SCOTTS MIRACLE-GRO CO SMG
The discussion below describes the business conducted by The Scotts Miracle-Gro Company, an Ohio corporation ("Scotts Miracle-Gro" and, together with its subsidiaries, the "Company," "we," "our" or "us"), including general developments in our business during fiscal 2025. Each reference in this Annual Report on Form 10-K ("Form 10-K") to a "fiscal" year is to our fiscal year ended or ending, as applicable, on September 30 of the referenced year. For additional information on recent business developments, see "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" of this Form 10-K.
Through our U.S. Consumer and Other segments, we are the leading marketer of branded consumer lawn and garden products in North America. Our products are marketed under some of the most recognized brand names in the consumer lawn and garden industry. Our key consumer lawn and garden brands include Scotts® Turf Builder® lawn fertilizer and Scotts® grass seed products; Miracle-Gro® soil, plant food and gardening products; Ortho® herbicide and pesticide products; and Tomcat® rodent control and animal repellent products. We are the exclusive agent of Monsanto Company, a subsidiary of Bayer AG ("Monsanto"), for the marketing and distribution of certain of Monsanto's consumer Roundup®1 branded products within the United States ("U.S.") and certain other specified countries. In addition, we have an equity interest in Bonnie Plants, LLC, a joint venture with Alabama Farmers Cooperative, Inc. ("AFC"), focused on planting, growing, developing, distributing, marketing and selling live plants.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41B | $3.55B | $3.55B | $3.92B | $4.92B | $4.13B | $3.16B | $2.66B | $2.64B | $2.51B |
| Cost of revenue | $2.35B | $2.62B | $2.71B | $2.89B | $3.43B | $2.77B | $2.13B | $1.78B | $1.67B | $1.60B |
| Gross profit | $1.04B | $850.5M | $657.3M | $872.9M | $1.47B | $1.35B | $1.02B | $864.6M | $972.6M | $900.3M |
| R&D | $34.8M | $34.6M | $35.7M | $45.3M | $45.4M | $39.7M | $39.6M | $42.5M | $39.9M | $36.0M |
| SG&A | $603.4M | $559.0M | $551.3M | $613.0M | $743.5M | $757.8M | $601.3M | $540.1M | $550.9M | $518.0M |
| Operating income | $358.6M | $208.8M | -$174.4M | -$434.0M | $723.0M | $585.2M | $409.6M | $198.9M | $433.4M | $447.6M |
| Interest expense | $128.8M | $158.8M | $178.1M | $118.1M | $78.9M | $79.6M | $101.8M | $86.4M | $76.1M | $62.9M |
| Pre-tax income | $221.7M | -$23.6M | -$453.3M | -$558.1M | $677.1M | $510.6M | $581.6M | $115.7M | $314.9M | $383.7M |
| Income tax | $76.5M | $11.3M | $73.2M | $120.6M | $159.8M | $123.7M | $144.9M | $11.9M | $116.6M | $137.6M |
| Net income | $145.2M | -$34.9M | -$380.1M | -$437.5M | $512.5M | $387.4M | $460.7M | $63.7M | $218.3M | $315.3M |
| EPS, basic | 2.52 | -0.61 | -6.79 | -7.88 | 9.20 | 6.96 | 8.30 | 1.13 | 3.68 | 5.16 |
| EPS, diluted | 2.47 | -0.61 | -6.79 | -7.88 | 8.96 | 6.81 | 8.18 | 1.12 | 3.63 | 5.09 |
| Shares, diluted (wtd. avg.) | $58.7M | $56.8M | $56.0M | $55.5M | $57.2M | $56.9M | $56.3M | $57.1M | $60.2M | $62.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.6M | $71.6M | $31.9M | $86.8M | $244.1M | $16.6M | $18.8M | $33.9M | $120.5M | $28.6M |
| Receivables | $186.9M | $176.8M | $304.2M | $299.0M | $483.4M | $474.8M | $223.9M | $226.0M | $197.7M | $127.0M |
| Inventory | $592.8M | $587.5M | $880.3M | $1.34B | $1.13B | $621.9M | $540.3M | $481.4M | $407.5M | $394.7M |
| Total current assets | $940.3M | $980.4M | $1.40B | $1.98B | $2.02B | $1.22B | $1.04B | $885.7M | $881.7M | $1.03B |
| Property, plant and equipment | $631.6M | $609.5M | $610.3M | $606.0M | $622.2M | — | $546.0M | $530.8M | $467.7M | $444.9M |
| Goodwill | $243.9M | $243.9M | $243.9M | $254.0M | $605.2M | $544.1M | $538.7M | $543.0M | $441.6M | $371.9M |
| Other intangibles | $401.8M | $418.8M | $436.7M | $580.2M | $709.6M | $679.2M | $707.5M | $857.3M | $748.9M | $690.0M |
| Total assets | $2.74B | $2.87B | $3.41B | $4.30B | $4.80B | $3.38B | $3.03B | $3.05B | $2.75B | $2.76B |
| Accounts payable | $229.2M | $254.7M | $271.2M | $422.6M | $609.4M | $391.0M | $214.2M | $150.5M | $153.1M | $131.2M |
| Short-term debt | $57.2M | $52.6M | $52.3M | $144.3M | $57.8M | $66.4M | $128.1M | $132.6M | $143.1M | $185.0M |
| Total current liabilities | $739.7M | $750.3M | $773.7M | $963.9M | $1.14B | $950.4M | $620.5M | $612.7M | $544.5M | $707.1M |
| Long-term debt | $2.05B | $2.17B | $2.56B | $2.83B | $2.24B | $1.46B | $1.52B | $1.88B | $1.26B | $1.03B |
| Total liabilities | $3.10B | $3.26B | $3.68B | $4.15B | $3.79B | $2.68B | $2.31B | $2.69B | $2.09B | $2.02B |
| Retained earnings | $294.7M | $303.8M | $490.9M | $1.02B | $1.61B | $1.24B | $1.27B | $919.9M | $978.2M | $881.8M |
| Total equity | -$357.5M | -$390.6M | -$267.3M | $147.7M | $1.01B | $702.9M | $723.2M | $359.6M | $661.7M | $734.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $371.3M | $667.5M | $531.0M | -$129.0M | $271.5M | $558.0M | $226.8M | $342.5M | $363.2M | $244.0M |
| Depreciation and amortisation | $62.7M | $64.9M | $67.3M | $68.1M | $62.9M | $62.2M | $55.9M | $53.4M | $55.1M | $53.8M |
| Stock-based compensation | $69.0M | $80.4M | $68.9M | $34.3M | $40.6M | $57.9M | $38.4M | $40.4M | $25.2M | $15.6M |
| Capital expenditure | $97.4M | $84.0M | $92.8M | $113.5M | $106.9M | $62.7M | $42.4M | $68.2M | $69.6M | $58.3M |
| Investing cash flow | -$112.1M | -$100.4M | -$65.7M | -$283.2M | -$538.6M | $46.9M | $255.2M | -$580.7M | $22.4M | -$134.4M |
| Financing cash flow | -$294.0M | -$527.9M | -$520.1M | $255.3M | $494.0M | -$607.1M | -$496.5M | $151.2M | -$316.8M | -$128.8M |
| Dividends paid | $154.3M | $151.3M | $149.1M | $166.2M | $143.0M | $411.2M | $124.5M | $120.0M | $120.3M | $116.6M |
| Buybacks | $18.4M | $5.1M | $9.3M | $257.9M | $129.3M | $53.2M | $3.1M | $327.7M | $255.2M | $137.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000825542-25-000022.
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| AVD | AMERICAN VANGUARD CORP | $68.7M | — | -5.9% |
| SNES | SenesTech, Inc. | $5.4M | — | 19.6% |
| BIOX | Bioceres Crop Solutions Corp. | — | — | -27.9% |
| ICL | ICL Group Ltd. | — | — | 4.6% |