Cracker Barrel Old Country Store, Inc. (CBRL) 10-Year Financial Performance & Capital Metrics

CBRL • • Industrial / General

Consumer CyclicalRestaurantsCasual DiningFamily & Diner Casual

AboutCracker Barrel Old Country Store, Inc. develops and operates the Cracker Barrel Old Country Store concept in the United States. The company's Cracker Barrel stores consist of a restaurant with a gift shop. Its restaurants serve breakfast, lunch, and dinner, as well as dine-in, pick-up, and delivery services. The company's gift shops comprise various decorative and functional items, such as rocking chairs, seasonal gifts, apparel, toys, cookware, and various other gift items, as well as various candies, preserves, and other food items. As of September 15, 2021, it operated 664 Cracker Barrel stores in 45 states. The company was founded in 1969 and is headquartered in Lebanon, Tennessee.Show more

Revenue $3.48B +0.4%
EBITDA $177M +13.0%
Net Income $46M +13.3%
EPS (Diluted) 2.06 +12.6%
Gross Margin 32.95% +2.9%
EBITDA Margin 5.09% +12.6%
Operating Margin 1.58% +21.5%
Net Margin 1.33% +12.9%
ROE 10.29% +16.1%
ROIC 2.59% +22.9%
Debt/Equity 2.44 -10.5%
Interest Coverage 2.69 +24.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.8%
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Profits declining 15.9% over 5 years
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.06%

5Y6.67%

3Y2.16%

TTM0.37%

Profit (Net Income) CAGR

10Y-11.86%

5Y-15.86%

3Y-29.41%

TTM13.31%

EPS CAGR

10Y-11.28%

5Y-14.88%

3Y-28.64%

TTM12.5%

ROCE

10Y Avg13.38%

5Y Avg5.7%

3Y Avg4.29%

Latest3.39%

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

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Sales/Revenue+	2.91B	2.93B	3.03B	3.07B	2.52B	2.82B	3.27B	3.44B	3.47B	3.48B
Revenue Growth %	0.02%	0%	0.04%	0.01%	-0.18%	0.12%	0.16%	0.05%	0.01%	0%
Cost of Goods Sold+	1.93B	1.91B	1.99B	2.01B	1.7B	1.85B	2.2B	2.34B	2.36B	2.34B
COGS % of Revenue	0.66%	0.65%	0.66%	0.65%	0.68%	0.66%	0.67%	0.68%	0.68%	0.67%
Gross Profit+	977.99M	1.02B	1.04B	1.06B	817.86M	973.06M	1.07B	1.11B	1.11B	1.15B
Gross Margin %	0.34%	0.35%	0.34%	0.35%	0.32%	0.34%	0.33%	0.32%	0.32%	0.33%
Gross Profit Growth %	0.06%	0.04%	0.02%	0.02%	-0.23%	0.19%	0.1%	0.04%	0%	0.03%
Operating Expenses+	697.52M	704.71M	745.64M	779.28M	761.71M	824.13M	915.82M	971.91M	1.07B	1.09B
OpEx % of Revenue	0.24%	0.24%	0.25%	0.25%	0.3%	0.29%	0.28%	0.28%	0.31%	0.31%
Selling, General & Admin	142.98M	141.41M	143.76M	152.83M	146.97M	147.82M	157.43M	174.09M	207.06M	1.07B
SG&A % of Revenue	0.05%	0.05%	0.05%	0.05%	0.06%	0.05%	0.05%	0.05%	0.06%	0.31%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	554.53M	563.3M	601.89M	626.45M	614.73M	676.3M	758.39M	0	859.39M	20.06M
Operating Income+	280.47M	313.16M	293.59M	282.84M	56.15M	148.94M	153M	120.62M	45.12M	55.03M
Operating Margin %	0.1%	0.11%	0.1%	0.09%	0.02%	0.05%	0.05%	0.04%	0.01%	0.02%
Operating Income Growth %	0.1%	0.12%	-0.06%	-0.04%	-0.8%	1.65%	0.03%	-0.21%	-0.63%	0.22%
EBITDA+	358.69M	399.48M	387.28M	390.38M	237.77M	313.36M	315.07M	284.87M	156.87M	177.27M
EBITDA Margin %	0.12%	0.14%	0.13%	0.13%	0.09%	0.11%	0.1%	0.08%	0.05%	0.05%
EBITDA Growth %	0.09%	0.11%	-0.03%	0.01%	-0.39%	0.32%	0.01%	-0.1%	-0.45%	0.13%
D&A (Non-Cash Add-back)	78.22M	86.32M	93.69M	107.54M	181.62M	164.42M	162.07M	164.25M	111.75M	122.24M
EBIT	275.08M	309M	296.99M	282.84M	102.45M	392.08M	153M	134.62M	45.12M	75.09M
Net Interest Income+	-14.05M	-14.27M	-15.17M	-16.49M	-22.33M	-56.11M	-9.62M	-17.01M	-20.93M	-20.49M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	14.05M	14.27M	15.17M	16.49M	22.33M	56.11M	9.62M	17.01M	20.93M	20.49M
Other Income/Expense	-14.05M	-14.27M	-15.17M	-16.49M	25.13M	-56.11M	-9.62M	-17.01M	-20.93M	-17.3M
Pretax Income+	266.42M	298.89M	278.42M	266.36M	81.28M	310.55M	143.38M	103.61M	24.19M	37.73M
Pretax Margin %	0.09%	0.1%	0.09%	0.09%	0.03%	0.11%	0.04%	0.03%	0.01%	0.01%
Income Tax+	77.12M	96.99M	30.8M	42.95M	-28.68M	56.04M	11.5M	4.56M	-16.74M	8.65M
Effective Tax Rate %	0.71%	0.68%	0.89%	0.84%	1.35%	0.82%	0.92%	0.96%	1.69%	1.23%
Net Income+	189.3M	201.9M	247.62M	223.4M	109.97M	254.51M	131.88M	99.05M	40.93M	46.38M
Net Margin %	0.06%	0.07%	0.08%	0.07%	0.04%	0.09%	0.04%	0.03%	0.01%	0.01%
Net Income Growth %	0.15%	0.07%	0.23%	-0.1%	-0.51%	1.31%	-0.48%	-0.25%	-0.59%	0.13%
Net Income (Continuing)	189.3M	201.9M	247.62M	223.4M	-32.48M	254.51M	131.88M	99.05M	40.93M	29.07M
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)+	7.86	8.37	10.29	9.27	4.61	10.71	5.67	4.45	1.83	2.06
EPS Growth %	0.15%	0.06%	0.23%	-0.1%	-0.5%	1.32%	-0.47%	-0.22%	-0.59%	0.13%
EPS (Basic)	7.91	8.40	10.31	9.29	4.61	10.74	5.69	4.47	1.84	2.08
Diluted Shares Outstanding	24.07M	24.12M	24.08M	24.1M	23.87M	23.77M	23.25M	22.27M	22.32M	22.46M
Basic Shares Outstanding	23.95M	24.03M	24.01M	24.04M	23.87M	23.69M	23.16M	22.17M	22.19M	22.51M
Dividend Payout Ratio	1.35%	0.98%	0.84%	0.87%	0.86%	0.12%	0.87%	1.17%	2.84%	0.5%

Balance Sheet

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Total Current Assets+	355.74M	358.86M	306.75M	242.38M	643.01M	353.6M	317.28M	282.29M	278.21M	313.11M
Cash & Short-Term Investments	150.97M	161M	114.66M	36.88M	437M	144.59M	45.1M	25.15M	12.04M	39.64M
Cash Only	150.97M	161M	114.66M	36.88M	437M	144.59M	45.1M	25.15M	12.04M	39.64M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	35.57M	22.38M	19.5M	22.76M	49.01M	27.37M	32.25M	30.45M	49.09M	35.07M
Days Sales Outstanding	4.46	2.79	2.35	2.7	7.09	3.54	3.6	3.23	5.16	3.67
Inventory	152.31M	156.37M	156.25M	154.96M	139.09M	138.32M	213.25M	189.36M	180.96M	180.59M
Days Inventory Outstanding	28.74	29.91	28.64	28.14	29.78	27.31	35.4	29.58	28	28.22
Other Current Assets	2.32M	3.06M	0	9.45M	0	21.12M	2.45M	37.33M	36.13M	0
Total Non-Current Assets+	1.14B	1.16B	1.22B	1.34B	1.9B	2.04B	1.98B	1.94B	1.88B	1.85B
Property, Plant & Equipment	1.08B	1.1B	1.15B	1.17B	1.82B	1.95B	1.9B	1.86B	1.81B	1.77B
Fixed Asset Turnover	2.70x	2.66x	2.64x	2.63x	1.38x	1.44x	1.72x	1.85x	1.92x	1.96x
Goodwill	0	0	0	0	4.69M	4.69M	4.69M	4.69M	0	0
Intangible Assets	0	0	0	0	20.96M	21.29M	21.21M	23.43M	24.43M	24.35M
Long-Term Investments	0	0	6.09M	89.1M	-257.19M	-98.63M	0	-74.26M	0	0
Other Non-Current Assets	61.73M	59.92M	85.86M	80.78M	53.59M	57.8M	-31.59M	46.44M	48.2M	51.36M
Total Assets+	1.5B	1.52B	1.53B	1.58B	2.54B	2.39B	2.29B	2.22B	2.16B	2.16B
Asset Turnover	1.94x	1.92x	1.98x	1.94x	0.99x	1.18x	1.42x	1.55x	1.61x	1.61x
Asset Growth %	-0.05%	0.02%	0%	0.04%	0.61%	-0.06%	-0.04%	-0.03%	-0.03%	0%
Total Current Liabilities+	368.82M	375.83M	364.62M	392.47M	451.06M	465.26M	502.32M	488.97M	454.21M	625.6M
Accounts Payable	132.49M	118.39M	122.33M	132.22M	103.5M	135.18M	169.87M	165.48M	162.29M	169.85M
Days Payables Outstanding	25	22.64	22.42	24.01	22.16	26.69	28.2	25.85	25.11	26.54
Short-Term Debt	0	0	0	0	39.4M	50.58M	54.7M	46.41M	75K	149.18M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	83.18M	87.35M	80.02M	85.71M	90.4M	97.84M	129.57M	92.82M	65.66M	306.58M
Current Ratio	0.96x	0.95x	0.84x	0.62x	1.43x	0.76x	0.63x	0.58x	0.61x	0.50x
Quick Ratio	0.55x	0.54x	0.41x	0.22x	1.12x	0.46x	0.21x	0.19x	0.21x	0.21x
Cash Conversion Cycle	8.2	10.05	8.57	6.83	14.71	4.16	10.8	6.96	8.05	5.35
Total Non-Current Liabilities+	602.4M	601.61M	580.96M	584.04M	1.67B	1.26B	1.28B	1.25B	1.27B	1.07B
Long-Term Debt	400M	400M	400M	400M	933.86M	327.25M	423.25M	414.9M	476.58M	335.46M
Capital Lease Obligations	0	0	0	0	632.63M	748.3M	722.16M	702.41M	675.99M	644.03M
Deferred Tax Liabilities	53.73M	65.42M	52.16M	44.12M	27.72M	98.63M	80.19M	74.26M	67.71M	0
Other Non-Current Liabilities	148.68M	136.19M	180.96M	139.92M	108.32M	88.61M	135.7M	53.73M	46.85M	95.11M
Total Liabilities	971.22M	977.43M	945.57M	976.51M	2.13B	1.73B	1.78B	1.73B	1.72B	1.7B
Total Debt+	400M	400M	400M	400M	1.54B	1.08B	1.2B	1.12B	1.2B	1.13B
Net Debt	249.03M	239M	285.34M	363.12M	1.11B	930.97M	1.15B	1.09B	1.19B	1.09B
Debt / Equity	0.76x	0.73x	0.69x	0.66x	3.69x	1.62x	2.35x	2.31x	2.73x	2.44x
Debt / EBITDA	1.12x	1.00x	1.03x	1.02x	6.49x	3.43x	3.81x	3.92x	7.67x	6.37x
Net Debt / EBITDA	0.69x	0.60x	0.74x	0.93x	4.65x	2.97x	3.67x	3.83x	7.59x	6.14x
Interest Coverage	19.96x	21.94x	19.35x	17.15x	2.52x	2.65x	15.90x	7.09x	2.16x	2.69x
Total Equity+	526.44M	544.51M	581.78M	604.71M	418.39M	663.63M	511.48M	483.82M	440.15M	461.69M
Equity Growth %	-0.02%	0.03%	0.07%	0.04%	-0.31%	0.59%	-0.23%	-0.05%	-0.09%	0.05%
Book Value per Share	21.87	22.58	24.16	25.10	17.53	27.92	22.00	21.73	19.72	20.55
Total Shareholders' Equity	526.44M	544.51M	581.78M	604.71M	418.39M	663.63M	511.48M	483.82M	440.15M	461.69M
Common Stock	240K	241K	240K	241K	237K	235K	223K	221K	222K	461.69M
Retained Earnings	488.48M	492.84M	532.81M	561.65M	438.5M	663.4M	511.26M	479.72M	427.35M	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.74M	-4.23M	4.68M	-6.91M	-20.35M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Cash from Operations+	271.38M	320.77M	330.62M	362.8M	161M	301.9M	205.25M	250.46M	168.98M	218.9M
Operating CF Margin %	0.09%	0.11%	0.11%	0.12%	0.06%	0.11%	0.06%	0.07%	0.05%	0.06%
Operating CF Growth %	-0.19%	0.18%	0.03%	0.1%	-0.56%	0.88%	-0.32%	0.22%	-0.33%	0.3%
Net Income	189.3M	201.9M	247.62M	223.4M	-32.48M	254.51M	131.88M	99.05M	40.93M	46.38M
Depreciation & Amortization	78.22M	86.32M	93.69M	107.54M	118.18M	121.34M	116.3M	117.22M	124.48M	124.11M
Stock-Based Compensation	10.58M	5.82M	6.98M	8.18M	6.39M	8.73M	8.2M	9.04M	10.3M	11.74M
Deferred Taxes	13.64M	13.64M	5.06M	-4.17M	-40.33M	-213.66M	67.14M	18.29M	0	0
Other Non-Cash Items	7.15M	-8.06M	2.06M	14.44M	205.88M	56.68M	-1.25M	61.5M	92.56M	106.18M
Working Capital Changes	-13.87M	21.14M	-24.79M	13.41M	-96.65M	74.3M	-117.02M	-54.65M	-99.28M	-69.52M
Change in Receivables	-1.34M	1.27M	-1.38M	-3.26M	3.12M	-7.02M	-2.04M	3.4M	-7.48M	0
Change in Inventory	750K	-4.06M	114K	1.29M	16.09M	771K	-74.93M	23.89M	8.41M	373K
Change in Payables	-624K	-14.1M	3.94M	9.89M	-30.59M	31.67M	34.7M	-4.39M	-3.2M	0
Cash from Investing+	-112.52M	-109.61M	-151.22M	-241.57M	-157.23M	78.33M	-98.5M	-124.32M	-124.33M	-156.7M
Capital Expenditures	-113.36M	-110.11M	-151.63M	-137.54M	-296.01M	-70.13M	-97.1M	-125.39M	-128.29M	-158.65M
CapEx % of Revenue	0.04%	0.04%	0.05%	0.04%	0.12%	0.02%	0.03%	0.04%	0.04%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	845K	503K	411K	-14.93M	171.75M	149.96M	105K	1.6M	3.97M	1.95M
Cash from Financing+	-273.35M	-201.13M	-225.74M	-198.99M	396.34M	-672.64M	-206.24M	-146.1M	-57.77M	-34.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-255.55M	-196.87M	-207.16M	-193.47M	-94.54M	-31.67M	-114.83M	-116.08M	-116.08M	-23.1M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.15M	-4.26M	-3.82M	-3.02M	-3.51M	-30.72M	-4.75M	-2.45M	-1.61M	-2.84M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	158.02M	210.66M	178.99M	225.26M	-135.01M	231.77M	108.15M	125.07M	40.69M	60.25M
FCF Margin %	0.05%	0.07%	0.06%	0.07%	-0.05%	0.08%	0.03%	0.04%	0.01%	0.02%
FCF Growth %	-0.35%	0.33%	-0.15%	0.26%	-1.6%	2.72%	-0.53%	0.16%	-0.67%	0.48%
FCF per Share	6.56	8.73	7.43	9.35	-5.66	9.75	4.65	5.62	1.82	2.68
FCF Conversion (FCF/Net Income)	1.43x	1.59x	1.34x	1.62x	1.46x	1.19x	1.56x	2.53x	4.13x	4.72x
Interest Paid	12.75M	12.85M	17.27M	12.1M	20.27M	40.8M	7.7M	13.6M	18.48M	0
Taxes Paid	84.87M	78.09M	43.47M	56.45M	5.67M	2.91M	25.95M	6.49M	9.21M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.56%	37.7%	43.97%	37.66%	21.5%	47.04%	22.45%	19.9%	8.86%	10.29%
Return on Invested Capital (ROIC)	29.05%	30.13%	26.68%	23.12%	3.38%	7.16%	7.04%	5.58%	2.11%	2.59%
Gross Margin	33.58%	34.78%	34.29%	34.57%	32.42%	34.49%	32.71%	32.14%	32.03%	32.95%
Net Margin	6.5%	6.9%	8.17%	7.27%	4.36%	9.02%	4.04%	2.88%	1.18%	1.33%
Debt / Equity	0.76x	0.73x	0.69x	0.66x	3.69x	1.62x	2.35x	2.31x	2.73x	2.44x
Interest Coverage	19.96x	21.94x	19.35x	17.15x	2.52x	2.65x	15.90x	7.09x	2.16x	2.69x
FCF Conversion	1.43x	1.59x	1.34x	1.62x	1.46x	1.19x	1.56x	2.53x	4.13x	4.72x
Revenue Growth	2.47%	0.48%	3.56%	1.37%	-17.88%	11.84%	15.82%	5.36%	0.81%	0.37%

Revenue by Segment

	2020	2021	2022	2023	2024
Restaurant	2.03B	2.23B	2.57B	2.74B	2.79B
Restaurant Growth	-	9.61%	15.19%	6.83%	1.94%
Retail	490.76M	594.2M	702.16M	701.94M	676.63M
Retail Growth	-	21.08%	18.17%	-0.03%	-3.61%

Frequently Asked Questions

Valuation & Price

Cracker Barrel Old Country Store, Inc. (CBRL) has a price-to-earnings (P/E) ratio of 17.8x. This is roughly in line with market averages.

Growth & Financials

Cracker Barrel Old Country Store, Inc. (CBRL) reported $3.48B in revenue for fiscal year 2025. This represents a 35% increase from $2.58B in 2012.

Cracker Barrel Old Country Store, Inc. (CBRL) grew revenue by 0.4% over the past year. Growth has been modest.

Yes, Cracker Barrel Old Country Store, Inc. (CBRL) is profitable, generating $46.4M in net income for fiscal year 2025 (1.3% net margin).

Dividend & Returns

Yes, Cracker Barrel Old Country Store, Inc. (CBRL) pays a dividend with a yield of 2.80%. This makes it attractive for income-focused investors.

Cracker Barrel Old Country Store, Inc. (CBRL) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Cracker Barrel Old Country Store, Inc. (CBRL) generated $59.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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