At a glance
Central Garden & Pet Company is worth $2.78B, about 17 times its fiscal 2025 earnings. Revenue fell 2.2% to $3.13B in fiscal 2025, with 5.2% kept as profit; over 5 years it has grown 3.0% a year. It pays no dividend; it spent $306.5M buying back its shares over FY2021–FY2025. The stock returned +37.0% over the past year with dividends reinvested and +2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 18.2% in the 2020 crash (S&P 500: 33.7%) and 31.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 16 months after the lows.
The business in plain English
Central Garden & Pet supplies pet and lawn-and-garden products to U.S. retailers, from national chains and online stores to independent pet shops. It makes most of its branded products in its own U.S. plants, also produces private-label (store-brand) goods, and distributes other manufacturers' brands. Those outside brands made up about 21% of its $3.13 billion in net sales for the fiscal year ended September 27, 2025.
The Pet segment (business unit) brought in about $1.80 billion, or 57.6% of fiscal 2025 sales. It offers dog and cat treats, chews, toys, beds and grooming items, plus supplies for fish, birds, reptiles, small animals and horses, under brands such as Nylabone, Cadet, Kaytee, Aqueon and Farnam. The Garden segment, 42.4% of sales, offers grass seed, packet seed, wild bird feed, weed and insect killers, fertilizer and live plants under names including Pennington, Ferry-Morse, Amdro and Sevin. Wild bird products were about 15% of total sales.
Five big retailers account for more than half of sales. In fiscal 2025, Walmart made up about 17% of net sales and Home Depot about 16%. Together with Costco, Lowe's and Amazon, the five came to about 54%. Since 1992 the company has completed more than 60 acquisitions. One of them was TDBBS, a provider of premium natural dog chews and treats, in November 2023.
Price history
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CENT +37.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Other garden products | $808.2M | 25.8% |
| Other manufacturers' products | $664.7M | 21.2% |
| Other pet products | $602.6M | 19.3% |
| Dog & cat products | $592.8M | 18.9% |
| Wild bird | $460.8M | 14.7% |
By business segment
| Pet Products Segment | $1.80B | 57.6% |
| Garden Products Segment | $1.33B | 42.4% |
Latest results
- In Q3 FY2026 (ended Jun 27, 2026), revenue was $882.4M, down 8.2% from a year earlier, and net income was $89.9M (-5.4%).
- For fiscal 2025, revenue was $3.13B (-2.2% year over year; +3.0% a year from FY2020 to FY2025) with a 5.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.0% watch |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | 9.3% watch |
| Return on equity (FY2025) | 10.3% watch |
| Return on assets (FY2025) | 4.5% watch |
| Net cash (cash minus debt) | $-196.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.70B | $120.7M | $221.2M |
| FY2021 | $3.30B | $151.7M | $170.5M |
| FY2022 | $3.34B | $152.2M | $-149.2M |
| FY2023 | $3.31B | $125.6M | $327.7M |
| FY2024 | $3.20B | $108.0M | $351.8M |
| FY2025 | $3.13B | $162.8M | $291.1M |
Valuation snapshot
| Market value | $2.78B |
|---|---|
| P/E ratio | 17.4 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CENT price data to Oct 28, 2026 | +38.2% | +37.0% | +10.2% | +2.1% | +9.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.2% |
| 2025 | -17.1% |
| 2024 | -0.9% |
| 2023 | +33.8% |
| 2022 | -28.8% |
| 2021 | +36.3% |
| 2020 | +24.3% |
| 2019 | -9.8% |
| 2018 | -11.5% |
| 2017 | +17.6% |
| 2016 | +144.8% |
| 2015 | +54.0% |
| 2014 | +27.8% |
| 2013 | -31.4% |
| 2012 | +22.8% |
| 2011 | -17.1% |
| 2010 | -8.0% |
| 2009 | +82.6% |
| 2008 | +1.7% |
| 2007 | -64.3% |
| 2006 | +5.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.3% over that stretch · deepest drop along the way 73.1%, back to its old high 4.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 12.1% over that stretch · deepest drop along the way 18.2%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.4% over that stretch · deepest drop along the way 31.7%, back to its old high 16.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($840K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | John D. III Walker President, Garden Consumer Pro | sell | $195K |
| Aug 11, 2026 | John D. III Walker President, Garden Consumer Pro | sell | $193K |
| Feb 17, 2026 | John Edward Hanson President, Pet Consumer Prod | sell | $174K |
| Aug 13, 2026 | William E Brown Chairman, Director, 10% owner | sell | $152K |
| Feb 19, 2026 | John Ranelli Director | sell | $127K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Mar 31, 2025 |
| Allspring Global Investments Holdings, LLC | 7.6% | Dec 31, 2024 |
| Vanguard Portfolio Management | 6.87% | Mar 31, 2026 |
| Vanguard Capital Management | 6.39% | Mar 31, 2026 |
| BlackRock Portfolio Management LLC | 5.1% | Sep 30, 2026 |
| Geode Capital Holdings LLC | 4.9% | Sep 30, 2025 |
| Victory Capital Management, Inc. | 4.04% | Jun 30, 2025 |
| Pacer US Small Cap Cash Cows ETF | 1.13% | Mar 31, 2025 |
ETFs with the most weight in CENT
| PAWZ ProShares Pet Care ETF | 2.59% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.19% |
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 0.79% |
| FDM First Trust Dow Jones Select MicroCap Index Fund | 0.69% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.26% |
| ISMD Inspire Small/Mid Cap ETF | 0.21% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.15% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.13% |
What could go wrong
- Five big retailers drive most sales. Walmart made up about 17% of fiscal 2025 net sales and Home Depot about 16%. With Costco, Lowe's and Amazon, five retailers made up about 54%, so losing one could hit sales hard.
- Garden sales depend on season and weather. The Garden segment, about 42% of fiscal 2025 sales, is highly seasonal. Bad weather at the wrong time can cut sales, and climate change adds to that risk.
- Grain and seed prices can squeeze profits. Bird feed and grass seed rely on commodity seeds and grains whose prices can swing sharply. Wild bird products were about 15% of fiscal 2025 sales, so cost spikes can hurt profits.
- Founder holds effective control of the company. The Chairman and founder holds Class B shares that give effective control. Other shareholders have little say, and the company warns this may discourage takeover offers and weigh on the share price.
- Tariffs have raised some input costs. Less than 15% of fiscal 2025 product costs came from abroad, mainly China, Brazil and Mexico. Tariffs have already raised input costs, and higher prices may not fully offset them.
- Shoppers may cut back on extras. Sales rely on discretionary spending, meaning money people can choose not to spend. Demand for some longer-lasting goods has fallen since an early-pandemic surge, and a recession could cut spending further.
Recent events
- Executive or board change
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Central Garden & Pet paid no dividends from fiscal 2021 through fiscal 2025. Its 10-K for the year ended September 27, 2025 says it does not expect to pay cash dividends in the foreseeable future. For an income investor, that means no regular cash payments. The only return comes from the share price, and the only way to raise cash is by selling shares. The company has used buybacks instead, repurchasing its own stock, which can shrink the share count. It spent about $306 million on buybacks over those five fiscal years, including about $155 million in fiscal 2025.
The shares have fallen hard in past downturns. In the 2008 financial crisis they dropped about 73% between October 2007 and November 2008, then regained that level by April 2009. In the 2022 market slump they fell about 32% and did not recover until February 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Central Garden & Pet make money?
It makes money by supplying pet and lawn-and-garden products to retailers such as Walmart and Home Depot. In the fiscal year ended September 27, 2025, net sales were about $3.13 billion. The Pet segment (brands such as Nylabone, Kaytee and Farnam) brought in 57.6%, and the Garden segment (Pennington, Amdro, Ferry-Morse) brought in 42.4%. It makes most of its branded products in U.S. plants, also makes store brands, and distributes other companies' products, which were about 21% of sales. Net income was about $163 million, or about 5.2 cents of profit per dollar of sales.
Does Central Garden & Pet pay a dividend?
No. Central Garden & Pet paid no dividends from fiscal 2021 through fiscal 2025. Its 10-K for the year ended September 27, 2025 says it does not expect to pay cash dividends in the foreseeable future. It has returned cash through share buybacks (repurchasing its own stock) instead. It spent about $306 million over those five years, including about $155 million in fiscal 2025. An investor who needs regular income from this stock could get it only by selling shares.
Is Central Garden & Pet growing?
Its sales have been shrinking. Net sales reached about $3.34 billion in fiscal 2022, then fell each year to about $3.13 billion in fiscal 2025. In the quarter ended June 27, 2026, sales were about $882 million, 8.2% below a year earlier, and net income fell 5.4%. Profit was stronger in fiscal 2025, when net income rose 50.8% to about $163 million. That was $2.55 per diluted share, a count that includes shares that could be issued from stock options.
How much debt does Central Garden & Pet have?
It had about $1.19 billion of total debt as of June 27, 2026, against about $997 million of cash and investments. That left net debt (debt minus cash) of about $196 million, alongside shareholders' equity of about $1.75 billion. In a filing dated November 12, 2025, the company reported a major agreement and a new debt obligation. Its 10-K warns that weaker results could make it harder to meet its debt terms or to refinance on favorable terms as debt matures.
How has Central Garden & Pet stock performed?
Unevenly. As of October 28, 2026, the share price had returned about 9.3% a year over 10 years (144% in total). Over five years it returned only about 2.1% a year, even with a 37% gain in the last 12 of those months. With no dividend, the price change is the whole return. Falls have been deep. The stock dropped about 73% in the 2008 financial crisis and about 32% in the 2022 bear market, a broad market fall of 20% or more. Its largest drop in the three years to October 28, 2026 was about 39%.