About these figures. Cava reports no borrowings (its credit line is undrawn), so debt is counted as zero.
What Cava Group does
CAVA runs fast-casual Mediterranean restaurants. As of December 28, 2025, it operated 439 CAVA restaurants in 28 states and Washington, D.C. The first one opened in 2011 in Bethesda, Maryland. Guests build bowls and pitas from a customizable menu.
Most of its money comes from selling meals in its restaurants, including digital and delivery orders. It also makes its own dips, spreads and dressing bases in central kitchens for use in the restaurants and sells packaged dips, spreads and dressings in grocery stores.
CAVA says it is in the early stages of growth, and it sees room for more than 1,000 restaurants in the United States by 2032. Its plans include opening new locations, building its loyalty and digital offerings, adding menu items, and using technology to make restaurants easier to run. It leases its restaurant sites and relies on third parties in its supply chain and delivery.
- Legal name
- CAVA Group, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001628280-26-011296
0001639438
Revenue and margins
Cava Group had $1.2B of revenue in fiscal 2025, up 22.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $26.1M in fiscal 2025, 2.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Cava Group returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.
Value Cava Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $393M and divides by 118.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 97.2x · peers 43.9x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Cava Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $140M | $39.1M | $332M | $366M | $393M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | — | −6.4x | −3.5x | −3.1x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x |
| Interest coverage | −68.7x | −371.2x | 14.3x | 204.4x | 337.1x |
| Current ratio | — | 0.7x | 3.3x | 3.0x | 2.7x |
| Quick ratio | — | 0.6x | 3.2x | 2.9x | 2.6x |
| Total assets | — | $584M | $984M | $1.2B | $1.4B |
| Total liabilities | — | $370M | $413M | $474M | $580M |
| Shareholders' equity | −$393M | −$449M | $571M | $696M | $780M |
| Net debt (− = net cash) | −$140M | −$39.1M | −$332M | −$366M | −$393M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.6M
2 insiders
Sold, 12 months
$277M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Joseph John KadowCLO & Secretary | Bought | 1,000 | $49.96 | $0.0M | Form 4 |
| Aug 31, 2026 | Douglas W. ThompsonChief Operations Officer | Bought | 6,500 | $66.52 | $0.4M | Form 4 |
| Jun 18, 2026 | Karen KochevarDirector | Sold | 10,000 | $90.00 | $0.9M | Form 4 |
| Jun 17, 2026 | Kelly CostanzaChief People Officer | Sold | 12,490 | $90.00 | $1.1M | Form 4 |
| Jun 15, 2026 | Adam David PhillipsChief Accounting Officer | Sold | 757 | $89.43 | $0.1M | Form 4 |
| Jun 15, 2026 | Brett SchulmanCEO and President, Director | Sold | 33,174 | $89.43 | $3.0M | Form 4 |
| Jun 15, 2026 | Kelly CostanzaChief People Officer | Sold | 2,870 | $89.43 | $0.3M | Form 4 |
| Jun 15, 2026 | Participations S.a r.l. ArtalDirector | Sold | 3,000,000 | $90.30 | $271M | Form 4 |
| Jun 15, 2026 | Theodoros XenohristosChief Concept Officer, Director | Sold | 3,252 | $89.43 | $0.3M | Form 4 |
| Jun 15, 2026 | Tricia K. TolivarChief Financial Officer | Sold | 4,969 | $89.43 | $0.4M | Form 4 |
| Jun 12, 2026 | Adam David PhillipsChief Accounting Officer | Sold | 4,664 | $90.71 | $0.4M | Form 4 |
| Jun 3, 2026 | Joseph John KadowCLO & Secretary | Bought | 1,000 | $70.00 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 9 | 4 / 8 | 4 / 8 |
| Accruals ratio | −10.7% | −2.9% | −9.6% |
| Altman Z'' | 1.64 | 2.37 | 2.37 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Cava Group CAVA | $6.3B | 22.4% | 4.7% | 2.2% | 13.9% | 97.2x | 4 | |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 | Compare → |
| Shake Shack SHAK | $2.7B | 15.4% | 4.3% | 3.9% | 9.6% | 68.6x | 7 | Compare → |
| Dutch Bros BROS | $5.6B | 27.9% | 9.8% | 3.3% | 11.9% | 57.6x | 5 | Compare → |
| Wingstop WING | $3.3B | 11.4% | 25.7% | 15.2% | 51.0% | 28.3x | 4 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $500M | $564M | $729M | $964M | $1.2B |
| Gross profit | $82.2M | $98.0M | $180M | — | — |
| Operating income | −$52.8M | −$59.8M | $4.7M | $43.1M | $55.3M |
| Interest expense | $0.8M | $0.2M | $0.3M | $0.2M | $0.2M |
| Pretax income | −$37.3M | −$58.9M | $14.0M | $59.9M | $70.8M |
| Income tax | $0.1M | $0.1M | $0.8M | −$70.4M | $7.1M |
| Net income | −$37.4M | −$59.0M | $13.3M | $130M | $63.7M |
| Diluted EPS | −$51.06 | −$44.41 | $0.21 | $1.10 | $0.54 |
| Diluted shares | 0.00B | 0.00B | 0.06B | 0.12B | 0.12B |
| Cash flow | |||||
| Cash from operations | $3.4M | $6.0M | $97.1M | $161M | $185M |
| Capital expenditure | $56.3M | $104M | $139M | $108M | $159M |
| Free cash flow | −$52.9M | −$98.1M | −$41.7M | $52.9M | $26.1M |
| Depreciation and amortization | $44.5M | $42.7M | $47.4M | $60.4M | $73.7M |
| Stock-based compensation | $5.4M | $3.8M | $9.4M | $13.6M | $15.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $7.7M | $0.9M | $3.1M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $7.7M | $0.9M | $3.1M | $0.0M | $0.0M |
| Balance sheet | |||||
| Cash and short-term investments | $140M | $39.1M | $332M | $366M | $393M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $58.1M | $355M | $394M | $431M |
| Current liabilities | — | $84.3M | $109M | $133M | $163M |
| Inventory | $0.0M | $5.1M | $5.6M | $7.6M | $9.0M |
| Property and equipment, net | — | $243M | $331M | $373M | $458M |
| Total assets | — | $584M | $984M | $1.2B | $1.4B |
| Total liabilities | — | $370M | $413M | $474M | $580M |
| Shareholders' equity | −$393M | −$449M | $571M | $696M | $780M |
| Margins | |||||
| Gross margin | 16.4% | 17.4% | 24.8% | — | — |
| Operating margin | −10.6% | −10.6% | 0.7% | 4.5% | 4.7% |
| EBITDA margin | −1.6% | −3.0% | 7.2% | 10.7% | 10.9% |
| Net margin | −7.5% | −10.5% | 1.8% | 13.5% | 5.4% |
| FCF margin | −10.6% | −17.4% | −5.7% | 5.5% | 2.2% |
| Returns | |||||
| Return on capital | — | — | — | 15.2% | 13.9% |
| Return on capital employed | — | — | 0.7% | 4.5% | 5.0% |
| Return on equity | — | — | 21.7% | 20.6% | 8.6% |
| Return on assets | — | — | 1.7% | 12.1% | 5.0% |
| Growth | |||||
| Revenue growth | — | 12.8% | 29.2% | 32.3% | 22.4% |
| Net income growth | — | — | — | 881.3% | −51.1% |
| EPS growth | — | — | — | 423.8% | −50.9% |
| FCF growth | — | — | — | — | −50.6% |
| Share count change | — | 81.4% | 4,677.7% | 86.4% | 0.0% |
| Financial health | |||||
| Net debt / EBITDA | — | — | −6.4x | −3.5x | −3.1x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x |
| Interest coverage | −68.7x | −371.2x | 14.3x | 204.4x | 337.1x |
| Current ratio | — | 0.7x | 3.3x | 3.0x | 2.7x |
| Quick ratio | — | 0.6x | 3.2x | 2.9x | 2.6x |
| Capital allocation | |||||
| Capex / revenue | 11.3% | 18.5% | 19.1% | 11.2% | 13.5% |
| Stock comp / revenue | 1.1% | 0.7% | 1.3% | 1.4% | 1.3% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 4.0 | 4.0 |
| Altman Z'' | — | −4.8 | 1.6 | 2.4 | 2.4 |
| Accruals ratio | — | — | −10.7% | −2.9% | −9.6% |
Source: SEC EDGAR XBRL filings (CIK 0001639438). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.