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ZYBERNO

Stock Report

Updated Jun 3, 2026

SPARTANNASH COMPANY (SPTN)

Consumer Discretionary • NASDAQ

$26.90

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

22.0/100

POOR BUSINESS

SPARTANNASH COMPANY (SPTN) scores 22/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full SPTN quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+1.2%

Fairly Priced

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full SPTN valuation analysis · → View full SPTN Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):POOR (1.43x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):CRITICAL (3.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

SPARTANNASH COMPANY (SPTN) stock report — Zyberno Score 22/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, SPARTANNASH COMPANY (SPTN) shows a Brina Gap of +1.2%, which strengthens the case: based on the company's ROIC (3.9%) and reinvestment rate (363.0%), the business can fundamentally grow at 14.1% — but the current enterprise value implies the market expects 12.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:26.90

Market Cap:$912.31M

Valuation Multiples (2)

P/B Ratio:1.23x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.22B

Ev Ebitda Ratio:8.94x

Pfcf Ratio:12.42x

B. Profitability Assessment

Return Metrics (5)

Roic:

3.9%

📊 Click to view full SPTN ROIC analysis →

Reinvestment Rate:363.0%

Fundamental Growth Rate (g):14.1%

Market-Implied Growth Rate:12.9%

Brina Gap:

1.2%

☷ Click to view full SPTN Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:1.4%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:3.3%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.30

📊 Click to view full SPTN Earnings Surprise analysis →

EPS Surprise vs Expected:-64.3%

Latest Earnings Filed:2025-08-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):2.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-10.8%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):11.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):5.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.57x

Quick Ratio:0.80x

Cash Ratio:0.04x

Leverage Analysis (3)

Debt To Equity Ttm:1.43x

Debt-to-Equity Ratio:1.43x

Debt To Ebitda:2.42x

Coverage Ratios (2)

Interest Coverage Ratio:1.28x

Times Interest Earned:1.28

Capital Structure (4)

Working Capital:394,435,000.00

Cash And Cash Equivalents:25,504,000.00

Long Term Debt:$281.95M

Net Debt:$303.61M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $9.55B

Linear Growth: 2.9%

📊 Click to view full SPTN Revenue analysis & methodology →

Cost Of Revenue Ttm:$8.04B

Profitability Breakdown (2)

Gross profit TTM: $1.51B

Linear Growth: 5.3%

📊 Click to view full SPTN Gross Profit analysis & methodology →

Operating income TTM: $53.96M

Linear Growth: 5.3%

📊 Click to view full SPTN Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $299.00K

Linear Growth: -10.8%

📊 Click to view full SPTN Net Income analysis & methodology →

Income Before Tax:$51.98M

Ebitda Ttm:136,038,000.00

Operating Expenses (5)

Operating Expenses:1,345,573,000.00

R And D Expense:0.00

Sga Expense:1,320,287,000.00

Income Tax Expense:$12.26M

Interest Expense:42,016,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:58.1%

Ebitda Margin:1.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.56B

Current Assets:$1.09B

Ppe Net:759,350,000.00

Goodwill:181,035,000.00

Intangible Assets:$115.57M

Liability Structure (4)

Total Liabilities:1,815,685,000.00

Current Liabilities:693,550,000.00

Long Term Debt:$281.95M

Short Term Debt:$47.17M

Equity & Capital (3)

Equity:$741.82M

Retained Earnings:$280.14M

Common Stock:461,887,000.00

Working Capital Items (3)

Accounts Receivable:314,791,000.00

Inventory:530,148,000.00

Accounts Payable:510,506,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:944,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $40.36M

Linear Growth: 11.0%

$73.48M

Investment Activities (1)

Investing Cash Flow:-$9.25M

Financing Activities (3)

Financing Cash Flow:$157.00K

Dividends Paid Ttm:30,318,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:82,077,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$0.01

Revenue & Cash Per Share (2)

Sales Per Share Ttm:281.57

Operating Cash Flow Per Share:$6.07

Book Value & Capital (2)

Book Value Per Share:$21.87

Cash Per Share:0.75

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:3.74x

Working Capital Turnover Ttm:24.21x

Receivables Management (2)

Receivables Turnover Ttm:30.34x

Days Sales Outstanding Ttm:12.03

Inventory Management (2)

Inventory Turnover Ttm:15.16x

Days Inventory Outstanding Ttm:24.08

Payables & Cash Cycle (2)

Days Payable Outstanding:23.19

Cash Conversion Cycle:12.92

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:363.0%

Fundamental Growth Rate (g):14.1%

Market-Implied Growth Rate:12.9%

Brina Gap:

1.2%

☷ Click to view full SPTN Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):2.9%

Net Income Growth Rate (Linear):-10.8%

Operating Income Growth Rate (Linear):5.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):11.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):5.3%

Book Value Growth Rate (Linear):-0.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:SPTN

Company Name:SPARTANNASH COMPANY

Sector:Consumer Discretionary

Industry:Wholesale-Groceries, General Line

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:33.92M

Shares Outstanding Basic:33.92M

Shares Outstanding Diluted:34.45M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-03 06:47:25 UTC

Data Timestamp:2026-06-03T06:47:25.386684