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1. Company Snapshot

1.a. Company Description

SPAR Group, Inc., together with its subsidiaries, provides merchandising and brand marketing services worldwide.The company offers syndicated and dedicated merchandising services at the retail store level for retailers, manufacturers, and distributors; and project services, such as new product launches, special seasonal or promotional merchandising, product support, product recalls, and in-store product demonstrations and in-store product sampling, as well as kiosk product replenishment, inventory control, new and existing store resets, re-merchandising, remodels and category implementations, and under annual or stand-alone project contracts or agreements.It also provides retailer specific services consisting of in-store services, including new store openings, new store sets and existing store resets and remodels, and under annual or stand-alone project contracts or agreements.


In addition, the company assembles furniture, grills, and other products in stores, homes, and offices; performs ongoing routed coverage at retail locations; and offers in-home and in-office assembly to customers who purchase their product from retailers.Further, it provides staff and distribution center experienced resources to retailers and consumer goods manufacturers; offers retail compliance and price audit services initiated by retailers and manufacturers and focuses on validating store promotions, auditing compliance with branding and signage, verifying product placement and displays, collecting inventory levels, and out-of-stock status; and competitive price intelligence gathering for retailers, as well as ensuring price accuracy and consistency within the retail itself.The company serves grocery and drug, discount, dollar, convenience, cash and carry, home improvement, consumer electronics, automotive, and office supply stores; pharmacies; and mass merchandisers.


SPAR Group, Inc.was founded in 1967 and is headquartered in Auburn Hills, Michigan.

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1.b. Last Insights on SGRP

SPAR Group, Inc.'s recent performance was driven by strengthening quarterly sales, up 13.5% from the first quarter, with stronger gross margins of 23.5% after 2024 divestitures of previously consolidated international JVs. The company's Q2 2025 results showcased improved operational efficiency. Additionally, an investor group acquired 220,000 SPAR shares at a 76% premium, demonstrating confidence in the company's prospects. However, the company faced a request for the production of books and records, and a group of large shareholders demanded that non-re-elected directors abide by the SGRP bylaws.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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SPAR Group (NASDAQ:SGRP) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

Nov -22

Source: defenseworld.net

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SPAR Group, Inc. Reports Third Quarter 2025 Results

Nov -14

Source: globenewswire.com

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SPAR Group Names James Gillis Executive Chairman Amid Executive Transition, Extends its U.S. and Canadian Revolving Credit Facility and Provides Updates on Move to Charlotte

Oct -30

Source: businesswire.com

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SPAR Group, Inc. Marks Progress Under New President; Appoints CTO To Drive Retail Innovation

Oct -08

Source: businesswire.com

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The SPAR Group Ltd (SGPPY) Discusses The Disposal Of Group's Interests In Switzerland Conference Call (Transcript)

Sep -09

Source: seekingalpha.com

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SPAR Group Announces CEO Retirement and Executive Changes

Aug -28

Source: businesswire.com

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Investor Group Acquires 220,000 SPAR Group Shares at 76% Premium

Aug -26

Source: businesswire.com

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SPAR Group, Inc. to Present and Host 1x1 Meetings at the 16th Annual Midwest IDEAS Investor Conference on August 27, 2025

Aug -19

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.00%)

6. Segments

Merchandising and Brand Marketing Services

Expected Growth: 1.0%

The 1.0% growth in Merchandising and Brand Marketing Services from SPAR Group, Inc. is driven by increasing demand for in-store displays and product promotions, expansion into new markets, and strategic partnerships with major retailers. Additionally, the company's focus on digital marketing solutions and data analytics has enhanced its service offerings, attracting new clients and driving revenue growth.

7. Detailed Products

Merchandising Services

SPAR Group, Inc. provides merchandising services to retailers, including product demonstrations, product sampling, and in-store promotions.

Field Services

SPAR Group, Inc. offers field services, including inventory management, product assembly, and store remodels, to help retailers maintain their stores.

Retail Technology Services

SPAR Group, Inc. provides retail technology services, including data analytics, digital signage, and mobile apps, to help retailers enhance the shopping experience.

Marketing Services

SPAR Group, Inc. offers marketing services, including shopper marketing, experiential marketing, and digital marketing, to help retailers drive sales and increase brand awareness.

8. SPAR Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SPAR Group, Inc. is moderate due to the presence of alternative retail formats and online shopping platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the fragmented nature of the retail industry, allowing customers to easily switch between retailers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and ability to negotiate favorable terms with suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the significant capital requirements and regulatory hurdles involved in entering the retail industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the retail industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.03%
Debt Cost 6.00%
Equity Weight 55.97%
Equity Cost 6.00%
WACC 6.00%
Leverage 78.68%

11. Quality Control: SPAR Group, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.0/10

Value: 9.4

Growth: 1.3

Quality: 3.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.88$

Current Price

0.88$

Potential

-0.00%

Expected Cash-Flows