional supermarkets such as Kroger, A…" |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Perishables | $1.33B | 57.2% | +4.6% |
| Non-Perishables | $996.2M | 42.8% | +4.9% |
| Total revenue | $2.33B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "The following provides information on our third quarter 2026 outlook: • Comparable store sales: (0.5)% to 1.5% • Diluted earnings per share: $1.20 to $1.24 The Company notes that fiscal year 2026 will be a 53-week year, with the extra week falling in the fourth quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.23 | $1.30 | -5.6% | $2.33B | 12 |
| Next quarter (ends 2026-12-31) | $1.21 | $1.20 | +1.1% | $2.49B | 12 |
| Current fiscal year (ends 2026-12-31) | $5.53 | $5.56 | -0.6% | $9.47B | 12 |
| Next fiscal year (ends 2027-12-31) | $5.91 | $5.89 | +0.4% | $10.19B | 11 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.5%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 60.4% | ±13.5% |
| 2026-12-18 | 56 | 50.8% | ±15.9% |
| 2027-01-15 | 84 | 48.0% | ±18.4% |
| 2027-03-19 | 147 | 50.5% | ±25.5% |
| 2027-06-17 | 237 | 50.1% | ±32.0% |