Five Below
FIVE on Nasdaq. Variety stores. Market value $11.9bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.19 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 74 of 100. Price score: 75 of 100. Our list needs 70 on quality and 60 on price.
$209.92 a share, 52% above its 1-year low
Over the past year the price has ranged from $137.77 to $263.88.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $599 million in the past 12 months, $412 million in the year to January 2026.
| Revenue | |||||
| Revenue | $2.8bn | $3.1bn | $3.6bn | $3.9bn | $4.8bn |
| Operating margin | |||||
| Operating margin | 13.3% | 11.2% | 10.8% | 8.4% | 9.6% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 19.4% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.3 billion last quarter, up 23% on a year ago.
- Profit: $221 million, up 418% on a year ago.
- It keeps 15 cents of each $1 of sales as operating profit, up from 8 cents a year earlier.
- Spare cash over the past 12 months: $599 million, up from $345 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $844m |
| January 2025 | $1.4bn |
| April 2025 | $971m |
| July 2025 | $1.0bn |
| October 2025 | $1.0bn |
| January 2026 | $1.7bn |
| April 2026 | $1.3bn |
| July 2026 | $1.3bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $2m |
| January 2025 | $187m |
| April 2025 | $41m |
| July 2025 | $43m |
| October 2025 | $37m |
| January 2026 | $238m |
| April 2026 | $123m |
| July 2026 | $221m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 3 December 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 610 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Giverny CapitalFrançois Rochon | $108m | 3.6% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $26m | <0.1% | Added |
| Semper AugustusChristopher Bloomstran | $19m | 2.1% | Cut |
Largest holders overall
- BlackRock$965mAdded
- Vanguard Capital Management$449m
- Vanguard Portfolio Management$427m
- AQR Capital Management$340m
- Wellington Management Group LLP$326mAdded
- State Street$310mAdded
- TWO Sigma Investments, LP$289mAdded
- Marshall Wace, LLP$276mAdded
- Federated Hermes$239mCut
- Geode Capital Management$238mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- D. E. Shaw & Co., L.L.C.Passive investorat least 3.9%−1.1 pts(filed with 1 related holder)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- T. Rowe Price Investment Management, Inc.Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
D. E. Shaw & Co., L.L.C. Passive investor | at least 3.9%−1.1 pts (filed with 1 related holder) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $93,309 of shares on the open market. 9 sold $24m, $1m of it under preset trading plans.
- SPECTER ERIC MCAOSold
- Date
- 14 September 2026
- Shares
- 5,500
- Price
- $248.99
- Value
- $1m
- Hawkins Jacob KimballCMOOSold
- Date
- 10 September 2026
- Shares
- 818
- Price
- $248.88
- Value
- $203,584
- Gellerman Maureen MarieCHROSold
- Date
- 9 September 2026
- Shares
- 1,610
- Price
- $248.94
- Value
- $400,793
- BULL KENNETH RCOOSold
- Date
- 4 September 2026
- Shares
- 10,510
- Price
- $248.06
- Value
- $3m
- DEVINE MICHAEL F IIIDirectorSold
- Date
- 4 September 2026
- Shares
- 4,250
- Price
- $250.61
- Value
- $1m
- Lynch RobertDirectorBought
- Date
- 29 June 2026
- Shares
- 530
- Price
- $176.06
- Value
- $93,309
- MARKEE RICHARD LDirectorSold
- Date
- 26 March 2026
- Shares
- 3,000
- Price
- $232.04
- Value
- $696,120
- SARGENT RONALDDirectorSold
- Date
- 24 March 2026
- Shares
- 10,000
- Price
- $231.75
- Value
- $2m
- SARGENT RONALDDirectorSold
- Date
- 23 March 2026
- Shares
- 10,000
- Price
- $231.28
- Value
- $2m
- BULL KENNETH RCOOSold
- Date
- 20 March 2026
- Shares
- 10,000
- Price
- $234.14
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | SPECTER ERIC M CAO | Sold | 5,500 | $248.99 | $1m |
| 10 September 2026 | Hawkins Jacob Kimball CMOO | Sold | 818 | $248.88 | $203,584 |
| 9 September 2026 | Gellerman Maureen Marie CHRO | Sold | 1,610 | $248.94 | $400,793 |
| 4 September 2026 | BULL KENNETH R COO | Sold | 10,510 | $248.06 | $3m |
| 4 September 2026 | DEVINE MICHAEL F III Director | Sold | 4,250 | $250.61 | $1m |
| 29 June 2026 | Lynch Robert Director | Bought | 530 | $176.06 | $93,309 |
| 26 March 2026 | MARKEE RICHARD L Director | Sold | 3,000 | $232.04 | $696,120 |
| 24 March 2026 | SARGENT RONALD Director | Sold | 10,000 | $231.75 | $2m |
| 23 March 2026 | SARGENT RONALD Director | Sold | 10,000 | $231.28 | $2m |
| 20 March 2026 | BULL KENNETH R COO | Sold | 10,000 | $234.14 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 3 Sep 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.