# Sweetgreen, Inc. (SG)

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

**Price:** USD 10.22 (+0.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.16 · day 9.99–10.43 · 52w 4.49–10.77 · market cap $1.22B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $682M, net income $13.7M (2.0% margin), free cash flow -$116M (SEC filings).
- Valuation: P/E 89.0x.
- Earnings quality: non-operating income -$4.6M vs operating income -$146M over the last four quarters; P/E excluding non-operating income ≈68.6x (estimate: non-operating income taxed at the company's 10.6% effective rate).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $123K; 2 not under a Rule 10b5-1 plan ($123K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $3.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (14 analysts), mean target USD 8.33 (range 4.4–11).
- Total return with dividends: 1Y +37.4% vs S&P 500 +14.9%; 5Y -80.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.25, revenue estimate $169M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $340M | $470M | $584M | $677M | $679M | $682M |
| Operating income | -$134M | -$193M | -$122M | -$95.7M | -$139M | -$146M |
| Net income | -$153M | -$190M | -$113M | -$90.4M | -$134M | $13.7M |
| EPS (diluted) | -$5.51 | -$1.73 | -$1.01 | -$0.79 | -$1.14 | — |
| Free cash flow | -$149M | -$140M | -$63.2M | -$41.1M | -$119M | -$116M |
| Operating margin | -39.5% | -41.1% | -20.9% | -14.1% | -20.5% | -21.4% |
| Net margin | -45.1% | -40.5% | -19.4% | -13.4% | -19.7% | 2.0% |
| Revenue growth | +54.1% | +38.3% | +24.2% | +15.9% | +0.4% | — |
| Cash + short-term investments | $472M | $332M | $257M | $215M | $89.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 89.0x · P/E ex non-operating (est.) ≈68.6x · P/S 1.8x · P/B 2.6x · FCF yield -9.56% · Earnings yield 1.12%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | McConnell Jamie | Chief Financial Officer | 15,033 | $93K | 6.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Cochran Jason Miles | Chief Operating Officer | 4,809 | $30K | 2.3% | 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $3.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-07 | Goldman Sachs Group Inc |  | 594,553 | $3.4M | 5.69 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 14 analysts; mean target USD 8.33 (low 4.4, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Hold | $6 → $9 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $7 → $8 |
| 2026-09-29 | RBC Capital | Target raised | Outperform | $6.5 → $11 |
| 2026-09-28 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $6 → $11 |
| 2026-09-11 | TD Cowen | Target raised | Hold | $5 → $6 |
| 2026-09-08 | Keybanc | Upgrade | Sector Weight → Overweight | $9 |
| 2026-08-10 | DA Davidson | Target lowered | Neutral | $7 → $5.5 |
| 2026-08-07 | UBS | Target lowered | Neutral | $7 → $6.5 |
| 2026-08-07 | Citigroup | Target lowered | Buy | $10 → $8 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $7 → $6.5 |
| 2026-08-07 | Oppenheimer | Target lowered | Outperform | $10 → $8.5 |
| 2026-08-07 | Wells Fargo | Target lowered | Equal-Weight | $7 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-11-15) |
|---|---|---|
| Total return | +37.4% | -80.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +37.5% | -28.4% |
| Volatility (annualized) | 75.3% | 80.9% |
| Max drawdown | -47.2% (May 2026→Aug 2026) | -91.1% (Nov 2021→Mar 2026) |

## Peers (Restaurants)
BJRI (BJ's Restaurants, Inc.) USD 58.79 +3.54% · WEN (Wendy's Company (The)) USD 6.57 +4.62% · BH (Biglari Holdings Inc.) USD 395.33 -4.58% · CBRL (Cracker Barrel Old Country Stor) USD 67.31 +2.37% · BLMN (Bloomin' Brands, Inc.) USD 10.27 +2.14% · ARCO (Arcos Dorados Holdings Inc.) USD 8.02 -0.87%

## More
Full page: https://nexqual.com/SG · 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

## Company outlook (8-K filed 2026-08-06)

- "Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results computed in accordance with GAAP. 2 Conference Call Sweetgreen will host a conference call to discuss its financial results and financial outlook today, August 6, 2026, at 2:00 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.25 | $-0.12 | +111.8% | $169.2M | 6 |
| Next quarter (ends 2026-12-31) | $-0.25 | $-0.17 | +50.1% | $161.6M | 6 |
| Current fiscal year (ends 2026-12-31) | $-0.19 | $-0.09 | +104.4% | $684.5M | 7 |
| Next fiscal year (ends 2027-12-31) | $-0.69 | $-0.56 | +24.5% | $739.2M | 7 |

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

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±17.6%; earnings reaction alone ±13.8%; last 8 reports averaged ±9.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 69.3% | ±8.3% |
| 2026-11-06 | 14 | 109.6% | ±17.6% |
| 2026-11-13 | 21 | 98.4% | ±19.0% |
| 2026-11-20 | 28 | 91.1% | ±20.3% |
| 2026-11-27 | 35 | 86.9% | ±21.5% |
| 2026-12-04 | 42 | 85.0% | ±22.9% |
| 2026-12-18 | 56 | 80.8% | ±25.1% |
| 2027-01-15 | 84 | 75.6% | ±28.6% |