Sally Beauty Holdings, Inc. (SBH) Balance Sheet
SBH balance sheet, FY2025
September 30, 2025 · U.S. dollars$2.87B assets = $2.08B liabilities + $794.2M equity
Both columns are drawn to the same scale: what SBH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SBH financial health
Current ratio2.26
Comfortable · current assets cover current liabilities 2.26×
Debt / equity1.97
High leverage · $1.97 of debt for each $1 of equity
Equity / assets27.7%
Balanced · of assets funded by shareholders
Cash / debt9.5%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles20.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
SBH balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.13BFY2016 | $2.87BFY2025 | +3.4%/yr | |
| Total liabilities | $2.41BFY2016 | $2.08BFY2025 | −1.6%/yr | |
| Shareholders’ equity | −$276.2MFY2016 | $794.2MFY2025 | — | |
| Cash & short-term investments | $86.6MFY2016 | $149.2MFY2025 | +6.2%/yr | |
| Total debt | $1.78BFY2016 | $1.56BFY2025 | −1.5%/yr | |
| Net cash (debt) | −$1.70BFY2016 | −$1.41BFY2025 | +$283.6M | |
| Working capital | $684.2MFY2016 | $725.5MFY2025 | +$41.3M | |
| Book value per share | −$1.86FY2016 | $7.65FY2025 | — | |
| Current ratio | 2.40FY2016 | 2.26FY2025 | −0.14 | |
| Debt / equity | 151.83FY2020 | 1.97FY2025 | −149.86 | |
| Shares outstanding | 148.8MFY2016 | 103.8MFY2025 | −3.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBH assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SBH liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SBH debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SBH balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $149.2M | $108.0M | $123.0M | $70.6M | $401.0M | $514.2M | $71.5M | $77.3M | $63.8M | $86.6M |
| Cash & equivalents | $149.2M | $108.0M | $123.0M | $70.6M | $401.0M | $514.2M | $71.5M | $77.3M | $63.8M | $86.6M |
| Short-term investments | — | −$75.1M | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $116.6M | $92.2M | $75.9M | $72.3M | $66.6M | $56.4M | $104.5M | $90.5M | $92.2M | $84.0M |
| Inventory | $987.6M | $1.04B | $975.2M | $936.4M | $871.3M | $814.5M | $952.9M | $944.3M | $930.9M | $907.3M |
| Other current assets | $48.2M | $68.5M | $53.9M | $53.2M | $44.7M | $48.0M | $34.6M | $43.0M | $83.6M | $94.9M |
| Total current assets | $1.30B | $1.31B | $1.23B | $1.13B | $1.38B | $1.43B | $1.16B | $1.16B | $1.17B | $1.17B |
| Property, plant & equipment (net) | $931.0M | $852.4M | $868.4M | $830.1M | $845.0M | $840.7M | $319.6M | $308.4M | $313.7M | $319.6M |
| Goodwill & intangible assets | $593.7M | $598.2M | $588.3M | $576.4M | $596.7M | $598.3M | $592.8M | $608.6M | $618.1M | $625.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $344,000 | $8.4M | $5.2M | $0 |
| Other non-current assets | $45.0M | $36.9M | $40.6M | $38.0M | $21.8M | $23.1M | $22.1M | $17.0M | $15.6M | $14.0M |
| Total assets | $2.87B | $2.79B | $2.73B | $2.58B | $2.85B | $2.90B | $2.10B | $2.10B | $2.12B | $2.13B |
| Liabilities | ||||||||||
| Accounts payable | $224.5M | $269.4M | $258.9M | $275.7M | $291.6M | $236.3M | $278.7M | $303.2M | $307.8M | $271.4M |
| Short-term debt | $162.6M | $140.2M | $154.7M | $226.4M | $156.4M | $153.4M | $1,000 | $5.5M | $96.1M | $716,000 |
| Deferred revenue | $14.2M | $16.1M | $18.3M | $18.8M | $18.5M | $16.7M | $18.2M | $18.4M | $20.6M | $23.2M |
| Total current liabilities | $576.0M | $592.7M | $579.3M | $667.9M | $664.9M | $563.4M | $456.1M | $491.2M | $574.6M | $488.7M |
| Long-term debt | $862.0M | $978.3M | $1.07B | $1.08B | $1.38B | $1.80B | $1.59B | $1.77B | $1.77B | $1.78B |
| Lease obligations | $697.0M | $615.7M | $605.5M | $582.5M | $560.4M | $547.6M | — | — | — | — |
| Other long-term liabilities | $638.9M | $593.4M | $571.4M | $532.3M | $519.0M | $519.4M | $108.1M | $106.0M | $140.3M | $136.3M |
| Total liabilities | $2.08B | $2.16B | $2.22B | $2.28B | $2.57B | $2.88B | $2.16B | $2.37B | $2.49B | $2.41B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $979,000 | $1.0M | $1.1M | $1.1M | $1.1M | $1.1M | $1.2M | $1.2M | $1.3M | $1.4M |
| Retained earnings (deficit) | $898.1M | $740.7M | $624.8M | $440.2M | $357.0M | $117.1M | $55.8M | −$179.8M | −$283.1M | −$177.6M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$104.8M | −$113.2M | −$122.8M | −$151.8M | −$94.6M | −$104.7M | −$117.3M | −$90.0M | −$81.8M | −$100.1M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $794.2M | $628.5M | $508.7M | $293.6M | $280.7M | $15.4M | −$60.3M | −$268.6M | −$363.6M | −$276.2M |
| Key figures | ||||||||||
| Total debt | $1.56B | $1.60B | $1.68B | $1.73B | $1.94B | $2.34B | $1.59B | $1.77B | $1.87B | $1.78B |
| Net cash (debt) | −$1.41B | −$1.49B | −$1.55B | −$1.66B | −$1.54B | −$1.83B | −$1.52B | −$1.70B | −$1.80B | −$1.70B |
| Working capital | $725.5M | $712.6M | $648.7M | $464.5M | $718.7M | $869.7M | $707.5M | $663.9M | $595.9M | $684.2M |
| Tangible book value | $200.5M | $30.3M | −$79.5M | −$282.7M | −$316.0M | −$582.9M | −$653.2M | −$877.2M | −$981.7M | −$901.8M |
| Book value per share | $7.65 | $5.88 | $4.65 | $2.66 | $2.46 | $0.13 | −$0.50 | −$2.17 | −$2.63 | −$1.86 |
| Shares outstanding | 103.8M | 106.9M | 109.3M | 110.3M | 114.2M | 114.7M | 120.3M | 123.8M | 138.2M | 148.8M |
| Current ratio | 2.26 | 2.20 | 2.12 | 1.70 | 2.08 | 2.54 | 2.55 | 2.35 | 2.04 | 2.40 |
| Quick ratio | 0.46 | 0.34 | 0.34 | 0.21 | 0.70 | 1.01 | 0.39 | 0.34 | 0.27 | 0.35 |
| Debt / equity | 1.97 | 2.54 | 3.29 | 5.91 | 6.92 | 151.83 | — | — | — | — |
| Equity / assets | 27.7% | 22.5% | 18.7% | 11.4% | 9.9% | 0.5% | −2.9% | −12.8% | −17.1% | −13.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $173.1M | $157.4M | $157.2M | $149.2M | $112.8M | $92.2M | $105.5M | $108.0M | $97.4M | $97.2M | $121.0M | $123.0M |
| Cash & equivalents | $173.1M | $157.4M | $157.2M | $149.2M | $112.8M | $92.2M | $105.5M | $108.0M | $97.4M | $97.2M | $121.0M | $123.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $91.1M | — |
| Receivables | $95.9M | $101.6M | $104.3M | $116.6M | $96.0M | $95.0M | $84.6M | $92.2M | $91.4M | $87.6M | $78.5M | $75.9M |
| Inventory | $996.0M | $986.8M | $978.8M | $987.6M | $1.01B | $1.01B | $1.01B | $1.04B | $1.02B | $1.04B | $1.01B | $975.2M |
| Other current assets | $46.2M | $46.9M | $45.4M | $48.2M | $47.5M | $45.3M | $50.6M | $68.5M | $51.4M | $55.8M | $55.7M | $53.9M |
| Total current assets | $1.31B | $1.29B | $1.29B | $1.30B | $1.26B | $1.24B | $1.25B | $1.31B | $1.26B | $1.28B | $1.26B | $1.23B |
| Property, plant & equipment (net) | $931.5M | $920.7M | $1.08B | $931.0M | $846.4M | $838.8M | $838.7M | $852.4M | $828.4M | $835.9M | $836.5M | $868.4M |
| Goodwill & intangible assets | $589.2M | $590.4M | $593.9M | $593.7M | $597.2M | $590.0M | $589.2M | $598.2M | $587.2M | $588.6M | $591.9M | $588.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $51.3M | $49.4M | $0 | $45.0M | $38.9M | $38.0M | $36.2M | $36.9M | $43.0M | $41.7M | $40.1M | $40.6M |
| Total assets | $2.88B | $2.85B | $2.85B | $2.87B | $2.74B | $2.71B | $2.71B | $2.79B | $2.72B | $2.75B | $2.73B | $2.73B |
| Liabilities | ||||||||||||
| Accounts payable | $223.9M | $222.6M | $208.5M | $224.5M | $193.0M | $217.5M | $220.7M | $269.4M | $234.6M | $289.6M | $267.5M | $258.9M |
| Short-term debt | $165.7M | $161.1M | $161.1M | $162.6M | $159.6M | $158.0M | $156.4M | $140.2M | $322.2M | $203.8M | $151.2M | $154.7M |
| Deferred revenue | $14.4M | $14.4M | $15.6M | $14.2M | $15.8M | $16.9M | $18.1M | $16.1M | $17.2M | $17.9M | $20.4M | $18.3M |
| Total current liabilities | $553.9M | $553.5M | $542.2M | $576.0M | $523.8M | $533.3M | $548.6M | $592.7M | $594.9M | $643.8M | $573.1M | $579.3M |
| Long-term debt | $803.6M | $823.1M | $842.5M | $862.0M | $882.4M | $902.8M | $938.1M | $978.3M | $978.9M | $978.4M | $1.07B | $1.07B |
| Lease obligations | $707.8M | $689.0M | $694.7M | $697.0M | $624.6M | $615.3M | $609.0M | $615.7M | $593.7M | $595.7M | $586.0M | $605.5M |
| Other long-term liabilities | $654.2M | $638.9M | $642.5M | $638.9M | $575.0M | $570.0M | $567.6M | $593.4M | $569.7M | $573.6M | $551.7M | $571.4M |
| Total liabilities | $2.01B | $2.02B | $2.03B | $2.08B | $1.98B | $2.01B | $2.05B | $2.16B | $2.14B | $2.20B | $2.19B | $2.22B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $941,000 | $959,000 | $975,000 | $979,000 | $994,000 | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.1M |
| Retained earnings (deficit) | $980.0M | $946.5M | $923.3M | $898.1M | $863.3M | $826.2M | $792.6M | $740.7M | $698.5M | $666.6M | $652.2M | $624.8M |
| Accumulated other comprehensive income | −$109.4M | −$109.5M | −$100.7M | −$104.8M | −$101.3M | −$127.3M | −$137.2M | −$113.2M | −$121.9M | −$116.8M | −$112.0M | −$122.8M |
| Total shareholders' equity | $871.5M | $837.9M | $823.6M | $794.2M | $762.9M | $699.8M | $656.5M | $628.5M | $577.7M | $550.9M | $541.3M | $508.7M |
| Key figures | ||||||||||||
| Total debt | $1.52B | $1.52B | $1.54B | $1.56B | $1.51B | $1.52B | $1.55B | $1.60B | $1.76B | $1.64B | $1.66B | $1.68B |
| Net cash (debt) | −$1.34B | −$1.36B | −$1.38B | −$1.41B | −$1.40B | −$1.43B | −$1.45B | −$1.49B | −$1.66B | −$1.54B | −$1.53B | −$1.55B |
| Working capital | $757.3M | $739.3M | $743.5M | $725.5M | $737.8M | $705.8M | $698.1M | $712.6M | $667.6M | $636.6M | $689.8M | $648.7M |
| Tangible book value | $282.3M | $247.4M | $229.6M | $200.5M | $165.7M | $109.8M | $67.3M | $30.3M | −$9.6M | −$37.7M | −$50.5M | −$79.5M |
| Book value per share | $8.90 | $8.40 | $8.17 | $7.80 | $7.39 | $6.69 | $6.25 | $5.97 | $5.46 | $5.14 | $4.98 | $4.66 |
| Shares outstanding | 97.9M | 99.7M | 100.8M | 101.8M | 103.2M | 104.7M | 105.0M | 105.3M | 105.9M | 107.1M | 108.7M | 109.1M |
| Current ratio | 2.37 | 2.34 | 2.37 | 2.26 | 2.41 | 2.32 | 2.27 | 2.20 | 2.12 | 1.99 | 2.20 | 2.12 |
| Quick ratio | 0.49 | 0.47 | 0.48 | 0.46 | 0.40 | 0.35 | 0.35 | 0.34 | 0.32 | 0.29 | 0.35 | 0.34 |
| Debt / equity | 1.74 | 1.81 | 1.87 | 1.97 | 1.98 | 2.18 | 2.36 | 2.54 | 3.04 | 2.98 | 3.06 | 3.29 |
| Equity / assets | 30.2% | 29.4% | 28.9% | 27.7% | 27.8% | 25.9% | 24.2% | 22.5% | 21.2% | 20.1% | 19.8% | 18.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 13, 2025); data from EODHD.
SBH financial position
At the end of fiscal 2025 (September 30, 2025), Sally Beauty had total assets of $2.9 billion (up 2.8% from a year earlier), total liabilities of $2.1 billion and shareholders' equity of $794.2 million. It held $149.2 million in cash and short-term investments against $1.6 billion of debt, net debt of $1.4 billion. Its current ratio was 2.26. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $871.5 million.
Related: SBH income statement, SBH cash flow statement, SBH key metrics. See the SBH stock overview for the latest quote and news.
SBH balance sheet FAQ
What are Sally Beauty's total assets?
Sally Beauty reported total assets of $2.9 billion at the end of fiscal 2025 (September 30, 2025), compared with $2.8 billion a year earlier.
How much debt does Sally Beauty have?
Sally Beauty had $1.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.97.
How much cash does Sally Beauty have?
Sally Beauty held $149.2 million in cash and short-term investments at the end of fiscal 2025; with $1.6 billion of debt that is net debt of $1.4 billion.
What is Sally Beauty's book value?
Sally Beauty's shareholders' equity (book value) was $794.2 million at the end of fiscal 2025, or $7.65 per share.
What is Sally Beauty's current ratio?
Sally Beauty had current assets of $1.3 billion and current liabilities of $576.0 million, a current ratio of 2.26 (it can cover its short-term obligations).
How much goodwill does Sally Beauty have?
Sally Beauty carried $593.7 million of goodwill and intangible assets, 20.7% of total assets, at the end of fiscal 2025.