The Kroger Co
KR—
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The Kroger Co AI Insights
Informational only. Not investment advice.Snapshot
- Negative working capital (-894M TTM) means suppliers finance operations - Kroger collects before paying, a structural cash advantage rare in retail.[Working Capital]
- ROE of 25% TTM vs industry median 8.8% - nearly 3x peers despite razor-thin 1.9% net margin, driven by 2.8x asset turnover.[Return on Equity]
- Debt/equity at 2.7x with 25.2B total debt, but interest coverage (EBITDA/interest) of 13.5x TTM provides adequate cushion.[Debt to Equity]
Watch Triggers
- Operating Margin: Falls below 2.0% — At 1.9% net margin, 70bps operating margin compression wipes out net income entirely
- Free Cash Flow: Drops below 1.5B annually — Below this level, dividend (850M) + debt service becomes unsustainable
- Working Capital: Turns positive — Would signal loss of supplier leverage and cash conversion advantage
Bull Case
Capital efficiency machine: 2.8x asset turnover (vs 1.3x median) converts thin margins into 25% ROE. Scale advantages in procurement create durable moat.
Asset TurnoverROETotal Revenue
Valuation discount: P/E 16.4x vs median 20.1x, P/S 0.29x vs 0.57x median. Trading at ~50% discount on sales multiple despite superior returns.
PE RatioPS Ratio
Bear Case
Leverage risk: 2.7x debt/equity with 25.2B debt. If margins compress 50bps, interest coverage drops materially. Limited flexibility for M&A or disruption response.
Debt to EquityTotal DebtInterest Expense
Margin fragility: 2.7% operating margin TTM leaves no room for error. Walmart/Amazon price wars or labor cost inflation could eliminate profitability.
Operating MarginNet Margin
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF generation will fund debt reduction and buybacks despite flat grocery market growth
1-3ymed
- 2.2B FCF TTM on 147B revenue = consistent 1.5% FCF margin
- Negative working capital amplifies cash conversion
- Capex at 2.6% of revenue is maintenance-level
FCF 2.2B TTM vs 6.0B operating cash flowWorking capital -894M provides floatDividend payout ratio 33% leaves room for debt paydown
Valuation Context
Caveats
Public Strategies Rankings
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KR Fundamentals
Retail Trade → Food and Beverage Stores
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$45.87B | — | ||
$67.23B | — | ||
47 | — | ||
$147.64B | +0.4% | — | |
$1.54 | -57.5% | — | |
1.28% | -1.3% | — | |
0.69% | -1.1% | — | |
$3.46B | +94.5% | — | |
14.3% | -12.5% | — | |
Beta 5Y (Monthly) | unknown | — |
KR Dividend History
81 dividends
2026
$0.700005/15/26$0.3500
02/13/26$0.3500
2025
$1.340011/14/25$0.3500
08/15/25$0.3500
05/15/25$0.3200
02/14/25$0.3200
2024
$1.220011/15/24$0.3200
08/15/24$0.3200
05/14/24$0.2900
02/14/24$0.2900
2023
$1.100011/14/23$0.2900
08/14/23$0.2900
05/12/23$0.2600
02/14/23$0.2600
2022
$0.940011/14/22$0.2600
08/12/22$0.2600
05/12/22$0.2100
02/14/22$0.2100
2021
$0.780011/12/21$0.2100
08/12/21$0.2100
05/13/21$0.1800
02/11/21$0.1800
2020
$0.680011/12/20$0.1800
08/13/20$0.1800
05/14/20$0.1600
02/13/20$0.1600
2019
$0.600011/14/19$0.1600
08/14/19$0.1600
05/14/19$0.1400
02/14/19$0.1400
2018
$0.530011/14/18$0.1400
08/14/18$0.1400
05/14/18$0.1250
02/14/18$0.1250
2017
$0.490011/14/17$0.1250
08/11/17$0.1250
05/11/17$0.1200
02/13/17$0.1200
2016
$0.450011/10/16$0.1200
08/11/16$0.1200
05/11/16$0.1050
02/10/16$0.1050
2015
$0.395011/10/15$0.1050
08/12/15$0.1050
05/13/15$0.0925
02/11/15$0.0925
2014
$0.340011/12/14$0.0925
08/13/14$0.0825
05/13/14$0.0825
02/12/14$0.0825
2013
$0.307511/13/13$0.0825
08/13/13$0.0750
05/13/13$0.0750
02/13/13$0.0750
2012
$0.247511/13/12$0.0750
08/13/12$0.0575
05/11/12$0.0575
02/13/12$0.0575
2011
$0.215011/10/11$0.0575
08/11/11$0.0525
05/12/11$0.0525
02/11/11$0.0525
2010
$0.195011/10/10$0.0525
08/12/10$0.0475
05/12/10$0.0475
02/10/10$0.0475
2009
$0.182511/12/09$0.0475
08/12/09$0.0450
05/13/09$0.0450
02/11/09$0.0450
2008
$0.172511/12/08$0.0450
08/13/08$0.0450
05/13/08$0.0450
02/13/08$0.0375
2007
$0.145011/13/07$0.0375
08/13/07$0.0375
05/11/07$0.0375
02/13/07$0.0325
2006
$0.097511/13/06$0.0325
08/11/06$0.0325
05/11/06$0.0325
KR Stock Splits
1 stock split
07/14/151:2 split
KR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/31/26 | 01/31/26 | Unknown | |
12/12/25 | 11/08/25 | 10-Q | |
09/19/25 | 08/16/25 | 10-Q | |
06/27/25 | 05/24/25 | 10-Q | |
04/01/25 | 02/01/25 | 10-K | |
12/13/24 | 11/09/24 | 10-Q | |
09/20/24 | 08/17/24 | 10-Q | |
06/28/24 | 05/25/24 | 10-Q | |
04/02/24 | 02/03/24 | 10-K | |
12/08/23 | 11/04/23 | 10-Q | |
09/15/23 | 08/12/23 | 10-Q | |
06/23/23 | 05/20/23 | 10-Q | |
03/28/23 | 01/28/23 | 10-K | |
12/09/22 | 11/05/22 | 10-Q | |
09/16/22 | 08/13/22 | 10-Q | |
06/24/22 | 05/21/22 | 10-Q | |
03/29/22 | 01/29/22 | 10-K | |
12/10/21 | 11/06/21 | 10-Q | |
09/17/21 | 08/14/21 | 10-Q | |
06/25/21 | 05/22/21 | 10-Q | |
03/30/21 | 01/30/21 | 10-K | |
12/15/20 | 11/07/20 | 10-Q | |
09/22/20 | 08/15/20 | 10-Q | |
06/26/20 | 05/23/20 | 10-Q | |
04/01/20 | 02/01/20 | 10-K | |
12/17/19 | 11/09/19 | 10-Q | |
09/24/19 | 08/17/19 | 10-Q | |
06/28/19 | 05/25/19 | 10-Q | |
04/02/19 | 02/02/19 | 10-K | |
12/18/18 | 11/10/18 | 10-Q | |
09/25/18 | 08/18/18 | 10-Q | |
06/29/18 | 05/26/18 | 10-Q | |
04/03/18 | 02/03/18 | 10-K | |
12/08/17 | 11/04/17 | 10-Q | |
09/15/17 | 08/12/17 | 10-Q | |
06/27/17 | 05/20/17 | 10-Q | |
03/28/17 | 01/28/17 | 10-K | |
12/13/16 | 11/05/16 | 10-Q | |
09/20/16 | 08/13/16 | 10-Q | |
06/28/16 | 05/21/16 | 10-Q | |
03/29/16 | 01/30/16 | 10-K | |
12/17/15 | 11/07/15 | 10-Q | |
09/22/15 | 08/15/15 | 10-Q | |
06/30/15 | 05/23/15 | 10-Q | |
03/31/15 | 01/31/15 | 10-K | |
12/16/14 | 11/08/14 | 10-Q | |
09/23/14 | 08/16/14 | 10-Q | |
07/01/14 | 05/24/14 | 10-Q | |
04/01/14 | 02/01/14 | 10-K | |
12/13/13 | 11/09/13 | 10-Q | |
09/24/13 | 08/17/13 | 10-Q | |
06/28/13 | 05/25/13 | 10-Q | |
04/02/13 | 02/02/13 | 10-K | |
12/11/12 | 11/03/12 | 10-Q | |
09/18/12 | 08/11/12 | 10-Q | |
06/26/12 | 05/19/12 | 10-Q | |
03/27/12 | 01/28/12 | 10-K | |
12/15/11 | 11/05/11 | 10-Q | |
09/16/11 | 08/13/11 | 10-Q | |
06/23/11 | 05/21/11 | 10-Q | |
03/29/11 | 01/29/11 | 10-K | |
12/13/10 | 11/06/10 | 10-Q | |
09/22/10 | 08/14/10 | 10-Q | |
06/28/10 | 05/22/10 | 10-Q | |
03/30/10 | 01/30/10 | 10-K | |
12/17/09 | 11/07/09 | 10-Q | |
09/23/09 | 07/31/09 | 10-Q | |
07/01/09 | 04/30/09 | 10-Q | |
03/31/09 | 01/28/09 | Unknown | -- |
12/17/08 | 10/30/08 | Unknown | -- |
07/31/08 | 07/31/08 | Unknown | -- |
04/30/08 | 04/30/08 | Unknown | -- |
04/01/08 | 01/29/08 | Unknown | -- |
12/19/07 | 10/30/07 | Unknown | -- |
07/31/07 | 07/31/07 | Unknown | -- |
04/30/07 | 04/30/07 | Unknown | -- |
04/04/07 | 01/28/07 | Unknown | -- |
12/14/06 | 10/30/06 | Unknown | -- |
09/21/06 | 07/31/06 | Unknown | -- |
04/30/06 | 04/30/06 | Unknown | -- |
04/07/06 | 01/31/06 | 5 | |
12/15/05 | 10/30/05 | Unknown | -- |
09/21/05 | 07/31/05 | Unknown | -- |
04/30/05 | 04/30/05 | Unknown | -- |
04/15/05 | 01/28/05 | Unknown | -- |
12/16/04 | 10/30/04 | Unknown | -- |
09/23/04 | 07/31/04 | Unknown | -- |
04/30/04 | 04/30/04 | Unknown | -- |
04/14/04 | 01/29/04 | Unknown | -- |
12/19/03 | 10/30/03 | Unknown | -- |
07/31/03 | 07/31/03 | Unknown | -- |
04/30/03 | 04/30/03 | Unknown | -- |
05/02/03 | 01/31/03 | 8-K | |
12/20/02 | 10/30/02 | Unknown | -- |
07/31/02 | 07/31/02 | Unknown | -- |
04/30/02 | 04/30/02 | Unknown | -- |
05/01/02 | 01/28/02 | Unknown | -- |
12/21/01 | 10/30/01 | Unknown | -- |
07/31/01 | 07/31/01 | Unknown | -- |
04/30/01 | 04/30/01 | Unknown | -- |
05/02/01 | 01/28/01 | Unknown | -- |
12/15/00 | 10/30/00 | Unknown | -- |
09/22/00 | 07/31/00 | Unknown | -- |
04/30/00 | 04/30/00 | Unknown | -- |
04/27/00 | 01/31/00 | 10-K |