# Albertsons Companies (ACI.US)

Canonical: https://gigainvestors.com/s/ACI

Analysis as of: 2026-10-16T07:26:09.952Z. Financial observations: FY2013–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.03 per share; close as of 2026-10-15.

Estimated value: low $40.18 per share, central $45.72 per share, high $53.09 per share. Buy at or below the central value $45.72 per share. Valuation as of 2026-10-16T07:26:09.952Z; scenarios are not confidence intervals.

Expected annual return: 29.0% at the stated quote. About 29.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.00×

- FY2019: 0.01×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.02×

- FY2026: 0.01×

- LTM to May 2026: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 27.9%

- Recent gross margin (lower of latest and 3-year median): 27.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 7.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -0.4%

- FY2019: 8.0%

- FY2020: 7.3%

- FY2021: 8.4%

- FY2022: 13.3%

- FY2023: 12.1%

- FY2024: 10.8%

- FY2025: 8.2%

- FY2026: 3.8%

- LTM to May 2026: 3.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.0B

- Net income, five-year total: $4.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 2.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 1.20×

- FY2024: 1.32×

- FY2025: 1.59×

- FY2026: 4.69×

- LTM to May 2026: 14.55×

### management: fail

- ROIC first 3 years vs last 3 years: 4.2% vs 8.2%

- Per-share earnings: -0.64 to 1.64 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.1%

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.1%

- Per-share value change: $2.28

- Per-share value, starting three-year median: -$0.64

- Per-share value, ending three-year median: $1.64

- Buybacks concentrated in cheaper years (correlation): -0.66

- Average buyback yield: 6.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $396M

- Cumulative net income, 10 years: $6.7B

- ROIC, first three-year median: 4.2%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.64

- FY2018: $0.08

- FY2019: $0.23

- FY2020: $0.80

- FY2021: $1.47

- FY2022: $3.41

- FY2023: $2.83

- FY2024: $2.23

- FY2025: $1.64

- FY2026: $0.40

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 10.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.83×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -9.2%

- FY2018: -4.3%

- FY2019: -7.2%

- FY2020: -5.3%

- FY2021: -10.4%

- FY2022: -6.2%

- FY2023: -4.7%

- FY2024: -4.7%

- FY2025: -5.9%

- FY2026: -8.0%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 63% since Nov 2021 · "Albertson's (ACI) cut its annual profit outlook, citing the cautious consumer landscape." (finance.yahoo.com, Jul 2026) · sales +0.1%

Story as of 2026-10-16T09:58:13.433Z; price observation 2026-10-15.

Price needs cash profits to shrink 15.2% a year for ten years

- 2025-07-16: Albertsons Faces 'Sizeable' Headwinds From Pharmacy Mix Shift, Reinvestment, RBC Capital Says ([finance.yahoo.com](https://finance.yahoo.com/news/albertsons-faces-apos-sizeable-apos-185439075.html))

- 2025-10-14: Albertsons Lifts Outlook as Price Cuts, Private-Label Push Boost Sales ([finance.yahoo.com](https://finance.yahoo.com/m/03a44e2e-c293-3021-8eab-b0da3c59f834/albertsons-lifts-outlook-as.html))

- 2026-01-07: Albertsons Narrows Full-Year Forecast as Medicare Pricing Changes Take Effect ([finance.yahoo.com](https://finance.yahoo.com/m/2e895468-41fd-3848-b1de-e46116c9dfaf/albertsons-narrows-full-year.html))

- 2026-04-14: Albertsons Swings to a Loss on Charge From Opioid Settlement ([finance.yahoo.com](https://finance.yahoo.com/m/d9d481e4-7e9f-3bc3-bb26-e9a6dfd8a8c0/albertsons-swings-to-a-loss.html))

- 2026-07-23: Albertsons cuts fiscal 2026 sales and profit outlook, stock drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/albertsons-cuts-fiscal-2026-sales-171435845.html))

- 2026-08-11: Albertsons Companies (ACI) Cut Its EPS Outlook, Is The Stock Cheap Or Pricey? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/albertsons-companies-aci-cut-eps-121030501.html))

### Sales · FY2026–2027

sales +0.1%; source https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm; observed 2026-04-27.

- FY2018: $60B 

- FY2019: $61B 

- FY2020: $62B 

- FY2021: $70B 

- FY2022: $72B 

- FY2023: $78B 

- FY2024: $79B 

- FY2025: $80B 

- FY2026: $83B 

- FY2027: $83B 

### Gross margin · FY2027

gross margin 27%; source https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm; observed 2026-04-27.

- FY2018: 27.3% 

- FY2019: 27.9% 

- FY2020: 28.2% 

- FY2021: 29.3% 

- FY2022: 28.8% 

- FY2023: 28.0% 

- FY2024: 27.8% 

- FY2025: 27.7% 

- FY2026: 27.2% 

- FY2027: 27.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are USD 83.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); FY2026: revenue 83172500000; grossProfit 22606700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACI.US: Albertsons Companies, Inc., through its subsidiaries, operates in the food and drug retail industry in the United States. The company's food and drug retail stores offer grocery products, general merchandise, health and beauty care products, pharmacy, vaccines, fuel, and other items and services. It also operates stores under various banners, including Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, ACME, Shaw's, Star Market, United Supermarkets, Market Street, Haggen, Kings Food Markets, and Balducci's Food Lovers Market; and in-store pharmacies and branded coffee shops, fuel centers, distribution centers, and manufacturing facilities, as well as various digital platforms. Albertsons Companies, Inc. was founded in 1860 and is headquartered in Boise, Idaho.

### Why customers stay

Margins ranged from 27.2% to 27.8% during 2024–26; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2024: grossProfit / revenue = 27.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2025: grossProfit / revenue = 27.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); FY2026: grossProfit / revenue = 27.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); 10-year return on capital observations [[2018,-0.003710582221337051],[2019,0.07982358308830985],[2020,0.07319225258533549],[2021,0.08444924708780811],[2022,0.1327531622176368],[2023,0.12076064397289447],[2024,0.10834857956970344],[2025,0.08185005857095486],[2026,0.037541905572306355],[2027,0.03210548540568635]]; median 0.08083682082963235. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); Gross margin observations: [[2021,0.2929313076119523],[2022,0.2882635246984851],[2023,0.2801762273389337]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2017: growth capex 0; upkeep 1414900000; owner earnings 16600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2018: growth capex 0; upkeep 1547000000; owner earnings 397400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2019: growth capex 0; upkeep 1362600000; owner earnings 507300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2020: growth capex 0; upkeep 1475100000; owner earnings 1252900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2021: growth capex 0; upkeep 1630200000; owner earnings 1338400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2022: growth capex 0; upkeep 1606500000; owner earnings 2318300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2023: growth capex 0; upkeep 2153900000; owner earnings 1819400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2024: growth capex 0; upkeep 2031300000; owner earnings 1708900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2025: growth capex 0; upkeep 1931200000; owner earnings 1526500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); FY2026: growth capex 0; upkeep 1839400000; owner earnings 1018900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Dividend observations: [[2017,250000000],[2018,250000000],[2019,159700000],[2020,159700000],[2021,159700000],[2022,322000000],[2023,4237300000],[2024,277000000],[2025,295100000],[2026,322700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); FY2026: cash repurchases 1478200000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACI.US SharesStats.PercentInsiders = 1.197 percentage points; cache date 2026-10-16.

### What could break it

Only one third-party supplier represented more than 5% of our sales for fiscal 2025.

- Source: https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm (filed 2026-04-27); 6 Table of Contents Products We offer grocery products, general merchandise, health and beauty care products, pharmacy, vaccines, fuel and other items and services through our stores and digital channels, including delivery and curbside pickup. We are not dependent on any individual supplier; only one third-party supplier represented more than 5% of our sales for fiscal 2025. Merchandising and Manufacturing Our Own Brands portfolio provides high-quality products to our customers at an attractive price point, offering more than 14,000 unique items.

### What the price says

The price assumes cash profits shrink 15.2% yearly over ten years; actual growth was 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Ten-year compound average after fade. Initial solved rate -0.22366441700881906. Price 13.03; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.2595511392838787 → FY2026 1.8620248538011697. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-06: $15.77 per share

- 2020-07: $14.86 per share

- 2020-08: $13.79 per share

- 2020-09: $13.85 per share

- 2020-10: $14.69 per share

- 2020-11: $16.03 per share

- 2020-12: $17.58 per share

- 2021-01: $17.37 per share

- 2021-02: $16.17 per share

- 2021-03: $19.07 per share

- 2021-04: $18.57 per share

- 2021-05: $19.19 per share

- 2021-06: $19.66 per share

- 2021-07: $21.60 per share

- 2021-08: $30.36 per share

- 2021-09: $31.13 per share

- 2021-10: $30.95 per share

- 2021-11: $35.19 per share

- 2021-12: $30.19 per share

- 2022-01: $28.15 per share

- 2022-02: $29.15 per share

- 2022-03: $33.25 per share

- 2022-04: $31.28 per share

- 2022-05: $30.55 per share

- 2022-06: $26.72 per share

- 2022-07: $26.85 per share

- 2022-08: $27.51 per share

- 2022-09: $24.86 per share

- 2022-10: $20.51 per share

- 2022-11: $20.95 per share

- 2022-12: $20.74 per share

- 2023-01: $21.20 per share

- 2023-02: $19.88 per share

- 2023-03: $20.78 per share

- 2023-04: $20.90 per share

- 2023-05: $20.36 per share

- 2023-06: $21.82 per share

- 2023-07: $21.73 per share

- 2023-08: $22.40 per share

- 2023-09: $22.75 per share

- 2023-10: $21.70 per share

- 2023-11: $21.77 per share

- 2023-12: $23.00 per share

- 2024-01: $21.22 per share

- 2024-02: $20.28 per share

- 2024-03: $21.44 per share

- 2024-04: $20.40 per share

- 2024-05: $20.64 per share

- 2024-06: $19.75 per share

- 2024-07: $19.83 per share

- 2024-08: $19.62 per share

- 2024-09: $18.48 per share

- 2024-10: $18.10 per share

- 2024-11: $19.85 per share

- 2024-12: $19.64 per share

- 2025-01: $20.05 per share

- 2025-02: $21.04 per share

- 2025-03: $21.99 per share

- 2025-04: $21.98 per share

- 2025-05: $22.23 per share

- 2025-06: $21.51 per share

- 2025-07: $19.22 per share

- 2025-08: $19.46 per share

- 2025-09: $17.51 per share

- 2025-10: $17.69 per share

- 2025-11: $18.33 per share

- 2025-12: $17.17 per share

- 2026-01: $16.65 per share

- 2026-02: $17.90 per share

- 2026-03: $17.04 per share

- 2026-04: $16.85 per share

- 2026-05: $15.61 per share

- 2026-06: $13.53 per share

- 2026-07: $11.58 per share

- 2026-08: $12.35 per share

- 2026-09: $11.61 per share

- 2026-10: $13.03 per share

## Annual estimated value (USD per share)

- FY2017: low $2.96 per share, central $3.36 per share, high $3.89 per share

- FY2018: low $2.92 per share, central $3.32 per share, high $3.85 per share

- FY2019: low $2.94 per share, central $3.34 per share, high $3.88 per share

- FY2020: low $7.80 per share, central $8.88 per share, high $10.31 per share

- FY2021: low $11.71 per share, central $13.23 per share, high $15.26 per share

- FY2022: low $34.97 per share, central $39.34 per share, high $45.17 per share

- FY2023: low $39.66 per share, central $56.65 per share, high $66.55 per share

- FY2024: low $32.14 per share, central $36.58 per share, high $42.48 per share

- FY2025: low $32.46 per share, central $36.94 per share, high $42.89 per share

- FY2026: low $35.83 per share, central $40.77 per share, high $47.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:31:45.113Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1646972/000164697226000032/aci-20260228.htm); period 2026-02-28, filed 2026-04-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.