SALLY BEAUTY HOLDINGS, INC.

SBH · Consumer Discretionary · $1.5B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power85

Median gross margin 50.1% over 10y, very stable.

Returns on capital100

Median ROIC 20.0%, above the 9% hurdle in 100% of years.

Balance-sheet safety40

Net debt/EBITDA 1.7x, interest coverage 5x.

Capital discipline53

Owner earnings -1.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

33% below value

Owner earnings (normalized): $195.9M
Est. intrinsic value / share: $22.24
Recent price: $14.91
Discount to value: 33% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SBH. See the disclaimer.