The Cheesecake Factory Incorporated (CAKE) 10-Year Financial Performance & Capital Metrics

CAKE • • Industrial / General

Consumer CyclicalRestaurantsCasual DiningFamily & Diner Casual

AboutThe Cheesecake Factory Incorporated operates restaurants. It operates two bakeries that produces cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors. The company owns and operates 306 restaurants throughout the United States and Canada under brands, including 208 The Cheesecake Factory and 29 North Italia; and a collection of Fox Restaurant Concepts, as well as 29 The Cheesecake Factory restaurants under licensing agreements internationally. The Cheesecake Factory Incorporated was founded in 1972 and is headquartered in Calabasas, California.Show more

Revenue $3.58B +4.1%
EBITDA $280M +38.7%
Net Income $157M +54.7%
EPS (Diluted) 3.20 +54.6%
Gross Margin 77.5% +89.3%
EBITDA Margin 7.81% +33.2%
Operating Margin 4.98% +57.7%
Net Margin 4.38% +48.5%
ROE 41.18% +23.9%
ROIC 6.09% +54.9%
Debt/Equity 4.30 -26.4%
Interest Coverage 17.64 +39.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.4%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗High debt to equity ratio of 4.3x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.12%

5Y7.61%

3Y6.95%

TTM4.77%

Profit (Net Income) CAGR

10Y4.47%

5Y4.26%

3Y29.39%

TTM36.68%

EPS CAGR

10Y5.02%

5Y2.27%

3Y46.87%

TTM36.4%

ROCE

10Y Avg8.02%

5Y Avg0.55%

3Y Avg4.93%

Latest7.91%

Peer Comparison

Family & Diner Casual

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BJRIBJ's Restaurants, Inc.	961.63M	45.50	65	1.81%	1.99%	7.12%	2.56%	1.35
FWRGFirst Watch Restaurant Group, Inc.	1.02B	16.72	55.73	13.95%	0.24%	0.44%		1.36
DRIDarden Restaurants, Inc.	24.68B	214.33	24.19	6.03%	8.9%	49.43%	4.19%	2.70
EATBrinker International, Inc.	7.41B	166.71	20.04	21.95%	7.94%	129.14%	5.59%	4.57
CAKEThe Cheesecake Factory Incorporated	3.03B	60.75	18.98	4.13%	4.33%	39.63%	3.57%	4.30
CBRLCracker Barrel Old Country Store, Inc.	819.44M	36.70	17.82	0.37%	1.33%	10.05%	7.35%	2.44
DENNDenny's Corporation	322.38M	6.26	15.27	-2.5%	3.53%		0.28%
BDLFlanigan's Enterprises, Inc.	59.59M	32.06	11.83	8.99%	2.45%	6.36%	7.85%	0.60

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.1B	2.28B	2.26B	2.33B	2.48B	1.98B	2.93B	3.3B	3.44B	3.58B
Revenue Growth %	0.06%	0.08%	-0.01%	0.03%	0.06%	-0.2%	0.48%	0.13%	0.04%	0.04%
Cost of Goods Sold+	1.19B	1.29B	1.3B	1.37B	1.46B	1.24B	1.73B	2.02B	2.03B	806.02M
COGS % of Revenue	0.57%	0.57%	0.57%	0.59%	0.59%	0.62%	0.59%	0.61%	0.59%	0.23%
Gross Profit+	911.76M	989.09M	963.52M	965.32M	1.02B	746.31M	1.2B	1.28B	1.41B	2.78B
Gross Margin %	0.43%	0.43%	0.43%	0.41%	0.41%	0.38%	0.41%	0.39%	0.41%	0.77%
Gross Profit Growth %	0.09%	0.08%	-0.03%	0%	0.06%	-0.27%	0.61%	0.07%	0.1%	0.97%
Operating Expenses+	740.5M	787.99M	800.33M	828.51M	917.64M	1.09B	1.12B	1.24B	1.3B	2.6B
OpEx % of Revenue	0.35%	0.35%	0.35%	0.36%	0.37%	0.55%	0.38%	0.38%	0.38%	0.73%
Selling, General & Admin	137.4M	146.04M	141.53M	154.77M	160.2M	157.64M	186.14M	205.75M	217.45M	228.74M
SG&A % of Revenue	0.07%	0.06%	0.06%	0.07%	0.06%	0.08%	0.06%	0.06%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	603.1M	641.94M	658.8M	673.74M	757.45M	936.1M	933.33M	1.04B	1.08B	2.37B
Operating Income+	165.25M	200.99M	152.84M	118.95M	103.6M	-347.44M	82.32M	38.94M	108.57M	178.32M
Operating Margin %	0.08%	0.09%	0.07%	0.05%	0.04%	-0.18%	0.03%	0.01%	0.03%	0.05%
Operating Income Growth %	0.14%	0.22%	-0.24%	-0.22%	-0.13%	-4.35%	1.24%	-0.53%	1.79%	0.64%
EBITDA+	250.81M	289M	245.57M	214.92M	191.73M	-255.92M	171.97M	131.31M	201.7M	279.77M
EBITDA Margin %	0.12%	0.13%	0.11%	0.09%	0.08%	-0.13%	0.06%	0.04%	0.06%	0.08%
EBITDA Growth %	0.1%	0.15%	-0.15%	-0.12%	-0.11%	-2.33%	1.67%	-0.24%	0.54%	0.39%
D&A (Non-Cash Add-back)	85.56M	88.01M	92.73M	95.98M	88.13M	91.52M	89.65M	92.38M	93.14M	101.45M
EBIT	188.16M	214.68M	176.47M	114.19M	142.83M	-347.44M	82.32M	40.38M	108.57M	181.15M
Net Interest Income+	0	0	0	-6.78M	-2.5M	-8.6M	-10.7M	-6.04M	-8.55M	-10.11M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	6.78M	2.5M	8.6M	10.7M	6.04M	8.55M	10.11M
Other Income/Expense	-5.89M	-9.22M	-6.38M	-11.54M	36.74M	-8.6M	-10.7M	-6.04M	-8.55M	-7.27M
Pretax Income+	159.35M	191.77M	146.47M	107.41M	140.33M	-356.04M	71.62M	32.89M	100.01M	171.05M
Pretax Margin %	0.08%	0.08%	0.06%	0.05%	0.06%	-0.18%	0.02%	0.01%	0.03%	0.05%
Income Tax+	42.83M	52.27M	-10.93M	8.38M	13.04M	-102.67M	-753K	-10.23M	-1.34M	14.26M
Effective Tax Rate %	0.73%	0.73%	1.07%	0.92%	0.91%	0.71%	1.01%	1.31%	1.01%	0.92%
Net Income+	116.52M	139.49M	157.39M	99.03M	127.29M	-253.37M	72.37M	43.12M	101.35M	156.78M
Net Margin %	0.06%	0.06%	0.07%	0.04%	0.05%	-0.13%	0.02%	0.01%	0.03%	0.04%
Net Income Growth %	0.15%	0.2%	0.13%	-0.37%	0.29%	-2.99%	1.29%	-0.4%	1.35%	0.55%
Net Income (Continuing)	116.52M	139.49M	157.39M	99.03M	127.29M	-253.37M	72.37M	43.12M	101.35M	156.78M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.30	2.83	3.27	2.14	2.86	-6.32	1.01	0.86	2.07	3.20
EPS Growth %	0.17%	0.23%	0.16%	-0.35%	0.34%	-3.21%	1.16%	-0.15%	1.41%	0.55%
EPS (Basic)	2.39	2.91	3.35	2.19	2.90	-6.32	1.03	0.87	2.10	3.28
Diluted Shares Outstanding	50.6M	49.37M	48.15M	46.22M	44.55M	43.87M	48.51M	50.41M	49.05M	48.97M
Basic Shares Outstanding	48.83M	47.98M	46.93M	45.26M	43.95M	43.87M	47.53M	49.81M	48.32M	47.79M
Dividend Payout Ratio	0.31%	0.3%	0.32%	0.57%	0.48%	-	0%	0.98%	0.52%	0.34%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	225.4M	221.43M	208.63M	195.23M	244.51M	341.36M	405.59M	345.77M	300.8M	333.31M
Cash & Short-Term Investments	43.85M	53.84M	6.01M	26.58M	58.42M	154.09M	189.63M	114.78M	56.29M	84.18M
Cash Only	43.85M	53.84M	6.01M	26.58M	58.42M	154.09M	189.63M	114.78M	56.29M	84.18M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	105.56M	80.22M	102.4M	89.12M	118.1M	130.63M	155.15M	146.92M	142.88M	89.42M
Days Sales Outstanding	18.34	12.87	16.53	13.95	17.36	24.04	19.34	16.23	15.16	9.11
Inventory	34.01M	34.93M	42.56M	38.89M	47.23M	39.29M	42.84M	55.56M	57.65M	64.53M
Days Inventory Outstanding	10.44	9.91	11.98	10.38	11.79	11.59	9.06	10.02	10.36	29.22
Other Current Assets	0	0	0	0	0	0	0	-19.89M	0	40.5M
Total Non-Current Assets+	1.01B	1.07B	1.12B	1.12B	2.6B	2.41B	2.39B	2.43B	2.54B	2.71B
Property, Plant & Equipment	892.19M	910.13M	935.04M	913.27M	2.07B	2.03B	1.98B	2.02B	2.09B	2.24B
Fixed Asset Turnover	2.35x	2.50x	2.42x	2.55x	1.20x	0.98x	1.48x	1.64x	1.64x	1.60x
Goodwill	0	0	0	0	78.36M	1.45M	1.45M	1.45M	1.45M	1.45M
Intangible Assets	21.97M	23.05M	24.07M	26.21M	358.85M	251.71M	250.25M	250.07M	250.28M	250.34M
Long-Term Investments	-35.64M	42M	59.52M	79.77M	0	0	0	0	0	0
Other Non-Current Assets	46.91M	14.3M	48.58M	98.06M	82.92M	89.49M	100.22M	86.65M	102.67M	215.53M
Total Assets+	1.23B	1.29B	1.33B	1.31B	2.84B	2.75B	2.8B	2.78B	2.84B	3.04B
Asset Turnover	1.70x	1.76x	1.70x	1.77x	0.87x	0.72x	1.05x	1.19x	1.21x	1.18x
Asset Growth %	0.05%	0.05%	0.03%	-0.01%	1.16%	-0.03%	0.02%	-0.01%	0.02%	0.07%
Total Current Liabilities+	350.23M	376.53M	397.95M	416.5M	614.59M	586.07M	636.27M	656.68M	660.67M	711.42M
Accounts Payable	47.77M	41.56M	50.98M	49.07M	61.95M	58.43M	54.09M	66.64M	63.15M	62.09M
Days Payables Outstanding	14.67	11.79	14.35	13.1	15.47	17.24	11.44	12.02	11.35	28.12
Short-Term Debt	0	0	0	0	0	132.52M	131.82M	0	134.91M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	250.91M	153.63M	163.95M	116.65M	138.02M	129.91M	131.96M	149.65M	159.71M	408.06M
Current Ratio	0.64x	0.59x	0.52x	0.47x	0.40x	0.58x	0.64x	0.53x	0.46x	0.47x
Quick Ratio	0.55x	0.50x	0.42x	0.38x	0.32x	0.52x	0.57x	0.44x	0.37x	0.38x
Cash Conversion Cycle	14.12	10.98	14.16	11.23	13.69	18.39	16.96	14.24	14.17	10.21
Total Non-Current Liabilities+	294.58M	313.59M	321.58M	326.57M	1.65B	1.65B	1.83B	1.83B	1.86B	1.89B
Long-Term Debt	0	0	10M	10M	290M	280M	466.02M	468.03M	470.05M	452.06M
Capital Lease Obligations	0	0	108.63M	0	1.19B	1.22B	1.22B	1.23B	1.25B	1.3B
Deferred Tax Liabilities	82.52M	82.4M	57.22M	52.12M	33.85M	0	0	0	0	0
Other Non-Current Liabilities	294.58M	313.59M	202.95M	105.17M	27.1M	149.72M	147.4M	125.01M	136.65M	135.8M
Total Liabilities	644.81M	690.11M	719.53M	743.07M	2.27B	2.24B	2.47B	2.48B	2.52B	2.6B
Total Debt+	87.84M	100.58M	10M	10M	1.61B	1.64B	1.82B	1.84B	1.86B	1.91B
Net Debt	43.99M	46.74M	3.99M	-16.58M	1.55B	1.48B	1.63B	1.73B	1.8B	1.82B
Debt / Equity	0.15x	0.17x	0.02x	0.02x	2.81x	3.23x	5.50x	6.30x	5.85x	4.30x
Debt / EBITDA	0.35x	0.35x	0.04x	0.05x	8.39x	-	10.56x	14.02x	9.22x	6.82x
Net Debt / EBITDA	0.18x	0.16x	0.02x	-0.08x	8.08x	-	9.46x	13.14x	8.94x	6.52x
Interest Coverage	-	-	-	17.54x	41.49x	-40.40x	7.69x	6.44x	12.69x	17.64x
Total Equity+	588.54M	603.21M	613.53M	571.06M	571.74M	506.94M	330.17M	292M	318.06M	443.45M
Equity Growth %	0.06%	0.02%	0.02%	-0.07%	0%	-0.11%	-0.35%	-0.12%	0.09%	0.39%
Book Value per Share	11.63	12.22	12.74	12.36	12.84	11.56	6.81	5.79	6.48	9.05
Total Shareholders' Equity	588.54M	603.21M	613.53M	571.06M	571.74M	506.94M	330.17M	292M	318.06M	443.45M
Common Stock	931K	947K	954K	967K	977K	986K	1.05M	1.06M	1.07M	1.08M
Retained Earnings	1.14B	1.24B	1.35B	1.38B	1.41B	1.11B	1.17B	1.17B	1.22B	1.32B
Treasury Stock	-1.26B	-1.41B	-1.53B	-1.64B	-1.69B	-1.7B	-1.7B	-1.77B	-1.81B	-1.83B
Accumulated OCI	-784.59M	-858.76M	-88K	-938K	-435K	-3.79M	-287K	-982K	-694K	-1.61M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	235.42M	302.52M	238.8M	291.31M	218.76M	2.91M	213.01M	161.93M	218.4M	268.32M
Operating CF Margin %	0.11%	0.13%	0.11%	0.12%	0.09%	0%	0.07%	0.05%	0.06%	0.07%
Operating CF Growth %	-0.02%	0.29%	-0.21%	0.22%	-0.25%	-0.99%	72.25%	-0.24%	0.35%	0.23%
Net Income	116.52M	139.49M	157.39M	99.03M	127.29M	-253.37M	72.37M	43.12M	101.35M	156.78M
Depreciation & Amortization	85.56M	88.01M	92.73M	95.98M	88.13M	91.42M	89.65M	92.38M	93.14M	101.45M
Stock-Based Compensation	20.05M	21.47M	16.46M	19.99M	19.37M	21.35M	22.99M	24.43M	25.78M	29.96M
Deferred Taxes	13.69M	12.72M	-25.18M	-5.51M	-2.2M	-67.23M	-20.85M	-18.65M	-15.71M	-6.06M
Other Non-Cash Items	-3.68M	-10.15M	10.59M	21.16M	-23.01M	208.07M	17.94M	31.33M	27M	6.26M
Working Capital Changes	3.28M	50.98M	-13.19M	60.66M	9.17M	2.67M	30.9M	-10.68M	-13.15M	-20.07M
Change in Receivables	1.01M	-1.47M	-4.23M	-1.02M	3.23M	9.38M	14.92M	-12.27M	-98K	-1.72M
Change in Inventory	-755K	-916K	-7.63M	3.67M	-5.77M	7.92M	-3.48M	-12.72M	-2.09M	-6.88M
Change in Payables	-12.93M	752K	3.77M	5.6M	2.33M	-2M	-3.68M	17.59M	3.97M	-1.83M
Cash from Investing+	-155.7M	-159.46M	-140.43M	-130.39M	-363.06M	-50.91M	-68.61M	-112.81M	-153.5M	-161.1M
Capital Expenditures	-155.7M	-117.46M	-122.43M	-105.93M	-75.86M	-50.91M	-67.55M	-113.14M	-153.22M	-160.36M
CapEx % of Revenue	0.07%	0.05%	0.05%	0.05%	0.03%	0.03%	0.02%	0.03%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.76M	-43.64M	-19.65M	540K	-22.5M	0	-1.06M	329K	-274K	-733K
Cash from Financing+	-93.89M	-133.07M	-146.09M	-140.29M	176.02M	143.69M	-108.83M	-123.64M	-123.53M	-78.79M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-35.97M	-42.37M	-49.89M	-56.25M	-60.72M	-15.79M	-19M	-42.27M	-53.21M	-53.04M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	40.31M	42.24M	16.77M	8.58M	7.72M	-26.9M	-470.82M	-18.23M	-24.24M	12.47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	79.72M	185.06M	116.36M	185.39M	142.9M	-48.01M	145.46M	48.78M	65.18M	107.96M
FCF Margin %	0.04%	0.08%	0.05%	0.08%	0.06%	-0.02%	0.05%	0.01%	0.02%	0.03%
FCF Growth %	-0.36%	1.32%	-0.37%	0.59%	-0.23%	-1.34%	4.03%	-0.66%	0.34%	0.66%
FCF per Share	1.58	3.75	2.42	4.01	3.21	-1.09	3.00	0.97	1.33	2.20
FCF Conversion (FCF/Net Income)	2.02x	2.17x	1.52x	2.94x	1.72x	-0.01x	2.94x	3.75x	2.15x	1.71x
Interest Paid	6.06M	6.04M	7.13M	8.16M	1.65M	13.04M	9.59M	7.23M	9.76M	12.89M
Taxes Paid	30.41M	17.93M	31.58M	10.15M	20.78M	2.97M	13.03M	14.69M	14.47M	19.12M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	20.35%	23.41%	25.87%	16.72%	22.28%	-46.98%	17.29%	13.86%	33.23%	41.18%
Return on Invested Capital (ROIC)	20.52%	23.51%	18.09%	15.22%	5.81%	-12.68%	3.13%	1.47%	3.93%	6.09%
Gross Margin	43.4%	43.46%	42.62%	41.39%	41.13%	37.63%	41.05%	38.76%	40.94%	77.5%
Net Margin	5.55%	6.13%	6.96%	4.25%	5.13%	-12.78%	2.47%	1.31%	2.95%	4.38%
Debt / Equity	0.15x	0.17x	0.02x	0.02x	2.81x	3.23x	5.50x	6.30x	5.85x	4.30x
Interest Coverage	-	-	-	17.54x	41.49x	-40.40x	7.69x	6.44x	12.69x	17.64x
FCF Conversion	2.02x	2.17x	1.52x	2.94x	1.72x	-0.01x	2.94x	3.75x	2.15x	1.71x
Revenue Growth	6.27%	8.34%	-0.67%	3.18%	6.45%	-20.12%	47.62%	12.83%	4.13%	4.13%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
The Cheesecake Factory	1.91B	2.08B	2.06B	2.13B	2.18B	1.59B	2.29B	2.53B	2.6B	2.66B
The Cheesecake Factory Growth	-	8.59%	-0.98%	3.38%	2.52%	-27.32%	44.68%	10.24%	2.65%	2.56%
Others	-	-	-	-	-	-	280.24M	308.94M	321.64M	320.53M
Others Growth	-	-	-	-	-	-	-	10.24%	4.11%	-0.34%
Other FRC	-	-	-	-	-	-	182.18M	237.55M	263.92M	299.97M
Other FRC Growth	-	-	-	-	-	-	-	30.40%	11.10%	13.66%
North Italia	-	-	-	-	35.27M	102.58M	171.9M	228.62M	258.88M	299.57M
North Italia Growth	-	-	-	-	-	190.87%	67.57%	33.00%	13.23%	15.72%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Other	-	-	-	-	-	-	280.24M	-	-	-
Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The Cheesecake Factory Incorporated (CAKE) has a price-to-earnings (P/E) ratio of 19.0x. This is roughly in line with market averages.

Growth & Financials

The Cheesecake Factory Incorporated (CAKE) reported $3.67B in revenue for fiscal year 2024. This represents a 109% increase from $1.76B in 2011.

The Cheesecake Factory Incorporated (CAKE) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, The Cheesecake Factory Incorporated (CAKE) is profitable, generating $158.9M in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Yes, The Cheesecake Factory Incorporated (CAKE) pays a dividend with a yield of 1.78%. This makes it attractive for income-focused investors.

The Cheesecake Factory Incorporated (CAKE) has a return on equity (ROE) of 41.2%. This is excellent, indicating efficient use of shareholder capital.

The Cheesecake Factory Incorporated (CAKE) generated $131.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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