| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
| SHAKShake Shack Inc. | 4.06B | 100.77 | 419.88 | 15.18% | 3.1% | 7.96% | 0.88% | 1.75 |
| NATHNathan's Famous, Inc. | 386.13M | 94.42 | 16.09 | 6.91% | 15.74% | 6.48% | ||
| PTLOPortillo's Inc. | 396.35M | 5.51 | 11.98 | 4.51% | 3.35% | 5.02% | 2.48% | 1.22 |
| WENThe Wendy's Company | 1.63B | 8.54 | 8.99 | 2.98% | 8.43% | 170.42% | 16.05% | 15.78 |
| GTIMGood Times Restaurants Inc. | 12.35M | 1.17 | 8.36 | 3.01% | 0.88% | 3.72% | 16.09% | 1.34 |
| RRGBRed Robin Gourmet Burgers, Inc. | 75.99M | 4.23 | -0.86 | -4.18% | -4.32% | |||
| BTBDBT Brands, Inc. | 9.29M | 1.51 | -4.08 | 5.31% | -6.67% | -12.12% | 0.58 | |
| JACKJack in the Box Inc. | 444.45M | 23.52 | -5.59 | -6.75% | -4.34% | 16.68% |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 861.45M | 850.08M | 839.8M | 809.89M | 668.84M | 433.68M | 366.11M | 368.23M | 365.32M | 362.11M |
| Revenue Growth % | 0.04% | -0.01% | -0.01% | -0.04% | -0.17% | -0.35% | -0.16% | 0.01% | -0.01% | -0.01% |
| Cost of Goods Sold | 678.26M | 668.28M | 687.28M | 661.44M | 533.66M | 296.73M | 223.33M | 215.45M | 248.94M | 223.49M |
| COGS % of Revenue | 0.79% | 0.79% | 0.82% | 0.82% | 0.8% | 0.68% | 0.61% | 0.59% | 0.68% | 0.62% |
| Gross Profit | 183.19M | 181.79M | 152.52M | 148.46M | 135.18M | 136.95M | 142.78M | 152.78M | 116.38M | 138.62M |
| Gross Margin % | 0.21% | 0.21% | 0.18% | 0.18% | 0.2% | 0.32% | 0.39% | 0.41% | 0.32% | 0.38% |
| Gross Profit Growth % | 0.09% | -0.01% | -0.16% | -0.03% | -0.09% | 0.01% | 0.04% | 0.07% | -0.24% | 0.19% |
| Operating Expenses | 159.91M | 150.18M | 152.26M | 152.23M | 100.15M | 76.36M | 76.02M | 70.61M | 77M | 115.51M |
| OpEx % of Revenue | 0.19% | 0.18% | 0.18% | 0.19% | 0.15% | 0.18% | 0.21% | 0.19% | 0.21% | 0.32% |
| Selling, General & Admin | 135.13M | 127.26M | 130.81M | 132.91M | 0 | 0 | 76.02M | 70.61M | 77M | 75.67M |
| SG&A % of Revenue | 0.16% | 0.15% | 0.16% | 0.16% | - | - | 0.21% | 0.19% | 0.21% | 0.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 24.78M | 22.93M | 21.45M | 19.32M | 100.15M | 76.36M | 0 | 0 | 0 | 39.84M |
| Operating Income | 23.28M | 31.61M | 267K | 36.64M | 35.03M | 60.59M | 66.76M | 82.17M | 39.38M | 23.11M |
| Operating Margin % | 0.03% | 0.04% | 0% | 0.05% | 0.05% | 0.14% | 0.18% | 0.22% | 0.11% | 0.06% |
| Operating Income Growth % | 0.83% | 0.36% | -0.99% | 136.22% | -0.04% | 0.73% | 0.1% | 0.23% | -0.52% | -0.41% |
| EBITDA | 48.06M | 54.53M | 21.71M | 55.96M | 64.61M | 92.81M | 96.81M | 118.62M | 78.35M | 62.95M |
| EBITDA Margin % | 0.06% | 0.06% | 0.03% | 0.07% | 0.1% | 0.21% | 0.26% | 0.32% | 0.21% | 0.17% |
| EBITDA Growth % | 0.25% | 0.13% | -0.6% | 1.58% | 0.15% | 0.44% | 0.04% | 0.23% | -0.34% | -0.2% |
| D&A (Non-Cash Add-back) | 24.78M | 22.93M | 21.45M | 19.32M | 29.58M | 32.22M | 30.05M | 36.44M | 38.98M | 39.84M |
| EBIT | 23.28M | 31.61M | 7.23M | 36.64M | 5.45M | 28.37M | 36.71M | 45.73M | 70.64M | -2.02M |
| Net Interest Income | -21.35M | -20.93M | -20.12M | -19.88M | -20.26M | -15.54M | -7.16M | -5.89M | -5.79M | -6.13M |
| Interest Income | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 21.36M | 20.93M | 20.12M | 19.88M | 20.26M | 15.54M | 7.16M | 5.89M | 5.79M | 6.13M |
| Other Income/Expense | -60.71M | 114.66M | -13.16M | 14.85M | 20.11M | -110.79M | -24.49M | -125.2M | 25.47M | -31.26M |
| Pretax Income | -37.43M | 146.26M | -12.89M | 16.75M | 55.14M | -50.2M | 42.27M | -43.03M | 64.85M | -8.15M |
| Pretax Margin % | -0.04% | 0.17% | -0.02% | 0.02% | 0.08% | -0.12% | 0.12% | -0.12% | 0.18% | -0.02% |
| Income Tax | -21.59M | 46.81M | -62.96M | -2.64M | 9.76M | -12.21M | 6.79M | -10.72M | 9.31M | -4.39M |
| Effective Tax Rate % | 0.42% | 0.68% | -3.88% | 1.16% | 0.82% | 0.76% | 0.84% | 0.74% | 0.85% | 0.46% |
| Net Income | -15.84M | 99.45M | 50.07M | 19.39M | 45.38M | -37.99M | 35.48M | -32.02M | 54.95M | -3.76M |
| Net Margin % | -0.02% | 0.12% | 0.06% | 0.02% | 0.07% | -0.09% | 0.1% | -0.09% | 0.15% | -0.01% |
| Net Income Growth % | -1.16% | 7.28% | -0.5% | -0.61% | 1.34% | -1.84% | 1.93% | -1.9% | 2.72% | -1.07% |
| Net Income (Continuing) | -15.84M | 99.45M | 50.07M | 19.39M | 45.38M | -37.99M | 35.48M | -32.3M | 55.54M | -3.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M | 0 | 0 |
| EPS (Diluted) | -6.79 | 54.24 | 27.20 | 11.14 | 26.33 | -22.01 | 22.37 | -21.49 | 38.55 | -2.69 |
| EPS Growth % | -1.12% | 8.99% | -0.5% | -0.59% | 1.36% | -1.84% | 2.02% | -1.96% | 2.79% | -1.07% |
| EPS (Basic) | -6.79 | 54.24 | 27.20 | 11.14 | 26.33 | -22.01 | 22.37 | -21.49 | 38.55 | -2.69 |
| Diluted Shares Outstanding | 2.33M | 1.83M | 1.84M | 1.74M | 1.72M | 1.73M | 1.59M | 1.49M | 1.43M | 1.4M |
| Basic Shares Outstanding | 2.33M | 1.83M | 1.84M | 1.74M | 1.72M | 1.73M | 1.59M | 1.49M | 1.43M | 1.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 126.79M | 127.79M | 112.64M | 114.93M | 145.39M | 147.78M | 164.81M | 150.65M | 152.55M | 170.62M |
| Cash & Short-Term Investments | 80.27M | 98.11M | 81.87M | 82.42M | 112.63M | 119.36M | 125.41M | 106.93M | 119.94M | 133.68M |
| Cash Only | 56.52M | 75.81M | 58.58M | 48.56M | 67.77M | 24.5M | 42.35M | 37.47M | 28.07M | 30.71M |
| Short-Term Investments | 23.75M | 22.3M | 23.29M | 33.86M | 44.86M | 94.86M | 83.06M | 69.47M | 91.88M | 102.97M |
| Accounts Receivable | 17.72M | 14.2M | 15.53M | 15.74M | 21.64M | 19.18M | 28.51M | 29.38M | 22.24M | 25.18M |
| Days Sales Outstanding | 7.51 | 6.09 | 6.75 | 7.09 | 11.81 | 16.15 | 28.42 | 29.12 | 22.22 | 25.38 |
| Inventory | 7.59M | 6.77M | 7.27M | 7.54M | 4.67M | 2.74M | 3.8M | 3.85M | 2.98M | 4.03M |
| Days Inventory Outstanding | 4.09 | 3.7 | 3.86 | 4.16 | 3.2 | 3.37 | 6.22 | 6.52 | 4.37 | 6.58 |
| Other Current Assets | 3.12M | 4.37M | 4.9M | 3.22M | 3.38M | 3.49M | 3.22M | 6.15M | 1.79M | 2.22M |
| Total Non-Current Assets | 877.13M | 969.18M | 950.95M | 914.56M | 993.92M | 870.19M | 730M | 677.82M | 696.87M | 695.52M |
| Property, Plant & Equipment | 332.32M | 312.26M | 295.8M | 274.72M | 410.35M | 358.95M | 391.89M | 435.46M | 412.71M | 410.17M |
| Fixed Asset Turnover | 2.59x | 2.72x | 2.84x | 2.95x | 1.63x | 1.21x | 0.93x | 0.85x | 0.89x | 0.88x |
| Goodwill | 40.02M | 40M | 40.08M | 40.05M | 40.04M | 53.6M | 53.55M | 53.51M | 53.53M | 52.5M |
| Intangible Assets | 21.67M | 26.05M | 26.56M | 28.11M | 27.35M | 24.07M | 23.46M | 23.04M | 23.23M | 22.82M |
| Long-Term Investments | 471.69M | 577.64M | 566.02M | 557.48M | 505.54M | 419.55M | 250.4M | 155.79M | 199.1M | 201.73M |
| Other Non-Current Assets | -2.09M | 2.54M | 10.01M | 2.7M | -6.02M | -5.32M | 10.7M | 1.88M | 8.3M | 8.31M |
| Total Assets | 1B | 1.1B | 1.06B | 1.03B | 1.14B | 1.02B | 894.81M | 828.47M | 849.42M | 866.13M |
| Asset Turnover | 0.86x | 0.77x | 0.79x | 0.79x | 0.59x | 0.43x | 0.41x | 0.44x | 0.43x | 0.42x |
| Asset Growth % | -0.15% | 0.09% | -0.03% | -0.03% | 0.11% | -0.11% | -0.12% | -0.07% | 0.03% | 0.02% |
| Total Current Liabilities | 117.56M | 120.01M | 135.49M | 122.98M | 139.82M | 288.45M | 143.64M | 134.9M | 111.1M | 147.32M |
| Accounts Payable | 34.65M | 33.96M | 40.62M | 41.97M | 3.35M | 26.54M | 36.68M | 28.43M | 22.45M | 28.54M |
| Days Payables Outstanding | 18.65 | 18.55 | 21.57 | 23.16 | 2.29 | 32.64 | 59.95 | 48.17 | 32.91 | 46.61 |
| Short-Term Debt | 2M | 1.56M | 1.47M | 5.72M | 18.74M | 152.26M | 0 | 10M | 0 | 35M |
| Deferred Revenue (Current) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Liabilities | 43.85M | 45.94M | 56.21M | 49.33M | 22.51M | -5.83M | 13.1M | 17.45M | 27.99M | 55.76M |
| Current Ratio | 1.08x | 1.06x | 0.83x | 0.93x | 1.04x | 0.51x | 1.15x | 1.12x | 1.37x | 1.16x |
| Quick Ratio | 1.01x | 1.01x | 0.78x | 0.87x | 1.01x | 0.50x | 1.12x | 1.09x | 1.35x | 1.13x |
| Cash Conversion Cycle | -7.05 | -8.75 | -10.96 | -11.9 | 12.71 | -13.13 | -25.32 | -12.52 | -6.32 | -14.65 |
| Total Non-Current Liabilities | 434.99M | 445.02M | 356.76M | 336.05M | 383.19M | 164.69M | 163.47M | 138.01M | 138.99M | 145.86M |
| Long-Term Debt | 205.88M | 197.63M | 181.52M | 180.26M | 179.05M | 0 | 0 | 0 | 0 | 10M |
| Capital Lease Obligations | 90.18M | 83.93M | 75.47M | 59.74M | 137.41M | 111.64M | 104.48M | 91.84M | 86.39M | 90.74M |
| Deferred Tax Liabilities | 125.13M | 152.31M | 88.4M | 86.87M | 54.23M | 41.35M | 46.53M | 31.34M | 37.94M | 29.39M |
| Other Non-Current Liabilities | 116.12M | 156.83M | 93.04M | 96.05M | 0 | 11.7M | 12.46M | 14.82M | 14.66M | 15.72M |
| Total Liabilities | 552.55M | 565.03M | 492.26M | 459.04M | 523.01M | 453.14M | 307.11M | 272.91M | 250.09M | 293.17M |
| Total Debt | 307.43M | 288.68M | 263.74M | 245.72M | 352.71M | 281.27M | 121.38M | 118.83M | 101.24M | 150.19M |
| Net Debt | 250.9M | 212.88M | 205.16M | 197.16M | 284.94M | 256.77M | 79.03M | 81.36M | 73.18M | 119.48M |
| Debt / Equity | 0.68x | 0.54x | 0.46x | 0.43x | 0.57x | 0.50x | 0.21x | 0.21x | 0.17x | 0.26x |
| Debt / EBITDA | 6.40x | 5.29x | 12.15x | 4.39x | 5.46x | 3.03x | 1.25x | 1.00x | 1.29x | 2.39x |
| Net Debt / EBITDA | 5.22x | 3.90x | 9.45x | 3.52x | 4.41x | 2.77x | 0.82x | 0.69x | 0.93x | 1.90x |
| Interest Coverage | 1.09x | 1.51x | 0.01x | 1.84x | 1.73x | 3.90x | 9.32x | 13.95x | 6.79x | 3.77x |
| Total Equity | 451.37M | 531.94M | 571.33M | 570.46M | 616.3M | 564.83M | 587.7M | 555.57M | 599.33M | 572.96M |
| Equity Growth % | -0.29% | 0.18% | 0.07% | -0% | 0.08% | -0.08% | 0.04% | -0.05% | 0.08% | -0.04% |
| Book Value per Share | 193.39 | 290.14 | 310.38 | 327.75 | 357.55 | 327.25 | 370.49 | 372.83 | 420.45 | 409.39 |
| Total Shareholders' Equity | 451.37M | 531.94M | 571.33M | 570.46M | 616.3M | 564.83M | 587.7M | 546.97M | 599.33M | 572.96M |
| Common Stock | 1.07M | 1.07M | 1.07M | 1.14M | 1.14M | 1.14M | 1.14M | 1.14M | 1.14M | 1.14M |
| Retained Earnings | 415.98M | 515.43M | 565.5M | 564.16M | 611.04M | 573.05M | 608.53M | 576.51M | 631.46M | 627.7M |
| Treasury Stock | -353.86M | -362.89M | -375.86M | -374.23M | -374.86M | -389.62M | -401.85M | -409.68M | -416.34M | -438.6M |
| Accumulated OCI | -3.68M | -3.58M | -1.4M | -2.52M | -2.81M | -1.53M | -1.91M | -2.79M | -2.52M | -2.87M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M | 0 | 0 |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 52.5M | 63.35M | 25.78M | 20.68M | 93.68M | 117.56M | 228.77M | 127.83M | 73M | 49.66M |
| Operating CF Margin % | 0.06% | 0.07% | 0.03% | 0.03% | 0.14% | 0.27% | 0.62% | 0.35% | 0.2% | 0.14% |
| Operating CF Growth % | 0.9% | 0.21% | -0.59% | -0.2% | 3.53% | 0.25% | 0.95% | -0.44% | -0.43% | -0.32% |
| Net Income | -15.84M | 99.45M | 50.07M | 19.39M | 45.38M | -37.99M | 35.48M | -32.3M | 54.95M | -3.76M |
| Depreciation & Amortization | 24.78M | 22.93M | 21.45M | 19.32M | 29.58M | 32.22M | 30.05M | 36.44M | 38.98M | 39.84M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -26.48M | 38.48M | -64.32M | -2.15M | -38.55M | -12.22M | 5.27M | -15.58M | 6.57M | -8.49M |
| Other Non-Cash Items | 62.78M | -105.82M | 5.51M | -3.84M | 59.4M | 160.27M | 167.75M | 151.99M | -23.85M | 29.03M |
| Working Capital Changes | 7.26M | 8.3M | 13.07M | -12.04M | -2.13M | -24.73M | -9.78M | -12.72M | -3.64M | -6.97M |
| Change in Receivables | 686K | 4.28M | -2.23M | -359K | 3.67M | 7.01M | -9.32M | 3.34M | 5.78M | -5.24M |
| Change in Inventory | 0 | 0 | 0 | 0 | -3.67M | 0 | 9.32M | -3.34M | 0 | 0 |
| Change in Payables | 4.28M | 3.91M | 15.04M | -12.22M | -16.25M | -32.48M | -592K | -24.58M | -12.23M | 368K |
| Cash from Investing | -113.3M | -28.8M | -11.55M | -25.29M | -69.98M | -129.49M | -58.52M | -136.6M | -66.08M | -87.39M |
| Capital Expenditures | -11.08M | -12.03M | -8.03M | -17.8M | -17.68M | -20.7M | -64.55M | -29.75M | -23.41M | -30.59M |
| CapEx % of Revenue | 0.01% | 0.01% | 0.01% | 0.02% | 0.03% | 0.05% | 0.18% | 0.08% | 0.06% | 0.08% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 135K | 1.08M | 1M | 41.63M | 44.58M | 4.42M | 10.1M | 5.32M | -20.4M | -46.8M |
| Cash from Financing | -12.31M | -15.23M | -23M | -7.53M | -8.01M | -29.11M | -156.16M | 3.86M | -16.13M | 39.48M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | - | - | - | - | - | - | - | - | - | - |
| Other Financing | 222K | 64K | 30K | 49K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | 41.41M | 51.32M | 17.75M | 2.88M | 76M | 96.85M | 164.22M | 98.08M | 49.6M | 19.07M |
| FCF Margin % | 0.05% | 0.06% | 0.02% | 0% | 0.11% | 0.22% | 0.45% | 0.27% | 0.14% | 0.05% |
| FCF Growth % | 6.03% | 0.24% | -0.65% | -0.84% | 25.37% | 0.27% | 0.7% | -0.4% | -0.49% | -0.62% |
| FCF per Share | 17.74 | 27.99 | 9.64 | 1.66 | 44.09 | 56.12 | 103.53 | 65.82 | 34.79 | 13.62 |
| FCF Conversion (FCF/Net Income) | -3.31x | 0.64x | 0.51x | 1.07x | 2.06x | -3.09x | 6.45x | -3.99x | 1.33x | -13.21x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 7.03M | 5.85M | 5.82M | 5.89M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 4.53M | 1.09M | 5.68M | 5.94M |
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -2.91% | 20.23% | 9.08% | 3.4% | 7.65% | -6.43% | 6.16% | -5.6% | 9.52% | -0.64% |
| Return on Invested Capital (ROIC) | 2.27% | 3.28% | 0.03% | 3.56% | 3.15% | 5.28% | 6.73% | 9.46% | 4.51% | 2.54% |
| Gross Margin | 21.27% | 21.39% | 18.16% | 18.33% | 20.21% | 31.58% | 39% | 41.49% | 31.86% | 38.28% |
| Net Margin | -1.84% | 11.7% | 5.96% | 2.39% | 6.78% | -8.76% | 9.69% | -8.7% | 15.04% | -1.04% |
| Debt / Equity | 0.68x | 0.54x | 0.46x | 0.43x | 0.57x | 0.50x | 0.21x | 0.21x | 0.17x | 0.26x |
| Interest Coverage | 1.09x | 1.51x | 0.01x | 1.84x | 1.73x | 3.90x | 9.32x | 13.95x | 6.79x | 3.77x |
| FCF Conversion | -3.31x | 0.64x | 0.51x | 1.07x | 2.06x | -3.09x | 6.45x | -3.99x | 1.33x | -13.21x |
| Revenue Growth | 4.03% | -1.32% | -1.21% | -3.56% | -17.42% | -35.16% | -15.58% | 0.58% | -0.79% | -0.88% |
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Restaurant Operations | - | - | - | 251.45M |
| Restaurant Operations Growth | - | - | - | - |
| Insurance Operations | - | - | - | 72.69M |
| Insurance Operations Growth | - | - | - | - |
| Oil and Gas | - | 57.55M | - | 36.95M |
| Oil and Gas Growth | - | - | - | - |
| Licensing And Media | - | 4.58M | - | 1.03M |
| Licensing And Media Growth | - | - | - | - |
| Gift Cards | 5.9M | - | 5.28M | - |
| Gift Cards Growth | - | - | - | - |
| Advertising | 6.83M | - | 4.48M | - |
| Advertising Growth | - | - | - | - |
| Franchise | 2.03M | - | 1.21M | - |
| Franchise Growth | - | - | - | - |
Biglari Holdings Inc. (BH) reported $386.5M in revenue for fiscal year 2024. This represents a 46% decrease from $709.2M in 2011.
Biglari Holdings Inc. (BH) saw revenue decline by 0.9% over the past year.
Yes, Biglari Holdings Inc. (BH) is profitable, generating $2.1M in net income for fiscal year 2024 (-1.0% net margin).
Biglari Holdings Inc. (BH) has a return on equity (ROE) of -0.6%. Negative ROE indicates the company is unprofitable.
Biglari Holdings Inc. (BH) generated $81.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.