Sweetgreen, Inc. (SG) 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

-130.4%

-$3.59

vs $11.81 price

Levered DCF

-$3.94

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.31

Distress zone

Rating

Overall 2 / 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
P/E	-5.95×	-40.13×	-11.19×	-4.95×	-22.86×	-30.75×	-79.84×
P/B	2.25×	8.12×	2.62×	1.74×	5.33×	-14.12×	-30.92×
P/S	1.18×	5.35×	2.17×	2.01×	10.25×	19.67×	19.53×
EV / EBITDA	-17.05×	-161.5×	-24.95×	-6.41×	-25.65×	-37.18×	-105.47×
Gross margin	15.2%	19.6%	17.5%	14.7%	11.9%	-3.9%	16.0%
Operating margin	-16.4%	-14.1%	-20.9%	-41.1%	-39.5%	-64.2%	-25.6%
Net margin	-19.7%	-13.4%	-19.4%	-40.5%	-45.1%	-64.0%	-24.8%
Current ratio	1.09×	2.02×	3.02×	4.77×	10.66×	3.19×	7.95×
Debt / equity	1×	0.74×	0.63×	0.56×	0×	0×	0×
Interest coverage	-5,863.53×	-373.84×	-955.81×	-2,329.36×	-1,544.82×	-350.48×	-796.28×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-37.6%	-20.3%	-23.5%	-35.2%	-23.5%	45.9%	39.2%
Return on invested capital	-15.7%	-12.1%	-15.4%	-22.3%	-18.8%	-61.7%	-19.8%
Return on assets	-17.0%	-10.5%	-13.2%	-21.0%	-20.1%	-53.2%	-17.6%
Free cash flow yield	-14.9%	-1.3%	-5.5%	-15.4%	-4.5%	-3.4%	-1.5%
Earnings yield	-16.8%	-2.5%	-9.0%	-20.2%	-4.4%	-3.3%	-1.3%
Enterprise value	$1.1B	$3.7B	$1.3B	$912.9M	$3B	$4.2B	$5.1B
Net debt / EBITDA	-4.25×	-5.01×	-0.87×	0.22×	4.02×	0.9×	5.15×
Cash conversion cycle (days)	-8	-8	-9	-7	9	3	-5