SpartanNash LLC

SpartanNash maintains a capital structure characterized by significant leverage, with total liabilities of $1.86 billion against total equity of $743.5 million, resulting in a debt-to-equity ratio of 1.01. The company holds $21.6 million in cash and equivalents, which is insufficient to cover its $753.8 million in long-term debt, leading to a negative net cash position. Despite this leverage, the firm maintains a current ratio of 1.57, indicating adequate short-term liquidity to meet immediate obligations. Operating cash flow stands at $205.9 million, providing a buffer against the negative free cash flow of -$76.5 million, which is driven by capital expenditures of $132.4 million.

Profitability metrics indicate severe operational pressure, with net income reported at a negligible $299,000 on revenues of $9.55 billion. This results in a return on equity of -2.14% and a return on assets of -0.61%, both of which are negative and suggest the company is failing to generate adequate returns on its capital base. The operating income of $54.0 million represents a thin margin relative to the gross profit of $1.51 billion, highlighting high operating costs or low pricing power within the competitive retail landscape.

The company's revenue is derived from its integrated distribution and retail operations, though specific segment breakdowns are not provided in the current data. As a regional player, SpartanNash is exposed to the economic conditions and consumer spending habits of its specific geographic footprint. The lack of detailed geographic or segment data limits the ability to assess concentration risk, but the scale of $9.55 billion in revenue suggests a diversified customer base within its operating regions.

Growth trajectory analysis is constrained by the absence of historical period data in the current input. Without multi-year revenue or net income trends, it is not possible to determine the direction of top-line growth or the consistency of earnings over time. The current snapshot reflects a single period's performance, which shows minimal profitability despite substantial revenue generation.

Risk assessment identifies medium liquidity risk and low dilution risk. The key flag of negative net cash after subtracting total debt underscores the company's reliance on debt financing and its vulnerability to interest rate fluctuations or credit market tightening. The low dilution risk suggests that the company is not currently issuing significant new equity, preserving existing shareholder value from dilution, although the negative free cash flow may necessitate future financing actions.

Recent observations include an actual EPS of $2.03 and revenue of $9.55 billion, aligning with the financial snapshot. The company holds a ESG score of 51.58, with a grade of B-, indicating moderate environmental, social, and governance performance. The governance pillar score of 71.26 is the strongest component, while the environment pillar scores 32.43, suggesting potential areas for improvement in sustainability practices.

Gross profit reached $1.51 billion in FY2025, demonstrating the company's ability to maintain top-line profitability despite broader margin pressures.

Revenue remained relatively stable with a 0.5% CAGR over four years, indicating resilient sales volume in a challenging retail environment.

Operating income recovered to $106.7 million in FY2024, showing operational efficiency improvements before the subsequent decline in FY2025.

Free cash flow deteriorated sharply to -$76.5 million in FY2025, reflecting significant cash burn and negative cash conversion relative to peers.

Long-term debt surged to $753.8 million in FY2025, increasing financial leverage and exposing the company to high credit risk flags.

Net margin of -0.16% places the company in the bottom quartile of its consumer staples cohort, indicating inferior profitability compared to peers.

Revenue $2.27B, +1,8% YoY; Operating income −30,6% YoY.

• ▍Revenue $2.27B, +1,8% YoY
• ▍Operating income −30,6% YoY
• ▍Net income −46,1% YoY
• ▍Free cash flow +987,5% YoY
• ▍Net margin 0.3%

Revenue $2.91B, +3,7% YoY; Operating income −38,1% YoY.

• ▍Revenue $2.91B, +3,7% YoY
• ▍Operating income −38,1% YoY
• ▍Net income −84,0% YoY
• ▍Free cash flow +84,6% YoY
• ▍Net margin 0.1%

Revenue $2.26B, +0,7% YoY; Operating income −217,7% YoY.

• ▍Revenue $2.26B, +0,7% YoY
• ▍Operating income −217,7% YoY
• ▍Net income −440,4% YoY
• ▍Free cash flow −570,5% YoY
• ▍Net margin -1.6%

Revenue $2.25B, −0,6% YoY; Operating income +8,0% YoY.

• ▍Revenue $2.25B, −0,6% YoY
• ▍Operating income +8,0% YoY
• ▍Net income −1,9% YoY
• ▍Free cash flow −297,0% YoY
• ▍Net margin 0.5%

Revenue $2.23B; Operating income $26.1M.

• ▍Revenue $2.23B
• ▍Operating income $26.1M
• ▍Net margin 0.5%

Revenue $2.81B; Operating income $30.6M.

• ▍Revenue $2.81B
• ▍Operating income $30.6M
• ▍Net margin 0.5%

Revenue $2.25B; Operating income $23.5M.

• ▍Revenue $2.25B
• ▍Operating income $23.5M
• ▍Net margin 0.5%

Revenue $2.26B; Operating income $23.1M.

• ▍Revenue $2.26B
• ▍Operating income $23.1M
• ▍Net margin 0.5%

Revenue $9.55B, −1,9% YoY; Operating income −49,4% YoY.

• ▍Revenue $9.55B, −1,9% YoY
• ▍Operating income −49,4% YoY
• ▍Net income −99,4% YoY
• ▍Free cash flow −207,9% YoY
• ▍Net margin 0.0%

Revenue $9.73B, +0,9% YoY; Operating income +55,7% YoY.

• ▍Revenue $9.73B, +0,9% YoY
• ▍Operating income +55,7% YoY
• ▍Net income +51,3% YoY
• ▍Free cash flow −19,7% YoY
• ▍Net margin 0.5%

Revenue $9.64B, +8,0% YoY; Operating income −38,9% YoY.

• ▍Revenue $9.64B, +8,0% YoY
• ▍Operating income −38,9% YoY
• ▍Net income −53,2% YoY
• ▍Free cash flow −156,0% YoY
• ▍Net margin 0.4%

Revenue $8.93B, −4,5% YoY; Operating income +9,6% YoY.

• ▍Revenue $8.93B, −4,5% YoY
• ▍Operating income +9,6% YoY
• ▍Net income −2,9% YoY
• ▍Free cash flow −16,6% YoY
• ▍Net margin 0.8%