Savers Value Village, Inc. (SVV)

Price$10.45Cached quoteAs of 2026-09-05 23:01 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because growth is promising but debt and reinvestment absorb much of the upside.

At the observed quote, equity value is about $1.50 billion using 153.8 million quarter-end shares. That equals roughly 22 times management’s midpoint for 2026 reported earnings and about eight times adjusted operating profit before interest, tax, depreciation and amortization after adding net borrowings. Cash left after operations and capital spending was about $82 million over the latest four quarters, implying roughly 18 times that cash. Those are reasonable, not distressed, multiples; fair value therefore requires management to deliver its improved outlook despite leverage.

Big pictureSales and cash generation are improving, but shareholder earnings remain uneven and sensitive to regional performance.

Fiscal 2025 revenue rose 9.2% to $1.68 billion, yet net income fell to $22.6 million from $29.0 million, showing that sales growth does not automatically become shareholder profit. Operating cash reached $167.3 million, but $118.6 million of capital spending left only $48.6 million. The first half of 2026 improved, producing $34.9 million after capital spending versus $1.7 million a year earlier. The business may benefit when shoppers seek value, but it is not fully defensive: established-store sales grew 6.6% in the United States and only 0.8% in Canada.

Business strengthCustomer loyalty and store growth support the business, while debt leaves little room for mistakes.

Savers had 375 stores and 6.1 million active loyalty members, who generated 72.7% of 2025 retail sales. However, reported borrowings were $726.3 million against $91.9 million of cash, while lease obligations totaled about $723 million; current liabilities also exceeded current assets by $38.9 million. Shares outstanding declined about 4% from September 2024 to July 2026 as buybacks outweighed stock awards. That limits dilution, but spending cash on repurchases—including another 1.02 million shares during August’s offering—reduces flexibility while leverage remains substantial.

What could change the storyFaster store gains could create upside, but weak cash conversion or stalled growth would expose the valuation.

The strongest bull case is sustained mid-single-digit growth at established stores, profitable new locations and better pricing from ThriftIQ. Management now expects $1.77 billion to $1.79 billion of 2026 sales and $265 million to $275 million of adjusted operating profit before interest, tax, depreciation and amortization. The current valuation broadly assumes that outlook is achieved. Cash after capital spending moving above $100 million while borrowings fall would strengthen an undervaluation case. Conversely, stalled established-store sales, continued Canadian weakness or $125 million-plus annual investment without debt reduction would make the shares look expensive.

AI: News

Strong quarter and higher outlookSecond-quarter sales and profit improved, prompting a modest outlook increase and stronger confidence in store growth.

On August 6, Savers reported 7.4% second-quarter sales growth, including 6.6% growth at established United States stores. Net income rose to $21.6 million from $18.9 million, and six stores opened during the quarter. Management raised the lower ends of its sales, established-store growth and adjusted operating-profit forecasts. Shares closed 12.0% higher on August 7. The timing suggests investors welcomed the update, although it does not prove that earnings alone caused the move.

Ares completed large share saleAres sold a large block of existing shares, increasing public supply while giving Savers no sale proceeds.

The offering closed August 13 with Ares-managed funds selling 23 million existing shares, including the full three-million-share option. Savers received no proceeds but used cash to repurchase 1.02 million shares. The stock closed 4.0% lower on August 11 and another 9.2% lower on August 12 as the offering launched and was priced. That timing is consistent with additional supply and discounted placement pressure, but other trading factors could have contributed. A larger public float may improve liquidity over time.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$1.68B	$1.54B	$1.50B	$1.44B	$1.20B
Gross profit	$928.1M	$867.9M	$427.6M	$389.0M	$331.4M
Gross margin	55.28%	56.44%	28.50%	27.06%	27.52%
Operating expenses	$1.55B	$1.41B	$1.36B	$1.23B	$1.02B
Operating income	$124.1M	$130.2M	$141.9M	$206.2M	$182.2M
Operating margin	7.39%	8.47%	9.46%	14.35%	15.13%
EBITDA	$204.6M	$199.7M	$203.0M	$262.0M	$229.6M
EBITDA margin	12.19%	12.99%	13.53%	18.23%	19.07%
Net income	$22.6M	$29.0M	$53.1M	$84.7M	$83.4M
Net profit margin	1.35%	1.89%	3.54%	5.89%	6.93%
Basic EPSper basic share	$0.14	$0.18	$0.35	$0.60	$0.59
Diluted EPSper diluted share	$0.14	$0.17	$0.34	$0.58	$0.57

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SVV
Holder	Shares held
ARES MANAGEMENT LLC	117.45M
BAILLIE GIFFORD & CO	8.61M
T. Rowe Price Investment Management, Inc.	7.39M
Capital Research Global Investors	3.52M
BlackRock, Inc.	2.82M
DIMENSIONAL FUND ADVISORS LP	2.26M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.85M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.7M
VANGUARD CAPITAL MANAGEMENT LLC	1.68M
Archon Capital Management LLC	1.51M
STATE STREET CORP	1.16M
Qube Research & Technologies Ltd	1.03M
AQR CAPITAL MANAGEMENT LLC	957.12K
GEODE CAPITAL MANAGEMENT, LLC	944.8K
GOLDMAN SACHS GROUP INC	770K
PRIMECAP MANAGEMENT CO/CA/	748.23K
UBS Group AG	710.52K
Universal- Beteiligungs- und Servicegesellschaft mbH	641.02K
RENAISSANCE TECHNOLOGIES LLC	638.48K
Meros Investment Management, LP	527.42K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$43.9K disclosed value

Sells (SEC code S)47$312.10M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Walsh Mark T.CEO & Director	SellCommon Stock	41.6K	$10.08	$419.3K	47.4K
Jun 17, 2026Form 4 · 10b5-1	Walsh Mark T.CEO & Director	SellCommon Stock	300	$10.00	$3.0K	89.0K
Jun 16, 2026Form 4 · 10b5-1	Walsh Mark T.CEO & Director	SellCommon Stock	3.1K	$10.15	$31.5K	89.3K
Mar 11, 2026Form 4	Tanious Jubran N.President & COO	SellCommon Stock	45.0K	$8.30	$373.5K	154.7K
Dec 18, 2025Form 4	Tanious Jubran N.President & COO	SellCommon Stock	57.7K	$9.21	$531.5K	99.7K