olivLaw · US equity research
Sweetgreen, Inc. SG
Retail-Eating Places · SIC 5812 · Vertical: Retail-Eating Places (SIC 5812)
Sweetgreen is a mission-driven, fast-casual restaurant brand that serves fresh, healthy food and aims to become as widespread as traditional fast food. It is currently going through a period of falling same-store sales and net losses, and as it slows openings and reshapes its strategy, profitability remains the key open question.
At the close of 04 Nov 2026, Sweetgreen, Inc. (SG) stock was 11.80 USD (+3.42% on the day), with market capitalisation 1.1 bn USD, P/E 117.9 on diluted EPS of 0.10 USD over the last 12 months, beta 1.48, 52-week range 4.70–11.80 USD. Latest reported quarter (Q2 2026): revenue of 192.7 m USD (+3.8% YoY), net income of -26.3 m USD, diluted EPS -0.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.14 – 11.81
- in the upper half of the band · %B 0.99 · band width 25.6%
- SMA 50 / 200
- 8.73 / 7.25
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.77 / 0.72
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +29.8% | −1.1% | +30.9 pp | — |
| 3 months | +93.4% | −0.5% | +93.9 pp | — |
| 6 months | +71.8% | +4.4% | +67.4 pp | — |
| Year to date | +74.6% | +12.3% | +62.2 pp | — |
| 1 year | +84.1% | +13.5% | +70.5 pp | +3.2% |
| 3 years | +21.3% | +76.4% | −55.1 pp | −18.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 28 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173.4 m | 160.9 m | 166.3 m | 185.6 m | 172.4 m | 155.2 m | 161.5 m | 192.7 m |
| Cost of revenue | 138.5 m | 133.0 m | 136.6 m | 150.5 m | 149.9 m | 139.0 m | 145.3 m | 167.5 m |
| Research & development | 300.0 k | 300.0 k | — | — | — | — | — | — |
| Operating income | -21.2 m | -31.4 m | -28.5 m | -26.4 m | -36.3 m | -48.1 m | -34.3 m | -27.4 m |
| Depreciation & amortisation | 16.9 m | 17.3 m | 17.1 m | 18.0 m | 18.3 m | 18.1 m | 18.6 m | 18.8 m |
| Interest expense | 26.0 k | 14.0 k | 0 | 5.0 k | 7.0 k | 7.0 k | 28.0 k | 62.0 k |
| Pre-tax income | -20.7 m | -30.6 m | -24.9 m | -23.1 m | -36.1 m | -49.9 m | 127.6 m | -26.3 m |
| Income tax | 90.0 k | -1.6 m | 90.0 k | 90.0 k | 90.0 k | -254.0 k | 1.8 m | 12.0 k |
| Net income | -20.8 m | -29.0 m | -25.0 m | -23.2 m | -36.1 m | -49.7 m | 125.8 m | -26.3 m |
| Diluted EPS | -0.18 | -0.25 ≈ | -0.21 | -0.20 | -0.31 | -0.42 ≈ | 1.05 | -0.22 |
| Operating cash flow | 14.7 m ≈ | 6.1 m | -13.1 m | 10.5 m ≈ | -1.4 m ≈ | -8.7 m | -17.2 m | -442.0 k ≈ |
| Capex | 25.1 m ≈ | 26.7 m | 16.7 m | 23.6 m ≈ | 35.8 m ≈ | 30.3 m | 12.4 m | 10.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 39.1, median 65.2, max 91.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 220.6 m | 339.9 m | 470.1 m | 584.0 m | 676.8 m | 679.5 m |
| Revenue YoY | unavailable | +54.1% | +38.3% | +24.2% | +15.9% | +0.4% |
| Net income | -141.2 m | -153.2 m | -190.4 m | -113.4 m | -90.4 m | -134.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -8.80 | -5.51 | -1.73 | -1.01 | -0.79 | -1.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -64.0% | -45.1% | -40.5% | -19.4% | -13.4% | -19.7% |
| Free cash flow | -138.5 m | -149.0 m | -140.1 m | -63.2 m | -41.1 m | -119.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 89.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 356.1 m USD
- Total assets
- 788.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- -33.4%
- ROA
- -16.3%
- FCF margin
- -17.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 220.6 m | 339.9 m | 470.1 m | 584.0 m | 676.8 m | 679.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 229.3 m | 299.5 m | 400.8 m | 482.1 m | 543.9 m | 575.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | -8.7 m ≈ | 40.4 m ≈ | 69.3 m ≈ | 101.9 m ≈ | 132.9 m ≈ | 103.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | — | — | 2.0 m | 1.2 m | 1.2 m | 1.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -141.6 m | -134.4 m | -193.3 m | -122.3 m | -95.7 m | -139.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 26.9 m | 35.5 m | 46.5 m | 59.5 m | 67.3 m | 71.5 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | -114.7 m ≈ | -98.9 m ≈ | -146.9 m ≈ | -62.9 m ≈ | -28.4 m ≈ | -67.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 404.0 k | 87.0 k | 83.0 k | 128.0 k | 256.0 k | 19.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -141.2 m | -153.0 m | -189.1 m | -113.0 m | -91.7 m | -134.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 0 | 147.0 k | 1.3 m | 379.0 k | -1.3 m | 46.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -141.2 m | -153.2 m | -190.4 m | -113.4 m | -90.4 m | -134.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -8.80 | -5.51 | -1.73 | -1.01 | -0.79 | -1.14 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 16.1 m | 27.8 m | 110.1 m | 111.9 m | 114.3 m | 118.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 102.8 m | 472.0 m | 331.6 m | 257.2 m | 214.8 m | 89.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | — | 2.6 m | 3.2 m | 3.5 m | 5.0 m | 5.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | — | 903.0 k | 1.4 m | 2.1 m | 2.0 m | 2.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | — | 506.7 m | 346.1 m | 276.1 m | 234.5 m | 129.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | — | 180.7 m | 235.3 m | 266.9 m | 296.5 m | 326.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 6.3 m | 36.0 m | 36.0 m | 36.0 m | 36.0 m | 27.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 32.9 m | 30.6 m | 27.4 m | 24.0 m | 10.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | — | 762.6 m | 908.9 m | 856.6 m | 856.8 m | 788.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | 11.2 m | 12.2 m | 17.4 m | 18.7 m | 19.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | — | 47.5 m | 72.5 m | 91.6 m | 115.8 m | 118.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | — | 109.5 m | 367.7 m | 374.0 m | 410.6 m | 432.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -307.4 m † | 653.1 m † | 541.2 m † | 482.6 m † | 446.1 m † | 356.1 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -90.4 m | -64.5 m | -43.2 m | 26.5 m | 43.4 m | -12.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 48.1 m | 84.5 m | 96.9 m | 89.7 m | 84.5 m | 106.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -138.5 m ≈ | -149.0 m ≈ | -140.1 m ≈ | -63.2 m ≈ | -41.1 m ≈ | -119.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -58.4 m | -97.5 m | -102.0 m | -95.7 m | -92.2 m | -114.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 2.1 m | 531.6 m | 4.6 m | -5.2 m | 8.9 m | 2.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.61 – 3.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.61 – 3.21 (Mid 2.11)23 companies used · median multiple 21.1x · quartiles 16.1x – 32.1xARCO, ARMK, BDL, BLMN, CAKE, CBRL, CMG, DRI, EAT, FWRG, GTIM, JACK, LOCO, MB, MCD, NATH, PTLO, PZZA, QSR, TXRH, WING, YUM, YUMC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.0% | 54 (vs peers) | 13% |
| FCF conversion · Quality | -850.8% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 13.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,404.9x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 117.9x | 4 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.3% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality27/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation2/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SWEETGREEN, INC. (SG). Latest full fiscal year: 2025; data up to 2026-06-28.
Figures computed from the financial statements: revenue 679.5 m USD in 2025; YoY growth 0.4%; net margin 2.0%; ROE 3.1%.
The estimated value range is 1.61–3.21 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.11 USD, the price of 11.80 USD leaves a potential of -82.1% (value / price − 1) and a margin of safety of -458.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 13.1%
What contradicts it
- FCF conversion: -850.8%
- Interest coverage: -1,404.9x
- P/E (TTM): 117.9x
- FCF yield: -10.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Eating Places (SIC 5812) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MCDMcDONALD’S CORPORATION | 198.3 bn | 0.0 | — | 31.7% | +3.7% | −10% / −1% |
| YUMYum! Brands, Inc. | 45.4 bn | 20.9 | — | 25.4% | +8.8% | +9% / +32% |
| CMGChipotle Mexican Grill, Inc. | 44.5 bn | 32.9 | 48.5% | 10.8% | +5.4% | +2% / −20% |
| DRIDarden Restaurants, Inc. | 26.1 bn | 22.5 | 55.1% | 8.8% | +9.4% | +28% / +47% |
| QSRRestaurant Brands International Inc. | 24.8 bn | 18.2 | 53.8% | 20.1% | +12.2% | +8% / +10% |
| YUMCYum China Holdings, Inc. | 17.0 bn | 18.3 | 17.5% | 7.8% | +4.4% | +3% / +15% |
| ARMKAramark | 13.8 bn | 36.7 | 11.8% | 1.9% | +6.4% | +41% / +87% |
| TXRHTexas Roadhouse, Inc. | 12.9 bn | 31.3 | 28.1% | 6.8% | +9.4% | +12% / +75% |
| EATBrinker International, Inc. | 9.2 bn | 19.4 | 134.7% | 8.4% | +7.9% | +43% / +512% |
| CAVACAVA Group, Inc. | 7.2 bn | 109.3 | 8.3% | 4.8% | +22.4% | +27% / +82% |
| HDLSuper Hi International Holding Ltd. | 6.4 bn | 247.5 | 6.9% | 2.8% | +13.4% | −46% / unavailable |
| CAKEThe Cheesecake Factory Incorporated | 5.8 bn | 27.4 | 41.6% | 5.2% | +4.7% | +142% / +268% |
| WINGWingstop Inc. | 4.5 bn | 39.3 | — | 16.0% | +11.4% | −37% / −30% |
| CBRLCracker Barrel Old Country Store, Inc. | 1.6 bn | 50.2 | 6.7% | 1.0% | −4.7% | +143% / +5% |
| ARCOArcos Dorados Holdings Inc. | 1.5 bn | 7.0 | 33.2% | 4.5% | +4.7% | −7% / −39% |
| SGSweetgreen, Inc. | 1.1 bn | 117.9 | 3.1% | 2.0% | +0.4% | +84% / +21% |
| BLMNBloomin’ Brands, Inc. | 939.3 m | 35.1 | 6.7% | 0.7% | +0.1% | +55% / −53% |
| FWRGFirst Watch Restaurant Group, Inc. | 833.3 m | 42.1 | 3.1% | 1.5% | +20.3% | −27% / −25% |
| PZZAPapa John’s International, Inc. | 658.1 m | 25.1 | — | 1.4% | −0.3% | −52% / −69% |
| LOCOEl Pollo Loco Holdings, Inc. | 501.2 m | 14.1 | 11.8% | 7.0% | +3.6% | +51% / +98% |
| DINDine Brands Global, Inc. | 448.6 m | 106.7 | — | 0.4% | +8.2% | +17% / −16% |
| NATHNathan's Famous, Inc. | 418.2 m | 21.1 | — | 11.8% | +9.4% | −4% / +56% |
| PTLOPortillo's Inc. | 336.8 m | 29.8 | 3.0% | 1.9% | +3.0% | +4% / −65% |
| PLAYDave & Buster’s Entertainment, Inc. | 305.8 m | — | -69.7% | -4.3% | −1.4% | −50% / −79% |
| JACKJack In The Box Inc. | 275.6 m | 8.2 | — | 2.4% | −6.7% | −27% / −80% |
1- and 3-year price returns: for SG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.77 Total return -9% · Per year -9% | 18.97 Total return 61% · Per year 61% | 28.47 Total return 141% · Per year 141% |
| 3 years | 12.33 Total return 4% · Per year 1% | 24.25 Total return 105% · Per year 27% | 39.69 Total return 236% · Per year 50% |
| 5 years | 14.11 Total return 20% · Per year 4% | 31.00 Total return 163% · Per year 21% | 55.32 Total return 369% · Per year 36% |
- Exit P/E± 6.06
- Net margin± 4.24
- Annual revenue growth± 3.22
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sweetgreen is a mission-driven, fast-casual restaurant brand that serves fresh, healthy food and aims to become as widespread as traditional fast food. It is currently going through a period of falling same-store sales and net losses, and as it slows openings and reshapes its strategy, profitability remains the key open question 123.
SWOT
Strengths
- A brand focused on healthy, scratch-cooked food with an in-house supply chain and high quality standards, which supports differentiation from competitors 1.
- A high share of digital sales and the SG Rewards loyalty program, which give the company direct customer data and owned channels 13.
- An internal promotion model for restaurant leaders, which may support operational consistency and staff retention 1.
Weaknesses
- Repeated net losses and profitability not yet achieved, with a negative operating margin in the second quarter of 2026 13.
- Falling same-store sales in 2025 and in the first half of 2026, partly driven by promotions and a less favorable product mix 13.
- Reliance on digital channels with lower margins, which could compress profitability if their share keeps rising 1.
Opportunities
- A return of restaurant traffic, if menu and guest experience initiatives work, could support recovery in same-store sales 3.
- Better margins on digital channels as scale grows, plus efficiency from kitchen automation technology 1.
- Expansion into new U.S. markets and, over time, internationally, if the company resumes its opening pace 1.
Threats
- Strong competition from delivery platforms and large national chains, which have greater resources and could copy the business model 1.
- An economic slowdown and lower restaurant spending, which could make customers more price sensitive 1.
- Food safety incidents and supply chain disruptions, which could reduce demand for fresh food 23.
Risks
- Net losses and unproven profitabilityhigh
The company reported net losses in 2025 and in the first half of 2026 and says it could fail to reach profitability if sales do not grow enough 13.
- Decline in same-store saleshigh
Same-store sales fell in 2025 and 2026, and the company lowered its fiscal 2026 outlook because of weaker demand for fresh prepared food 13.
- Food safety incidentsmedium
The cyclosporiasis outbreak and the jalapeño recall could affect customer trust and demand, and their final impact remains uncertain, according to the company 23.
- Build-out costs and tariffsmedium
Tariffs and military conflicts could raise build-out and equipment costs, which could slow the opening of new restaurants 12.
- Dependence on third-party platformsmedium
Orders through delivery platforms are outside the company's control and pressure margins, and the platforms retain customer data 1.
Investment thesis
What would need to be true (bull case)
- If the Sweet Growth strategy and a return of restaurant traffic take hold, the company could restore restaurant-level margins and narrow losses toward profitability 3.
- A high digital share and the loyalty program could raise visit frequency and average order value, which could support sales growth 13.
- A differentiated brand with an in-house supply chain could support premium pricing and loyalty if customers keep seeing the value 1.
What would break the thesis
- If same-store sales keep falling, losses could persist and the company could again need to cut its opening plans 13.
- Strong competition from platforms and large chains could limit pricing power and pressure margins 1.
- Food safety incidents could have effects longer than expected if customer confidence does not return in time 23.
What to watch
- Trend in same-store sales and restaurant trafficQ3 2026
- Delivery of the outlook for restaurant-level margin and adjusted EBITDA2026
- Number of net new openings and share of restaurants with Infinite Kitchen2026
- Trend in digital share and margins of delivery channelsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sweetgreen, Inc. presents itself as a mission-driven next-generation restaurant and lifestyle brand that serves healthy food at scale, with the vision of being as ubiquitous as traditional fast food but with greater transparency and quality 1. As of December 28, 2025 the company operated 281 restaurants in 24 states and Washington, D.C., and that number rose to 287 by June 28, 2026 12. The company is listed on the New York Stock Exchange under the symbol SG 1.
The current strategy, called the Sweet Growth Transformation Plan, rests on five priorities: operational excellence, food quality and menu innovation, personalized experience, brand relevance, and disciplined profitable investment 1. The company has also deployed the Infinite Kitchen automation technology, used in 35 of its 287 restaurants as of June 28, 2026 2.
Sales channels include in-store, third-party marketplace delivery, native delivery, Outpost and catering, and pick-up through the website or app 1. Digital revenue rose from 61.8% of revenue in 2025 to 66.3% in the second quarter of 2026, showing a shift toward online channels 13.
Segments
Company restaurants (in-store and pick-up)
The company's own restaurants, which generate most revenue through in-store and pick-up channels, saw same-store sales fall 7.9% in 2025 1. In the second quarter of 2026 same-store sales declined 6.2%, with lower traffic and a weaker product mix 3.
Owned digital channels
Owned digital channels such as native delivery, pick-up through the website or app, and scan-to-pay under the SG Rewards loyalty program are growing as a share of sales, but carry higher costs from fees and promotions 13. The company says margins on these channels could improve as scale increases 1.
Market context
Sweetgreen operates in the fast-casual and traditional fast-food segments, where competition turns on taste, price, food quality, service, location and restaurant condition 1. Demand comes from consumers seeking healthy food, but price sensitivity rises in weaker economic periods when customers may trade down to cheaper alternatives 1.
Growth also depends on traffic in urban and office-heavy areas; the company notes that remote and hybrid work has shifted sales away from its in-store channel 12. Demand from business districts therefore remains an important factor in the market where it operates 1.
Trends
- Softer discretionary consumer spendingheadwind
The company reported lower consumer spending in 2025 and expects this to continue at least in the near term, which pressures same-store sales 13.
- Growth of digital channelstailwind
The share of digital sales has risen, and the SG Rewards loyalty program has helped grow owned digital sales, which could support visit frequency over the longer term 13.
- Remote and hybrid workheadwind
Remote or hybrid work in city offices reduces traffic at downtown restaurants, affecting the in-store channel and Outpost sales, particularly in midtown Manhattan and downtown Chicago 1.
- Food safety uncertaintyheadwind
A cyclosporiasis outbreak in July 2026 and a jalapeño recall in August 2026 reduced demand for fresh prepared foods, including salads, and hurt third-quarter traffic 23.
- Kitchen automation and build-out costsmixed
The Infinite Kitchen could lower operating costs over time, but tariffs raised unit costs by about 5% in 2025, and build-out costs remain sensitive to military conflicts and supply chains 12.
Competitive position
Competition comes from regional and national fast-casual chains, health-focused local restaurants and traditional quick-service chains, which may have greater financial, marketing and technology resources 1. The company notes that many competitors have operated longer and have a more established presence 1.
Competition is also intensifying through delivery platforms and food aggregators, which retain customer data and can promote other restaurants, while grocery stores selling fresh or organic food are also rivals 1. The risk that new entrants copy the Sweetgreen model is considered real 1.
- DoorDashDASH
Third-party delivery platform named by the company as a competitor through which Marketplace orders reach customers, and which retains customer data 1.
- Grubhub
Delivery aggregator named by the company, competing for digital orders and retaining Sweetgreen customer data 1.
- Uber Eats
Delivery platform named by the company, competing for digital orders and able to promote other restaurants 1.
- Regional and national fast-casual chains
Restaurant chains offering fast-casual food that may have greater marketing and expansion resources, according to the company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Sweetgreen Shares Erase Cyclospora Slump as Wells Fargo UpgradesBloomberg Markets · 28 Sept 2026 · EN
- Here are Monday's biggest analyst calls: Nvidia, SpaceX, Apple, Micron, Coinbase, Tesla, Sweetgreen & moreCNBC — Top News · 28 Sept 2026 · EN
- Sweetgreen Stock Jumps After CDC Declares End to Cyclospora OutbreakYahoo Finance — News · 11 Sept 2026 · EN
- Sweetgreen CEO Says Cyclospora Hurt SalesBloomberg Markets · 12 Aug 2026 · EN
- Instacart, Airbnb, Lyft & Sweetgreen Report Earnings | Closing BellBloomberg Markets · 06 Aug 2026 · EN
- Sweetgreen Pares 26% Drop as Parasite Tied to Taco Bell LettuceBloomberg Markets · 17 Jul 2026 · EN
- Sweetgreen Shares Slide to Three-Month Low on Cyclosporiasis Outbreak FearsBloomberg Markets · 16 Jul 2026 · EN
SEC filings
- Current report31 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report27 Feb 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
- Current report05 Jan 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / Sweetgreen, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Sweetgreen, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sweetgreen, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.