SPAR Group, Inc.
- Open
- 0.66
- Day high
- 0.69
- Day low
- 0.66
- Prev close
- 0.67
- Volume
- 43K
- Mkt cap
- $7M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.2
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$9K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
SPAR Group, Inc. (SGRP) is a Industrials company listed on NASDAQ. The stock is down 40% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
SPAR Group, Inc. (SGRP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SGRP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | — | $0.01 | — | $31M | — |
| Mar 31, 2026 | $0.02 | $-0.39 | -2050.0% | $22M | -45.0% |
| Nov 14, 2025 | $0.03 | $-0.10 | -433.3% | $41M | -8.0% |
| Aug 14, 2025 | $0.03 | $0.01 | -66.7% | $39M | -12.2% |
| Nov 14, 2024 | $-0.04 | $0.02 | +150.0% | $38M | -3.1% |
| Aug 14, 2024 | — | $0.15 | — | $57M | +30.2% |
| May 15, 2024 | $0.03 | $0.06 | +95.0% | $69M | +43.1% |
| Nov 14, 2023 | $0.01 | $0.02 | +100.0% | $67M | +3.6% |
| Aug 14, 2023 | $0.04 | $0.03 | -25.0% | $66M | -5.8% |
| Apr 17, 2023 | $0.03 | $0.09 | +200.0% | $64M | +3.8% |
| Nov 14, 2022 | $0.07 | $0.01 | -85.7% | $70M | +2.7% |
| Aug 16, 2022 | — | $0.06 | — | $68M | — |
SGRP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | BARTELS WILLIAM H10 percent owner, other: Former 10% owner | Sell | 4,709,837 | — |
| Jun 12, 2026 | BROWN ROBERT G/10 percent owner | Sell | 10,000 | $0.85 |
| May 5, 2026 | Hennen Steven Michaelofficer: Chief Financial Officer | Buy | 78,000 | $0.64 |
| Dec 30, 2025 | Hennen Steven Michaelofficer: Chief Financial Officer | Buy | 55,000 | $0.78 |
| Nov 4, 2025 | Linnane Williamofficer: President | Buy | 173,000 | $1.02 |
| Nov 4, 2025 | Linnane Williamofficer: President | Tax | 8,973 | $1.15 |
| Sep 29, 2025 | BROWN ROBERT G/10 percent owner | Sell | 10,000 | $1.07 |
| Sep 9, 2025 | Matacunas Mike R.director, officer: Chief Executive Officer | Option | 96,154 | — |
| Sep 9, 2025 | Matacunas Mike R.director, officer: Chief Executive Officer | Option | 28,915 | $1.17 |
| May 16, 2025 | Matacunas Mike R.director, officer: Chief Executive Officer | Grant | 96,154 | — |
| May 16, 2025 | Matacunas Mike R.director, officer: Chief Executive Officer | Option | 40,051 | — |
| May 13, 2025 | BROWN ROBERT G/10 percent owner | Sell | 6,000 | $1.05 |
| Apr 22, 2025 | BROWN ROBERT G/10 percent owner | Buy | 1,000 | $1.09 |
| Apr 16, 2025 | BROWN ROBERT G/10 percent owner | Buy | 5,000 | $1.10 |
| Jan 30, 2025 | BROWN ROBERT G/10 percent owner | Sell | 862 | $1.98 |
Source: SGRP SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full SGRP insider & 13F page →SPAR Group, Inc. company profile
Overview
SPAR Group, Inc. (NASDAQ:SGRP) is a global merchandising and brand marketing services company founded in 1967 and headquartered in Auburn Hills, Michigan. The company went public in 1996 and has evolved from a traditional merchandising service provider into a comprehensive retail solutions company serving major retailers, manufacturers, and distributors worldwide. SPAR Group has been undergoing significant strategic transformation in recent years, divesting from underperforming international markets while focusing on its core North American operations to drive profitability and growth.
Business
SPAR Group operates in the specialty business services industry, providing merchandising and brand marketing services to retailers and consumer goods manufacturers. The company's core business revolves around helping retailers maintain their stores and optimize product presentation through various in-store services. The company's primary offerings include syndicated merchandising services, where SPAR's field representatives visit retail locations on behalf of multiple brands to ensure proper product placement, pricing accuracy, and promotional compliance. They also provide dedicated merchandising services for specific clients who require exclusive attention to their products within retail environments. SPAR's service portfolio extends to project-based services such as new product launches, seasonal merchandising campaigns, product recalls, in-store demonstrations, and product sampling. The company also handles store remodeling and reset services, helping retailers reconfigure their layouts, implement new categories, and modernize their spaces. Additionally, SPAR offers assembly services for furniture, grills, and other products both in-store and in customers' homes or offices. The company provides retail compliance and audit services to verify pricing accuracy, promotional compliance, and inventory levels. They also offer distribution center staffing and fulfillment services to support retailers' back-end operations. The company operates through three main geographic segments: Americas (approximately 79% of revenue), EMEA primarily South Africa (12% of revenue), and Asia Pacific (9% of revenue). However, SPAR has been strategically divesting from international markets to focus on its profitable North American operations.
Revenue model
SPAR Group generates revenue primarily through service fees charged to retailers and consumer goods manufacturers for its merchandising and retail support services. The company operates on a fee-for-service model where clients pay for specific merchandising visits, project work, or ongoing service contracts. The company's revenue streams include monthly or quarterly contracts for regular merchandising services, project-based fees for store remodels and resets, hourly rates for assembly services, and performance-based compensation for compliance auditing and competitive intelligence gathering. SPAR also earns revenue from staffing services provided to distribution centers and fulfillment operations. The company's paying customers are primarily large retailers across various sectors including grocery chains, drug stores, discount retailers, home improvement stores, and consumer electronics retailers, as well as consumer goods manufacturers who need their products properly merchandised at retail locations. Several factors influence SPAR's profitability and margins. Positive factors include the ongoing retail labor shortage which increases demand for outsourced services, the growth of e-commerce requiring more fulfillment and last-mile services, retailers' focus on store transformation and modernization, and the company's ability to leverage technology to improve service efficiency. The low unemployment environment creates opportunities as retailers struggle to maintain adequate staffing levels. Margin pressures come from wage inflation in tight labor markets, competition from other service providers, clients' cost-cutting pressures during economic downturns, and the company's geographic diversification which can expose it to currency fluctuations and varying economic conditions across different markets. The company's margins are also affected by the mix of higher-margin project work versus lower-margin routine merchandising services.
Competitive moat
SPAR Group's competitive moat is relatively narrow but exists primarily through its established client relationships, operational scale, and specialized expertise in retail merchandising. The company benefits from switching costs as retailers and manufacturers prefer to work with established service providers who understand their specific requirements, store layouts, and operational procedures. The company's geographic presence and local market knowledge provide some competitive advantage, particularly in markets like Canada where SPAR has built strong relationships and faces limited competition. Their investment in technology platforms like SPARview and AI-powered recruiting tools creates some differentiation, though these technological advantages are not insurmountable. However, SPAR's moat is not particularly strong as the merchandising services industry has low barriers to entry and faces competition from both large service companies and smaller regional players. The services SPAR provides are generally not highly specialized or proprietary, and clients can relatively easily switch providers if they find better pricing or service quality. Competitive threats include larger business services companies with greater resources, technology-focused startups that could automate some merchandising functions, and the potential for retailers to bring these services in-house during periods of improved labor availability. The company also faces the long-term risk of retail automation and digital transformation reducing the need for traditional merchandising services. The company's strategic focus on North American markets and divestiture of international operations suggests management recognizes the challenges of maintaining competitive advantages across diverse geographic markets with varying competitive dynamics.
Risks & safety
SPAR Group presents a moderate margin of safety with some financial stability but limited growth visibility and operational challenges. • Liquidity and Solvency: The company maintains reasonable liquidity with approximately $19.7 million in cash and short-term investments as of Q3 2024, though this has declined from $21.7 million in Q2 2024. Current ratio of 1.77x indicates adequate short-term liquidity coverage. • Cash Flow Concerns: Negative operating cash flow of $900K in Q3 2024 and negative free cash flow of $1.0 million raise concerns about cash generation ability. Full-year 2024 operating cash flow was negative $665K. • Debt Levels: Debt-to-equity ratio of 0.72x is manageable but not insignificant. The company appears to have reasonable debt service capability given its asset base. • Valuation Metrics: Trading at 1.96x book value with negative EBITDA in Q3 2024 makes traditional valuation challenging. The stock has declined significantly from recent highs. • Profitability Volatility: Earnings are highly volatile, swinging from $6.6M profit in Q1 2024 to losses in Q3 2024, indicating operational instability and sensitivity to seasonal factors. • Strategic Transition Risk: Ongoing business divestitures and geographic consolidation create execution risk and revenue uncertainty.
Recent development
Over the past few years, SPAR Group has undergone significant strategic transformation focused on simplifying its business portfolio and concentrating on profitable core markets. The company has systematically divested from underperforming international operations, exiting businesses in Australia, China, South Africa, and Brazil, which collectively represented 25-30% of total revenue. The company has refocused on its North American operations, particularly the United States and Canada, where it has achieved strong growth. The U.S. merchandising division grew 20% in 2023 to $52.5 million in revenue, while the Canadian business expanded 52% in U.S. dollar terms. Notably, the remodeling business in Canada grew 423% in 2023 and continued strong performance with 98% growth in Q1 2024. SPAR has invested heavily in technology and analytics capabilities, developing its SPARview data platform and implementing AI-powered recruiting tools and image recognition technology. The company launched a new fulfillment services business expected to generate $5 million in additional revenue. The company has been successful in winning new business, securing $35 million in new contracts in Q1 2024 alone, including a multiyear $12 million annual deal with a major home improvement retailer. SPAR added three new top-10 clients in the U.S. market during this period. Management has also implemented a more disciplined capital allocation strategy, including share buyback programs (1 million shares repurchased) and exploring opportunities for accretive acquisitions while maintaining focus on organic growth in core markets.
SGRP company profile · for informational purposes only — not investment advice.
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