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Agricultural inputs · Basic Materials · Fiscal year ends Sep 30
Scotts Miracle-Gro reported revenue of $3.4B in the fiscal year ended Sep 2025, down 3.9% from the year before. Operating income was $359M, an operating margin of 10.5%, and net income was $145M. Operating cash flow of $371M less capital expenditure of $97M left free cash flow of $274M. Net debt was $2.1B.
Ranks among the 4 agricultural inputs companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 4,925 | 3,924 | 3,551 | 3,553 | 3,413 |
| Cost of revenue | 3,431 | 2,891 | 2,708 | 2,619 | 2,349 |
| Gross profit | 1,469 | 873 | 657 | 851 | 1,044 |
| Research & development | 45.4 | 45.3 | 35.7 | 34.6 | 34.8 |
| Selling, general & admin | 744 | 613 | 551 | 559 | 603 |
| Operating income | 723 | −434 | −174 | 209 | 359 |
| Interest expense | 78.9 | 118 | 178 | 159 | 129 |
| Pre-tax income | 677 | −558 | −453 | −23.6 | 222 |
| Income tax | 160 | −121 | −73.2 | 11.3 | 76.5 |
| Net income | 513 | −438 | −380 | −34.9 | 145 |
| Diluted EPS | 8.96 | −7.88 | −6.79 | −0.61 | 2.47 |
| Diluted shares | 57.2 | 55.5 | 56.0 | 56.8 | 58.7 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 244 | 86.8 | 31.9 | 71.6 | 32.8 |
| Receivables | 483 | 299 | 304 | 177 | 161 |
| Inventory | 1,127 | 1,344 | 880 | 588 | 543 |
| Current assets | 2,024 | 1,982 | 1,398 | 980 | 940 |
| Net PP&E | 622 | 606 | 610 | 610 | 608 |
| Goodwill | 605 | 254 | 244 | 244 | 244 |
| Total assets | 4,800 | 4,297 | 3,414 | 2,872 | 2,742 |
| Payables | 609 | 423 | 271 | 255 | 221 |
| Current liabilities | 1,140 | 964 | 774 | 750 | 740 |
| Short-term debt | 57.8 | 144 | 52.3 | 52.6 | 57.2 |
| Long-term debt | 2,237 | 2,826 | 2,557 | 2,174 | 2,049 |
| Total liabilities | 3,787 | 4,149 | 3,681 | 3,263 | 3,100 |
| Shareholders' equity | 1,013 | 148 | −267 | −391 | −358 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 272 | −129 | 531 | 668 | 371 |
| Capital expenditure | 107 | 114 | 92.8 | 84.0 | 97.4 |
| Free cash flow | 165 | −243 | 438 | 584 | 274 |
| Depreciation & amortisation | 93.8 | 105 | 92.5 | 80.6 | 62.7 |
| Stock-based compensation | 40.6 | 34.3 | 68.9 | 80.4 | 69.0 |
| Acquisitions | 128 | 237 | 0.0 | 0.0 | 2.5 |
| Share buybacks | 129 | 258 | 9.3 | 5.1 | 18.4 |
| Dividends paid | 143 | 166 | 149 | 151 | 154 |
| Dividend per share | 2.52 | 2.64 | 2.64 | 2.64 | 2.64 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −20.3% | −9.5% | 0.0% | −3.9% |
| Operating income growth (YoY) | – | −160.0% | – | – | 71.7% |
| EPS growth (YoY) | – | −187.9% | – | – | – |
| Gross margin | 29.8% | 22.2% | 18.5% | 23.9% | 30.6% |
| Operating margin | 14.7% | −11.1% | −4.9% | 5.9% | 10.5% |
| Net margin | 10.4% | −11.1% | −10.7% | −1.0% | 4.3% |
| Return on equityBlank when equity is negative | 50.6% | −296.2% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 19.8% | −13.0% | −6.6% | 9.8% | 17.9% |
| Free cash flow margin | 3.3% | −6.2% | 12.3% | 16.4% | 8.0% |
| Cash conversion (CFO ÷ net income) | 0.53x | 0.29x | −1.40x | −19.1x | 2.56x |
| Receivable days | 36 | 28 | 31 | 18 | 17 |
| Inventory days | 120 | 170 | 119 | 82 | 84 |
| Payable days | 65 | 53 | 37 | 36 | 34 |
| Interest cover | 9.16x | −3.67x | −0.98x | 1.31x | 2.78x |
| Debt ÷ equity | 2.26x | 20.1x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,050 | 2,884 | 2,578 | 2,155 | 2,074 |
| Current ratio | 1.77x | 2.06x | 1.81x | 1.31x | 1.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.