SFMSprouts Farmers Market, Inc.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 2 · live

   An independent chair becomes a lead independent director, and the departing chief executive becomes executive chairman

   Nick Konat, president and chief operating officer since 2022, becomes chief executive on 2027-01-04 on a $1.0m salary, a 125% bonus target and equity of 600% of salary. Jack Sinclair becomes executive chairman on $900k, a 100% target and 333% of salary, and Joseph Fortunato — chairman since 2017 — becomes lead independent director. The handover falls inside the first negative comparable-sales run in the company's listed history, five months after the chief merchandising officer retired with immediate effect.

2. Tier 2 · stable

   $1.2bn of stock bought at $90-145, under a pay plan with no measure of what capital earns

   Of $2.56bn of operating cash flow over five years, $1.29bn went on buybacks — about twelve times share-based pay — cutting the diluted count 18%. Fiscal 2025's $476m was bought at an average $120.39 and the first half of 2025 at $144.88, against $63.185 on 2026-09-28; roughly 40% of the 2024-25 spend is underwater. The bonus runs 75% on EBIT and 25% on comparable sales and the performance shares on fiscal 2027 EBIT, with recent payouts of 187% and 200% of target. No earnings-per-share metric, so the buyback does not pay the bonus — and no return-on-capital metric either.

3. Tier 3 · improving

   Holders voted the staggered board away, and almost nobody objected

   At the 2025 meeting a charter amendment to declassify in phases carried 78,828,319 to 48,736 — 0.1% against — with the whole board standing annually from 2028 and directors removable without cause from that point. Proxy access is in the bylaws. Say-on-pay opposition halved over two meetings, 11.2% to 5.9%, and holders voted 74.2m to 2.5m to keep the pay vote annual.

4. Tier 3 · stable

   The audit chair sits on a supplier's board, and hedging needs one officer's permission rather than being banned

   The proxy discloses $8.5m of fiscal 2025 purchases from a company on whose board the audit chair, Hari Avula, has served since September 2024, and states he had no direct or indirect interest; it is the only related-party item. Separately the insider-trading policy prohibits hedging and pledging "without the approval of our Chief Legal Officer" — a permission regime rather than a prohibition, with an officer as the approver, and no disclosure either way of whether permission has ever been given.

5. Tier 3 · live

   Asked three times what the price investment costs, and three times not told

   The logged dodge rate is 5.9% across the two most recent calls, the lowest among the companies covered here — but all three dodges are the same topic: the size and the results of the affordability investment management names as the lever behind the expected second-half recovery. The chief-executive-designate also declined to size the lower-engaged customer segment behind the comp decline. The question-and-answer tone reading fell 0.12 over four calls, the only falling reading here.