Latest Ratios: P/E Ratio 26.4x · EV/EBITDA 24.0x · ROE 33.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.3B | $2.4B | $2.3B | $1.7B | $1.6B | $1.9B | $1.6B | $1.7B | $2.0B | $2.3B | $3.0B |
| Enterprise Value | $8.6B | $5.7B | $4.1B | $3.5B | $3.3B | $3.5B | $3.1B | $3.3B | $2.0B | $2.3B | $3.0B |
| P/E Ratio → | 26.42 | 16.29 | 14.82 | 16.91 | 36.87 | 38.76 | — | 13.59 | 20.33 | 14.73 | 21.16 |
| P/S Ratio | 1.32 | 0.64 | 0.65 | 0.50 | 0.48 | 0.65 | 0.82 | 0.70 | 0.86 | 1.03 | 1.30 |
| P/B Ratio | 11.83 | 5.54 | 5.24 | 5.40 | 5.47 | 5.75 | 3.21 | 3.03 | 3.52 | 3.78 | 4.90 |
| P/FCF | 24.15 | 15.59 | 21.52 | 26.35 | 32.77 | 13.06 | — | 12.11 | 10.85 | 19.94 | 15.98 |
| P/OCF | 17.61 | 8.03 | 8.66 | 7.86 | 9.87 | 8.92 | 559.07 | 7.91 | 6.90 | 9.72 | 9.77 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.51 | 1.16 | 1.02 | 1.01 | 1.20 | 1.57 | 1.32 | 0.86 | 1.03 | 1.32 |
| EV / EBITDA | 23.97 | 19.12 | 14.82 | 17.46 | 25.32 | 20.50 | — | 17.11 | 9.28 | 9.46 | 10.39 |
| EV / EBIT | 45.66 | 32.68 | 22.89 | 32.43 | 82.33 | 42.83 | — | 22.97 | 17.46 | 13.17 | 13.99 |
| EV / FCF | — | 36.53 | 38.42 | 54.02 | 68.15 | 24.24 | — | 22.96 | 10.76 | 19.97 | 16.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.3% | 78.3% | 77.5% | 40.9% | 38.8% | 41.1% | 37.6% | 41.1% | 41.4% | 42.6% | 43.5% |
| Operating Margin | 5.0% | 5.0% | 5.0% | 3.2% | 1.2% | 2.8% | -17.5% | 4.2% | 5.1% | 6.8% | 8.8% |
| Net Profit Margin | 4.0% | 4.0% | 4.4% | 2.9% | 1.3% | 2.5% | -12.8% | 5.1% | 4.2% | 7.0% | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.7% | 33.7% | 41.2% | 33.2% | 13.9% | 17.3% | -47.0% | 22.3% | 16.7% | 25.9% | 23.4% |
| ROA | 4.7% | 4.7% | 5.3% | 3.6% | 1.5% | 2.6% | -9.1% | 6.1% | 7.5% | 12.0% | 11.0% |
| ROIC | 4.7% | 4.7% | 6.1% | 3.9% | 1.5% | 3.1% | -12.7% | 5.8% | 15.2% | 18.1% | 23.5% |
| ROCE | 7.8% | 7.8% | 7.9% | 5.1% | 1.8% | 3.8% | -15.8% | 6.6% | 13.0% | 16.5% | 22.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 7.93 | 7.93 | 4.30 | 5.85 | 6.30 | 5.50 | 3.23 | 2.81 | 0.02 | 0.02 | 0.17 |
| Debt / EBITDA | 11.68 | 11.68 | 6.82 | 9.22 | 14.02 | 10.56 | — | 8.39 | 0.05 | 0.04 | 0.35 |
| Net Debt / Equity | — | 7.44 | 4.11 | 5.67 | 5.91 | 4.93 | 2.92 | 2.71 | -0.03 | 0.01 | 0.08 |
| Net Debt / EBITDA | 10.96 | 10.96 | 6.52 | 8.94 | 13.14 | 9.46 | — | 8.08 | -0.08 | 0.02 | 0.16 |
| Debt / FCF | — | 20.93 | 16.90 | 27.67 | 35.38 | 11.18 | — | 10.84 | -0.09 | 0.03 | 0.25 |
| Interest Coverage | 16.59 | 16.59 | 17.92 | 12.69 | 6.68 | 7.69 | -40.40 | 57.20 | 16.84 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.59 | 0.59 | 0.47 | 0.46 | 0.53 | 0.64 | 0.58 | 0.40 | 0.47 | 0.52 | 0.59 |
| Quick Ratio | 0.52 | 0.52 | 0.38 | 0.37 | 0.44 | 0.57 | 0.52 | 0.32 | 0.38 | 0.42 | 0.50 |
| Cash Ratio | 0.28 | 0.28 | 0.12 | 0.09 | 0.17 | 0.30 | 0.26 | 0.10 | 0.06 | 0.02 | 0.14 |
| Asset Turnover | — | 1.15 | 1.18 | 1.21 | 1.19 | 1.05 | 0.72 | 0.87 | 1.77 | 1.70 | 1.76 |
| Inventory Turnover | 15.07 | 15.07 | 12.49 | 35.23 | 36.41 | 40.28 | 31.48 | 30.95 | 35.15 | 30.47 | 36.84 |
| Days Sales Outstanding | — | 14.44 | 9.11 | 15.16 | 16.23 | 19.34 | 24.04 | 17.36 | 13.95 | 16.53 | 12.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 2.2% | 2.3% | 3.1% | 2.6% | 0.0% | 1.0% | 3.5% | 2.8% | 2.2% | 1.4% |
| Payout Ratio | 35.2% | 35.2% | 33.8% | 52.5% | 98.0% | 0.5% | — | 47.7% | 56.8% | 31.7% | 30.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 6.1% | 6.7% | 5.9% | 2.7% | 2.6% | — | 7.4% | 4.9% | 6.8% | 4.7% |
| FCF Yield | 4.1% | 6.4% | 4.6% | 3.8% | 3.1% | 7.7% | — | 8.3% | 9.2% | 5.0% | 6.3% |
| Buyback Yield | 2.9% | 6.4% | 0.8% | 2.7% | 3.9% | 0.3% | 0.2% | 2.9% | 5.4% | 5.3% | 5.0% |
| Total Shareholder Yield | 3.9% | 8.5% | 3.1% | 5.8% | 6.6% | 0.3% | 1.2% | 6.5% | 8.2% | 7.5% | 6.4% |
| Shares Outstanding | — | $48M | $49M | $49M | $50M | $49M | $44M | $45M | $46M | $48M | $49M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CAKE stock.
The Cheesecake Factory Incorporated's current P/E ratio is 26.4x. The historical average is 28.6x. This places it at the 55th percentile of its historical range.
The Cheesecake Factory Incorporated's current EV/EBITDA is 24.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
The Cheesecake Factory Incorporated's return on equity (ROE) is 33.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 15.0%.
Based on historical data, The Cheesecake Factory Incorporated is trading at a P/E of 26.4x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Cheesecake Factory Incorporated's current dividend yield is 1.01% with a payout ratio of 35.2%.
The Cheesecake Factory Incorporated has 78.3% gross margin and 5.0% operating margin.
The Cheesecake Factory Incorporated's Debt/EBITDA ratio is 11.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Lease-adjusted leverage and thin margins
Metrics are mathematically derived from official filings.
Premium Multiples Pricing In Sustained Growth
As reported in current market data, CAKE trades at a trailing P/E of 36.06 and EV/EBITDA of 29.52, a premium to Darden's 22.01 P/E and 14.94 EV/EBITDA that implies investors are paying for durable earnings expansion rather than current restaurant-level returns.
The gap between trailing P/E of 36.06 and forward P/E of 23.67 suggests the market expects earnings to rise sharply from recent levels, which is consistent with the strong latest-quarter EPS beat but depends on that momentum persisting. Relative to Darden and Texas Roadhouse, CAKE's premium is difficult to justify on a net margin of 3.96%, which is well below peers, so the valuation appears to rest more on brand and concept-expansion optionality than on present profitability. Investors should monitor whether forward estimates hold, since a multiple this elevated leaves limited room for disappointment.
Thin Margins Mask Operating Cost Burden
Based on reported figures, CAKE's operating margin of 7.2% and net margin of 5.9% in 2026Q3 sit well below Darden's 9.1% net margin, indicating that site-level labor and occupancy costs absorb most of the gross profit.
The reported gross margin series shifts from roughly 42% to about 78% across 2024 to 2025, a discontinuity that appears to reflect cost reclassification rather than an operating improvement, so gross margin comparisons over time should be treated cautiously. Operating margin, which oscillated between 3.5% and 7.6% over the ten quarters, is the more reliable gauge of earning power for a high-fixed-cost, scratch-kitchen model. The narrow spread between operating and net margin leaves little cushion against wage or utility inflation.
Equity Returns Inflated by Leverage
According to reported quarterly data, CAKE's ROE swung between 6.7% and 14.8% over the period while ROIC stayed near 1% to 2.5%, suggesting that headline equity returns are heavily amplified by a debt-funded capital structure.
The wide gap between ROE and ROIC indicates that the high return on equity is driven by financial leverage with a debt-to-equity ratio of 3.74 rather than by strong returns on the operating capital base. ROIC near 2% is modest relative to Brinker's 22.7% and Darden's 14.5%, which suggests the incremental capital deployed into new concepts has not yet generated comparable returns. Whether this compounds or decays depends on whether North Italia and FRC units can lift ROIC above their cost of debt.
Debt Service Comfort Improving Off Low Base
As reported in filings, CAKE's interest coverage recovered to 37.92 in 2026Q3 from 11.23 in 2025Q4, while debt-to-EBITDA eased to 20.62 from 55.93, though both remain stretched on a headline basis.
The sharp swing in coverage and leverage ratios across quarters reflects volatile EBITDA against largely fixed debt of roughly $2.1B rather than a steady deleveraging trend. Headline debt-to-equity of 3.74 likely understates the true obligation because it excludes present-value operating lease liabilities, which are material for a mall-based operator. Investors should monitor refinancing exposure and whether coverage holds through a softer consumer spending period.
Earnings Beat May Not Repeat
As reported in filings, CAKE's recent EPS of $1.19 to $1.41 compares against $0.60 to $0.67 a year earlier, but a thin 3.96% net margin and a conversion-driven cash profile leave limited room for the beat to persist.
The latest quarter's outperformance may reflect working capital timing and one-time items rather than a durable step-up in restaurant economics, a possibility the maintained full-year guidance appears to reinforce. Gross margin reclassification further complicates comparisons, so the apparent earnings momentum should be checked against operating margin, which has ranged only between 3.5% and 7.6%. Investors should treat the beat as a hypothesis to be tested in subsequent quarters rather than as evidence of a new earnings base.