Shake Shack Inc. (SHAK) 10-Year Financial Performance & Capital Metrics

SHAK • • Industrial / General

Consumer CyclicalRestaurantsFast CasualBurger & Sandwich QSR

AboutShake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 29, 2021, it operated 369 Shacks, including 218 domestic company-operated Shacks, 25 domestic licensed Shacks, and 126 international licensed Shacks. Shake Shack Inc. was founded in 2001 and is headquartered in New York, New York.Show more

Revenue $1.25B +15.2%
EBITDA $108M +8.8%
Net Income $10M -49.6%
EPS (Diluted) 0.24 -47.8%
Gross Margin 45.82% +4.2%
EBITDA Margin 8.59% -5.6%
Operating Margin 0.24% -55.5%
Net Margin 0.81% -56.3%
ROE 2.12% -52.6%
ROIC 0.22% -51.5%
Debt/Equity 1.75 +6.7%
Interest Coverage 1.49 -56.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.1%

✗Weaknesses

✗Weak 3Y average ROE of 0.6%
✗Profits declining 12.4% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y26.59%

5Y16.07%

3Y19.18%

TTM13.49%

Profit (Net Income) CAGR

10Y17.03%

5Y-12.44%

3Y-

TTM388.58%

EPS CAGR

10Y2.36%

5Y-17.02%

3Y-

TTM502.13%

ROCE

10Y Avg1.98%

5Y Avg-1.46%

3Y Avg-0.45%

Latest0.21%

Peer Comparison

Burger & Sandwich QSR

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHAKShake Shack Inc.	4.06B	100.77	419.88	15.18%	3.1%	7.96%	0.88%	1.75
NATHNathan's Famous, Inc.	386.13M	94.42	16.09	6.91%	15.74%		6.48%
PTLOPortillo's Inc.	396.35M	5.51	11.98	4.51%	3.35%	5.02%	2.48%	1.22
WENThe Wendy's Company	1.63B	8.54	8.99	2.98%	8.43%	170.42%	16.05%	15.78
GTIMGood Times Restaurants Inc.	12.35M	1.17	8.36	3.01%	0.88%	3.72%	16.09%	1.34
RRGBRed Robin Gourmet Burgers, Inc.	75.99M	4.23	-0.86	-4.18%	-4.32%
BTBDBT Brands, Inc.	9.29M	1.51	-4.08	5.31%	-6.67%	-12.12%		0.58
JACKJack in the Box Inc.	444.45M	23.52	-5.59	-6.75%	-4.34%		16.68%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	190.59M	268.48M	358.81M	459.31M	594.52M	522.87M	739.89M	900.49M	1.09B	1.25B
Revenue Growth %	0.61%	0.41%	0.34%	0.28%	0.29%	-0.12%	0.42%	0.22%	0.21%	0.15%
Cost of Goods Sold+	98.83M	139.29M	190.08M	248.19M	328.99M	310.15M	433.38M	518.94M	609.29M	678.69M
COGS % of Revenue	0.52%	0.52%	0.53%	0.54%	0.55%	0.59%	0.59%	0.58%	0.56%	0.54%
Gross Profit+	91.76M	129.18M	168.73M	211.12M	265.53M	212.72M	306.52M	381.54M	478.24M	573.92M
Gross Margin %	0.48%	0.48%	0.47%	0.46%	0.45%	0.41%	0.41%	0.42%	0.44%	0.46%
Gross Profit Growth %	0.69%	0.41%	0.31%	0.25%	0.26%	-0.2%	0.44%	0.24%	0.25%	0.2%
Operating Expenses+	85.01M	101.38M	134.92M	179.41M	239.85M	256.59M	322.37M	408.44M	472.32M	570.88M
OpEx % of Revenue	0.45%	0.38%	0.38%	0.39%	0.4%	0.49%	0.44%	0.45%	0.43%	0.46%
Selling, General & Admin	53.03M	52.38M	67.2M	85.43M	114.1M	115.84M	146.42M	188.52M	209.39M	242.12M
SG&A % of Revenue	0.28%	0.2%	0.19%	0.19%	0.19%	0.22%	0.2%	0.21%	0.19%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	31.98M	49M	67.72M	93.98M	125.75M	140.75M	175.95M	219.92M	262.93M	328.76M
Operating Income+	6.75M	27.8M	33.81M	31.71M	25.68M	-43.88M	-15.85M	-26.89M	5.92M	3.04M
Operating Margin %	0.04%	0.1%	0.09%	0.07%	0.04%	-0.08%	-0.02%	-0.03%	0.01%	0%
Operating Income Growth %	1.15%	3.12%	0.22%	-0.06%	-0.19%	-2.71%	0.64%	-0.7%	1.22%	-0.49%
EBITDA+	16.98M	42.31M	55.52M	60.71M	66.39M	6.37M	44.38M	47.4M	98.96M	107.64M
EBITDA Margin %	0.09%	0.16%	0.15%	0.13%	0.11%	0.01%	0.06%	0.05%	0.09%	0.09%
EBITDA Growth %	0.9%	1.49%	0.31%	0.09%	0.09%	-0.9%	5.97%	0.07%	1.09%	0.09%
D&A (Non-Cash Add-back)	10.22M	14.5M	21.7M	29M	40.7M	50.24M	60.24M	74.3M	93.04M	104.61M
EBIT	6.76M	28.87M	161.94M	33.23M	27.95M	-44.66M	-15.76M	-22.77M	18.7M	16.29M
Net Interest Income+	-325K	-374K	-1.64M	-2.42M	-434K	-815K	-1.58M	-1.52M	-1.72M	-2.04M
Interest Income	7K	0	0	0	0	0	0	0	0	0
Interest Expense	332K	374K	1.64M	2.42M	434K	815K	1.58M	1.52M	1.72M	2.04M
Other Income/Expense	-325K	691K	126.48M	-901K	1.83M	-1.6M	-1.48M	2.61M	11.06M	11.21M
Pretax Income+	6.43M	28.5M	160.29M	30.81M	27.51M	-45.48M	-17.34M	-24.29M	16.98M	14.24M
Pretax Margin %	0.03%	0.11%	0.45%	0.07%	0.05%	-0.09%	-0.02%	-0.03%	0.02%	0.01%
Income Tax+	3.3M	6.35M	151.41M	8.86M	3.39M	57K	-11.32M	-1.18M	-4.01M	3.42M
Effective Tax Rate %	-1.37%	0.44%	-0%	0.49%	0.72%	0.93%	0.26%	0.87%	1.19%	0.72%
Net Income+	-8.78M	12.45M	-320K	15.18M	19.83M	-42.16M	-4.56M	-21.23M	20.26M	10.21M
Net Margin %	-0.05%	0.05%	-0%	0.03%	0.03%	-0.08%	-0.01%	-0.02%	0.02%	0.01%
Net Income Growth %	-5.14%	2.42%	-1.03%	48.43%	0.31%	-3.13%	0.89%	-3.65%	1.95%	-0.5%
Net Income (Continuing)	3.12M	22.15M	8.88M	21.95M	24.13M	-45.53M	-6.02M	-23.11M	20.99M	10.82M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	56.4M	49.16M	54.99M	47.38M	23.17M	27.17M	26.06M	24.63M	25.95M	23.61M
EPS (Diluted)+	-0.65	0.53	-0.09	0.52	0.61	-1.23	-0.22	-0.66	0.46	0.24
EPS Growth %	-4.42%	1.82%	-1.17%	6.94%	0.17%	-3.02%	0.82%	-2%	1.7%	-0.48%
EPS (Basic)	-0.65	0.54	-0.09	0.54	0.63	-1.23	-0.22	-0.66	0.51	0.26
Diluted Shares Outstanding	13.59M	23.45M	25.88M	29.18M	32.25M	37.13M	39.09M	39.24M	43.9M	44.2M
Basic Shares Outstanding	13.5M	22.96M	25.88M	28.3M	31.38M	37.13M	39.09M	39.24M	39.42M	39.83M
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+	78.93M	83.94M	93.2M	101.12M	87.67M	203.19M	409.68M	343.99M	334.43M	368.22M
Cash & Short-Term Investments	70.85M	11.61M	21.51M	24.75M	73.61M	183.76M	382.41M	311.23M	293.21M	320.71M
Cash Only	70.85M	11.61M	21.51M	24.75M	37.1M	146.87M	302.41M	230.52M	224.65M	320.71M
Short-Term Investments	0	0	0	0	36.51M	36.89M	80M	80.71M	68.56M	0
Accounts Receivable	4.22M	6.01M	5.64M	10.52M	9.97M	9.46M	13.66M	24M	28.98M	19.69M
Days Sales Outstanding	8.08	8.17	5.74	8.36	6.12	6.61	6.74	9.73	9.73	5.74
Inventory	543K	806K	1.26M	1.75M	2.22M	2.89M	3.85M	4.18M	5.4M	6.01M
Days Inventory Outstanding	2.01	2.11	2.42	2.57	2.46	3.4	3.24	2.94	3.24	3.23
Other Current Assets	0	3.14M	2.2M	0	1.88M	7.07M	9.76M	763K	1.19M	844K
Total Non-Current Assets+	300.61M	454.25M	377.41M	509.41M	885.13M	942.16M	1.05B	1.17B	1.27B	1.33B
Property, Plant & Equipment	93.04M	136.26M	187.09M	261.85M	589.29M	642.86M	736.66M	834.52M	929.29M	976.21M
Fixed Asset Turnover	2.05x	1.97x	1.92x	1.75x	1.01x	0.81x	1.00x	1.08x	1.17x	1.28x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	701K	701K	894K	1.16M	1.44M	1.44M	1.46M	0	1.9M	2.04M
Long-Term Investments	2.11M	639K	-894K	-1.16M	0	-1.44M	0	0	-1.9M	0
Other Non-Current Assets	2.8M	3.44M	4.4M	5.03M	10.05M	12.3M	11.1M	15.82M	14.02M	8.92M
Total Assets+	379.55M	538.19M	470.61M	610.53M	972.81M	1.15B	1.46B	1.51B	1.61B	1.7B
Asset Turnover	0.50x	0.50x	0.76x	0.75x	0.61x	0.46x	0.51x	0.60x	0.68x	0.74x
Asset Growth %	3.57%	0.42%	-0.13%	0.3%	0.59%	0.18%	0.28%	0.04%	0.06%	0.06%
Total Current Liabilities+	24M	31.72M	34.02M	59.95M	99.39M	109.7M	121.5M	147.72M	164.07M	187.31M
Accounts Payable	6.79M	6.92M	8.21M	12.47M	14.3M	23.49M	19.95M	20.41M	22.27M	23.61M
Days Payables Outstanding	25.06	18.14	15.77	18.33	15.87	27.64	16.8	14.35	13.34	12.7
Short-Term Debt	0	0	0	0	31.88M	0	38.23M	0	0	55.74M
Deferred Revenue (Current)	833K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.41M	18.71M	19.59M	35.03M	39.51M	35.48M	45.38M	9.36M	4.99M	20.13M
Current Ratio	3.29x	2.65x	2.74x	1.69x	0.88x	1.85x	3.37x	2.33x	2.04x	1.97x
Quick Ratio	3.27x	2.62x	2.70x	1.66x	0.86x	1.83x	3.34x	2.30x	2.01x	1.93x
Cash Conversion Cycle	-14.98	-7.86	-7.61	-7.4	-7.28	-17.64	-6.82	-1.68	-0.38	-3.73
Total Non-Current Liabilities+	198.52M	305.13M	212.1M	277.13M	551.43M	601.15M	903.68M	927.4M	972.42M	1.02B
Long-Term Debt	313K	0	0	0	0	0	243.54M	244.59M	245.64M	246.68M
Capital Lease Obligations	0	2.01M	14.52M	20.85M	308.56M	347.32M	404.42M	431.14M	473.25M	503.12M
Deferred Tax Liabilities	316K	370K	673K	1.44M	4.54M	0	3.2M	0	0	0
Other Non-Current Liabilities	198.21M	303.12M	197.59M	256.28M	227.02M	241.68M	239.85M	237.33M	236.37M	249.17M
Total Liabilities	222.53M	336.84M	246.13M	337.08M	650.82M	710.86M	1.03B	1.08B	1.14B	1.2B
Total Debt+	313K	2.01M	14.52M	20.85M	340.43M	384.98M	686.19M	720.51M	771.33M	865.36M
Net Debt	-70.54M	-9.6M	-6.99M	-3.9M	303.33M	238.1M	383.78M	489.99M	546.68M	544.65M
Debt / Equity	0.00x	0.01x	0.05x	0.06x	1.06x	0.89x	1.58x	1.65x	1.64x	1.75x
Debt / EBITDA	0.02x	0.05x	0.26x	0.34x	5.13x	60.45x	15.46x	15.20x	7.79x	8.04x
Net Debt / EBITDA	-4.16x	-0.23x	-0.13x	-0.06x	4.57x	37.38x	8.65x	10.34x	5.52x	5.06x
Interest Coverage	20.34x	74.34x	20.58x	13.13x	59.18x	-53.84x	-10.05x	-17.72x	3.45x	1.49x
Total Equity+	213.42M	250.52M	279.47M	320.83M	321.99M	434.49M	435.6M	436.84M	469.37M	493.63M
Equity Growth %	15.94%	0.17%	0.12%	0.15%	0%	0.35%	0%	0%	0.07%	0.05%
Book Value per Share	15.71	10.68	10.80	11.00	9.98	11.70	11.14	11.13	10.69	11.17
Total Shareholders' Equity	157.02M	201.35M	224.48M	273.45M	298.82M	407.32M	409.54M	412.2M	443.42M	470.02M
Common Stock	36K	36K	37K	38K	38K	42K	42K	42K	42K	42K
Retained Earnings	4.27M	16.72M	16.4M	30.4M	54.37M	12.21M	3.55M	-3.49M	16.78M	26.98M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5K	-15K	-49K	0	2K	3K	1K	0	-3K	-1K
Minority Interest	56.4M	49.16M	54.99M	47.38M	23.17M	27.17M	26.06M	24.63M	25.95M	23.61M

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+	41.26M	54.28M	70.88M	85.39M	89.57M	37.35M	58.4M	76.74M	132.14M	171.16M
Operating CF Margin %	0.22%	0.2%	0.2%	0.19%	0.15%	0.07%	0.08%	0.09%	0.12%	0.14%
Operating CF Growth %	2.04%	0.32%	0.31%	0.2%	0.05%	-0.58%	0.56%	0.31%	0.72%	0.3%
Net Income	3.12M	22.15M	8.88M	21.95M	19.83M	-45.53M	-6.02M	-23.11M	20.99M	10.21M
Depreciation & Amortization	10.22M	14.5M	21.7M	29M	40.7M	50.24M	60.24M	74.3M	93.04M	104.61M
Stock-Based Compensation	16.68M	5.35M	5.62M	6.14M	0	5.56M	8.7M	13.33M	14.89M	15.91M
Deferred Taxes	-734K	-523K	146.33M	788K	-6.06M	-1.36M	-14.47M	-5.01M	-9.07M	-1.05M
Other Non-Cash Items	290K	-365K	-126.29M	1.6M	52.56M	57.04M	54.02M	62.65M	70.25M	110.92M
Working Capital Changes	11.68M	13.17M	14.62M	25.92M	-17.45M	-28.61M	-44.06M	-45.41M	-57.95M	-69.44M
Change in Receivables	775K	2.97M	6.42M	5.53M	10.73M	1.01M	-4.19M	9.14M	-2.97M	-2.84M
Change in Inventory	-14K	-263K	-452K	-491K	-472K	-667K	-962K	-334K	-1.22M	-610K
Change in Payables	201K	839K	1.24M	3.16M	4.25M	4.63M	-6.45M	3.54M	687K	3.36M
Cash from Investing+	-34.51M	-114.76M	-61.94M	-86.6M	-80.69M	-69.4M	-144.89M	-143.42M	-132.32M	-66.08M
Capital Expenditures	-32.12M	-54.43M	-61.53M	-87.53M	-106.51M	-69.04M	-101.5M	-142.56M	-146.17M	-135.5M
CapEx % of Revenue	0.17%	0.2%	0.17%	0.19%	0.18%	0.13%	0.14%	0.16%	0.13%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.4M	-60.33M	-5K	-16K	0	79K	0	0	0	0
Cash from Financing+	61.43M	1.23M	965K	4.45M	3.46M	141.82M	242.02M	-5.2M	-5.68M	-9.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-11.13M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-36.74M	1.48M	48K	3.77M	-3.81M	-970K	965K	-2.23M	-2.41M	-6.68M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	9.14M	-148K	9.35M	-2.13M	-16.94M	-31.69M	-43.09M	-65.82M	-14.03M	35.66M
FCF Margin %	0.05%	-0%	0.03%	-0%	-0.03%	-0.06%	-0.06%	-0.07%	-0.01%	0.03%
FCF Growth %	1.61%	-1.02%	64.14%	-1.23%	-6.95%	-0.87%	-0.36%	-0.53%	0.79%	3.54%
FCF per Share	0.67	-0.01	0.36	-0.07	-0.53	-0.85	-1.10	-1.68	-0.32	0.81
FCF Conversion (FCF/Net Income)	-4.70x	4.36x	-221.49x	5.63x	4.52x	-0.89x	-12.81x	-3.61x	6.52x	16.77x
Interest Paid	0	0	0	0	0	0	252K	252K	882K	882K
Taxes Paid	0	0	0	0	0	0	2.81M	3.73M	6.53M	6.53M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.77%	5.37%	-0.12%	5.06%	6.17%	-11.15%	-1.05%	-4.87%	4.47%	2.12%
Return on Invested Capital (ROIC)	5.47%	10.87%	9.88%	8.07%	4.09%	-5.07%	-1.59%	-2.31%	0.46%	0.22%
Gross Margin	48.15%	48.12%	47.03%	45.96%	44.66%	40.68%	41.43%	42.37%	43.97%	45.82%
Net Margin	-4.6%	4.64%	-0.09%	3.3%	3.33%	-8.06%	-0.62%	-2.36%	1.86%	0.81%
Debt / Equity	0.00x	0.01x	0.05x	0.06x	1.06x	0.89x	1.58x	1.65x	1.64x	1.75x
Interest Coverage	20.34x	74.34x	20.58x	13.13x	59.18x	-53.84x	-10.05x	-17.72x	3.45x	1.49x
FCF Conversion	-4.70x	4.36x	-221.49x	5.63x	4.52x	-0.89x	-12.81x	-3.61x	6.52x	16.77x
Revenue Growth	60.8%	40.86%	33.65%	28.01%	29.44%	-12.05%	41.51%	21.7%	20.77%	15.18%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Shack Sales	-	-	-	-	574.63M	506.34M	714.99M	869.27M	1.05B	1.21B
Shack Sales Growth	-	-	-	-	-	-11.88%	41.21%	21.58%	20.43%	15.36%
Sales-Based Royalties	-	-	-	13.42M	19.32M	15.77M	24.15M	30.2M	39.85M	43.49M
Sales-Based Royalties Growth	-	-	-	-	43.93%	-18.35%	53.11%	25.07%	31.95%	9.12%
Initial Territory and Opening Fees	-	-	-	299K	576K	755K	754K	1.01M	861K	1.56M
Initial Territory and Opening Fees Growth	-	-	-	-	92.64%	31.08%	-0.13%	34.22%	-14.92%	81.18%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	184.41M	260.6M	348.57M	447.57M	578.7M	508.29M	718.13M	875.05M	1.06B	1.22B
UNITED STATES Growth	-	41.32%	33.76%	28.40%	29.30%	-12.17%	41.28%	21.85%	20.77%	15.39%
Non-US	6.18M	7.87M	10.23M	11.73M	15.82M	14.57M	21.77M	25.44M	30.78M	33.25M
Non-US Growth	-	27.31%	30.00%	14.66%	34.78%	-7.85%	49.33%	16.88%	21.00%	8.03%

Frequently Asked Questions

Valuation & Price

Shake Shack Inc. (SHAK) has a price-to-earnings (P/E) ratio of 419.9x. This suggests investors expect higher future growth.

Growth & Financials

Shake Shack Inc. (SHAK) reported $1.37B in revenue for fiscal year 2024. This represents a 2308% increase from $57.0M in 2012.

Shake Shack Inc. (SHAK) grew revenue by 15.2% over the past year. This is strong growth.

Yes, Shake Shack Inc. (SHAK) is profitable, generating $42.6M in net income for fiscal year 2024 (0.8% net margin).

Dividend & Returns

Shake Shack Inc. (SHAK) has a return on equity (ROE) of 2.1%. This is below average, suggesting room for improvement.

Shake Shack Inc. (SHAK) generated $62.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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