SpartanNash Co (SPTN) AI Stock Analysis

• Market Cap: $908.07M
• Dividend Yield: 3.26%
• Average Volume (3M): 709.15K
• Price to Earnings (P/E): 2246.0
• Beta (1Y): 0.37
• Revenue Growth: 1.54%
• EPS Growth: -134.75%
• Country: US
• Employees: 11,000
• Sector: Consumer Defensive
• Sector Strength: 45
• Industry: Food Distribution
• EPS (TTM): 0.54
• Shares Outstanding: 33,858,093
• 10 Day Avg. Volume: 567,609
• 30 Day Avg. Volume: 709,148
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.14
• Enterprise Value/Revenue: 0.20
• Enterprise Value/Gross Profit: 1.23
• Enterprise Value/Ebitda: 12.57
• 1Y Price Target: $26.90
• Price Target Upside: 0.30% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 58 Neutral
• Price Target: $28.00 ▲(4.40% Upside)

SpartanNash Co's overall stock score reflects a balance of strong revenue growth and strategic initiatives against profitability challenges and high leverage. The technical analysis suggests bullish momentum, but caution is advised due to overbought conditions. The valuation is mixed, with a negative P/E ratio but a solid dividend yield. Legal challenges related to the merger add uncertainty, though the merger itself could bring long-term benefits.

Positive Factors

Financial Performance

SpartanNash reported a solid start to the year with net sales and adjusted EBITDA slightly topping forecasts.

Growth Strategy

Management continues to target higher growth by expanding its Hispanic stores and c-stores footprint.

Sales Performance

Retail same-store sales were better than expected, leading to a stronger gross margin and EBITDA upside.

Negative Factors

Cost Pressures

Retail EBITDA was below estimates and had negative EBIT due to cost pressures including an estimated impact from Pharmacy Benefit Manager.

Profitability Concerns

Higher labor and occupancy expenses weighed on profitability, with adjusted operating margin contracting.

Top-line Challenges

Analyst expects continued top-line challenges and volume pressures at key independents.

SpartanNash Co Business Overview & Revenue Model

Company Description

SpartanNash Co (SPTN) is a leading food wholesaler and distributor headquartered in the United States, primarily serving grocery stores, military commissaries, and other food retailers. The company operates in two main sectors: wholesale and retail. SpartanNash's core offerings include a diverse range of products, from fresh produce and grocery items to health and beauty aids, as well as private label brands. The company also provides logistics and supply chain management services, enhancing its operational capabilities in the food distribution landscape.

How the Company Makes Money

SpartanNash generates revenue through several key streams, primarily from wholesale distribution, retail sales, and its military commissary operations. The wholesale division supplies a wide array of grocery items to independent retailers, supermarkets, and foodservice operators, accounting for a significant portion of the company's revenue. Retail sales come from SpartanNash's own grocery stores, where they sell a variety of food and non-food products directly to consumers. Additionally, the company's operations in military commissaries provide another revenue source, as they supply goods to military families. Strategic partnerships with various suppliers and manufacturers also contribute to its earnings, enabling the company to offer competitive pricing and a wide selection of products. The focus on private label products further enhances profitability by allowing higher margins compared to branded items.

SpartanNash Co Financial Statement Overview

Summary

SpartanNash Co demonstrates stable revenue and gross profit margins, but faces challenges with profitability due to negative net income. Balance sheet is balanced with moderate leverage. Positive operating cash flow, but free cash flow growth is negative, indicating a need for improved cash management.

Income Statement

SpartanNash Co shows moderate performance in its income statement. The Gross Profit Margin for TTM (Trailing-Twelve-Months) is approximately 16.1%, indicating reasonable cost management. The company faces challenges with profitability, as evident by a negative Net Profit Margin of around -0.11% for TTM, primarily due to a net loss. Revenue growth is marginal, with a slight increase from the previous year. Profitability metrics like EBIT and EBITDA margins are low, impacting overall performance.

Balance Sheet

The balance sheet reflects a balanced financial position for SpartanNash Co. The Debt-to-Equity ratio is approximately 1.51, suggesting moderate leverage compared to industry norms. Return on Equity (ROE) is weak due to the net loss in TTM, but the Equity Ratio is stable at about 28.7%, indicating a solid equity base relative to total assets.

Cash Flow

Cash flow analysis shows SpartanNash Co's ability to generate cash, with a positive operating cash flow. The Free Cash Flow Growth Rate is negative, reflecting reduced free cash flow in TTM. The Operating Cash Flow to Net Income ratio is strong, indicating efficient cash generation relative to reported net income. However, the Free Cash Flow to Net Income ratio is impacted by the net loss, highlighting a need for improved cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.69B	9.55B	7.48B	9.64B	8.93B	9.35B
Gross Profit	1.58B	1.51B	1.15B	1.50B	1.40B	1.42B
EBITDA	154.65M	159.26M	83.17M	70.85M	116.10M	128.60M
Net Income	-15.89M	299.00K	41.93M	34.52M	73.75M	75.91M
Balance Sheet
Total Assets	2.56B	2.60B	2.36B	2.31B	2.21B	2.28B
Cash, Cash Equivalents and Short-Term Investments	25.50M	21.57M	17.96M	29.09M	10.67M	19.90M
Total Debt	1.06B	1.11B	865.58M	788.10M	720.27M	811.09M
Total Liabilities	1.82B	1.86B	1.58B	1.54B	1.42B	1.54B
Stockholders Equity	741.82M	743.49M	778.18M	766.07M	782.87M	735.05M
Cash Flow
Free Cash Flow	69.84M	73.48M	95.68M	13.07M	81.73M	239.42M
Operating Cash Flow	186.34M	205.88M	95.68M	110.35M	161.16M	306.72M
Investing Cash Flow	-226.97M	-247.03M	-82.00M	-100.95M	-47.98M	-57.22M
Financing Cash Flow	40.90M	44.75M	-25.21M	9.02M	-122.41M	-253.76M

SpartanNash Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 26.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPTN, the sentiment is Positive. The current price of 26.82 is above the 20-day moving average (MA) of 26.68, above the 50-day MA of 26.60, and above the 200-day MA of 20.87, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 73.44 is Negative, neither overbought nor oversold. The STOCH value of 81.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPTN.

SpartanNash Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PFGC	78 Outperform	$16.47B	48.47	7.91%	―	8.61%	-22.16%
SYY	73 Outperform	$39.46B	22.11	99.08%	2.51%	3.21%	-4.03%
CHEF	73 Outperform	$2.66B	39.48	13.64%	―	7.90%	68.05%
USFD	71 Outperform	$17.56B	33.30	11.48%	―	5.32%	11.65%
UNFI	66 Neutral	$1.75B	―	-4.11%	―	6.62%	53.12%
Sector *	63 Neutral	$20.52B	14.79	-2.72%	3.09%	1.95%	-4.74%
SPTN	58 Neutral	$908.07M	2,245.98	-2.08%	3.26%	1.54%	-134.75%

SpartanNash Co Corporate Events

SpartanNash Faces Legal Challenges Amid Merger Plans

On June 22, 2025, SpartanNash entered into a merger agreement with New Mackinac HoldCo, Inc., which will see SpartanNash become a wholly-owned subsidiary of the parent company. However, the merger has faced legal challenges as shareholders have filed complaints alleging misleading information in the company’s proxy statement. To mitigate potential delays and costs, SpartanNash has voluntarily amended its proxy statement while denying any wrongdoing. The company remains committed to proceeding with the merger, ensuring stakeholders that the transaction’s terms and timing remain unaffected.

SpartanNash Declares Quarterly Dividend for Shareholders

On August 27, 2025, SpartanNash’s Board of Directors approved a quarterly cash dividend of $0.22 per common share, to be paid on September 30, 2025, to shareholders of record as of September 15, 2025. This decision reflects the company’s ongoing commitment to providing value to its shareholders, with 33,862,518 common shares outstanding as of August 26, 2025.

SpartanNash Co Enters Merger Agreement with C&S

On June 22, 2025, SpartanNash Co entered into a Merger Agreement with New Mackinac HoldCo, Inc., Mackinac Merger Sub, Inc., and C&S Wholesale Grocers, LLC, aiming to merge and become a wholly-owned subsidiary of the parent company. The merger process involved a voluntary withdrawal and resubmission of the HSR Act Notification to allow the FTC more time for antitrust review, with the transaction expected to be completed by late 2025, pending regulatory approvals and shareholder agreement.

SpartanNash to Release Q2 Results Amid Acquisition

On July 31, 2025, SpartanNash announced it would release its second-quarter financial results on August 14, 2025, but will not host a conference call due to its pending acquisition by C&S Wholesale Grocers. The acquisition, announced on June 23, 2025, is expected to close in late 2025, pending shareholder and regulatory approvals, and could impact SpartanNash’s operations and market positioning.

SpartanNash Co Announces Merger with New Mackinac HoldCo

On June 22, 2025, SpartanNash Company entered into a merger agreement with New Mackinac HoldCo, Inc., and C&S Wholesale Grocers, LLC, where SpartanNash will become a wholly-owned subsidiary of New Mackinac HoldCo. The merger, unanimously approved by SpartanNash’s Board of Directors, will result in each share of SpartanNash’s common stock being converted into $26.90 in cash. The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals. Upon completion, SpartanNash’s common stock will be delisted from NASDAQ, and the merger is not subject to a financing condition. Termination fees are outlined in the agreement should the merger not proceed as planned.

SpartanNash Announces Merger with C&S Wholesale Grocers

On June 22, 2025, SpartanNash entered into a merger agreement with C&S Wholesale Grocers, where C&S will acquire SpartanNash for $26.90 per share, totaling $1.77 billion. This merger, approved by both companies’ boards, aims to create a more efficient supply chain and offer competitive pricing, benefiting customers and communities across the U.S. The transaction is expected to close in late 2025, pending shareholder and regulatory approvals.