Wingstop Inc. (WING) 10-Year Financial Performance & Capital Metrics

WING • • Industrial / General

Consumer CyclicalRestaurantsQuick Service Restaurants (QSR)Chicken-Focused QSR

AboutWingstop Inc., together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer classic wings, boneless wings, and tenders that are cooked-to-order, and hand-sauced-and-tossed in various flavors. As of December 25, 2021, the company had 1,695 franchised restaurants and 36 company-owned restaurants in 44 states and 7 countries worldwide. Wingstop Inc. was founded in 1994 and is headquartered in Addison, Texas.Show more

Revenue $626M +36.0%
EBITDA $185M +47.1%
Net Income $109M +54.9%
EPS (Diluted) 3.70 +57.4%
Gross Margin 48.08% -0.7%
EBITDA Margin 29.58% +8.1%
Operating Margin 26.46% +8.1%
Net Margin 17.37% +13.9%
ROE -
ROIC 54.14% +4.5%
Debt/Equity -
Interest Coverage 7.78 +25.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.6%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 16.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 25.7%
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.95%

5Y25.67%

3Y30.36%

TTM15.55%

Profit (Net Income) CAGR

10Y28.31%

5Y39.64%

3Y36.59%

TTM72.91%

EPS CAGR

10Y28.14%

5Y39.92%

3Y37.61%

TTM79.01%

ROCE

10Y Avg33.01%

5Y Avg36.01%

3Y Avg33.76%

Latest35.4%

Peer Comparison

Chicken-Focused QSR

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WINGWingstop Inc.	7.52B	270.73	73.17	36.03%	25.51%		1.4%
LOCOEl Pollo Loco Holdings, Inc.	339.99M	11.35	13.20	0.93%	5.39%	9.15%	8.15%	1.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	77.97M	103.32M	133.32M	153.18M	199.68M	248.81M	282.5M	357.52M	460.06M	625.81M
Revenue Growth %	0.16%	0.33%	0.29%	0.15%	0.3%	0.25%	0.14%	0.27%	0.29%	0.36%
Cost of Goods Sold+	22.22M	39.16M	61.17M	65.76M	101.11M	125.91M	141.41M	186.46M	237.23M	324.94M
COGS % of Revenue	0.28%	0.38%	0.46%	0.43%	0.51%	0.51%	0.5%	0.52%	0.52%	0.52%
Gross Profit+	55.75M	64.17M	72.15M	87.42M	98.56M	122.9M	141.1M	171.06M	222.83M	300.87M
Gross Margin %	0.72%	0.62%	0.54%	0.57%	0.49%	0.49%	0.5%	0.48%	0.48%	0.48%
Gross Profit Growth %	0.19%	0.15%	0.12%	0.21%	0.13%	0.25%	0.15%	0.21%	0.3%	0.35%
Operating Expenses+	36.03M	37.56M	38.27M	48.89M	55.66M	65.51M	67.34M	79.12M	110.23M	135.25M
OpEx % of Revenue	0.46%	0.36%	0.29%	0.32%	0.28%	0.26%	0.24%	0.22%	0.24%	0.22%
Selling, General & Admin	33.35M	34.55M	34.9M	44.58M	50.18M	61.08M	62.9M	67.06M	96.9M	116.8M
SG&A % of Revenue	0.43%	0.33%	0.26%	0.29%	0.25%	0.25%	0.22%	0.19%	0.21%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2.68M	3.01M	3.38M	4.31M	5.48M	4.42M	4.45M	12.06M	13.33M	18.45M
Operating Income+	19.72M	26.61M	33.87M	38.53M	42.9M	57.39M	73.76M	91.93M	112.59M	165.62M
Operating Margin %	0.25%	0.26%	0.25%	0.25%	0.21%	0.23%	0.26%	0.26%	0.24%	0.26%
Operating Income Growth %	0.09%	0.35%	0.27%	0.14%	0.11%	0.34%	0.29%	0.25%	0.22%	0.47%
EBITDA+	22.4M	29.61M	37.25M	42.84M	48.38M	64.91M	81.7M	102.83M	125.83M	185.11M
EBITDA Margin %	0.29%	0.29%	0.28%	0.28%	0.24%	0.26%	0.29%	0.29%	0.27%	0.3%
EBITDA Growth %	0.07%	0.32%	0.26%	0.15%	0.13%	0.34%	0.26%	0.26%	0.22%	0.47%
D&A (Non-Cash Add-back)	2.68M	3.01M	3.38M	4.31M	5.48M	7.52M	7.94M	10.9M	13.24M	19.49M
EBIT	19.32M	26.35M	33.87M	37.05M	42.9M	43.73M	73.89M	90.55M	112.54M	168.48M
Net Interest Income+	-3.48M	-4.4M	-5.13M	-10.12M	-17.14M	-16.78M	-14.98M	-21.23M	-18.23M	-21.29M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	3.48M	4.4M	5.13M	10.12M	17.14M	16.78M	14.98M	21.23M	18.23M	21.29M
Other Income/Expense	-3.87M	-4.65M	-5.13M	-11.6M	-17.14M	-30.45M	-14.85M	-22.62M	-18.28M	-18.43M
Pretax Income+	15.85M	21.96M	28.74M	26.93M	25.77M	26.94M	58.91M	69.32M	94.31M	147.19M
Pretax Margin %	0.2%	0.21%	0.22%	0.18%	0.13%	0.11%	0.21%	0.19%	0.2%	0.24%
Income Tax+	5.74M	8.19M	4.8M	5.21M	5.29M	3.64M	16.25M	16.37M	24.14M	38.47M
Effective Tax Rate %	0.64%	0.63%	0.83%	0.81%	0.79%	0.87%	0.72%	0.76%	0.74%	0.74%
Net Income+	10.11M	13.77M	23.94M	21.72M	20.48M	23.31M	42.66M	52.95M	70.17M	108.72M
Net Margin %	0.13%	0.13%	0.18%	0.14%	0.1%	0.09%	0.15%	0.15%	0.15%	0.17%
Net Income Growth %	0.12%	0.36%	0.74%	-0.09%	-0.06%	0.14%	0.83%	0.24%	0.33%	0.55%
Net Income (Continuing)	10.11M	13.77M	23.94M	21.72M	20.48M	23.31M	42.66M	52.95M	70.17M	108.72M
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)+	0.36	0.53	0.93	0.73	0.69	0.78	1.42	1.77	2.35	3.70
EPS Growth %	0.16%	0.47%	0.75%	-0.22%	-0.05%	0.13%	0.82%	0.25%	0.33%	0.57%
EPS (Basic)	0.37	0.54	0.94	0.74	0.70	0.79	1.43	1.77	2.36	3.72
Diluted Shares Outstanding	27.82M	28.98M	29.42M	29.59M	29.67M	29.8M	29.94M	29.96M	29.86M	29.38M
Basic Shares Outstanding	27.5M	28.64M	29.02M	29.23M	29.41M	29.6M	29.77M	29.89M	29.77M	29.26M
Dividend Payout Ratio	4.75%	6.05%	0.17%	8.78%	0.57%	7.03%	0.46%	2.67%	0.35%	0.27%

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+	19.62M	11.12M	15.91M	29.91M	30.19M	72.62M	70.15M	226.67M	144.34M	395.62M
Cash & Short-Term Investments	10.69M	3.75M	4.06M	12.49M	12.85M	40.86M	48.58M	184.5M	90.22M	315.91M
Cash Only	10.69M	3.75M	4.06M	12.49M	12.85M	40.86M	48.58M	184.5M	90.22M	315.91M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.4M	3.2M	7.07M	5.76M	5.84M	8.53M	8.11M	9.46M	12.41M	19.66M
Days Sales Outstanding	15.94	11.3	19.35	13.73	10.68	12.51	10.48	9.66	9.84	11.47
Inventory	182K	226K	216K	299K	315K	396K	484K	389K	535K	0
Days Inventory Outstanding	2.99	2.11	1.29	1.66	1.14	1.15	1.25	0.76	0.82	-
Other Current Assets	4.16M	2.53M	2.94M	9.59M	9.72M	21.3M	10.44M	29.59M	37.62M	60.05M
Total Non-Current Assets+	101.52M	100.68M	103.93M	109.84M	135.92M	138.94M	179.05M	197.52M	233.48M	320.63M
Property, Plant & Equipment	4.59M	5M	5.83M	8.34M	27.84M	27.95M	54.5M	66.85M	110.38M	175M
Fixed Asset Turnover	16.98x	20.67x	22.88x	18.37x	7.17x	8.90x	5.18x	5.35x	4.17x	3.58x
Goodwill	45.13M	45.13M	46.56M	49.66M	50.19M	53.69M	56.88M	62.51M	67.71M	74.72M
Intangible Assets	51M	49.61M	48.27M	46.93M	45.61M	44.3M	43M	41.72M	40.44M	39.18M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	313K	943K	3.28M	4.92M	12.28M	13.01M	24.67M	26.44M	14.95M	31.73M
Total Assets+	121.14M	111.8M	119.84M	139.75M	166.11M	211.56M	249.2M	424.19M	377.82M	716.25M
Asset Turnover	0.64x	0.92x	1.11x	1.10x	1.20x	1.18x	1.13x	0.84x	1.22x	0.87x
Asset Growth %	0.01%	-0.08%	0.07%	0.17%	0.19%	0.27%	0.18%	0.7%	-0.11%	0.9%
Total Current Liabilities+	12.57M	16.73M	18.88M	26.48M	32.93M	50.47M	39.68M	62.41M	71M	87.44M
Accounts Payable	1.25M	1.46M	1.75M	2.75M	3.35M	3.66M	5.41M	5.22M	4.72M	6.94M
Days Payables Outstanding	20.57	13.59	10.45	15.26	12.09	10.6	13.97	10.22	7.27	7.8
Short-Term Debt	0	3.5M	3.5M	2.4M	3.2M	3.6M	0	7.3M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.77M	2.53M	2.94M	5.13M	4.93M	16.49M	6.2M	15.17M	25.33M	32.66M
Current Ratio	1.56x	0.66x	0.84x	1.13x	0.92x	1.44x	1.77x	3.63x	2.03x	4.52x
Quick Ratio	1.55x	0.65x	0.83x	1.12x	0.91x	1.43x	1.76x	3.63x	2.03x	4.52x
Cash Conversion Cycle	-1.64	-0.18	10.18	0.13	-0.27	3.06	-2.25	0.2	3.4	-
Total Non-Current Liabilities+	117.75M	169.7M	159.13M	338.1M	342.61M	502.4M	519.05M	752.64M	764.19M	1.3B
Long-Term Debt	95.01M	147.22M	129.84M	309.37M	307.67M	466.93M	469.39M	706.85M	712.33M	1.21B
Capital Lease Obligations	0	0	0	0	0	0	0	0	17.81M	58.17M
Deferred Tax Liabilities	13.02M	12.3M	8.8M	4.87M	4.49M	4.48M	7.43M	4.18M	3.72M	1.08M
Other Non-Current Liabilities	2.1M	2.31M	29.29M	1.97M	8.12M	6.03M	14.2M	14.56M	187K	57K
Total Liabilities	130.32M	186.43M	178.25M	364.58M	375.54M	552.88M	558.73M	815.05M	835.19M	1.39B
Total Debt+	95.01M	150.72M	133.34M	311.77M	312.68M	472.92M	471.84M	716.43M	732.51M	1.27B
Net Debt	84.32M	146.97M	129.28M	299.28M	299.83M	432.06M	423.25M	531.93M	642.3M	949.52M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	4.24x	5.09x	3.58x	7.28x	6.46x	7.29x	5.78x	6.97x	5.82x	6.84x
Net Debt / EBITDA	3.76x	4.96x	3.47x	6.99x	6.20x	6.66x	5.18x	5.17x	5.10x	5.13x
Interest Coverage	5.67x	6.05x	6.60x	3.81x	2.50x	3.42x	4.92x	4.33x	6.18x	7.78x
Total Equity+	-9.67M	-74.63M	-48.25M	-224.83M	-209.43M	-341.31M	-309.52M	-390.86M	-457.37M	-675.59M
Equity Growth %	-0.08%	-6.72%	0.35%	-3.66%	0.07%	-0.63%	0.09%	-0.26%	-0.17%	-0.48%
Book Value per Share	-0.35	-2.57	-1.64	-7.60	-7.06	-11.45	-10.34	-13.04	-15.32	-22.99
Total Shareholders' Equity	-9.67M	-74.63M	-48.25M	-224.83M	-209.43M	-341.31M	-309.52M	-390.86M	-457.37M	-675.59M
Common Stock	286K	287K	291K	293K	295K	297K	299K	300K	293K	287K
Retained Earnings	-46.83M	-76.11M	-48.8M	-226.16M	-210.28M	-342.03M	-310.03M	-393.32M	-459.99M	-676.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	-256K	-637K	-341K	-501K
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	13.05M	22.17M	27.05M	38.77M	38.58M	65.53M	48.88M	76.24M	121.6M	157.61M
Operating CF Margin %	0.17%	0.21%	0.2%	0.25%	0.19%	0.26%	0.17%	0.21%	0.26%	0.25%
Operating CF Growth %	-0.09%	0.7%	0.22%	0.43%	-0%	0.7%	-0.25%	0.56%	0.6%	0.3%
Net Income	10.11M	15.43M	27.3M	21.72M	20.48M	23.31M	42.66M	52.95M	70.17M	108.72M
Depreciation & Amortization	2.68M	3.01M	3.38M	4.31M	5.48M	7.52M	7.94M	10.9M	13.24M	19.49M
Stock-Based Compensation	1.16M	1.23M	1.85M	3.73M	6.97M	8.56M	9.63M	4.2M	15.56M	22.06M
Deferred Taxes	-1.05M	-714K	-3.5M	-1.05M	-426K	-4K	2.95M	-3.25M	-1.55M	-1.81M
Other Non-Cash Items	-463K	-726K	292K	1.98M	1.59M	12.14M	-2.1M	3.92M	2.14M	1.11M
Working Capital Changes	613K	3.93M	-2.27M	8.08M	4.49M	14.01M	-12.21M	7.53M	22.04M	8.04M
Change in Receivables	-1M	205K	-1.37M	-1.2M	496K	246K	-2.13M	-2.47M	-2.95M	-7.25M
Change in Inventory	-2K	32K	-670K	-349K	475K	0	0	0	669K	0
Change in Payables	1.17M	3.65M	-876K	7M	3.09M	1.51M	-268K	5.1M	10.63M	2.93M
Cash from Investing+	-1.92M	-2.06M	-6.48M	-10.5M	-23.73M	-7.99M	-29.85M	-28.68M	-52.15M	-62.48M
Capital Expenditures	-1.92M	-2.06M	-2.54M	-3.98M	-22.49M	-6.05M	-28.02M	-23.94M	-40.83M	-51.93M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.11%	0.02%	0.1%	0.07%	0.09%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	-3.95M	0	0	4.8M	7.21M	4.06M	320K	0
Cash from Financing+	-10.16M	-27.05M	-20.25M	-13.72M	-14.62M	-19.45M	-23.39M	103.25M	-155.49M	144.76M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-48M	-83.27M	-4.07M	-190.74M	-11.74M	-163.79M	-19.82M	-141.28M	-24.91M	-28.87M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.06M	468K	1.32M	-9.05M	-1.15M	-18.06M	-1.17M	-2.13M	-1.53M	-11.7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	11.13M	20.11M	24.51M	34.79M	16.1M	59.48M	20.86M	52.3M	80.77M	105.68M
FCF Margin %	0.14%	0.19%	0.18%	0.23%	0.08%	0.24%	0.07%	0.15%	0.18%	0.17%
FCF Growth %	-0.13%	0.81%	0.22%	0.42%	-0.54%	2.69%	-0.65%	1.51%	0.54%	0.31%
FCF per Share	0.40	0.69	0.83	1.18	0.54	2.00	0.70	1.75	2.71	3.60
FCF Conversion (FCF/Net Income)	1.29x	1.61x	1.13x	1.79x	1.88x	2.81x	1.15x	1.44x	1.73x	1.45x
Interest Paid	3.41M	4.78M	4.84M	7.6M	16.93M	14.55M	15.04M	20.48M	22.74M	22.7M
Taxes Paid	5.36M	7.23M	10.1M	2.95M	5.41M	7.26M	10.42M	13.58M	27.92M	38.84M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	19.76%	27.15%	33.13%	37.17%	39.04%	47.52%	54.11%	54.12%	51.81%	54.14%
Gross Margin	71.5%	62.1%	54.12%	57.07%	49.36%	49.39%	49.95%	47.85%	48.43%	48.08%
Net Margin	12.96%	13.33%	17.96%	14.18%	10.25%	9.37%	15.1%	14.81%	15.25%	17.37%
Interest Coverage	5.67x	6.05x	6.60x	3.81x	2.50x	3.42x	4.92x	4.33x	6.18x	7.78x
FCF Conversion	1.29x	1.61x	1.13x	1.79x	1.88x	2.81x	1.15x	1.44x	1.73x	1.45x
Revenue Growth	15.6%	32.52%	29.03%	14.9%	30.35%	24.61%	13.54%	26.56%	28.68%	36.03%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Royalty	-	-	-	-	-	98.55M	119.4M	142.9M	186.46M	259.63M
Royalty Growth	-	-	-	-	-	-	21.15%	19.69%	30.48%	39.25%
Advertising Fees	-	-	-	-	-	74.93M	81.53M	119.01M	157.14M	217.63M
Advertising Fees Growth	-	-	-	-	-	-	8.81%	45.97%	32.04%	38.50%
Franchise	-	-	-	71.86M	88.29M	3.66M	4.02M	4.36M	5.06M	6.08M
Franchise Growth	-	-	-	-	22.87%	-95.86%	9.96%	8.38%	16.23%	20.06%
Franchisor Owned Outlet	-	-	-	46.84M	-	-	-	-	-	-
Franchisor Owned Outlet Growth	-	-	-	-	-	-	-	-	-	-
Franchise	46.69M	57.07M	68.48M	-	-	-	-	-	-	-
Franchise Growth	-	22.24%	20.00%	-	-	-	-	-	-	-
Company	31.28M	34.29M	37.07M	-	-	-	-	-	-	-
Company Growth	-	9.61%	8.11%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Wingstop Inc. (WING) has a price-to-earnings (P/E) ratio of 73.2x. This suggests investors expect higher future growth.

Growth & Financials

Wingstop Inc. (WING) reported $683.0M in revenue for fiscal year 2024. This represents a 1058% increase from $59.0M in 2013.

Wingstop Inc. (WING) grew revenue by 36.0% over the past year. This is strong growth.

Yes, Wingstop Inc. (WING) is profitable, generating $174.3M in net income for fiscal year 2024 (17.4% net margin).

Dividend & Returns

Yes, Wingstop Inc. (WING) pays a dividend with a yield of 0.36%. This makes it attractive for income-focused investors.

Wingstop Inc. (WING) generated $62.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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