SBH Sally Beauty Holdings, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $10M, Q3 2024: $10M, Q3 2025: $10M, Q2 2024: $20M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $10M vs trailing avg $13M (-26%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-112M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 22,041,000 shares = 22.5% of 97,875,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

4 open-market purchases by 4 insiders

• Rangel Max R. () bought 3,500 shares at $14.07 on 2025-09-04
• Perelman Debra Golding () bought 2,300 shares at $13.48 on 2025-08-13
• Paulonis Denise (President & CEO) bought 4,500 shares at $11.74 on 2025-08-08
• FERGUSON DIANA SUE () bought 2,500 shares at $12.02 on 2025-08-07

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 4 insider purchases by 4 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected