Latest Ratios: P/E Ratio 15.8x · EV/EBITDA 17.3x · ROE N/A. (2013–2025 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 | $2.7B | $7.2B | $8.4B | $7.7B | $4.1B | $5.2B | $4.2B | $2.6B | $1.9B | $1.1B | $858M |
| Enterprise Value | $3.8B | $8.3B | $9.3B | $8.3B | $4.7B | $5.6B | $4.6B | $2.9B | $2.2B | $1.3B | $1.0B |
| P/E Ratio → | 15.76 | 41.25 | 77.13 | 109.18 | 77.75 | 121.81 | 180.46 | 124.97 | 87.93 | 41.91 | 55.83 |
| P/S Ratio | 3.83 | 10.32 | 13.40 | 16.65 | 11.53 | 18.33 | 16.86 | 12.81 | 12.40 | 8.60 | 8.30 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 25.24 | 68.09 | 79.35 | 94.85 | 78.85 | 248.33 | 70.53 | 158.94 | 54.59 | 46.79 | 42.65 |
| P/OCF | 17.41 | 46.99 | 53.20 | 63.00 | 54.09 | 105.97 | 64.02 | 66.31 | 48.99 | 42.40 | 38.69 |
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 | — | 11.88 | 14.92 | 18.05 | 13.02 | 19.83 | 18.60 | 14.31 | 14.35 | 9.57 | 9.72 |
| EV / EBITDA | 17.29 | 38.13 | 50.43 | 65.98 | 45.27 | 68.58 | 71.29 | 59.07 | 51.32 | 34.26 | 33.92 |
| EV / EBIT | 19.54 | 30.34 | 55.41 | 73.78 | 51.42 | 75.82 | 105.83 | 66.62 | 59.34 | 37.68 | 38.12 |
| EV / FCF | — | 78.41 | 88.33 | 102.80 | 89.02 | 268.62 | 77.80 | 177.57 | 63.20 | 52.06 | 49.95 |
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 | 82.6% | 82.6% | 48.1% | 48.4% | 47.8% | 49.9% | 49.4% | 49.4% | 57.1% | 54.1% | 62.1% |
| Operating Margin | 27.6% | 27.6% | 26.5% | 24.5% | 25.7% | 26.1% | 23.1% | 21.5% | 25.2% | 25.4% | 25.8% |
| Net Profit Margin | 25.0% | 25.0% | 17.4% | 15.3% | 14.8% | 15.1% | 9.4% | 10.3% | 14.2% | 18.0% | 13.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 24.7% | 24.7% | 19.9% | 17.5% | 15.7% | 18.5% | 12.3% | 13.4% | 16.7% | 20.7% | 11.8% |
| ROIC | 46.0% | 46.0% | 54.1% | 51.8% | 54.1% | 54.1% | 47.5% | 39.0% | 37.2% | 33.1% | 27.2% |
| ROCE | 31.0% | 31.0% | 35.4% | 33.7% | 32.2% | 39.8% | 39.0% | 34.8% | 36.0% | 34.6% | 26.1% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 6.12 | 6.12 | 6.84 | 5.82 | 6.97 | 5.78 | 7.29 | 6.46 | 7.28 | 3.58 | 5.09 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 5.02 | 5.02 | 5.13 | 5.10 | 5.17 | 5.18 | 6.66 | 6.20 | 6.99 | 3.47 | 4.96 |
| Debt / FCF | — | 10.32 | 8.98 | 7.95 | 10.17 | 20.29 | 7.26 | 18.63 | 8.60 | 5.27 | 7.31 |
| Interest Coverage | 7.63 | 7.63 | 7.91 | 6.17 | 4.27 | 4.93 | 2.61 | 2.50 | 3.66 | 6.60 | 5.99 |
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 | 3.26 | 3.26 | 4.52 | 2.03 | 3.63 | 1.77 | 1.44 | 0.92 | 1.13 | 0.84 | 0.66 |
| Quick Ratio | 3.26 | 3.26 | 4.52 | 2.03 | 3.63 | 1.76 | 1.43 | 0.91 | 1.12 | 0.83 | 0.65 |
| Cash Ratio | 2.91 | 2.91 | 3.61 | 1.27 | 2.96 | 1.22 | 0.81 | 0.39 | 0.47 | 0.22 | 0.22 |
| Asset Turnover | — | 1.00 | 0.87 | 1.22 | 0.84 | 1.13 | 1.18 | 1.20 | 1.10 | 1.11 | 0.92 |
| Inventory Turnover | — | — | — | 443.42 | 479.34 | 292.16 | 317.96 | 320.99 | 219.94 | 283.20 | 173.26 |
| Days Sales Outstanding | — | 10.91 | 11.47 | 9.84 | 9.66 | 10.48 | 12.51 | 10.68 | 13.73 | 19.35 | 11.30 |
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 | 1.2% | 0.5% | 0.3% | 0.3% | 3.4% | 0.4% | 3.9% | 0.5% | 10.0% | 0.4% | 9.7% |
| Payout Ratio | 18.6% | 18.6% | 26.6% | 35.5% | 266.8% | 46.5% | 702.8% | 57.3% | 878.2% | 17.0% | 604.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 2.4% | 1.3% | 0.9% | 1.3% | 0.8% | 0.6% | 0.8% | 1.1% | 2.4% | 1.8% |
| FCF Yield | 4.0% | 1.5% | 1.3% | 1.1% | 1.3% | 0.4% | 1.4% | 0.6% | 1.8% | 2.1% | 2.3% |
| Buyback Yield | 8.3% | 3.1% | 3.8% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.5% | 3.5% | 4.1% | 2.0% | 3.4% | 0.4% | 3.9% | 0.5% | 10.1% | 0.4% | 9.7% |
| Shares Outstanding | — | $28M | $29M | $30M | $30M | $30M | $30M | $30M | $30M | $29M | $29M |
Includes 30+ ratios · 13 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WING stock.
Wingstop Inc.'s current P/E ratio is 15.8x. The historical average is 89.2x.
Wingstop Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 50.0x.
Based on historical data, Wingstop Inc. is trading at a P/E of 15.8x. Compare with industry peers and growth rates for a complete picture.
Wingstop Inc.'s current dividend yield is 1.18% with a payout ratio of 18.6%.
Wingstop Inc. has 82.6% gross margin and 27.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wingstop Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Franchisee margin compression risk
Metrics are mathematically derived from official filings.
Franchisor Model Yields Structural Margin Strength
Gross margin averaged 82.6% over the last four quarters, excluding 2026Q2's anomaly, as reported in financial statements, reflecting the asset-light franchisor model that shifts COGS to franchisees.
The 82.6% gross margin is a hallmark of the franchisor model, where company-owned stores are minimal and franchisees bear the cost of goods sold. Operating margin expanded from 25.9% in 2024Q4 to 29.4% in 2026Q2, per SEC filings, indicating that revenue growth is flowing through to operating income at an accelerating rate. However, the 2026Q2 gross margin anomaly (45.7%) warrants scrutiny, as it may reflect a temporary shift in revenue mix or one-time items, and investors should monitor whether this is a one-off or a trend.
ROIC Stability Masks Underlying Capital Structure
ROIC has remained relatively stable, ranging from 10.7% to 18.1% over the past ten quarters, per reported figures, suggesting consistent value creation despite a heavily leveraged balance sheet.
ROIC has hovered around 12% in recent quarters, down from the 18.1% peak in 2024Q1, indicating a slight decay in capital efficiency. This stability is notable given the significant increase in debt and negative equity, which suggests that the company is generating adequate returns on its invested capital. However, the negative equity of -$773.0M in 2026Q2, as reported in financial statements, implies that ROE is not meaningful, and investors should focus on ROIC as the more reliable metric for assessing value creation.
Working Capital Swings Distort Efficiency Metrics
Asset turnover has declined from 0.37 in 2024Q1 to 0.28 in 2026Q2, per reported figures, indicating that revenue growth is not keeping pace with asset expansion, particularly in PPE.
The decline in asset turnover suggests that the company is investing heavily in company-owned stores and technology, which may not yet be generating proportional revenue. The cash conversion cycle is not calculable due to missing DIO data, but the volatility in DPO (ranging from 7 to 35 days) and the significant working capital swings (from +$33.0M to -$40.5M) indicate that efficiency metrics are lumpy and may not reflect the underlying operational efficiency. Investors should monitor whether the increase in PPE (from $99.3M to $202.5M) translates into higher revenue growth or if it represents a strategic shift that could pressure returns.
Leverage Intensifies as Debt-Funded Capital Returns Continue
D/EBITDA has risen from 15.45 in 2024Q1 to 20.58 in 2026Q2, per reported figures, indicating that debt levels are growing faster than EBITDA, raising concerns about financial flexibility.
The increase in leverage is driven by aggressive capital returns, including $250.5M in buybacks in 2024Q4, as reported in cash flow statements, which appear to be funded by debt. Interest coverage has declined from 9.47 in 2024Q1 to 5.57 in 2026Q2, suggesting that debt service is becoming less comfortable, though still manageable. The negative equity of -$773.0M, as reported in balance sheet data, indicates that the company is relying heavily on debt financing, and investors should monitor whether this leverage is sustainable if growth decelerates further.
Liquidity Buffer Appears Adequate Despite Negative Equity
Current ratio improved to 2.97 in 2026Q2 from 2.17 in 2024Q1, per reported figures, with cash at $127.5M, providing a buffer against short-term obligations.
The current ratio of 2.97 suggests that the company has sufficient short-term assets to cover its liabilities, which is reassuring given the negative equity. However, the quick ratio is identical to the current ratio, indicating that inventory is not a significant component of current assets, which is typical for a franchisor. The negative equity is a result of debt-funded capital returns, not operational weakness, but investors should monitor whether the company can maintain this liquidity position if cash flows remain volatile.
What the Market Gets Wrong About Wingstop
The most commonly misapplied ratio is P/E, which is distorted by one-time gains and the asset-light model, as reported in financial statements, obscuring the true earnings power.
The P/E of 18.59 TTM is misleading because it includes a one-time gain in 2025Q1 that inflated net margin to 53.9%, as per reported figures. The forward P/E of 25.56 is more indicative of the market's expectations, but it still fails to capture the franchisee economics that drive the system. A better metric is EV/EBITDA, which at 19.49 reflects the company's debt-adjusted valuation and is more comparable to peers like DPZ and PZZA. Investors should also consider the impact of the advertising fund and franchise incentives, which can inflate revenue and margins, and adjust for these to get a clearer picture of underlying profitability.