As of December 4, 2025, Five Below, Inc. (NASDAQ: FIVE) is trading around $160–$165 per share, after a powerful rally that has pushed the discount retailer roughly 60% higher in 2025 and more than tripled the stock from its April lows near $52. StockAnalysis
The latest surge comes on the heels of strong Q3 fiscal 2025 results released on December 3: revenue grew more than 23%, comparable‑store sales jumped in the mid‑teens, and management raised full‑year guidance for both sales and earnings. Five Below Investor
Wall Street has reacted quickly. Jefferies lifted its price target on Five Below to $215 and reiterated a Buy rating, while other firms have pushed targets into the $165–$195 range. At the same time, some analysts and quant services caution that the stock’s near‑30x earnings multiple leaves less margin for error if growth slows or margins compress. Seeking Alpha
This article pulls together the key news, analyst moves and forecasts dated December 4, 2025, and sets them in context for investors watching Five Below stock.
Five Below (FIVE) stock today: price, range and valuation
Real‑time data from StockAnalysis shows Five Below trading at $161.97 in mid‑morning U.S. trading on December 4, down less than 1% on the day, with a market capitalization of about $8.9 billion. StockAnalysis
International broker INDmoney lists a 52‑week high of $168.98 (October 27, 2025) and a 52‑week low of $52.38 (April 4, 2025), with the stock recently around $163, only a few percent below its high and more than 200% above its low. INDmoney
Other performance snapshots paint a similar picture:
- StockStory/Yahoo data notes Five Below is up around 66–67% year‑to‑date and trading very close to its recent 52‑week high. StockStory
- Simply Wall St estimates a 63.3% gain in 2025 and roughly 57% over the past 12 months, confirming the stock’s strong momentum. StockAnalysis
On valuation, StockAnalysis reports: StockAnalysis
- Trailing P/E: ~29x
- Forward P/E: just under 29x
- Price‑to‑sales (P/S): ~2.0x
- Net margin (last 12 months): just under 7%
- 52‑week price change: +56%
Put simply: the market is treating Five Below as a high‑growth, mid‑cap consumer stock, not a deep‑value play.
Q3 2025 earnings: a big beat on sales and profits
Five Below’s third quarter of fiscal 2025 (ended November 1, 2025) was the catalyst for the latest move. According to the company’s official press release: Five Below Investor
- Net sales rose 23.1% year over year to $1.04 billion (from ~$844 million).
- Comparable‑store sales increased 14.3%, a sharp acceleration after a more challenging FY 2024.
- The company opened 49 net new stores and ended the quarter with 1,907 stores in 44 states, up about 9% vs. a year ago.
- Operating income swung to a profit of $43.3 million vs. a small loss in the prior‑year quarter.
- GAAP diluted EPS came in at $0.66 vs. $0.03 last year; adjusted EPS was $0.68 vs. $0.42.
Earnings easily cleared Wall Street’s bar. An Investing.com recap highlights that adjusted EPS of $0.68 blew past analyst expectations near $0.23, while revenue of roughly $1.04 billion topped a consensus around $972 million. Investing
The beat puts Five Below solidly back into “growth engine” territory after a more muted FY 2024, when comp sales were negative in Q4. Five Below Investor
Discount retail tailwind
The quarter also fits a broader pattern: discount retailers have been one of 2025’s quiet winners as stretched consumers trade down but keep spending. An Investopedia pre‑market briefing on December 4 notes that Dollar General, Dollar Tree and Five Below all posted strong results and raised guidance, with their stocks moving higher in response. Investopedia
Five Below’s model—low price points, impulse‑driven categories, and a teen/tween focus—positioned it to benefit as shoppers seek “fun but cheap” discretionary purchases.
Raised guidance into the holiday quarter
On the same day as the earnings release, management raised full‑year guidance and issued an upbeat outlook for the crucial holiday quarter: Five Below Investor
Q4 fiscal 2025 guidance
- Net sales:$1.58–$1.61 billion
- Comparable‑store sales growth:+6% to +8%
- GAAP diluted EPS:$3.34–$3.52
- Adjusted diluted EPS:$3.36–$3.54
Full‑year fiscal 2025 guidance
- Net sales:$4.62–$4.65 billion, implying high‑teens to ~20% growth vs. the prior fiscal year.
- Comparable‑store sales:+9.4% to +10.1%.
- GAAP diluted EPS:$5.51–$5.69.
- Adjusted diluted EPS:$5.71–$5.89.
This outlook is broadly ahead of pre‑earnings consensus, particularly for Q4. Investing.com notes that Five Below’s Q4 revenue and adjusted EPS ranges are both above prior Street estimates. Investing
Management reiterates plans to open roughly 150 net new stores in fiscal 2025, continuing to execute on a long‑term vision of 3,500+ U.S. locations—about double today’s footprint. That multi‑year target has been repeated in investor‑day presentations and recent growth commentary. SEC
Wall Street reaction: price targets and ratings after December 4
Fresh price targets
The earnings beat and guidance upgrade triggered a flurry of analyst moves:
- Jefferies raised its price target from $185 to $215 and kept a Buy rating, arguing that Five Below’s “nimble, scalable model” and strong execution justify further upside. The firm notes the new target is well above the current share price near $163, and highlights a roughly 55% one‑year total return and around 14% revenue growth as proof the strategy is working. Investing
- A StockAnalysis compilation of recent ratings shows:
- Wells Fargo: Buy, target lifted from $175 to $190.
- Telsey Advisory Group: Buy, target raised from $170 to $195.
- Mizuho: Hold, target nudged from $160 to $165.
- Truist: Hold, target from $148 to $168.
- BofA Securities: Sell/Underperform, target increased from $110 to $132. StockAnalysis
So while the direction of travel (targets moving higher) is bullish, there’s disagreement on how much upside is left.
Consensus view
Across the Street, the picture looks like this:
- StockAnalysis aggregates 17 analysts covering Five Below with an overall “Buy” consensus and an average 12‑month price target of about $158.65, a couple of percent below the current share price—suggesting limited upside on that particular dataset. StockAnalysis
- TipRanks, which captures a partially overlapping set of analysts, shows a higher average price target around $179.57, with a high estimate of $204 and a low of $160, implying roughly 9% upside from current levels. TipRanks
In short:
- Most analysts still see Five Below as a growth stock to own, not avoid.
- There is a wide spread in price targets—roughly $130 to $215—reflecting different views on margins, macro risk and valuation.
Cautious voices
Not everyone is cheering. A TipRanks commentary published today characterizes the setup as “strong sales momentum overshadowed by potential earnings decline and profitability challenges,” pointing to cost pressures and the risk that recent margin improvements prove cyclical rather than structural. TipRanks
Several prior pieces on Seeking Alpha also flagged a tension between lofty valuation and exposure to discretionary spending, even while acknowledging that management’s merchandising and store‑growth strategy has been effective. Seeking Alpha
Earnings and revenue forecasts: how fast is Five Below expected to grow?
StockAnalysis’ forecast page offers a good snapshot of how Wall Street models Five Below after Q3: StockAnalysis
- Revenue
- Latest fiscal year (already reported): about $3.9 billion.
- Current year forecast: roughly $4.66 billion, implying ~20% revenue growth.
- Next year forecast: about $5.12 billion, adding another ~10% on top.
- Earnings per share (EPS)
- Last year: around $4.60.
- This year forecast:~$5.29, ~15% growth.
- Next year forecast:~$5.85, another ~10–11% increase.
- 5‑year outlook: analysts, on average, expect low‑double‑digit annual growth in both revenue (≈11.5% per year) and EPS (≈10.9% per year).
Comparing this to management’s raised guidance—adjusted EPS of $5.71–$5.89 for the current fiscal year—suggests that Five Below itself is targeting the upper end of Street expectations, especially on profitability. Five Below Investor
From a valuation standpoint, a forward P/E just under 29x and EV/EBITDA around 18x means investors are paying a premium multiple for what looks like low‑teens compound growth and mid‑single‑digit free‑cash‑flow yields. StockAnalysis
Whether that’s attractive depends on how confident you are that Five Below can sustain double‑digit comps and keep expanding margins over a multi‑year horizon.
Business fundamentals: what’s powering the rally?
Beyond the quarter’s headline numbers, several structural factors are driving enthusiasm around Five Below.
1. Store growth and white‑space opportunity
- At the end of fiscal 2024, Five Below operated 1,771 stores in 44 states. Five Below Investor
- As of Q3 2025, the chain is up to 1,907 locations, with 49 new stores opened in the quarter and 136 year‑to‑date. Five Below Investor
- Management has repeatedly stated a long‑term U.S. store potential of 3,500+, effectively doubling the footprint from current levels and tripling it versus early‑2020s numbers. Extended Reach Florida
That “3,500+ store” vision underpins most bullish models: if Five Below can open ~150 stores per year while keeping new‑store economics attractive, unit growth alone can drive high‑single‑digit to low‑double‑digit revenue growth even before comp gains.
2. Comp‑sales inflection
Q3’s +14.3% comparable‑store sales is especially notable because FY 2024 ended with negative comps in Q4. Five Below Investor
Drivers called out across recent analysis and management commentary include:
- Stronger traffic, not just higher ticket sizes. Seeking Alpha
- Improved “trend‑right” merchandising in categories like tech accessories, décor and seasonal items, often cited as a key priority by CEO Winnie Park. Seeking Alpha
- The continued rollout of “Five Beyond” (higher price‑point items above $5), which allows the chain to capture more dollars per visit while still branding itself as a value retailer. HulkApps
Taken together, the Q3 numbers suggest Five Below is not just opening more boxes; it is getting more productivity out of each store.
3. The macro backdrop favors value
In 2025, the U.S. consumer is wrestling with a mix of still‑elevated prices and slowing wage growth, and many retailers are talking about shoppers trading down or being more selective. That environment tends to benefit “fun value” concepts: people cut back on big‑ticket items but still want small treats and gifts.
Investors Business Daily and other coverage of discount names point out that Dollar General, Dollar Tree and Five Below have all beaten expectations and raised guidance this year, with Five Below’s stock up more than 50% year‑to‑date, in line with that theme. Investors
Risks and bear‑case arguments
For all the good news, several real risks show up repeatedly in more cautious research notes.
1. Rich valuation versus execution risk
- At nearly 29x forward earnings and a P/S ratio near 2x, Five Below trades at a premium to many other brick‑and‑mortar retailers and roughly in line with higher‑growth specialty chains. StockAnalysis
- A TipRanks article today warns that earnings could come under pressure if cost inflation, tariffs, wage growth or shrink (theft) accelerate faster than management can offset with pricing and mix. TipRanks
- Earlier pieces on Seeking Alpha have described Five Below as a “great business at a demanding price”, arguing that even small disappointments in comps or margins could trigger a painful de‑rating after the 2025 rally. Seeking Alpha
In short: the bar is higher now. The stock is no longer cheap on simple multiples.
2. Heavy dependence on discretionary spending
Five Below sells non‑essential items—candy, toys, décor, gadgets, seasonal goods. Those categories can be volatile in a downturn. Management has acknowledged in filings and risk discussions that a weaker macro environment or shifts in consumer sentiment could hit traffic and basket size. Five Below Investor
3. Expansion and execution risks
Accelerating toward a 3,500‑store footprint brings classic retail growing pains: Five Below Investor
- Real estate quality: maintaining strong returns on new stores as the best locations are already taken.
- Operational complexity: supply chain, distribution centers, and in‑store labor all need to scale smoothly; any mis‑steps can compress margins.
- Capital allocation: even though Five Below currently has manageable leverage, it must keep balancing store growth, technology investments and potential buybacks. StockAnalysis
4. Diverging analyst opinions
The spread in price targets—from $132 at BofA (Underperform) to $215 at Jefferies (Buy)—captures the uncertainty. One camp sees an over‑earning, fully‑valued retailer; the other sees a durable growth story with a long runway and room for margin expansion. Investing
Institutional interest: who’s buying?
Recent 13F filings and MarketBeat alerts show several institutional investors increasing their exposure:
- Quadrant Capital Group boosted its holdings by more than 600% in Q2, to about 8,068 shares, valued around $1.1 million. MarketBeat
- Lisanti Capital Growth initiated a position of 34,500 shares, roughly 0.06% of the company. MarketBeat
- Russell Investments Group increased its stake by about 150%, acquiring more than 38,000 shares in the latest reported quarter. MarketBeat
While these are relatively small stakes in dollar terms for the broader market, they underscore that growth‑oriented funds remain interested in the name after its 2025 run.
Bottom line: what December 2025 means for Five Below stock
Putting everything together:
- Fundamentals: Q3 2025 was a strong quarter, with 23%+ revenue growth, mid‑teens comps, and a clear recovery in profitability. Guidance implies continued double‑digit growth into the holiday season. Five Below Investor
- Growth story: The pathway to 3,500+ stores, improving store‑level productivity, and a resilient value‑focused concept all support a multi‑year expansion narrative. Five Below Investor
- Market’s verdict: The stock has already run hard—up around 60% this year and near all‑time highs—leaving it trading at close to 29x forward earnings. That premium multiple assumes Five Below can keep beating or at least meeting its ambitious growth and margin targets. StockAnalysis
- Analyst split: Most firms rate the stock Buy or equivalent, but there is a meaningful minority of Hold/Sell ratings with lower price targets, reflecting concern over valuation and macro sensitivity. StockAnalysis
For investors, December 2025 marks a confirmation point: Five Below has shown that its model still works in a tougher retail environment and is being rewarded with higher price targets. The open question is whether the company can sustain this pace of comp growth and margin expansion long enough to grow into its valuation.
