# Super Retail Group (SUL.AU)

Canonical: https://gigainvestors.com/s/SUL.AU

Analysis as of: 2026-10-16T07:40:39.898Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 13.57 per share; close as of 2026-10-15.

Estimated value: low AUD 11.59 per share, central AUD 13.19 per share, high AUD 15.31 per share. Buy at or below the central value AUD 13.19 per share. Valuation as of 2026-10-16T07:40:39.898Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 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: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.14×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.00×

- FY2026: 0.09×

### moat: pass

- ROIC, median of available years: 16.7%

- ROIC, second-lowest year: 13.3%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 45.7%

- Recent gross margin (lower of latest and 3-year median): 45.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 9.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.8%

- FY2018: 20.1%

- FY2019: 23.0%

- FY2020: 13.3%

- FY2021: 23.0%

- FY2022: 15.9%

- FY2023: 17.5%

- FY2024: 15.9%

- FY2025: 0.7%

- FY2026: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.1B

- Net income, five-year total: AUD 1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.0 pp

- Working capital / revenue, final three-year average: 12.1%

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

- FY2022: 0.91×

- FY2023: 1.05×

- FY2024: 0.93×

- FY2025: 0.75×

- FY2026: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.1% vs 13.8%

- Per-share earnings: 0.51 to 0.98 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: AUD 1.4B

- Cumulative retained earnings: AUD 357M

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.4%

- Per-share value change: AUD 0.46

- Per-share value, starting three-year median: AUD 0.51

- Per-share value, ending three-year median: AUD 0.98

- Average buyback yield: 1.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 651M

- Cumulative net income, 10 years: AUD 2.0B

- ROIC, first three-year median: 20.1%

- ROIC, last three-year median: 13.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.51

- FY2018: AUD 0.64

- FY2019: AUD 0.69

- FY2020: AUD 0.49

- FY2021: AUD 1.32

- FY2022: AUD 1.06

- FY2023: AUD 1.16

- FY2024: AUD 1.05

- FY2025: AUD 0.98

- FY2026: AUD 0.91

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.5%

- FY2018: -10.2%

- FY2019: -5.7%

- FY2020: -16.1%

- FY2021: -9.0%

- FY2022: -2.0%

- FY2023: -13.0%

- FY2024: -10.7%

- FY2025: -10.7%

- FY2026: -8.0%

## Holders

## Price story

Down 28% since Aug 2025 · sales +3.2%

Story as of 2026-10-16T10:00:11.589Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2025–2026

sales +3.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2.5B 

- FY2018: AUD 2.6B 

- FY2019: AUD 2.7B 

- FY2020: AUD 2.8B 

- FY2021: AUD 3.5B 

- FY2022: AUD 3.6B 

- FY2023: AUD 3.8B 

- FY2024: AUD 3.9B 

- FY2025: AUD 4.1B 

- FY2026: AUD 4.2B 

### Gross margin · FY2026

gross margin 45.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 44.7% 

- FY2018: 45.0% 

- FY2019: 45.1% 

- FY2020: 45.0% 

- FY2021: 48.0% 

- FY2022: 46.7% 

- FY2023: 46.2% 

- FY2024: 46.3% 

- FY2025: 45.6% 

- FY2026: 45.7% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are AUD 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2026: revenue 4199800000; grossProfit 1919400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUL.AU: Super Retail Group Limited engages in the retail of automotive, sports, and outdoor leisure products in Australia and New Zealand. The company operates through the Supercheap Auto, rebel, BCF, and Macpac segments. It offers automotive and service parts, accessories, and tools for travel, touring, outdoors, garage, shed, and outdoors. The company also provides sporting equipment and apparel; products for outdoor categories, including fishing, boating, 4WD, camping, caravanning, BBQ, power, and refrigeration; camping and outdoor equipment; fitment and support services, including wiper blade, bulb, and battery installation; battery and oil recycling; and paint mixing and vehicle diagnostics. In addition, it offers apparel and equipment for mountain climbers, campers, hikers, and adventure travelers. The company sells its products under the Supercheap Auto, rebel, BCF, and Macpac brands through various stores and online channels. The company was founded in 1972 and is based in Strathpine, Australia.

### Why customers stay

Margins ranged from 45.6% to 46.3% during 2024–26; it earns 16.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2024: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2025: grossProfit / revenue = 45.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2026: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); 10-year return on capital observations [[2017,0.18808200878942175],[2018,0.20132054894909765],[2019,0.22972787263962213],[2020,0.1325959799745387],[2021,0.23021327831777685],[2022,0.15923336200779017],[2023,0.17543157061919593],[2024,0.15883426728807787],[2025,0.006531224287438198],[2026,0.13836628405784554]]; median 0.16733246631349305. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 47% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); Gross margin observations: [[2021,0.479540123367409],[2022,0.4673181446957109],[2023,0.4622363645926471]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2017: growth capex 4275597.791656092; upkeep 97824402.20834391; owner earnings 74775597.79165609. Growth capex / owner earnings = 0.05717905196249984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2018: growth capex 10598006.065737799; upkeep 96501993.9342622; owner earnings 111498006.0657378. Growth capex / owner earnings = 0.09505108153673483.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2019: growth capex 1000000; upkeep 88800000; owner earnings 137860000. Growth capex / owner earnings = 0.007253735673872044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2020: growth capex 0; upkeep 68400000; owner earnings 136140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2021: growth capex 0; upkeep 85000000; owner earnings 317480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2022: growth capex 0; upkeep 125000000; owner earnings 219260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2023: growth capex 0; upkeep 109600000; owner earnings 275800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2024: growth capex 0; upkeep 135000000; owner earnings 222620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2025: growth capex 0; upkeep 165700000; owner earnings 167240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); FY2026: growth capex 0; upkeep 123400000; owner earnings 209200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); Dividend observations: [[2017,84800000],[2018,91700000],[2019,96700000],[2020,56200000],[2021,118500000],[2022,185200000],[2023,173900000],[2024,228100000],[2025,268800000],[2026,216800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUL.AU SharesStats.PercentInsiders = 31.655 percentage points; cache date 2026-10-16.

### What could break it

Further details on the Company’s approach to risk management are contained in the Company’s FY26 Corporate Governance Statement.

- Source: https://superretailgroup.com.au/wp-content/uploads/2026/08/3105232-1.pdf (filed ); For further information on materi the Board on matters pertaining to health and safety and compliance with legal and statutory requirements in relation to human resources and remuneration. Further details on the Company’s approach to risk management are contained in the Company’s FY26 Corporate Governance Statement. The Group operates in a dynamic and rapidly evolving environment across three geographies (Australia, New Zealand and China).

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years; actual growth was 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:39.898Z); Ten-year compound average after fade. Initial solved rate 0.005111375956225017. Price 13.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.31568814234116943 → FY2026 0.9210328776157752. Closing-price date 2026-10-15.

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

- 2016-11: AUD 9.51 per share

- 2016-12: AUD 10.25 per share

- 2017-01: AUD 9.64 per share

- 2017-02: AUD 10.45 per share

- 2017-03: AUD 10.15 per share

- 2017-04: AUD 9.36 per share

- 2017-05: AUD 7.62 per share

- 2017-06: AUD 8.12 per share

- 2017-07: AUD 8.31 per share

- 2017-08: AUD 8.02 per share

- 2017-09: AUD 7.99 per share

- 2017-10: AUD 7.69 per share

- 2017-11: AUD 7.90 per share

- 2017-12: AUD 8.18 per share

- 2018-01: AUD 8.67 per share

- 2018-02: AUD 6.73 per share

- 2018-03: AUD 6.73 per share

- 2018-04: AUD 7.14 per share

- 2018-05: AUD 8.41 per share

- 2018-06: AUD 8.02 per share

- 2018-07: AUD 9.15 per share

- 2018-08: AUD 9.26 per share

- 2018-09: AUD 8.78 per share

- 2018-10: AUD 7.15 per share

- 2018-11: AUD 7.25 per share

- 2018-12: AUD 6.96 per share

- 2019-01: AUD 7.22 per share

- 2019-02: AUD 7.34 per share

- 2019-03: AUD 7.95 per share

- 2019-04: AUD 8.57 per share

- 2019-05: AUD 9.16 per share

- 2019-06: AUD 8.15 per share

- 2019-07: AUD 8.91 per share

- 2019-08: AUD 9.26 per share

- 2019-09: AUD 9.82 per share

- 2019-10: AUD 9.42 per share

- 2019-11: AUD 9.89 per share

- 2019-12: AUD 10.02 per share

- 2020-01: AUD 9.29 per share

- 2020-02: AUD 8.03 per share

- 2020-03: AUD 4.58 per share

- 2020-04: AUD 6.29 per share

- 2020-05: AUD 8.29 per share

- 2020-06: AUD 8.05 per share

- 2020-07: AUD 8.88 per share

- 2020-08: AUD 10.70 per share

- 2020-09: AUD 10.52 per share

- 2020-10: AUD 11.19 per share

- 2020-11: AUD 9.88 per share

- 2020-12: AUD 10.53 per share

- 2021-01: AUD 11.26 per share

- 2021-02: AUD 11.00 per share

- 2021-03: AUD 11.77 per share

- 2021-04: AUD 11.93 per share

- 2021-05: AUD 12.87 per share

- 2021-06: AUD 12.91 per share

- 2021-07: AUD 13.23 per share

- 2021-08: AUD 12.30 per share

- 2021-09: AUD 12.21 per share

- 2021-10: AUD 12.93 per share

- 2021-11: AUD 12.53 per share

- 2021-12: AUD 12.46 per share

- 2022-01: AUD 11.63 per share

- 2022-02: AUD 11.06 per share

- 2022-03: AUD 10.32 per share

- 2022-04: AUD 10.60 per share

- 2022-05: AUD 9.46 per share

- 2022-06: AUD 8.49 per share

- 2022-07: AUD 9.88 per share

- 2022-08: AUD 10.58 per share

- 2022-09: AUD 8.88 per share

- 2022-10: AUD 10.28 per share

- 2022-11: AUD 10.99 per share

- 2022-12: AUD 10.71 per share

- 2023-01: AUD 12.67 per share

- 2023-02: AUD 12.98 per share

- 2023-03: AUD 12.55 per share

- 2023-04: AUD 13.51 per share

- 2023-05: AUD 11.42 per share

- 2023-06: AUD 11.43 per share

- 2023-07: AUD 12.31 per share

- 2023-08: AUD 12.98 per share

- 2023-09: AUD 11.99 per share

- 2023-10: AUD 13.18 per share

- 2023-11: AUD 13.89 per share

- 2023-12: AUD 15.77 per share

- 2024-01: AUD 15.97 per share

- 2024-02: AUD 16.31 per share

- 2024-03: AUD 16.10 per share

- 2024-04: AUD 14.67 per share

- 2024-05: AUD 13.09 per share

- 2024-06: AUD 13.95 per share

- 2024-07: AUD 15.97 per share

- 2024-08: AUD 17.86 per share

- 2024-09: AUD 18.17 per share

- 2024-10: AUD 14.54 per share

- 2024-11: AUD 14.73 per share

- 2024-12: AUD 15.18 per share

- 2025-01: AUD 15.68 per share

- 2025-02: AUD 14.28 per share

- 2025-03: AUD 12.91 per share

- 2025-04: AUD 13.41 per share

- 2025-05: AUD 14.32 per share

- 2025-06: AUD 14.24 per share

- 2025-07: AUD 15.32 per share

- 2025-08: AUD 18.81 per share

- 2025-09: AUD 16.26 per share

- 2025-10: AUD 16.00 per share

- 2025-11: AUD 16.23 per share

- 2025-12: AUD 16.03 per share

- 2026-01: AUD 14.70 per share

- 2026-02: AUD 15.53 per share

- 2026-03: AUD 12.82 per share

- 2026-04: AUD 11.83 per share

- 2026-05: AUD 11.73 per share

- 2026-06: AUD 13.18 per share

- 2026-07: AUD 13.31 per share

- 2026-08: AUD 13.45 per share

- 2026-09: AUD 12.85 per share

- 2026-10: AUD 13.51 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 4.45 per share, central AUD 5.59 per share, high AUD 6.53 per share

- FY2018: low AUD 4.55 per share, central AUD 5.62 per share, high AUD 6.55 per share

- FY2019: low AUD 4.79 per share, central AUD 5.86 per share, high AUD 6.83 per share

- FY2020: low AUD 7.44 per share, central AUD 9.01 per share, high AUD 10.34 per share

- FY2021: low AUD 8.74 per share, central AUD 9.84 per share, high AUD 11.30 per share

- FY2022: low AUD 8.66 per share, central AUD 9.86 per share, high AUD 11.45 per share

- FY2023: low AUD 11.79 per share, central AUD 13.34 per share, high AUD 15.41 per share

- FY2024: low AUD 12.12 per share, central AUD 13.71 per share, high AUD 15.82 per share

- FY2025: low AUD 12.09 per share, central AUD 13.75 per share, high AUD 15.97 per share

- FY2026: low AUD 11.59 per share, central AUD 13.19 per share, high AUD 15.31 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

## Sources

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.