Latest Ratios: P/E Ratio 37.9x · EV/EBITDA 23.4x · 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 | $4.4B | $7.2B | $8.4B | $7.7B | $4.1B | $5.2B | $4.0B | $2.6B | $1.9B | $1.1B | $858M |
| Enterprise Value | $5.5B | $8.3B | $9.3B | $8.3B | $4.7B | $5.6B | $4.4B | $2.9B | $2.2B | $1.3B | $1.0B |
| P/E Ratio → | 37.86 | 41.25 | 77.13 | 109.18 | 77.75 | 121.69 | 169.94 | 124.97 | 87.93 | 41.91 | 55.83 |
| P/S Ratio | 6.09 | 10.32 | 13.40 | 16.65 | 11.53 | 18.32 | 15.88 | 12.81 | 12.40 | 8.60 | 8.30 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 38.14 | 68.09 | 79.35 | 94.85 | 78.85 | 248.09 | 66.42 | 158.94 | 54.59 | 46.79 | 42.65 |
| P/OCF | 29.05 | 46.99 | 53.20 | 63.00 | 54.09 | 105.86 | 60.29 | 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 | — | 11.86 | 14.92 | 18.05 | 13.02 | 19.81 | 17.61 | 14.31 | 14.35 | 9.57 | 9.72 |
| EV / EBITDA | 23.40 | 38.05 | 50.43 | 65.98 | 45.27 | 68.51 | 67.52 | 59.07 | 51.32 | 34.26 | 33.92 |
| EV / EBIT | 28.73 | 30.28 | 55.41 | 73.78 | 51.42 | 75.75 | 100.23 | 66.62 | 59.34 | 37.68 | 38.12 |
| EV / FCF | — | 78.26 | 88.33 | 102.80 | 89.02 | 268.38 | 73.68 | 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 | 47.2% | 47.2% | 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 | 5.85 | 5.85 | 6.84 | 5.82 | 6.97 | 5.78 | 7.29 | 6.46 | 7.28 | 3.58 | 5.09 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 4.94 | 4.94 | 5.13 | 5.10 | 5.17 | 5.18 | 6.66 | 6.20 | 6.99 | 3.47 | 4.96 |
| Debt / FCF | — | 10.17 | 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 | 2.40 | 2.40 | 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 | 0.7% | 0.5% | 0.3% | 0.3% | 3.4% | 0.4% | 4.1% | 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 | 2.6% | 2.4% | 1.3% | 0.9% | 1.3% | 0.8% | 0.6% | 0.8% | 1.1% | 2.4% | 1.8% |
| FCF Yield | 2.6% | 1.5% | 1.3% | 1.1% | 1.3% | 0.4% | 1.5% | 0.6% | 1.8% | 2.1% | 2.3% |
| Buyback Yield | 5.0% | 3.1% | 3.8% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.7% | 3.5% | 4.1% | 2.0% | 3.4% | 0.4% | 4.1% | 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
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Quick answers to the most common questions about buying WING stock.
Wingstop Inc.'s current P/E ratio is 37.9x. The historical average is 88.3x.
Wingstop Inc.'s current EV/EBITDA is 23.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.7x.
Based on historical data, Wingstop Inc. is trading at a P/E of 37.9x. Compare with industry peers and growth rates for a complete picture.
Wingstop Inc.'s current dividend yield is 0.71% 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 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage amid volatile cash conversion
Metrics are mathematically derived from official filings.
Premium Multiples Price Sustained Platform Growth
According to reported market data, WING trades at 26.29 times trailing earnings and 42.10 times free cash flow, a premium to most restaurant peers that signals investors are capitalizing durable franchise royalties rather than near-term growth momentum.
The forward P/E of 39.62 exceeds the trailing 26.29, which implies the market expects earnings to compress somewhat before recovering, consistent with management's recently lowered guidance. The PEG of 0.51 looks undemanding only if the growth rate underlying it holds, and recent revenue growth slowing to 5.3% suggests investors should monitor whether that growth assumption remains valid. Relative to Texas Roadhouse at 30.14 and the Dutch Bros and CAVA group, WING's multiple is reasonable, though CAVA's 109.54 illustrates how far the market will stretch for growth stories.
Royalty Economics Drive Elevated Margins
Based on reported quarterly figures, WING's gross margin held near 82 to 83 percent across most recent quarters while net margin reached 15 to 17 percent, reflecting a royalty-dominated structure where cost of goods largely sits with franchisees.
The gross margin is a structural feature of the franchisor model rather than evidence of superior operating efficiency, and it should be read as a measure of how little cost the parent carries directly. The drop in gross margin to roughly 44 to 48 percent in certain quarters, likely a reporting or mix artifact, warrants investigation before any trend is extrapolated. Operating margin compressing from about 29 percent toward 27 percent suggests cost base sensitivity has shifted, and investors should monitor whether reinvestment in technology and remodels is eroding the earnings power implied by headline margins.
Debt Service Comfort Depends on Cash Generation
As reported in quarterly filings, WING's interest coverage ranged between roughly 4.8 and 8.0 times over the period, while its stockholders' deficit has widened, leaving debt service dependent on continued royalty cash flow rather than book equity support.
Coverage has trended lower from the 2024 peak near 8 times toward about 4.8 times in the most recent quarter, which suggests debt service has become less comfortable even as the absolute debt load has held near $1.3 billion. The negative equity base means traditional debt-to-equity metrics cannot be meaningfully computed, so leverage should be assessed against cash earnings instead. Refinancing and recapitalization risk appears to be a concern worth monitoring if interest rates remain elevated, though the filings reviewed do not establish specific covenant pressure.
Liquidity Cushion Thins Despite Covered Obligations
Based on reported figures, WING's current ratio of 2.12 in the latest quarter remains above 1.0, yet its cash balance declined sharply, suggesting near-term obligations are covered but with a noticeably smaller buffer for stress.
Current ratios between 2.1 and 4.5 indicate the company has historically held more short-term assets than obligations, but the falling cash balance points to a shrinking cushion rather than a rebuilding one. Because the asset base is small relative to debt and the business is asset-light, liquidity depends heavily on royalty receipts continuing without interruption. Under a severe franchisee stress scenario, the thinning cash position may leave less room to absorb a prolonged revenue shortfall without additional borrowing.
Misapplied Gross Margin Obscures Franchise Economics
The gross margin is most commonly misapplied to WING as a measure of operating quality, yet it reflects royalty mix rather than efficiency, so investors should instead anchor on cash conversion and system-wide sales growth.
Comparing WING's 82 percent gross margin to company-operated restaurant peers such as Shake Shack or Portillo's overstates its advantage, because those peers carry food and labor costs that WING's franchisees bear. A more appropriate lens is free cash flow margin and royalty growth tied to system-wide sales, which better capture the economic output of the franchise network. The reported net margin of 25 percent should likewise be tested against reinvestment needs before being treated as sustainable earning power.