Simply Good Foods Co (SMPL)

The Simply Good Foods Company is a consumer packaged food and beverage company focused on nutritious snacking. It develops, markets and sells better-for-you snacks and meal replacements that are rich in protein and low in carbohydrates and added sugar. The company was formed in March 2017 to acquire Atkins, a deal completed in July 2017. It acquired Quest Nutrition in November 2019 and Only What You Need (OWYN) in June 2024. Its strategy centers on organic growth, product innovation and further acquisitions to broaden its wellness platform.

The portfolio is sold under three brands. Quest offers protein bars, salty snacks such as protein chips and crackers, Bake Shop cookies, muffins and brownies, confections, and ready-to-drink (RTD) protein shakes and iced coffee beverages. Atkins offers protein bars, RTD protein shakes and Atkins Endulge confections, and provides more than 1,600 free low-carbohydrate recipes. OWYN offers plant-based RTD protein shakes and protein powders that are tested for the top nine allergens. Each brand targets a different consumer need: Quest serves active consumers seeking protein, Atkins serves low-carb and weight-management consumers, and OWYN serves plant-based and allergen-sensitive consumers. The company also markets its products to consumers using weight management medications such as GLP-1s.

Products are sold mainly in North America through mass merchandise, grocery, drug, club, convenience and other small-format retailers, and through e-commerce. In fiscal 2025, roughly 73% to 81% of each brand's U.S. gross sales came through mass, grocery and convenience channels, and 19% to 26% came through e-commerce. A limited number of retailers account for most sales: Walmart represented about 31% of consolidated sales and Amazon about 18%, and no other customer exceeded 10%. Marketing combines digital and social media, influencers, streaming and broadcast television, coupons, sampling and trade promotions.

Simply Good Foods runs an asset-light model. It keeps sales, marketing, brand management, product development and supply-chain functions in-house and relies on contract manufacturers and distributors for production. Research and development labs are in El Segundo, California, and Broomfield, Colorado. Principal ingredients include cocoa and coatings, dairy, proteins, soy, nuts, and pea and pumpkin seed protein. Packaging includes flexible film, cartons, tetra paper, plastic bottles and corrugate. These are generally available from several suppliers. The company owns its trademarks and virtually all of its recipes and specifications. It competes in a fragmented, highly competitive nutritional snacking industry against branded and private label products. Its principal executive offices are in Denver, Colorado.