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Savers Value Village, Inc.

SVV · Consumer discretionary (retail-miscellaneous retail) · 6 years of annual accounts filed with the SEC · latest fiscal year ended 2026-01-03

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Savers Value Village, Inc. reported revenue of $1.7 billion in fiscal 2026. Of the $821.9 million its operations generated over 6 years, 56.8% went back into the business and 49.5% to dividends. On the accounting screens, it passes 6 of 8 Piotroski tests and its Altman Z'' of 0.11 is in the distress zone; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2026 1.7B  
Operating margin 7.4% gross margin —
Return on invested capital 6.6% 9.2% on average over 4 years
Free cash flow after stock pay 10.0M 0.6% of revenue
Net debt ÷ EBITDA 3.1× net debt 629.8M
Piotroski F-score 6/8 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs
Revenue+5.3%—
Operating income-15.6%—
Net income-35.6%—
Earnings per share-37.9%—
Free cash flow per share-9.7%—
Shares+3.7%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
5.2%
Return on assets
1.1%
Asset turnover
0.83×
Overheads (SG&A)
22.3% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 6 years of operating cash went, 2021–2026

821.9M generated by the business. Each band is its share of that total.

  • Reinvested in the business 57% 467.0M
  • Acquisitions 27% 223.5M
  • Dividends 49% 406.7M
  • Share buybacks 9% 77.6M
  • More than it generated: funded with cash or new debt -43% -352.8M

Over the same years it paid 175.5M in stock. The buybacks did not even cover what was handed out in stock.

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
3.1×
Interest coverage
— operating income ÷ interest
Current ratio
0.81 current assets ÷ current liabilities
Cash conversion cycle
— collects in 4d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

6of 8 tests passed
  • ProfitableReturn on assets above zero passed
  • Cash from operationsOperating cash flow above zero passed
  • Profitability improvedReturn on assets higher than a year before failed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell passed
  • More liquidCurrent ratio higher than a year before failed
  • No new sharesShare count did not grow passed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before passed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

0.11distress zone
  • Working capital ÷ assets -0.02 × 6.56-0.15
  • Retained earnings ÷ assets -0.14 × 3.26-0.44
  • Operating income ÷ assets 0.06 × 6.72+0.41
  • Equity ÷ liabilities 0.28 × 1.05+0.29

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Net debt is 3.1 times EBITDA.

Benign

A stable sector with predictable cash flows and comfortable maturities.

Worrying

Little room if earnings fall; the maturity schedule is what to check.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2026

%

revenue grew +8.7% a year over the last 4 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, 39.2%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-08-13
Published other information
Shares 2026-08-13
New shares priced
Event 2026-08-11
Published information for investors
Shares 2026-08-11
New shares priced
Quarterly 2026-08-06
Quarterly report
Results 2026-08-06
Reported results; published other information
Event 2026-06-11
Published the results of a shareholder vote
Event 2026-06-02
Signed a material agreement; took on a financial obligation
Estimatein 37d
Results for the period ending 2026-10-03

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 12 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$242.1M17 sale(s) by 5 insider(s)
Under pre-arranged plans88%of the sales followed a 10b5-1 plan set months earlier
Other lines150 awards · 15 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
16 Sep 2026 Allen William TDirector Exercised options 12,402 $1.41 $17,487 41,263
16 Sep 2026 Allen William TDirector Exercised options 6,614 $1.41 $9,326 47,877
16 Sep 2026 Allen William TDirector Exercised options 7,135 $3.16 $22,547 55,012
16 Sep 2026 Allen William TDirector Sold on the open market 26,151 $9.22 $241,170 28,861
13 Aug 2026 Ares Management LlcHolder of more than 10% Sold on the open market · indirect 23.0M $10.25 $235.8M 94.4M
11 Aug 2026 Walsh Mark T.CEO & Director Exercised options 42,059 $1.41 $59,303 89,422
11 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $3.16 $158,000 139,422
11 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 92,059 $11.93 $1.1M 47,363
10 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $1.41 $70,500 97,363
10 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $3.16 $158,000 147,363
10 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 100,000 $12.20 $1.2M 47,363
7 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 13,036 $11.67 $152,151 84,327
7 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 36,964 $12.38 $457,725 47,363
7 Aug 2026 Maher Michael WCFO & Treasurer Exercised options 44,742 $7.11 $318,116 69,905
7 Aug 2026 Maher Michael WCFO & Treasurer Sold on the open market · pre-arranged plan 44,742 $12.33 $551,879 25,163
7 Aug 2026 Maher Michael WCFO & Treasurer Sold on the open market · pre-arranged plan 5,000 $12.31 $61,538 20,163
7 Aug 2026 Geisser Melinda L.Chief People Services Officer Exercised options 50,000 $1.41 $70,500 60,576
7 Aug 2026 Geisser Melinda L.Chief People Services Officer Sold on the open market · pre-arranged plan 15,000 $11.48 $172,200 45,576
7 Aug 2026 Geisser Melinda L.Chief People Services Officer Sold on the open market · pre-arranged plan 15,000 $11.98 $179,700 30,576
7 Aug 2026 Geisser Melinda L.Chief People Services Officer Sold on the open market · pre-arranged plan 20,000 $12.48 $249,600 10,576
7 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $1.41 $70,500 197,363
7 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $3.16 $158,000 247,363
7 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 13,062 $11.66 $152,356 134,301
7 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 36,938 $12.38 $457,462 97,363
6 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 50,000 $10.92 $546,045 147,363
6 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $1.41 $70,500 97,363
6 Aug 2026 Walsh Mark T.CEO & Director Exercised options 50,000 $3.16 $158,000 147,363
6 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 50,000 $10.94 $546,975 197,363
5 Aug 2026 Walsh Mark T.CEO & Director Exercised options 7,941 $1.41 $11,197 55,304
5 Aug 2026 Geisser Melinda L.Chief People Services Officer Exercised options 15,000 $1.41 $21,150 25,576
5 Aug 2026 Geisser Melinda L.Chief People Services Officer Sold on the open market · pre-arranged plan 15,000 $10.98 $164,700 10,576
5 Aug 2026 Walsh Mark T.CEO & Director Sold on the open market · pre-arranged plan 7,941 $11.02 $87,548 47,363

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Baillie Gifford 30 Jun 2026 8.6M $86.9M 0.1% Unchanged

All the funds and what they reported ›

Companies like this one

Same SEC industry (retail-miscellaneous retail) first, then the rest of consumer discretionary.

EZPW Ezcorp IncWINA Winmark CorpAMZN Amazon Com IncTSLA Tesla, Inc.HD Home Depot, Inc.DIS Walt Disney CoMCD Mcdonalds CorpTJX TJX Companies Inc

Every figure, year by year

6 fiscal years · 30 measures
202120222022202320242026
Size
Revenue—1.2B1.4B1.5B1.5B1.7B
Revenue growth——+19.4%+4.4%+2.5%+9.2%
Operating income—182.2M206.2M141.9M130.2M124.1M
Net income—83.4M84.7M53.1M29.0M22.6M
Margins
Gross margin——————
Operating margin—15.1%14.3%9.5%8.5%7.4%
Net margin—6.9%5.9%3.5%1.9%1.3%
Free cash flow margin—11.2%4.1%5.6%1.8%2.9%
R&D ÷ revenue——————
SG&A ÷ revenue—21.6%21.0%20.8%21.9%22.3%
Cash
Free cash flow—135.2M59.3M83.4M28.4M48.6M
Stock-based pay—732,0001.9M72.6M61.6M38.6M
Free cash flow after stock pay—134.5M57.3M10.8M-33.2M10.0M
Free cash flow to the firm—176.1M86.1M84.4M33.6M29.8M
Free cash flow ÷ net income—1.6×0.7×1.6×1.0×2.1×
Capex ÷ revenue—3.4%7.7%6.1%6.9%7.1%
Returns
Return on invested capital——13.2%10.6%6.6%6.6%
Return on equity—45.0%37.3%14.1%6.9%5.2%
Return on assets——5.0%2.8%1.5%1.1%
Asset turnover——0.8×0.8×0.8×0.8×
Economic profit——————
Per share
Earnings per share—$0.57$0.58$0.34$0.17$0.14
Free cash flow per share—$0.93$0.41$0.53$0.17$0.30
Dividend per share—$0.52$0.48$1.68$0.00$0.00
Payout ratio—89.9%82.0%493.7%0.0%0.0%
Book value per share—$1.28$1.61$2.34$2.65$2.81
Diluted shares—145.4M146.0M156.2M166.7M162.8M
Balance sheet
Net debt——721.5M609.1M591.2M629.8M
Net debt ÷ EBITDA——2.8×3.0×3.0×3.1×
Interest coverage—3.4×3.2×1.6×——
Current ratio——0.7×1.1×1.0×0.8×
Cash conversion cycle (days)——————
Scores
Piotroski F-score—12556
Altman Z''——0.590.400.330.11
Beneish M——————

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.