Shake Shack
SHAK NYSE· Restaurants
Last close · Oct 23, 2026
$65.16
KIRA · Stoqly’s AI analyst, in plain words
- Shake Shack had $1.4B of revenue in fiscal 2025, up 15.4% on the year before. Over five years, revenue changed +22.6% a year on average.
- Its operating margin was 4.3%, up 4.1 pts: of every 100 in sales, about 4 is left after running the business.
- Shake Shack made $45.7M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 8.3% a year.
- Free cash flow was $56.5M in fiscal 2025, 3.9% of revenue.
- Shake Shack returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count fell 5.3%.
- Shake Shack has $96.7M more cash than debt.
Market cap
$2.7B
P/E
68.6x
Revenue
$1.4B
Net income
$45.7M
Free cash flow
$56.5M
Operating margin
4.3%
Shake Shack in 30 seconds · fiscal 2025
Are sales growing?
+15.4%
Yes. Sales grew 15.4% last year.
Does it make a profit?
3.2%
A little. It keeps 3.2% of every sale as profit.
Does profit turn into cash?
3.9%
Partly. 3.9% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 8
Solid. It passes 7 of 8 health tests.
How is the share priced?
68.6x
One share costs 68.6 times its yearly profit per share. Typical for its sector: 17.7x.
What Shake Shack does
Shake Shack runs burger restaurants, which it calls Shacks. The menu centers on made-to-order Angus beef burgers, crispy chicken, fries, milkshakes, lemonades, beer and wine. It started as a hot dog cart in New York City's Madison Square Park and opened its first Shack there in 2004. Guests order in the Shack, at kiosks, through its app and website, or for delivery through services such as Uber Eats and DoorDash. At the end of 2025 there were 659 Shacks: 373 run by the company and 286 run by licensees, including Shacks in London, Hong Kong, Tokyo, Seoul and Dubai. Sales at its own Shacks made up 96.3% of revenue in 2025. The rest is licensing revenue: fees and sales-based royalties from partners that run licensed Shacks. Shake Shack says it competes with other fast casual, quick service and casual dining restaurants, and also with grocery stores and meal subscription services. The company had 13,873 team members at the end of 2025, most of them hourly workers and Shack managers.
Biggest risks, in its own words
- Its growth depends on finding good locations and opening new Shacks on time and on good terms.
- New Shacks may not make money and may take sales from its existing Shacks.
- It relies on a few suppliers and one national distributor for most of its U.S. deliveries.
- It has limited control over licensed Shacks, which could hurt its reputation.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- SHAKE SHACK INC.
- CIK
- 0001620533
Shake Shack · SHAK
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $740M | $901M | $1.1B | $1.3B | $1.4B |
| Revenue growth | 41.5% | 21.7% | 20.8% | 15.2% | 15.4% |
| Operating margin | −2.1% | −3.0% | 0.5% | 0.2% | 4.3% |
| Net income | −$4.6M | −$21.2M | $20.3M | $10.2M | $45.7M |
| Net margin | −0.6% | −2.4% | 1.9% | 0.8% | 3.2% |
| Diluted EPS | −$0.12 | −$0.54 | $0.48 | $0.24 | $1.09 |
| Cash | |||||
| Cash from operations | $58.4M | $76.7M | $132M | $171M | $222M |
| Capital expenditure | $102M | $143M | $146M | $136M | $166M |
| Free cash flow | −$43.1M | −$65.8M | −$14.0M | $35.7M | $56.5M |
| FCF margin | −5.8% | −7.3% | −1.3% | 2.9% | 3.9% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 5.3% | 0.4% | 11.9% | 0.7% | −5.3% |
| Debt and strength | |||||
| Cash and short-term investments | $382M | $311M | $293M | $321M | $360M |
| Debt incl. finance leases | $251M | $251M | $258M | $259M | $263M |
| Shareholders' equity | $410M | $412M | $443M | $470M | $525M |
| Net debt / EBITDA | −3.1x | −1.3x | −0.4x | −0.6x | −0.6x |
| Current ratio | 3.4x | 2.3x | 2.0x | 2.0x | 1.8x |
| Interest coverage | −10.1x | −17.7x | 3.5x | 1.5x | 29.0x |
| Returns and quality | |||||
| Return on capital | −4.3% | −6.1% | 1.5% | 0.5% | 9.6% |
| Return on equity | −1.1% | −5.2% | 4.7% | 2.2% | 9.2% |
| Piotroski F-score | 5 | 3 | 6 | 5 | 7 |
| Altman Z'' | 1.7 | 1.2 | 1.2 | 1.2 | 1.4 |
Insiders bought, 12 months
$3.2M
6 insiders
Insiders sold, 12 months
$0.2M
1 insider
Of sales under plans
100%
$0.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Shake Shack · SHAK
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 |
|---|---|---|---|---|---|---|---|
| Shake Shack SHAK | $2.7B | 15.4% | 4.3% | 3.9% | 9.6% | 68.6x | 7 |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 |
| Dutch Bros BROS | $5.6B | 27.9% | 9.8% | 3.3% | 11.9% | 57.6x | 5 |
| Cava Group CAVA | $6.3B | 22.4% | 4.7% | 2.2% | 13.9% | 97.2x | 4 |
| Papa John's PZZA | $603M | −0.3% | 4.3% | 3.0% | 19.3% | 23.1x | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $65.16 a share, the company is worth $2.7B: 68.6 times its earnings of the last four quarters.
Shake Shack grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 3 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001620533). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.