Simply Good Foods Co (SMPL) FY2025 10-K Annual Report
Simply Good Foods Co (SMPL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Oct 28, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Simply Good Foods Co FY2025 10-K Analysis
Business Overview
- • Core business model: protein-rich, low-carb nutritious snacking products marketed mainly under Quest, Atkins, and OWYN brands
- • New OWYN brand acquisition in June 2024 expanding plant-based, allergen-tested RTD shakes and powders segment
- • Strategic marketing shift to target consumers using FDA-approved weight management medications alongside traditional health-focused buyers
- • Fiscal 2025 sales heavily concentrated: Walmart 31%, Amazon 18%, with e-commerce channel ~19-26% by brand, reflecting distribution expansion
- • Asset-light model driving strong free cash flow; 57% of selling & marketing expense allocated to advertising in FY 2025
Management Discussion & Analysis
- • Net cash from operations $178.5M, down $37.2M YoY from $215.7M, driven by working capital use increasing $51.9M
- • Income from operations $156.9M vs $206.5M, operating expenses rose due to impairment loss, partially offset by higher gross profit
- • Investing cash use $20.9M vs $286.9M prior, prior year includes $280.4M OWYN acquisition, current year $20.5M capex at manufacturing facilities
- • Financing cash used $191.2M vs $115.9M provided prior, includes $150M term loan principal payments and $50.9M repurchases of common stock
- • Management cautious on future revenue projections, performed impairment on Atkins brand and certain intangibles due to reduced outlook
Risk Factors
- • Regulatory risk from OWYN Acquisition integration under FTC scrutiny of brand and product compliance
- • Macroeconomic exposure to unfavorable commodity expense increases reducing gross profit margin despite sales growth
- • Supply chain dependence on contract manufacturing partners for raw ingredients, packaging, and warehousing costs
- • Market disruption risk from declining Atkins brand distribution amid consumer preference shifts benefiting competitors
- • Financial risk from transaction costs and impairment charges related to OWYN Acquisition impacting adjusted EBITDA margins
Simply Good Foods Co FY2025 Key Financial MetricsXBRL
Revenue
$1.5B
▲ +9.0% YoY
Net Income
$104M
▼ -25.6% YoY
Gross Margin
36.2%
▼ -219bp YoY
Operating Margin
10.8%
▼ -470bp YoY
Net Margin
7.1%
▼ -332bp YoY
ROE
5.7%
▼ -233bp YoY
Total Assets
$2.4B
▼ -1.6% YoY
EPS (Diluted)
$1.02
▼ -26.1% YoY
Operating Cash Flow
$178M
▼ -17.3% YoY
Source: XBRL data from Simply Good Foods Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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