At a glance
Sally Beauty Holdings Inc is worth $1.63B, about 9 times its fiscal 2025 earnings. Revenue fell 0.4% to $3.70B in fiscal 2025, with 5.3% kept as profit; over 5 years it has grown 1.0% a year. It pays no dividend; it spent $259.9M buying back its shares over FY2021–FY2025. The stock returned +12.9% over the past year with dividends reinvested and +2.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.1% in the 2020 crash (S&P 500: 33.7%) and 39.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Sally Beauty Holdings sells professional-quality beauty supplies, led by hair color and hair care, plus styling tools and nail products. It works as a retailer and distributor, buying products from suppliers and reselling them. In the fiscal year ended September 30, 2025, revenue was about $3.70 billion. The company kept 51.6% of sales after product costs (its gross margin), and 81.8% of revenue came from the US.
Sally Beauty Supply, at 56.6% of revenue, serves do-it-yourself shoppers and salon professionals. It had 3,096 stores at the end of fiscal 2025, typically in strip shopping centers, across the US, Canada, Mexico, the UK, Ireland, four other European countries and Chile. It also sells through its website, app and marketplaces such as Amazon and Walmart.com. Its own and exclusive-label brands, such as Ion and Beauty Secrets, make up a large share of its sales.
Beauty Systems Group (BSG), at 43.4% of revenue, sells only to salons and licensed beauty professionals in the US and Canada. It works through company-run Cosmo Prof stores, franchised Armstrong McCall stores, salon sales consultants and online ordering. The company calls BSG the largest North American distributor of professional hair color and care, with third-party brands such as Moroccanoil, Amika and K18. Many salons have little shelf space, so they rely on BSG to restock small amounts often.
Price history
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SBH +12.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Sally Beauty Supply | $2.09B | 56.6% |
| Beauty Systems Group | $1.61B | 43.4% |
By geography
| US | $3.03B | 81.8% |
| Other Countries | $672.3M | 18.2% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $935.5M, up 0.2% from a year earlier, and net income was $54.1M (+18.3%).
- For fiscal 2025, revenue was $3.70B (-0.4% year over year; +1.0% a year from FY2020 to FY2025) with a 5.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.0% watch |
|---|---|
| Operating margin | 8.9% watch |
| Free cash flow margin | 4.7% watch |
| Return on equity (FY2025) | 24.7% good |
| Return on assets (FY2025) | 6.8% watch |
| Net cash (cash minus debt) | $-641.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.51B | $184.6M | $316.0M |
| FY2021 | $3.87B | $239.9M | $308.0M |
| FY2022 | $3.82B | $183.6M | $57.3M |
| FY2023 | $3.73B | $184.6M | $158.6M |
| FY2024 | $3.72B | $153.4M | $145.4M |
| FY2025 | $3.70B | $195.9M | $172.7M |
Valuation snapshot
| Market value | $1.63B |
|---|---|
| P/E ratio | 9.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Sally Beauty Holdings’s market value went from $3.81B at the end of 2016 to $1.63B on Oct 28, 2026, down 57%; since the end of 2025 it is up 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.63B | +17.2% |
| 2025 | $1.39B | +30.6% |
| 2024 | $1.06B | -24.6% |
| 2023 | $1.41B | +5.3% |
| 2022 | $1.34B | -35.8% |
| 2021 | $2.09B | +41.8% |
| 2020 | $1.47B | -30.7% |
| 2019 | $2.12B | +3.6% |
| 2018 | $2.05B | -15.0% |
| 2017 | $2.41B | -36.7% |
| 2016 | $3.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SBH price data to Oct 28, 2026 | +22.1% | +12.9% | +27.1% | +2.6% | -3.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.1% |
| 2025 | +36.5% |
| 2024 | -21.3% |
| 2023 | +6.1% |
| 2022 | -32.2% |
| 2021 | +41.6% |
| 2020 | -28.6% |
| 2019 | +7.0% |
| 2018 | -9.1% |
| 2017 | -29.0% |
| 2016 | -5.3% |
| 2015 | -9.3% |
| 2014 | +1.7% |
| 2013 | +28.3% |
| 2012 | +11.6% |
| 2011 | +45.4% |
| 2010 | +89.9% |
| 2009 | +34.5% |
| 2008 | -37.1% |
| 2007 | +16.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.1% over that stretch · deepest drop along the way 74.8%, back to its old high 22 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.1% over that stretch · deepest drop along the way 42.1%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.8% over that stretch · deepest drop along the way 39.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($880K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 8, 2026 | Marlo Michelle Cormier Platz Former SVP & CFO | sell | $543K |
| Dec 1, 2025 | Scott C Sherman SVP, CLO and CHRO | sell | $244K |
| Dec 11, 2025 | Kim McIntosh GVP, CONTROLLER & CAO | sell | $93K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 8.6% | Dec 31, 2025 |
| Vanguard Portfolio Management | 6.64% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.5% | Sep 30, 2026 |
| Vanguard Capital Management | 5.13% | Mar 31, 2026 |
| FMR LLC | 3.3% | Mar 31, 2025 |
ETFs with the most weight in SBH
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.13% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.64% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.59% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 0.56% |
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 0.49% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.49% |
| WCEO Hypatia Women CEO ETF | 0.46% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.31% |
What could go wrong
- Losing exclusive rights to key salon brands. BSG depends on distribution rights for third-party professional brands. If a key vendor ends an exclusive deal, moves to a rival distributor or sells directly to salons, BSG's sales and margins could suffer.
- Salon-only products leaking into other outlets. BSG's products are meant for licensed professionals. If they are diverted, meaning resold through unauthorized outlets such as other stores or websites, BSG could lose sales, the company warns.
- Owned brands must keep up with trends. A large share of Sally's sales comes from its own and exclusive-label brands, developed well before they reach shelves. If tastes shift, unsold stock may need deep markdowns, hurting profit margins.
- Store makeovers and new concepts may disappoint. Through its Sally Ignited makeovers, the company refreshed or opened 30 stores in fiscal 2025 and planned 50 more for fiscal 2026, while testing Happy Beauty Co. stores. Neither is sure to pay off.
- Tough competition in a consolidating industry. Rivals include mass merchandisers, drug stores, online sellers and salons. Some have more money and less debt, and shoppers can quickly compare prices online. Consolidation among suppliers and rivals could squeeze margins.
- Substantial debt and store lease costs. As of June 30, 2026, total debt was $815 million against $173.1 million of cash and investments. Some debt has floating rates that move with market rates, and store leases add large fixed costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Sally Beauty Holdings does not pay a dividend. It paid none in fiscal 2021 through 2025, so the stock provides no regular income, and an investor who needs cash would have to trim the position to raise it. The company instead returns cash by repurchasing its own shares, spending about $260 million on buybacks over those five years. The share count fell 17.2%, from about 113.0 million in November 2021 to 93.6 million in July 2026, which gives each remaining share a larger slice of profits.
The stock has fallen hard in downturns. It dropped 74.8% from its December 2007 peak to its November 2008 low, then took 22 months to recover. In the 2020 COVID crash it fell 42.1% but recovered in about two months. In 2022 it fell 39.9% and had not regained its early-2022 peak as of October 28, 2026. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Sally Beauty make money?
Sally Beauty makes money by reselling beauty supplies, mainly hair color, hair care, styling tools and nail products, at a markup. In fiscal 2025, which ended September 30, 2025, revenue was about $3.70 billion. Sally Beauty Supply, which sells to home users and stylists through stores and online, brought in 56.6%. Beauty Systems Group, which sells only to salons and licensed professionals in the US and Canada, brought in 43.4%. The US supplied 81.8% of revenue.
Does Sally Beauty pay a dividend?
No. Sally Beauty Holdings paid no dividends in fiscal 2021 through 2025. Instead, it spent about $260 million repurchasing its own shares over those five fiscal years, and its share count fell 17.2% between November 2021 and July 2026. Fewer shares mean each remaining one represents a larger stake in the business. Investors who need regular income from this holding would have to trim the position to raise cash.
What is the difference between Sally Beauty and Cosmo Prof?
Sally Beauty stores serve do-it-yourself shoppers as well as stylists, while Cosmo Prof stores are only for licensed beauty professionals. Both belong to Sally Beauty Holdings. Cosmo Prof is the main store banner of Beauty Systems Group (BSG), the company's salon distribution business in the US and Canada. Company-run Cosmo Prof stores average about 2,700 square feet, and BSG stores offer roughly 8,000 products on average. A typical Sally store in the US or Canada is about 1,700 square feet with about 7,000 products.
How has Sally Beauty stock performed over the long term?
It has been strong over three years but weak over ten. As of October 28, 2026, the stock returned about 27.1% a year over three years and 2.6% a year over five years, but lost 3.8% a year over ten years, a cumulative decline of 32%. It has also been volatile. Its largest drop from a peak in nearly 20 years of trading was 80.5%, and calendar-year results ranged from a 37.1% loss in 2008 to an 89.9% gain in 2010.
How much debt does Sally Beauty have?
Sally Beauty had $815 million of total debt as of June 30, 2026, against $173.1 million of cash and investments, leaving net debt of about $642 million. Part of the debt carries floating interest rates, which move with market rates, and the company also has significant store lease obligations. Its annual report warns that the debt could limit its ability to raise money and to react to changes in its business.