Is the business good?
How good a business is SG?
Sweetgreen, Inc. earns −35% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−35%
Return on invested capital · cost of capital 9.0% · 44 points below what the capital costs: growth destroys value
- Operating margin
- −22%
Operating margin · Restaurants median 8.6% · 12 months to Q1 2026
- Share count, year on year
- +2.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 13%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −64% |
| FY2021 | −40% |
| FY2022 | −41% |
| FY2023 | −21% |
| FY2024 | −14% |
| FY2025 | −21% |
Details›
- Gross margin12 months to Q1 2026
- 13%
- Operating margin12 months to Q1 2026
- −22%
- Net margin12 months to Q1 2026
- 2.5%
- Free cash flow margin
- −18%
- Revenue, trailing twelve months
- $675M
- Free cash flow, trailing twelve months
- −$119M
- Net income, trailing twelve months
- $17M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −35%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.