Revenue growth has decelerated sharply to 0.8% in 2026Q1, while gross margins have contracted from 23.6% in 2023Q4 to 15.4% due to rising costs and integration challenges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 807.41M | 805.72M | 673.34M | 332.77M | 316.64M | 277.18M | 141.94M | 120.68M | 85.6M | 79.8M | 72.41M | 60.53M | 49.32M | 45.98M | 60.12M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 0.99% | 19.66% | 102.35% | 5.09% | 14.24% | 95.27% | 17.62% | 40.98% | 7.27% | 10.2% | 19.63% | 22.73% | 7.26% | -23.51% | - | - | - | - | - | - |
| Cost of Goods Sold | 696.56M | 709.84M | 550.59M | 266.98M | 250.05M | 212M | 121.07M | 95.89M | 64.68M | 61.98M | 57.13M | 47.5M | 34.77M | 34.74M | 47.21M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 88.1% | 81.77% | 80.23% | 78.97% | 76.48% | 85.29% | 79.46% | 75.56% | 77.67% | 78.89% | 78.47% | 70.5% | 75.54% | 78.52% | - | - | - | - | - |
| Gross Profit | 110.85M | 95.88M | 122.75M | 65.79M | 66.58M | 65.18M | 20.88M | 24.79M | 20.92M | 17.82M | 15.29M | 13.03M | 14.55M | 11.25M | 12.91M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 13.73% | 11.9% | 18.23% | 19.77% | 21.03% | 23.52% | 14.71% | 20.54% | 24.44% | 22.33% | 21.11% | 21.53% | 29.5% | 24.46% | 21.48% | - | - | - | - | - |
| Gross Profit Growth % | - | -21.89% | 86.58% | -1.19% | 2.15% | 212.21% | -15.79% | 18.53% | 17.37% | 16.59% | 17.29% | -10.45% | 29.37% | -12.88% | - | - | - | - | - | - |
| Operating Expenses | 71.98M | 52.12M | 111.98M | 56.5M | 50.28M | 45.8M | 34.57M | 12M | 15.07M | 16.49M | 19.77M | 17.69M | 12.13M | 12.72M | 423K | 291K | 26.09K | 22.33K | 12.12M | 28.16M |
| OpEx % of Revenue | - | 6.47% | 16.63% | 16.98% | 15.88% | 16.52% | 24.36% | 9.95% | 17.61% | 20.66% | 27.3% | 29.23% | 24.59% | 27.66% | 0.7% | - | - | - | - | - |
| Selling, General & Admin | 55.17M | 52.54M | 44.17M | 30.75M | 29.08M | 26.61M | 13.92M | 11.47M | 12.48M | 13.24M | 17.17M | 16.02M | 12.66M | 11.77M | 423K | 291K | 26.09K | 22.33K | 12.12M | 28.16M |
| SG&A % of Revenue | - | 6.52% | 6.56% | 9.24% | 9.18% | 9.6% | 9.81% | 9.51% | 14.58% | 16.6% | 23.71% | 26.46% | 25.67% | 25.6% | 0.7% | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.03M | -418K | 67.81M | 25.75M | 21.2M | 19.19M | 20.65M | 530K | 2.59M | 3.09M | 2.6M | 1.68M | -529.47K | 947.28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 38.86M | 43.76M | 10.77M | 9.29M | 16.31M | 19.39M | -13.69M | 12.79M | 5.81M | -2.09M | -6.35M | -6.9M | 454.4K | -6.75M | -423K | -291K | -26.09K | -22.33K | -12.12M | -28.16M |
| Operating Margin % | 4.81% | 5.43% | 1.6% | 2.79% | 5.15% | 6.99% | -9.65% | 10.6% | 6.79% | -2.62% | -8.77% | -11.4% | 0.92% | -14.68% | -0.7% | - | - | - | - | - |
| Operating Income Growth % | - | 306.27% | 15.89% | -43% | -15.88% | 241.56% | -207.06% | 120.04% | 378.4% | 67.12% | 7.96% | -1618.4% | 106.73% | -1495.96% | -45.36% | -1015.2% | -16.85% | 99.82% | 56.97% | - |
| EBITDA | 81.97M | 86.95M | 44.87M | 24.96M | 28.44M | 30.18M | -3.58M | 18.2M | 8.64M | 963K | -3.7M | -4.71M | 1.89M | -5.08M | -393K | -291K | -26.09K | -22.33K | -12.12M | -28.16M |
| EBITDA Margin % | 10.15% | 10.79% | 6.66% | 7.5% | 8.98% | 10.89% | -2.52% | 15.08% | 10.09% | 1.21% | -5.11% | -7.78% | 3.84% | -11.05% | -0.65% | - | - | - | - | - |
| EBITDA Growth % | 36.21% | 93.8% | 79.77% | -12.24% | -5.75% | 942.88% | -119.68% | 110.66% | 796.88% | 126% | 21.34% | -348.7% | 137.26% | -1192.89% | -35.05% | -1015.33% | -16.84% | 99.82% | 56.97% | - |
| D&A (Non-Cash Add-back) | 43.11M | 43.19M | 34.1M | 15.66M | 12.13M | 10.79M | 10.11M | 5.4M | 2.82M | 3.05M | 2.65M | 2.19M | 1.44M | 1.67M | 30K | 0 | 0 | 0 | 0 | 0 |
| EBIT | 27.84M | 43.76M | 6.62M | 18.36M | 16.31M | 27.78M | -3.15M | 8.16M | 7.21M | -2.66M | -5.53M | -2.18M | 6.31M | 139.01K | -393K | -291K | -26.09K | 0 | 0 | 0 |
| Net Interest Income | -41.02M | -40.9M | -31.11M | -7.03M | 0 | 0 | -5.33M | -1.95M | -1.19M | -1.17M | -464K | -30.38K | -75.77K | -768.15K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 165 | 0 | 0 | 0 | 30K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 41.02M | 40.9M | 31.11M | 7.03M | 0 | 0 | 5.33M | 1.95M | 1.19M | 1.17M | 464.17K | 30.38K | 75.8K | 768.15K | 30K | 2K | 4.35K | 2.64K | 1.08M | 500K |
| Other Income/Expense | -68.52M | -76.66M | -35.26M | -7.03M | -2.11M | 14.15M | -5.33M | -2.81M | -1.19M | -1.17M | -364.87K | 770.93K | 5.46M | -21.08M | 30K | -2K | -4.35K | -2.64K | -1.08M | -500K |
| Pretax Income | -29.66M | -32.9M | -24.49M | 2.27M | 14.19M | 33.53M | -19.02M | 9.98M | 4.62M | -3.25M | -5.99M | -2.21M | 7.35M | -15.98M | -393K | -293K | -30.44K | -24.97K | -13.2M | -28.66M |
| Pretax Margin % | -3.67% | -4.08% | -3.64% | 0.68% | 4.48% | 12.1% | -13.4% | 8.27% | 5.4% | -4.08% | -8.28% | -3.66% | 14.9% | -34.75% | -0.65% | - | - | - | - | - |
| Income Tax | 61.56M | 60.68M | -7.83M | -1.76M | 874K | 1.59M | -5.4M | -11.15M | 713K | 650K | 10.37M | -9.32M | 817.3K | 492.89K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -207.58% | -184.44% | 31.99% | -77.67% | 6.16% | 4.73% | 28.39% | -111.77% | 15.43% | -19.97% | -173% | 421.03% | 11.12% | -3.08% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -90.01M | -92.24M | -15.82M | 4.72M | 13.53M | 31.35M | -12.82M | 20.83M | 3.27M | -4.2M | -16.69M | 6.93M | 4.63M | -21.47M | -393K | -293K | -30.44K | -24.97K | -13.2M | -28.66M |
| Net Margin % | -11.15% | -11.45% | -2.35% | 1.42% | 4.27% | 11.31% | -9.04% | 17.26% | 3.82% | -5.26% | -23.05% | 11.45% | 9.39% | -46.69% | -0.65% | - | - | - | - | - |
| Net Income Growth % | -582.29% | -482.92% | -435.4% | -65.14% | -56.83% | 344.43% | -161.57% | 536.26% | 177.97% | 74.84% | -340.79% | 49.68% | 121.57% | -5362.9% | -34.13% | -862.52% | -21.9% | 99.81% | 53.93% | - |
| Net Income (Continuing) | -91.22M | -93.58M | -16.65M | 4.03M | 13.32M | 31.95M | -13.62M | 21.13M | 3.91M | -4.42M | -16.36M | 7.1M | 6.53M | -15.74M | -393K | -293K | -30.44K | -24.97K | -13.2M | -28.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 397K | -92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4.2M | -3.99M | -2.65M | -1.82M | -1.12M | -909K | -1.2M | -402K | -452K | -922K | -701.1K | -680.7K | -260.3K | 307.64K | 3.54M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.88 | -4.05 | -1.12 | 0.15 | 0.40 | 0.93 | -0.44 | 0.70 | 0.12 | -0.17 | -0.67 | 0.28 | 0.18 | -1.48 | -0.03 | -0.04 | -0.00 | -0.00 | -2.27 | -10.00 |
| EPS Growth % | -212.4% | -261.61% | -846.67% | -62.5% | -56.99% | 311.36% | -162.86% | 483.33% | 170.59% | 74.63% | -339.29% | 55.56% | 112.16% | -4643.59% | 12.36% | - | - | 99.81% | 77.3% | - |
| EPS (Basic) | - | -4.05 | -1.12 | 0.15 | 0.42 | 1.01 | -0.44 | 0.73 | 0.12 | -0.17 | -0.67 | 0.28 | 0.19 | -1.49 | -0.03 | -0.04 | -0.00 | -0.00 | -2.27 | -10.00 |
| Diluted Shares Outstanding | 31.28M | 31.02M | 31.16M | 32.29M | 33.87M | 33.79M | 28.91M | 29.64M | 28.12M | 25.4M | 25.08M | 24.96M | 25.13M | 14.55M | 12.59M | 8.23M | 8.76M | 5.81M | 5.81M | 2.87M |
| Basic Shares Outstanding | 31.28M | 31.02M | 31.16M | 31.56M | 32.4M | 31.16M | 28.91M | 28.45M | 27.65M | 25.4M | 25.08M | 24.96M | 24.94M | 14.4M | 12.59M | 8.23M | 8.76M | 5.81M | 5.81M | 2.87M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 21.12% | - | - | - | - | - | - | - |
High leverage and integration
As reported in financial statements, The ONE Group experienced significant revenue fluctuations, with growth peaking at 152.3% in 2024Q3 before decelerating to 0.8% by 2026Q1, reflecting the integration challenges and cyclical nature of its recently expanded portfolio of restaurant brands and hospitality management services.
The dramatic swings in top-line performance suggest that the company's growth is heavily reliant on episodic M&A activity rather than consistent organic same-store sales momentum. Investors should monitor whether the current stabilization in revenue growth indicates a successful assimilation of acquired assets or a loss of underlying brand relevance in the competitive vibe-dining segment.
According to recent SEC filings, the company's gross margin has faced persistent downward pressure, contracting from 23.6% in 2023Q4 to 15.4% in 2026Q1, which highlights the difficulty of maintaining profitability amidst rising commodity costs and the integration of lower-margin, high-volume restaurant concepts into the existing platform.
The erosion of gross margins suggests that the company lacks the pricing power necessary to offset inflationary pressures on premium proteins and labor. This trend warrants further investigation into whether the current cost structure is permanently impaired by the operational requirements of the newly acquired brands.
Based on the company's reported figures, operating income has shown extreme instability, swinging from a $620,000 loss in 2024Q1 to a $17.8 million profit in 2026Q1, indicating that the firm struggles to achieve consistent operating leverage despite significant increases in total revenue scale.
The inability to consistently scale operating income relative to revenue suggests that corporate G&A and marketing expenses remain disproportionately high. This may indicate that the company's current operating model is not yet optimized to capture the efficiencies expected from its larger, post-acquisition footprint.
As evidenced by the wide variance between operating income and net income, including a massive $76.7 million loss in 2025Q3, the company's bottom-line results appear heavily impacted by non-operating charges, interest expenses, and integration costs that obscure the underlying cash-generative potential of the core restaurant operations.
The persistent gap between operating performance and net profitability suggests that the company's capital structure is a significant drag on shareholder value. Investors should be cautious of relying on EPS as a metric, as it appears to be heavily influenced by one-time charges and debt-related expenses.
Data from recent filings indicates that the company's aggressive acquisition-led strategy has resulted in a precarious financial position, characterized by a 5.84 Debt/Equity ratio and a negative net margin of 11.45% over the trailing twelve months, which may limit future operational flexibility.
Short-term observers may argue that the company's reliance on debt to fund expansion creates a high-risk profile that could be exacerbated by any downturn in discretionary consumer spending. The lack of consistent bottom-line profitability suggests that the current growth model may be unsustainable without significant deleveraging or a material improvement in unit-level economics.
Quick answers to the most common questions about buying STKS stock.
For fiscal year 2025, The ONE Group Hospitality, Inc. (STKS) reported total revenue of $805.7M.
The ONE Group Hospitality, Inc. (STKS) reported a net loss of $92.2M for the fiscal year ending 2025.
The ONE Group Hospitality, Inc. (STKS) reported an operating income of $43.8M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
The ONE Group Hospitality, Inc. (STKS) generated $95.9M in gross profit for the year, representing a gross profit margin of 11.9%. This demonstrates the company's core pricing power and production efficiency.