Denny's Corporation (DENN) 10-Year Financial Performance & Capital Metrics

DENN • • Industrial / General

Consumer CyclicalRestaurantsCasual DiningFamily & Diner Casual

AboutDenny's Corporation, through its subsidiary, Denny's, Inc., owns and operates full-service restaurant chains under the Denny's brand. As of December 29, 2021, it had 1,640 franchised, licensed, and company restaurants worldwide. The company was formerly known as Advantica Restaurant Group, Inc. and changed its name to Denny's Corporation in 2002. Denny's Corporation was founded in 1953 and is based in Spartanburg, South Carolina.Show more

Revenue $452M -2.5%
EBITDA $60M -10.5%
Net Income $22M +8.2%
EPS (Diluted) 0.41 +17.1%
Gross Margin 73.42% +121.4%
EBITDA Margin 13.3% -8.2%
Operating Margin 10.02% -12.0%
Net Margin 4.77% +10.9%
ROE -
ROIC 9.71% -14.4%
Debt/Equity -
Interest Coverage 1.94 -22.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.4% through buybacks

✗Weaknesses

✗Profits declining 28.7% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.43%

5Y-3.53%

3Y4.34%

TTM0.06%

Profit (Net Income) CAGR

10Y-4.08%

5Y-28.74%

3Y-34.87%

TTM-15.53%

EPS CAGR

10Y1.03%

5Y-26.41%

3Y-29.9%

TTM-13.26%

ROCE

10Y Avg24.36%

5Y Avg14.29%

3Y Avg14%

Latest11.89%

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+	491.29M	506.95M	529.17M	630.18M	541.39M	288.61M	398.17M	456.43M	463.92M	452.33M
Revenue Growth %	0.04%	0.03%	0.04%	0.19%	-0.14%	-0.47%	0.38%	0.15%	0.02%	-0.02%
Cost of Goods Sold+	337.7M	342.9M	364.01M	463.08M	378.72M	208.92M	256.07M	314.79M	310.05M	120.23M
COGS % of Revenue	0.69%	0.68%	0.69%	0.73%	0.7%	0.72%	0.64%	0.69%	0.67%	0.27%
Gross Profit+	153.59M	164.05M	165.16M	167.1M	162.67M	79.69M	142.1M	141.64M	153.87M	332.11M
Gross Margin %	0.31%	0.32%	0.31%	0.27%	0.3%	0.28%	0.36%	0.31%	0.33%	0.73%
Gross Profit Growth %	0.11%	0.07%	0.01%	0.01%	-0.03%	-0.51%	0.78%	-0%	0.09%	1.16%
Operating Expenses+	88.07M	90.14M	90.14M	90.87M	-2.32M	73.01M	38.03M	81.03M	101.05M	286.79M
OpEx % of Revenue	0.18%	0.18%	0.17%	0.14%	-0%	0.25%	0.1%	0.18%	0.22%	0.63%
Selling, General & Admin	66.6M	67.96M	66.42M	63.83M	69.02M	55.04M	68.69M	67.17M	77.77M	80.2M
SG&A % of Revenue	0.14%	0.13%	0.13%	0.1%	0.13%	0.19%	0.17%	0.15%	0.17%	0.18%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.5M	-25.8M	-2.59M	-3.24M	-71.33M	17.97M	-30.66M	13.86M	23.28M	206.59M
Operating Income+	63.15M	47M	70.7M	73.61M	164.98M	6.68M	104.08M	60.61M	52.82M	45.32M
Operating Margin %	0.13%	0.09%	0.13%	0.12%	0.3%	0.02%	0.26%	0.13%	0.11%	0.1%
Operating Income Growth %	0.1%	-0.26%	0.5%	0.04%	1.24%	-0.96%	14.58%	-0.42%	-0.13%	-0.14%
EBITDA+	84.62M	69.18M	94.42M	100.65M	184.83M	22.84M	119.52M	75.48M	67.21M	60.17M
EBITDA Margin %	0.17%	0.14%	0.18%	0.16%	0.34%	0.08%	0.3%	0.17%	0.14%	0.13%
EBITDA Growth %	0.08%	-0.18%	0.36%	0.07%	0.84%	-0.88%	4.23%	-0.37%	-0.11%	-0.1%
D&A (Non-Cash Add-back)	21.47M	22.18M	23.72M	27.04M	19.85M	16.16M	15.45M	14.86M	14.38M	14.86M
EBIT	61.39M	46.45M	70.73M	71.25M	166.1M	8.03M	116.57M	111.57M	48.01M	47.22M
Net Interest Income+	-9.28M	-12.23M	-15.64M	-20.75M	-18.26M	-14.02M	-12.44M	-13.74M	-15.87M	-17.21M
Interest Income	0	0	0	0	170K	96K	25K	87K	5.2M	6.16M
Interest Expense	9.28M	12.23M	15.64M	20.75M	18.43M	14.12M	12.46M	13.77M	21.07M	23.37M
Other Income/Expense	-9.42M	-11.12M	-13.9M	-21.36M	-15.78M	-13.79M	28K	38.82M	-25.89M	-16.07M
Pretax Income+	53.73M	35.88M	56.8M	52.25M	149.2M	-7.12M	104.1M	99.43M	26.94M	29.25M
Pretax Margin %	0.11%	0.07%	0.11%	0.08%	0.28%	-0.02%	0.26%	0.22%	0.06%	0.06%
Income Tax+	17.75M	16.47M	17.21M	8.56M	31.79M	-2M	26.03M	24.72M	6.99M	7.68M
Effective Tax Rate %	0.67%	0.54%	0.7%	0.84%	0.79%	0.72%	0.75%	0.75%	0.74%	0.74%
Net Income+	35.98M	19.4M	39.59M	43.69M	117.41M	-5.12M	78.07M	74.71M	19.95M	21.57M
Net Margin %	0.07%	0.04%	0.07%	0.07%	0.22%	-0.02%	0.2%	0.16%	0.04%	0.05%
Net Income Growth %	0.1%	-0.46%	1.04%	0.1%	1.69%	-1.04%	16.26%	-0.04%	-0.73%	0.08%
Net Income (Continuing)	35.98M	19.4M	39.59M	43.69M	117.41M	-5.12M	78.07M	74.71M	19.95M	21.57M
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)+	0.42	0.25	0.56	0.67	1.90	-0.08	1.19	1.23	0.35	0.41
EPS Growth %	0.14%	-0.4%	1.24%	0.2%	1.84%	-1.04%	15.88%	0.03%	-0.72%	0.17%
EPS (Basic)	0.44	0.26	0.58	0.69	1.96	-0.08	1.20	1.23	0.36	0.41
Diluted Shares Outstanding	84.73M	77.21M	70.4M	65.56M	61.83M	60.81M	65.57M	60.88M	56.2M	52.61M
Basic Shares Outstanding	82.63M	75.33M	68.08M	63.36M	59.94M	60.81M	65.17M	60.77M	55.98M	52.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

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+	36.41M	35.91M	41.29M	47.6M	52.73M	48.67M	69.25M	50.31M	44.05M	39.99M
Cash & Short-Term Investments	1.67M	2.59M	4.98M	6.74M	7.02M	6.16M	33.17M	5.27M	6.17M	2.8M
Cash Only	1.67M	2.59M	4.98M	5.03M	3.37M	3.89M	30.62M	3.52M	4.89M	1.7M
Short-Term Investments	0	0	0	1.71M	3.65M	2.27M	2.55M	1.75M	1.28M	1.11M
Accounts Receivable	16.55M	19.84M	21.38M	26.28M	24.34M	21.35M	19.62M	25.58M	21.39M	24.43M
Days Sales Outstanding	12.3	14.29	14.75	15.22	16.41	27	17.99	20.45	16.83	19.72
Inventory	3.12M	3.05M	3.13M	2.99M	1.32M	1.18M	5.06M	5.54M	2.17M	1.75M
Days Inventory Outstanding	3.37	3.24	3.14	2.36	1.28	2.06	7.21	6.42	2.56	5.3
Other Current Assets	931K	1.02M	0	723K	5.07M	19.97M	0	1.4M	14.31M	11.01M
Total Non-Current Assets+	260.62M	270.24M	282.49M	287.75M	407.65M	440.73M	366.28M	448.02M	420.77M	456.28M
Property, Plant & Equipment	124.82M	133.1M	139.86M	140M	267.9M	235.52M	227.61M	227.03M	216.39M	242.35M
Fixed Asset Turnover	3.94x	3.81x	3.78x	4.50x	2.02x	1.23x	1.75x	2.01x	2.14x	1.87x
Goodwill	33.45M	35.23M	38.27M	39.78M	36.83M	36.88M	36.88M	72.74M	65.91M	66.36M
Intangible Assets	46.07M	54.49M	57.11M	59.07M	53.96M	51.56M	50.23M	95.03M	93.43M	91.74M
Long-Term Investments	541K	732K	427K	1.53M	0	502K	0	0	0	0
Other Non-Current Assets	26.58M	29M	29.89M	30.04M	48.97M	34.61M	40.05M	53.21M	45.05M	55.83M
Total Assets+	297.04M	306.15M	323.78M	335.35M	460.39M	489.39M	435.53M	498.33M	464.82M	496.27M
Asset Turnover	1.65x	1.66x	1.63x	1.88x	1.18x	0.59x	0.91x	0.92x	1.00x	0.91x
Asset Growth %	0.02%	0.03%	0.06%	0.04%	0.37%	0.06%	-0.11%	0.14%	-0.07%	0.07%
Total Current Liabilities+	101.55M	93.37M	94.9M	94.73M	95.58M	77.18M	97.52M	93.65M	103.3M	95.6M
Accounts Payable	20.76M	25.29M	32.49M	29.53M	20.26M	12.02M	15.6M	19.9M	24.07M	19.98M
Days Payables Outstanding	22.44	26.92	32.58	23.27	19.52	21	22.23	23.07	28.34	60.67
Short-Term Debt	3.25M	3.29M	3.17M	3.41M	0	18.7M	0	0	0	0
Deferred Revenue (Current)	0	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	34.1M	34.2M	35.08M	34.98M	24.35M	22.54M	8.95M	10.58M	7.69M	5.83M
Current Ratio	0.36x	0.38x	0.44x	0.50x	0.55x	0.63x	0.71x	0.54x	0.43x	0.42x
Quick Ratio	0.33x	0.35x	0.40x	0.47x	0.54x	0.62x	0.66x	0.48x	0.41x	0.40x
Cash Conversion Cycle	-6.77	-9.39	-14.68	-5.69	-1.83	8.06	2.97	3.8	-8.95	-35.65
Total Non-Current Liabilities+	256.08M	283.89M	326.24M	373.97M	502.87M	542.66M	403.27M	441.8M	424.2M	434.7M
Long-Term Debt	195M	218.5M	259M	286.5M	240M	210M	170M	261.5M	255.5M	261.3M
Capital Lease Obligations	17.5M	23.81M	27.05M	27.18M	167.53M	151.06M	137.04M	132.96M	123.6M	130.13M
Deferred Tax Liabilities	0	0	0	-18.41M	0	58.44M	0	7.42M	6.58M	9.96M
Other Non-Current Liabilities	43.58M	41.59M	40.19M	60.29M	95.34M	104.34M	96.23M	39.92M	38.52M	33.31M
Total Liabilities	357.63M	377.26M	421.14M	468.69M	598.45M	619.84M	500.79M	535.45M	527.5M	530.3M
Total Debt+	215.75M	245.59M	289.22M	317.09M	425.55M	379.76M	324.82M	411.45M	395.26M	408.2M
Net Debt	214.07M	243M	284.24M	312.06M	422.18M	375.87M	294.2M	407.93M	390.37M	406.5M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	2.55x	3.55x	3.06x	3.15x	2.30x	16.63x	2.72x	5.45x	5.88x	6.78x
Net Debt / EBITDA	2.53x	3.51x	3.01x	3.10x	2.28x	16.46x	2.46x	5.40x	5.81x	6.76x
Interest Coverage	6.80x	3.84x	4.52x	3.55x	8.95x	0.47x	8.35x	4.40x	2.51x	1.94x
Total Equity+	-60.59M	-71.11M	-97.36M	-133.34M	-138.06M	-130.45M	-65.27M	-37.12M	-62.69M	-34.02M
Equity Growth %	-39.28%	-0.17%	-0.37%	-0.37%	-0.04%	0.06%	0.5%	0.43%	-0.69%	0.46%
Book Value per Share	-0.72	-0.92	-1.38	-2.03	-2.23	-2.15	-1.00	-0.61	-1.12	-0.65
Total Shareholders' Equity	-60.59M	-71.11M	-97.36M	-133.34M	-138.06M	-130.45M	-65.27M	-37.12M	-62.69M	-34.02M
Common Stock	1.06M	1.07M	1.08M	1.09M	1.09M	640K	642K	650K	529K	513K
Retained Earnings	-402.25M	-382.84M	-334.66M	-306.41M	-189.4M	-194.51M	-116.44M	-41.73M	-21.78M	-2.5M
Treasury Stock	-201M	-265.88M	-355.63M	-416.81M	-519.78M	0	-30.59M	-95.48M	-6.46M	0
Accumulated OCI	-23.78M	-1.41M	-2.32M	-4.15M	-33.96M	-60.41M	-54.47M	-42.7M	-41.66M	-32.04M
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+	80.64M	71.16M	78.27M	73.69M	43.33M	-3.14M	76.17M	39.45M	72.13M	29.49M
Operating CF Margin %	0.16%	0.14%	0.15%	0.12%	0.08%	-0.01%	0.19%	0.09%	0.16%	0.07%
Operating CF Growth %	0.08%	-0.12%	0.1%	-0.06%	-0.41%	-1.07%	25.28%	-0.48%	0.83%	-0.59%
Net Income	35.98M	19.4M	39.59M	43.69M	117.41M	-5.12M	78.07M	74.71M	19.95M	21.57M
Depreciation & Amortization	21.47M	22.18M	23.72M	27.04M	19.85M	16.16M	15.45M	14.86M	14.38M	14.86M
Stock-Based Compensation	6.63M	7.61M	8.54M	6.04M	6.69M	7.95M	13.6M	11.4M	8.88M	10.68M
Deferred Taxes	14.01M	8.84M	10.27M	6.19M	16M	3.98M	9.07M	15.28M	-1.5M	-267K
Other Non-Cash Items	2.97M	27.63M	5.27M	3.17M	-93.69M	-2.42M	-58.13M	-55.09M	20.42M	3.78M
Working Capital Changes	-420K	-14.5M	-9.13M	-12.44M	-22.94M	-23.69M	18.12M	-21.71M	9.99M	-21.13M
Change in Receivables	1.44M	-15.79M	-807K	-4.72M	-18.83M	-13.95M	1.37M	-5.89M	3.9M	-3.29M
Change in Inventory	-166K	71K	-192K	141K	1.67M	101K	-3.88M	-460K	3.36M	428K
Change in Payables	2.35M	4.77M	10.03M	-5.15M	-5.17M	-10.68M	6.61M	3.92M	4.03M	-9.51M
Cash from Investing+	-32.73M	-32.66M	-27.15M	-32.02M	104.97M	4.65M	29.01M	-86.6M	-7.56M	-26.67M
Capital Expenditures	-26.98M	-19.75M	-18.81M	-22.02M	-13.97M	-6.96M	-7.36M	-11.84M	-9.98M	-28.57M
CapEx % of Revenue	0.05%	0.04%	0.04%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	45K	1.38M	4.02M	-928K	118.05M	3.15M	47.04M	7.25M	1.86M	121K
Cash from Financing+	-49.3M	-37.59M	-48.73M	-41.63M	-149.95M	-994K	-78.45M	20.04M	-63.19M	-6.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-13.16M	-6M	-947K	-5.54M	971K	-5.66M	-3.25M	-4.78M	-3.01M	-1.89M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	53.66M	51.41M	59.46M	51.66M	29.35M	-10.1M	68.82M	27.61M	62.15M	918K
FCF Margin %	0.11%	0.1%	0.11%	0.08%	0.05%	-0.03%	0.17%	0.06%	0.13%	0%
FCF Growth %	0.02%	-0.04%	0.16%	-0.13%	-0.43%	-1.34%	7.81%	-0.6%	1.25%	-0.99%
FCF per Share	0.63	0.67	0.84	0.79	0.47	-0.17	1.05	0.45	1.11	0.02
FCF Conversion (FCF/Net Income)	2.24x	3.67x	1.98x	1.69x	0.37x	0.61x	0.98x	0.53x	3.62x	1.37x
Interest Paid	8.14M	11.29M	0	0	0	0	14.16M	12.94M	13.39M	16.98M
Taxes Paid	5.36M	3.01M	0	0	0	0	9.94M	9.3M	9.2M	6.18M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	30.48%	21.67%	29.56%	30.2%	53.47%	1.89%	32.91%	15.16%	11.34%	9.71%
Gross Margin	31.26%	32.36%	31.21%	26.52%	30.05%	27.61%	35.69%	31.03%	33.17%	73.42%
Net Margin	7.32%	3.83%	7.48%	6.93%	21.69%	-1.77%	19.61%	16.37%	4.3%	4.77%
Interest Coverage	6.80x	3.84x	4.52x	3.55x	8.95x	0.47x	8.35x	4.40x	2.51x	1.94x
FCF Conversion	2.24x	3.67x	1.98x	1.69x	0.37x	0.61x	0.98x	0.53x	3.62x	1.37x
Revenue Growth	4.02%	3.19%	4.38%	19.09%	-14.09%	-46.69%	37.96%	14.63%	1.64%	-2.5%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Franchise	-	235.01M	170.44M	223.16M	256.68M	248.39M	240.55M
Franchise Growth	-	-	-27.47%	30.93%	15.02%	-3.23%	-3.16%
Franchisor Owned Outlet	411.93M	306.38M	-	175.02M	199.75M	215.53M	211.78M
Franchisor Owned Outlet Growth	-	-25.62%	-	-	14.13%	7.90%	-1.74%
Royalty	-	108.81M	-	103.42M	113.89M	120.13M	118.7M
Royalty Growth	-	-	-	-	10.12%	5.48%	-1.19%
Advertising	-	81.14M	-	69.96M	75.93M	78.49M	79.97M
Advertising Growth	-	-	-	-	8.53%	3.38%	1.88%
Occupancy	-	38.51M	-	41.77M	38.6M	35.88M	33.16M
Occupancy Growth	-	-	-	-	-7.59%	-7.03%	-7.58%
License	-	6.54M	-	8.01M	28.26M	13.88M	8.71M
License Growth	-	-	-	-	252.88%	-50.88%	-37.25%
Gift Card Redemption	-	1.4M	400K	-	-	-	-
Gift Card Redemption Growth	-	-	-71.43%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Denny's Corporation (DENN) has a price-to-earnings (P/E) ratio of 15.3x. This is roughly in line with market averages.

Growth & Financials

Denny's Corporation (DENN) reported $455.7M in revenue for fiscal year 2024. This represents a 15% decrease from $538.5M in 2011.

Denny's Corporation (DENN) saw revenue decline by 2.5% over the past year.

Yes, Denny's Corporation (DENN) is profitable, generating $16.1M in net income for fiscal year 2024 (4.8% net margin).

Dividend & Returns

Denny's Corporation (DENN) had negative free cash flow of $5.5M in fiscal year 2024, likely due to heavy capital investments.

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