RAVE Restaurant Group, Inc. (RAVE) 10-Year Financial Performance & Capital Metrics

RAVE • • Industrial / General

Consumer CyclicalRestaurantsPizza ChainsRegional Pizza Chains

AboutRave Restaurant Group, Inc., together with its subsidiaries, operates and franchises pizza buffet, delivery/carry-out (delco), and express restaurants under the Pizza Inn trademark in the United States and internationally. It operates through three segments: Pizza Inn Franchising, Pie Five Franchising, and Company-Owned Restaurants. The company's buffet restaurants are located in free standing buildings or strip centers in retail developments that offer dine-in, carryout, and catering services, as well as delivery services. Its delco restaurants provide delivery and carryout services and are located in shopping centers or other in-line retail developments. The company's Express restaurants serve customers through various non-traditional points of sale and are located in convenience stores, food courts, college campuses, airport terminals, travel plazas, athletic facilities, or other commercial facilities. In addition, it operates and franchises fast casual restaurants under the Pie Five Pizza Company or Pie Five trademarks. As of June 27, 2021, the company had 33 franchised Pie Five Units, 156 franchised Pizza Inn restaurants, and 11 licensed Pizza Inn Express, or PIE, kiosks. The company was formerly known as Pizza Inn Holdings, Inc. and changed its name to Rave Restaurant Group, Inc. in January 2015. Rave Restaurant Group, Inc. was founded in 1958 and is based in The Colony, Texas.Show more

Revenue $12M -0.9%
EBITDA $4M +6.5%
Net Income $3M +9.3%
EPS (Diluted) 0.19 +11.8%
Gross Margin 71.78% +2.7%
EBITDA Margin 31.56% +7.5%
Operating Margin 27.13% +12.2%
Net Margin 22.44% +10.3%
ROE 20.12% -6.0%
ROIC 21.63% -15.3%
Debt/Equity 0.04 -46.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 27.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.4%
✓Healthy 5Y average net margin of 29.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-12.95%

5Y3.72%

3Y4.03%

TTM0.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-30.42%

TTM7.96%

EPS CAGR

10Y-

5Y-

3Y-24.98%

TTM11.9%

ROCE

10Y Avg5.23%

5Y Avg18.93%

3Y Avg20.39%

Latest22.83%

Peer Comparison

Regional Pizza Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RAVERAVE Restaurant Group, Inc.	45.48M	3.20	16.84	-0.91%	23.12%	19.01%	7.34%	0.04

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	60.81M	57.11M	15.12M	12.32M	10.03M	8.59M	10.69M	11.89M	12.15M	12.04M
Revenue Growth %	0.26%	-0.06%	-0.74%	-0.19%	-0.19%	-0.14%	0.24%	0.11%	0.02%	-0.01%
Cost of Goods Sold+	56.94M	54.15M	6.3M	4.9M	3.49M	2.66M	3.29M	3.96M	3.66M	3.4M
COGS % of Revenue	0.94%	0.95%	0.42%	0.4%	0.35%	0.31%	0.31%	0.33%	0.3%	0.28%
Gross Profit+	3.87M	2.96M	8.82M	7.42M	6.54M	5.93M	7.41M	7.93M	8.49M	8.64M
Gross Margin %	0.06%	0.05%	0.58%	0.6%	0.65%	0.69%	0.69%	0.67%	0.7%	0.72%
Gross Profit Growth %	0.04%	-0.23%	1.97%	-0.16%	-0.12%	-0.09%	0.25%	0.07%	0.07%	0.02%
Operating Expenses+	7.25M	7.71M	8.47M	5.74M	5.56M	4.88M	4.93M	5.78M	5.55M	5.38M
OpEx % of Revenue	0.12%	0.13%	0.56%	0.47%	0.55%	0.57%	0.46%	0.49%	0.46%	0.45%
Selling, General & Admin	7.25M	7.71M	7.6M	5.27M	5.56M	4.71M	5.45M	5.49M	5.27M	5.21M
SG&A % of Revenue	0.12%	0.13%	0.5%	0.43%	0.55%	0.55%	0.51%	0.46%	0.43%	0.43%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	4.92M	466K	0	167K	-517K	287K	288K	161K
Operating Income+	-3.38M	-4.75M	350K	1.68M	982K	1.06M	2.48M	2.16M	2.94M	3.27M
Operating Margin %	-0.06%	-0.08%	0.02%	0.14%	0.1%	0.12%	0.23%	0.18%	0.24%	0.27%
Operating Income Growth %	-2.2%	-0.41%	1.07%	3.8%	-0.42%	0.08%	1.34%	-0.13%	0.36%	0.11%
EBITDA+	-653K	-2.29M	1.22M	2.15M	1.17M	1.79M	3.09M	2.81M	3.57M	3.8M
EBITDA Margin %	-0.01%	-0.04%	0.08%	0.17%	0.12%	0.21%	0.29%	0.24%	0.29%	0.32%
EBITDA Growth %	-2.16%	-2.51%	1.53%	0.75%	-0.46%	0.54%	0.72%	-0.09%	0.27%	0.07%
D&A (Non-Cash Add-back)	2.72M	2.46M	874K	466K	186K	736K	608K	651K	629K	534K
EBIT	-5.83M	-11.08M	-115K	-697K	796K	1.58M	2.43M	2.16M	2.94M	3.27M
Net Interest Income+	-4K	-90K	-183K	-57K	-55K	-81K	-40K	-1K	153K	354K
Interest Income	0	16K	0	47K	40K	11K	21K	0	153K	0
Interest Expense	4K	106K	183K	104K	95K	92K	61K	1K	0	-354K
Other Income/Expense	-1.7M	-7.35M	-1.4M	-2.48M	-1.14M	433K	-114K	-6K	153K	354K
Pretax Income+	-6.06M	-12.11M	-1.05M	-801K	-155K	1.49M	2.37M	2.15M	3.09M	3.62M
Pretax Margin %	-0.1%	-0.21%	-0.07%	-0.07%	-0.02%	0.17%	0.22%	0.18%	0.25%	0.3%
Income Tax+	2.71M	53K	-3.32M	-51K	4.08M	-29K	-5.66M	537K	619K	918K
Effective Tax Rate %	1.47%	1.03%	-1.82%	0.94%	27.31%	1.02%	3.39%	0.75%	0.8%	0.75%
Net Income+	-8.89M	-12.49M	1.91M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
Net Margin %	-0.15%	-0.22%	0.13%	-0.06%	-0.42%	0.18%	0.75%	0.14%	0.2%	0.22%
Net Income Growth %	-3.83%	-0.41%	1.15%	-1.39%	-4.64%	1.36%	4.28%	-0.8%	0.53%	0.09%
Net Income (Continuing)	-8.49M	-11.24M	2.27M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
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)+	-0.77	-1.09	0.13	-0.05	-0.28	0.09	0.45	0.10	0.17	0.19
EPS Growth %	-3.53%	-0.42%	1.12%	-1.38%	-4.62%	1.31%	4.14%	-0.78%	0.7%	0.12%
EPS (Basic)	-0.80	-1.09	0.13	-0.05	-0.28	0.09	0.45	0.11	0.17	0.19
Diluted Shares Outstanding	11.6M	11.45M	14.98M	15.07M	15.14M	18.11M	17.99M	15.91M	14.63M	14.56M
Basic Shares Outstanding	11.13M	11.45M	14.41M	15.07M	15.14M	17.31M	17.99M	15.32M	14.45M	14.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	4.87M	5.13M	4.74M	4.47M	4.93M	10.37M	10.06M	6.83M	9.54M	11.49M
Cash & Short-Term Investments	1.1M	451K	1.39M	2.26M	2.97M	8.33M	7.72M	5.33M	7.83M	9.88M
Cash Only	1.1M	451K	1.39M	2.26M	2.97M	8.33M	7.72M	5.33M	2.89M	2.86M
Short-Term Investments	0	0	0	0	0	0	0	0	4.95M	7.02M
Accounts Receivable	3.14M	3.63M	2.54M	1.58M	1.51M	1.81M	2.15M	1.25M	1.48M	1.22M
Days Sales Outstanding	18.85	23.2	61.21	46.93	55	76.97	73.49	38.38	44.43	36.87
Inventory	197K	79K	6K	7K	0	0	0	0	0	0
Days Inventory Outstanding	1.26	0.53	0.35	0.52	-	-	-	-	-	-
Other Current Assets	0	671K	539K	502K	278K	35K	36K	256K	226K	394K
Total Non-Current Assets+	13.63M	4.42M	6.25M	5.96M	4.77M	2.97M	8.46M	7.4M	6.28M	5.06M
Property, Plant & Equipment	12.98M	3.81M	1.51M	500K	3.93M	2.53M	2.03M	1.49M	999K	626K
Fixed Asset Turnover	4.69x	15.00x	10.01x	24.64x	2.55x	3.40x	5.27x	8.01x	12.16x	19.23x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	239K	212K	196K	155K	183K	232K	328K	252K	182K
Long-Term Investments	382K	127K	803K	735K	0	0	0	28K	0	75K
Other Non-Current Assets	272K	612K	243K	465K	685K	259K	425K	220K	276K	186K
Total Assets+	18.5M	9.55M	10.99M	10.43M	9.71M	13.35M	18.52M	14.24M	15.82M	16.56M
Asset Turnover	3.29x	5.98x	1.38x	1.18x	1.03x	0.64x	0.58x	0.84x	0.77x	0.73x
Asset Growth %	-0.23%	-0.48%	0.15%	-0.05%	-0.07%	0.38%	0.39%	-0.23%	0.11%	0.05%
Total Current Liabilities+	5.5M	6.74M	1.98M	2.38M	2.51M	4.53M	2.89M	2.2M	2.02M	1.74M
Accounts Payable	3.81M	4.17M	774K	400K	446K	644K	669K	502K	359K	207K
Days Payables Outstanding	24.46	28.08	44.85	29.81	46.64	88.43	74.33	46.32	35.84	22.24
Short-Term Debt	0	1M	0	0	0	1.83M	30K	0	0	0
Deferred Revenue (Current)	304K	212K	65K	275K	254K	626K	538K	342K	343K	308K
Other Current Liabilities	896K	945K	694K	310K	459K	810K	956K	776K	771K	855K
Current Ratio	0.89x	0.76x	2.39x	1.88x	1.96x	2.29x	3.48x	3.11x	4.72x	6.61x
Quick Ratio	0.85x	0.75x	2.39x	1.88x	1.96x	2.29x	3.48x	3.11x	4.72x	6.61x
Cash Conversion Cycle	-4.34	-4.34	16.71	17.65	-	-	-	-	-	-
Total Non-Current Liabilities+	3.6M	4.88M	2.71M	3.61M	6.69M	3.08M	2.21M	1.65M	1.1M	663K
Long-Term Debt	0	2.75M	1.56M	1.58M	2.21M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	3.47M	1.91M	1.42M	958K	555K	206K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.6M	708K	475K	469K	51K	0	0	0	0	0
Total Liabilities	9.1M	11.63M	4.69M	5.99M	9.2M	7.61M	5.1M	3.85M	3.12M	2.4M
Total Debt+	0	3.75M	1.56M	1.58M	6.31M	4.2M	1.94M	1.42M	957K	576K
Net Debt	-1.1M	3.3M	176K	-680K	3.34M	-4.13M	-5.78M	-3.91M	-1.93M	-2.28M
Debt / Equity	-	-	0.25x	0.36x	12.54x	0.73x	0.14x	0.14x	0.08x	0.04x
Debt / EBITDA	-	-	1.28x	0.74x	5.40x	2.34x	0.63x	0.51x	0.27x	0.15x
Net Debt / EBITDA	-	-	0.14x	-0.32x	2.86x	-2.30x	-1.87x	-1.39x	-0.54x	-0.60x
Interest Coverage	-843.75x	-44.76x	1.91x	16.16x	10.34x	11.50x	40.64x	2156.00x	-	-
Total Equity+	9.4M	-2.08M	6.3M	4.43M	503K	5.73M	13.41M	10.39M	12.7M	14.15M
Equity Growth %	-0.45%	-1.22%	4.03%	-0.3%	-0.89%	10.4%	1.34%	-0.23%	0.22%	0.11%
Book Value per Share	0.81	-0.18	0.42	0.29	0.03	0.32	0.75	0.65	0.87	0.97
Total Shareholders' Equity	9.4M	-2.08M	6.3M	4.43M	503K	5.73M	13.41M	10.39M	12.7M	14.15M
Common Stock	175K	178K	222K	222K	225K	251K	251K	251K	255K	256K
Retained Earnings	8.09M	-4.41M	-2.49M	-4.48M	-8.72M	-7.2M	826K	2.44M	4.91M	7.61M
Treasury Stock	-24.64M	-24.64M	-24.64M	-24.63M	-24.54M	-24.54M	-25.05M	-30.03M	-30.03M	-31.23M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	1.95M	-5.55M	-3.9M	659K	-360K	1.49M	1.38M	2.63M	2.74M	3.4M
Operating CF Margin %	0.03%	-0.1%	-0.26%	0.05%	-0.04%	0.17%	0.13%	0.22%	0.23%	0.28%
Operating CF Growth %	-0.02%	-3.85%	0.3%	1.17%	-1.55%	5.13%	-0.07%	0.9%	0.04%	0.24%
Net Income	-8.89M	-12.49M	1.91M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
Depreciation & Amortization	2.72M	2.46M	874K	466K	657K	700K	608K	651K	629K	237K
Stock-Based Compensation	213K	58K	115K	36K	-104K	80K	169K	345K	149K	136K
Deferred Taxes	2.59M	0	1.1M	-198K	4.06M	-525K	-5.77M	430K	586K	761K
Other Non-Cash Items	2.23M	6M	35K	2.4M	938K	63K	73K	78K	65K	185K
Working Capital Changes	3.07M	-1.57M	-7.94M	-1.29M	-1.68M	-353K	-1.72M	-488K	-1.16M	-626K
Change in Receivables	-44K	-576K	908K	226K	132K	47K	-1.12M	791K	-454K	288K
Change in Inventory	-17K	118K	73K	-1K	7K	-1.21M	0	0	0	0
Change in Payables	940K	350K	-4.24M	-21K	46K	198K	25K	-167K	-143K	-152K
Cash from Investing+	-7.67M	426K	708K	131K	67K	-238K	338K	-15K	-4.87M	-2.04M
Capital Expenditures	-8.11M	-573K	-1.08M	-81K	-56K	-286K	-162K	-65K	-76K	-56K
CapEx % of Revenue	0.13%	0.01%	0.07%	0.01%	0.01%	0.03%	0.02%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	444K	999K	1.79M	201K	123K	47K	500K	50K	100K	-16K
Cash from Financing+	866K	4.7M	4.13M	88K	999K	3.88M	-2.33M	-5.01M	-311K	-1.39M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	102K	806K	-1M	0	-15K	0	0	0	-311K	-182K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.16M	-6.12M	-4.98M	578K	-416K	1.2M	1.22M	2.4M	2.66M	3.34M
FCF Margin %	-0.1%	-0.11%	-0.33%	0.05%	-0.04%	0.14%	0.11%	0.2%	0.22%	0.28%
FCF Growth %	-0.3%	0.01%	0.19%	1.12%	-1.72%	3.88%	0.02%	0.96%	0.11%	0.25%
FCF per Share	-0.53	-0.53	-0.33	0.04	-0.03	0.07	0.07	0.15	0.18	0.23
FCF Conversion (FCF/Net Income)	-0.22x	0.44x	-2.04x	-0.88x	0.09x	0.98x	0.17x	1.63x	1.11x	1.26x
Interest Paid	0	25K	187K	72K	66K	64K	64K	1K	0	0
Taxes Paid	0	29K	64K	168K	18K	23K	31K	87K	5K	122K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-66.78%	-341.1%	90.62%	-13.98%	-171.48%	48.75%	83.8%	13.55%	21.42%	20.12%
Return on Invested Capital (ROIC)	-25.89%	-74.78%	6.82%	24.65%	19.39%	29.13%	40.27%	22.91%	25.54%	21.63%
Gross Margin	6.37%	5.19%	58.33%	60.24%	65.2%	69.07%	69.28%	66.73%	69.91%	71.78%
Net Margin	-14.61%	-21.87%	12.65%	-6.09%	-42.21%	17.69%	75.02%	13.57%	20.35%	22.44%
Debt / Equity	-	-	0.25x	0.36x	12.54x	0.73x	0.14x	0.14x	0.08x	0.04x
Interest Coverage	-843.75x	-44.76x	1.91x	16.16x	10.34x	11.50x	40.64x	2156.00x	-	-
FCF Conversion	-0.22x	0.44x	-2.04x	-0.88x	0.09x	0.98x	0.17x	1.63x	1.11x	1.26x
Revenue Growth	26.17%	-6.08%	-73.53%	-18.5%	-18.6%	-14.31%	24.44%	11.18%	2.2%	-0.91%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Franchise Royalties	-	3.7M	-	4.54M	-	4.84M	-
Franchise Royalties Growth	-	-	-	-	-	-	-
Supplier and Distributor Incentive Revenues	4.52M	3.91M	3.48M	4.21M	4.42M	4.83M	-
Supplier and Distributor Incentive Revenues Growth	-	-13.56%	-10.86%	21.02%	4.84%	9.39%	-
Advertising Funds	-	799K	-	1.41M	-	1.81M	-
Advertising Funds Growth	-	-	-	-	-	-	-
Franchise License Fees	-	853K	-	154K	-	281K	-
Franchise License Fees Growth	-	-	-	-	-	-	-
Supplier Convention Funds	-	278K	-	143K	-	217K	-
Supplier Convention Funds Growth	-	-	-	-	-	-	-
Rental Income	-	195K	-	186K	-	131K	-
Rental Income Growth	-	-	-	-	-	-	-
Other Revenues	47K	-	11K	21K	22K	15K	-
Other Revenues Growth	-	-	-	90.91%	4.76%	-31.82%	-
Area Development Exclusivity Fees and Foreign Master License Fees	-	-	-	19K	-	15K	-
Area Development Exclusivity Fees and Foreign Master License Fees Growth	-	-	-	-	-	-	-
Restaurant Sales	-	240K	-	-	-	-	-
Restaurant Sales Growth	-	-	-	-	-	-	-
Interest Income and Other	-	40K	-	-	-	-	-
Interest Income and Other Growth	-	-	-	-	-	-	-
Area Development Fees and Foreign Master License Fees	-	20K	-	-	-	-	-
Area Development Fees and Foreign Master License Fees Growth	-	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	-	-	-	11.79M
UNITED STATES Growth	-	-	-	-	-	-	-
US	-	9.85M	-	10.4M	-	11.94M	-
US Growth	-	-	-	-	-	-	-
Foreign Countries	-	181K	-	293K	-	210K	-
Foreign Countries Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

RAVE Restaurant Group, Inc. (RAVE) has a price-to-earnings (P/E) ratio of 16.8x. This is roughly in line with market averages.

Growth & Financials

RAVE Restaurant Group, Inc. (RAVE) reported $12.2M in revenue for fiscal year 2025. This represents a 72% decrease from $43.0M in 2012.

RAVE Restaurant Group, Inc. (RAVE) saw revenue decline by 0.9% over the past year.

Yes, RAVE Restaurant Group, Inc. (RAVE) is profitable, generating $2.8M in net income for fiscal year 2025 (22.4% net margin).

Dividend & Returns

RAVE Restaurant Group, Inc. (RAVE) has a return on equity (ROE) of 20.1%. This is excellent, indicating efficient use of shareholder capital.

RAVE Restaurant Group, Inc. (RAVE) generated $3.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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RAVE Restaurant Group, Inc. (RAVE) 10-Year Financial Performance & Capital Metrics

RAVE • • Industrial / General

Consumer CyclicalRestaurantsPizza ChainsRegional Pizza Chains

Revenue $12M -0.9%
EBITDA $4M +6.5%
Net Income $3M +9.3%
EPS (Diluted) 0.19 +11.8%
Gross Margin 71.78% +2.7%
EBITDA Margin 31.56% +7.5%
Operating Margin 27.13% +12.2%
Net Margin 22.44% +10.3%
ROE 20.12% -6.0%
ROIC 21.63% -15.3%
Debt/Equity 0.04 -46.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 27.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.4%
✓Healthy 5Y average net margin of 29.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-12.95%

5Y3.72%

3Y4.03%

TTM0.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-30.42%

TTM7.96%

EPS CAGR

10Y-

5Y-

3Y-24.98%

TTM11.9%

ROCE

10Y Avg5.23%

5Y Avg18.93%

3Y Avg20.39%

Latest22.83%

Peer Comparison

Regional Pizza Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RAVERAVE Restaurant Group, Inc.	45.48M	3.20	16.84	-0.91%	23.12%	19.01%	7.34%	0.04

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	60.81M	57.11M	15.12M	12.32M	10.03M	8.59M	10.69M	11.89M	12.15M	12.04M
Revenue Growth %	0.26%	-0.06%	-0.74%	-0.19%	-0.19%	-0.14%	0.24%	0.11%	0.02%	-0.01%
Cost of Goods Sold+	56.94M	54.15M	6.3M	4.9M	3.49M	2.66M	3.29M	3.96M	3.66M	3.4M
COGS % of Revenue	0.94%	0.95%	0.42%	0.4%	0.35%	0.31%	0.31%	0.33%	0.3%	0.28%
Gross Profit+	3.87M	2.96M	8.82M	7.42M	6.54M	5.93M	7.41M	7.93M	8.49M	8.64M
Gross Margin %	0.06%	0.05%	0.58%	0.6%	0.65%	0.69%	0.69%	0.67%	0.7%	0.72%
Gross Profit Growth %	0.04%	-0.23%	1.97%	-0.16%	-0.12%	-0.09%	0.25%	0.07%	0.07%	0.02%
Operating Expenses+	7.25M	7.71M	8.47M	5.74M	5.56M	4.88M	4.93M	5.78M	5.55M	5.38M
OpEx % of Revenue	0.12%	0.13%	0.56%	0.47%	0.55%	0.57%	0.46%	0.49%	0.46%	0.45%
Selling, General & Admin	7.25M	7.71M	7.6M	5.27M	5.56M	4.71M	5.45M	5.49M	5.27M	5.21M
SG&A % of Revenue	0.12%	0.13%	0.5%	0.43%	0.55%	0.55%	0.51%	0.46%	0.43%	0.43%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	4.92M	466K	0	167K	-517K	287K	288K	161K
Operating Income+	-3.38M	-4.75M	350K	1.68M	982K	1.06M	2.48M	2.16M	2.94M	3.27M
Operating Margin %	-0.06%	-0.08%	0.02%	0.14%	0.1%	0.12%	0.23%	0.18%	0.24%	0.27%
Operating Income Growth %	-2.2%	-0.41%	1.07%	3.8%	-0.42%	0.08%	1.34%	-0.13%	0.36%	0.11%
EBITDA+	-653K	-2.29M	1.22M	2.15M	1.17M	1.79M	3.09M	2.81M	3.57M	3.8M
EBITDA Margin %	-0.01%	-0.04%	0.08%	0.17%	0.12%	0.21%	0.29%	0.24%	0.29%	0.32%
EBITDA Growth %	-2.16%	-2.51%	1.53%	0.75%	-0.46%	0.54%	0.72%	-0.09%	0.27%	0.07%
D&A (Non-Cash Add-back)	2.72M	2.46M	874K	466K	186K	736K	608K	651K	629K	534K
EBIT	-5.83M	-11.08M	-115K	-697K	796K	1.58M	2.43M	2.16M	2.94M	3.27M
Net Interest Income+	-4K	-90K	-183K	-57K	-55K	-81K	-40K	-1K	153K	354K
Interest Income	0	16K	0	47K	40K	11K	21K	0	153K	0
Interest Expense	4K	106K	183K	104K	95K	92K	61K	1K	0	-354K
Other Income/Expense	-1.7M	-7.35M	-1.4M	-2.48M	-1.14M	433K	-114K	-6K	153K	354K
Pretax Income+	-6.06M	-12.11M	-1.05M	-801K	-155K	1.49M	2.37M	2.15M	3.09M	3.62M
Pretax Margin %	-0.1%	-0.21%	-0.07%	-0.07%	-0.02%	0.17%	0.22%	0.18%	0.25%	0.3%
Income Tax+	2.71M	53K	-3.32M	-51K	4.08M	-29K	-5.66M	537K	619K	918K
Effective Tax Rate %	1.47%	1.03%	-1.82%	0.94%	27.31%	1.02%	3.39%	0.75%	0.8%	0.75%
Net Income+	-8.89M	-12.49M	1.91M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
Net Margin %	-0.15%	-0.22%	0.13%	-0.06%	-0.42%	0.18%	0.75%	0.14%	0.2%	0.22%
Net Income Growth %	-3.83%	-0.41%	1.15%	-1.39%	-4.64%	1.36%	4.28%	-0.8%	0.53%	0.09%
Net Income (Continuing)	-8.49M	-11.24M	2.27M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
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)+	-0.77	-1.09	0.13	-0.05	-0.28	0.09	0.45	0.10	0.17	0.19
EPS Growth %	-3.53%	-0.42%	1.12%	-1.38%	-4.62%	1.31%	4.14%	-0.78%	0.7%	0.12%
EPS (Basic)	-0.80	-1.09	0.13	-0.05	-0.28	0.09	0.45	0.11	0.17	0.19
Diluted Shares Outstanding	11.6M	11.45M	14.98M	15.07M	15.14M	18.11M	17.99M	15.91M	14.63M	14.56M
Basic Shares Outstanding	11.13M	11.45M	14.41M	15.07M	15.14M	17.31M	17.99M	15.32M	14.45M	14.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	4.87M	5.13M	4.74M	4.47M	4.93M	10.37M	10.06M	6.83M	9.54M	11.49M
Cash & Short-Term Investments	1.1M	451K	1.39M	2.26M	2.97M	8.33M	7.72M	5.33M	7.83M	9.88M
Cash Only	1.1M	451K	1.39M	2.26M	2.97M	8.33M	7.72M	5.33M	2.89M	2.86M
Short-Term Investments	0	0	0	0	0	0	0	0	4.95M	7.02M
Accounts Receivable	3.14M	3.63M	2.54M	1.58M	1.51M	1.81M	2.15M	1.25M	1.48M	1.22M
Days Sales Outstanding	18.85	23.2	61.21	46.93	55	76.97	73.49	38.38	44.43	36.87
Inventory	197K	79K	6K	7K	0	0	0	0	0	0
Days Inventory Outstanding	1.26	0.53	0.35	0.52	-	-	-	-	-	-
Other Current Assets	0	671K	539K	502K	278K	35K	36K	256K	226K	394K
Total Non-Current Assets+	13.63M	4.42M	6.25M	5.96M	4.77M	2.97M	8.46M	7.4M	6.28M	5.06M
Property, Plant & Equipment	12.98M	3.81M	1.51M	500K	3.93M	2.53M	2.03M	1.49M	999K	626K
Fixed Asset Turnover	4.69x	15.00x	10.01x	24.64x	2.55x	3.40x	5.27x	8.01x	12.16x	19.23x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	239K	212K	196K	155K	183K	232K	328K	252K	182K
Long-Term Investments	382K	127K	803K	735K	0	0	0	28K	0	75K
Other Non-Current Assets	272K	612K	243K	465K	685K	259K	425K	220K	276K	186K
Total Assets+	18.5M	9.55M	10.99M	10.43M	9.71M	13.35M	18.52M	14.24M	15.82M	16.56M
Asset Turnover	3.29x	5.98x	1.38x	1.18x	1.03x	0.64x	0.58x	0.84x	0.77x	0.73x
Asset Growth %	-0.23%	-0.48%	0.15%	-0.05%	-0.07%	0.38%	0.39%	-0.23%	0.11%	0.05%
Total Current Liabilities+	5.5M	6.74M	1.98M	2.38M	2.51M	4.53M	2.89M	2.2M	2.02M	1.74M
Accounts Payable	3.81M	4.17M	774K	400K	446K	644K	669K	502K	359K	207K
Days Payables Outstanding	24.46	28.08	44.85	29.81	46.64	88.43	74.33	46.32	35.84	22.24
Short-Term Debt	0	1M	0	0	0	1.83M	30K	0	0	0
Deferred Revenue (Current)	304K	212K	65K	275K	254K	626K	538K	342K	343K	308K
Other Current Liabilities	896K	945K	694K	310K	459K	810K	956K	776K	771K	855K
Current Ratio	0.89x	0.76x	2.39x	1.88x	1.96x	2.29x	3.48x	3.11x	4.72x	6.61x
Quick Ratio	0.85x	0.75x	2.39x	1.88x	1.96x	2.29x	3.48x	3.11x	4.72x	6.61x
Cash Conversion Cycle	-4.34	-4.34	16.71	17.65	-	-	-	-	-	-
Total Non-Current Liabilities+	3.6M	4.88M	2.71M	3.61M	6.69M	3.08M	2.21M	1.65M	1.1M	663K
Long-Term Debt	0	2.75M	1.56M	1.58M	2.21M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	3.47M	1.91M	1.42M	958K	555K	206K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.6M	708K	475K	469K	51K	0	0	0	0	0
Total Liabilities	9.1M	11.63M	4.69M	5.99M	9.2M	7.61M	5.1M	3.85M	3.12M	2.4M
Total Debt+	0	3.75M	1.56M	1.58M	6.31M	4.2M	1.94M	1.42M	957K	576K
Net Debt	-1.1M	3.3M	176K	-680K	3.34M	-4.13M	-5.78M	-3.91M	-1.93M	-2.28M
Debt / Equity	-	-	0.25x	0.36x	12.54x	0.73x	0.14x	0.14x	0.08x	0.04x
Debt / EBITDA	-	-	1.28x	0.74x	5.40x	2.34x	0.63x	0.51x	0.27x	0.15x
Net Debt / EBITDA	-	-	0.14x	-0.32x	2.86x	-2.30x	-1.87x	-1.39x	-0.54x	-0.60x
Interest Coverage	-843.75x	-44.76x	1.91x	16.16x	10.34x	11.50x	40.64x	2156.00x	-	-
Total Equity+	9.4M	-2.08M	6.3M	4.43M	503K	5.73M	13.41M	10.39M	12.7M	14.15M
Equity Growth %	-0.45%	-1.22%	4.03%	-0.3%	-0.89%	10.4%	1.34%	-0.23%	0.22%	0.11%
Book Value per Share	0.81	-0.18	0.42	0.29	0.03	0.32	0.75	0.65	0.87	0.97
Total Shareholders' Equity	9.4M	-2.08M	6.3M	4.43M	503K	5.73M	13.41M	10.39M	12.7M	14.15M
Common Stock	175K	178K	222K	222K	225K	251K	251K	251K	255K	256K
Retained Earnings	8.09M	-4.41M	-2.49M	-4.48M	-8.72M	-7.2M	826K	2.44M	4.91M	7.61M
Treasury Stock	-24.64M	-24.64M	-24.64M	-24.63M	-24.54M	-24.54M	-25.05M	-30.03M	-30.03M	-31.23M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	1.95M	-5.55M	-3.9M	659K	-360K	1.49M	1.38M	2.63M	2.74M	3.4M
Operating CF Margin %	0.03%	-0.1%	-0.26%	0.05%	-0.04%	0.17%	0.13%	0.22%	0.23%	0.28%
Operating CF Growth %	-0.02%	-3.85%	0.3%	1.17%	-1.55%	5.13%	-0.07%	0.9%	0.04%	0.24%
Net Income	-8.89M	-12.49M	1.91M	-750K	-4.23M	1.52M	8.02M	1.61M	2.47M	2.7M
Depreciation & Amortization	2.72M	2.46M	874K	466K	657K	700K	608K	651K	629K	237K
Stock-Based Compensation	213K	58K	115K	36K	-104K	80K	169K	345K	149K	136K
Deferred Taxes	2.59M	0	1.1M	-198K	4.06M	-525K	-5.77M	430K	586K	761K
Other Non-Cash Items	2.23M	6M	35K	2.4M	938K	63K	73K	78K	65K	185K
Working Capital Changes	3.07M	-1.57M	-7.94M	-1.29M	-1.68M	-353K	-1.72M	-488K	-1.16M	-626K
Change in Receivables	-44K	-576K	908K	226K	132K	47K	-1.12M	791K	-454K	288K
Change in Inventory	-17K	118K	73K	-1K	7K	-1.21M	0	0	0	0
Change in Payables	940K	350K	-4.24M	-21K	46K	198K	25K	-167K	-143K	-152K
Cash from Investing+	-7.67M	426K	708K	131K	67K	-238K	338K	-15K	-4.87M	-2.04M
Capital Expenditures	-8.11M	-573K	-1.08M	-81K	-56K	-286K	-162K	-65K	-76K	-56K
CapEx % of Revenue	0.13%	0.01%	0.07%	0.01%	0.01%	0.03%	0.02%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	444K	999K	1.79M	201K	123K	47K	500K	50K	100K	-16K
Cash from Financing+	866K	4.7M	4.13M	88K	999K	3.88M	-2.33M	-5.01M	-311K	-1.39M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	102K	806K	-1M	0	-15K	0	0	0	-311K	-182K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.16M	-6.12M	-4.98M	578K	-416K	1.2M	1.22M	2.4M	2.66M	3.34M
FCF Margin %	-0.1%	-0.11%	-0.33%	0.05%	-0.04%	0.14%	0.11%	0.2%	0.22%	0.28%
FCF Growth %	-0.3%	0.01%	0.19%	1.12%	-1.72%	3.88%	0.02%	0.96%	0.11%	0.25%
FCF per Share	-0.53	-0.53	-0.33	0.04	-0.03	0.07	0.07	0.15	0.18	0.23
FCF Conversion (FCF/Net Income)	-0.22x	0.44x	-2.04x	-0.88x	0.09x	0.98x	0.17x	1.63x	1.11x	1.26x
Interest Paid	0	25K	187K	72K	66K	64K	64K	1K	0	0
Taxes Paid	0	29K	64K	168K	18K	23K	31K	87K	5K	122K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-66.78%	-341.1%	90.62%	-13.98%	-171.48%	48.75%	83.8%	13.55%	21.42%	20.12%
Return on Invested Capital (ROIC)	-25.89%	-74.78%	6.82%	24.65%	19.39%	29.13%	40.27%	22.91%	25.54%	21.63%
Gross Margin	6.37%	5.19%	58.33%	60.24%	65.2%	69.07%	69.28%	66.73%	69.91%	71.78%
Net Margin	-14.61%	-21.87%	12.65%	-6.09%	-42.21%	17.69%	75.02%	13.57%	20.35%	22.44%
Debt / Equity	-	-	0.25x	0.36x	12.54x	0.73x	0.14x	0.14x	0.08x	0.04x
Interest Coverage	-843.75x	-44.76x	1.91x	16.16x	10.34x	11.50x	40.64x	2156.00x	-	-
FCF Conversion	-0.22x	0.44x	-2.04x	-0.88x	0.09x	0.98x	0.17x	1.63x	1.11x	1.26x
Revenue Growth	26.17%	-6.08%	-73.53%	-18.5%	-18.6%	-14.31%	24.44%	11.18%	2.2%	-0.91%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Franchise Royalties	-	3.7M	-	4.54M	-	4.84M	-
Franchise Royalties Growth	-	-	-	-	-	-	-
Supplier and Distributor Incentive Revenues	4.52M	3.91M	3.48M	4.21M	4.42M	4.83M	-
Supplier and Distributor Incentive Revenues Growth	-	-13.56%	-10.86%	21.02%	4.84%	9.39%	-
Advertising Funds	-	799K	-	1.41M	-	1.81M	-
Advertising Funds Growth	-	-	-	-	-	-	-
Franchise License Fees	-	853K	-	154K	-	281K	-
Franchise License Fees Growth	-	-	-	-	-	-	-
Supplier Convention Funds	-	278K	-	143K	-	217K	-
Supplier Convention Funds Growth	-	-	-	-	-	-	-
Rental Income	-	195K	-	186K	-	131K	-
Rental Income Growth	-	-	-	-	-	-	-
Other Revenues	47K	-	11K	21K	22K	15K	-
Other Revenues Growth	-	-	-	90.91%	4.76%	-31.82%	-
Area Development Exclusivity Fees and Foreign Master License Fees	-	-	-	19K	-	15K	-
Area Development Exclusivity Fees and Foreign Master License Fees Growth	-	-	-	-	-	-	-
Restaurant Sales	-	240K	-	-	-	-	-
Restaurant Sales Growth	-	-	-	-	-	-	-
Interest Income and Other	-	40K	-	-	-	-	-
Interest Income and Other Growth	-	-	-	-	-	-	-
Area Development Fees and Foreign Master License Fees	-	20K	-	-	-	-	-
Area Development Fees and Foreign Master License Fees Growth	-	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	-	-	-	11.79M
UNITED STATES Growth	-	-	-	-	-	-	-
US	-	9.85M	-	10.4M	-	11.94M	-
US Growth	-	-	-	-	-	-	-
Foreign Countries	-	181K	-	293K	-	210K	-
Foreign Countries Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

RAVE Restaurant Group, Inc. (RAVE) has a price-to-earnings (P/E) ratio of 16.8x. This is roughly in line with market averages.

Growth & Financials

RAVE Restaurant Group, Inc. (RAVE) reported $12.2M in revenue for fiscal year 2025. This represents a 72% decrease from $43.0M in 2012.

RAVE Restaurant Group, Inc. (RAVE) saw revenue decline by 0.9% over the past year.

Yes, RAVE Restaurant Group, Inc. (RAVE) is profitable, generating $2.8M in net income for fiscal year 2025 (22.4% net margin).

Dividend & Returns

RAVE Restaurant Group, Inc. (RAVE) has a return on equity (ROE) of 20.1%. This is excellent, indicating efficient use of shareholder capital.

RAVE Restaurant Group, Inc. (RAVE) generated $3.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.