| Year | Revenue | Growth | Op margin | EBIT | NOPAT | + D&A | – Capex | – ΔNWC | FCFF |
|---|---|---|---|---|---|---|---|---|---|
| FY25A | 275.2 | 8.2% | 3.77% | 10.4 | 7.8 | 2.3 | (5.5) | (0.4) | 4.2 |
| FY26E | 297.2 | 8.0% | 3.85% | 11.4 | 8.6 | 2.5 | (5.9) | (0.5) | 4.7 |
| FY27E | 319.5 | 7.5% | 3.90% | 12.5 | 9.4 | 2.7 | (6.4) | (0.5) | 5.2 |
| FY28E | 341.3 | 6.8% | 3.95% | 13.5 | 10.1 | 2.9 | (6.8) | (0.4) | 5.8 |
| FY29E | 361.4 | 5.9% | 4.00% | 14.5 | 10.8 | 3.1 | (7.2) | (0.4) | 6.3 |
| FY30E | 379.4 | 5.0% | 4.05% | 15.4 | 11.5 | 3.3 | (7.6) | (0.3) | 6.9 |
| FY31E | 394.6 | 4.0% | 4.10% | 16.2 | 12.1 | 3.5 | (7.9) | (0.3) | 7.4 |
| FY32E | 406.4 | 3.0% | 4.10% | 16.7 | 12.5 | 3.6 | (8.1) | (0.2) | 7.8 |
| FY33E | 414.5 | 2.0% | 4.10% | 17.0 | 12.7 | 3.7 | (8.3) | (0.2) | 8.0 |
| FY34E | 422.8 | 2.0% | 4.10% | 17.3 | 13.0 | 3.8 | (8.5) | (0.2) | 8.2 |
| FY35E (TY) | 433.4 | 2.5% | 4.10% | 17.8 | 13.3 | 3.9 | (8.7) | (0.3) | 8.3 |
| Cumulative undiscounted FCFF (FY26–FY35) | 68.7 | ||||||||
Operating margin fades upward modestly (3.8% → 4.1%) reflecting Kirkland mix, e-com leverage, and capped membership-fee growth. Capex stays at ~2% of revenue. Fade pattern is canonical for mature retailers — front-loaded growth, steady-state by year 6.