Five Below, Inc. (FIVE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.1%

$52.46

vs $239.78 price

Levered DCF

$85.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.28

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.44×	20.34×	33.35×	41.45×	31.9×	79.52×	36.06×	46.17×
P/B	4.82×	2.86×	6.34×	7.96×	7.94×	11.12×	8.32×	11.22×
P/S	2.22×	1.33×	2.82×	3.53×	3.12×	5×	3.42×	4.42×
EV / EBITDA	17.67×	13.46×	21.83×	26.5×	22.26×	47.51×	25.95×	29.08×
Gross margin	32.0%	34.9%	35.8%	35.6%	36.2%	33.2%	36.5%	36.2%
Operating margin	9.6%	8.4%	10.8%	11.2%	13.3%	7.9%	11.8%	12.0%
Net margin	7.5%	6.5%	8.5%	8.5%	9.8%	6.3%	9.5%	9.6%
Current ratio	2.01×	1.79×	1.68×	1.77×	1.54×	1.73×	1.89×	2.54×
Debt / equity	0.93×	1.1×	1.1×	1.1×	1.16×	1.26×	1.25×	0×
Interest coverage	0×	0×	0×	0×	109.26×	89.17×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	14.0%	19.0%	19.2%	24.9%	14.0%	23.0%	24.3%
Return on invested capital	7.0%	6.3%	8.5%	8.9%	11.8%	6.2%	10.0%	20.9%
Return on assets	6.5%	5.8%	7.8%	7.9%	9.7%	5.3%	8.9%	15.7%
Free cash flow yield	3.9%	2.1%	1.6%	0.6%	0.4%	1.7%	-0.4%	1.0%
Earnings yield	3.4%	4.9%	3.0%	2.4%	3.1%	1.3%	2.8%	2.2%
Enterprise value	$11.9B	$6.8B	$11.6B	$12B	$10.1B	$10.7B	$7.1B	$6.6B
Net debt / EBITDA	1.95×	3.26×	2.93×	2.57×	2.71×	3.75×	2.74×	-1.1×
Cash conversion cycle (days)	54	58	53	58	53	41	60	51