Wingstop
WING Nasdaq Restaurants Financials FY2016–FY2025
Wingstop's revenue rose 11.3% to $697 million in fiscal 2025. Its operating margin was 25.7%, down from 26.5% a year earlier. Free cash flow was $106 million, down 0.1%. It paid out $254 million in dividends and buybacks, 241% of free cash flow. The diluted share count fell 4.5%.
About these figures. Wingstop doesn't report a gross profit: most of its revenue is royalties and fees from franchised restaurants, and the cost of sales its filings tag covers only its own restaurants, so gross profit and gross margin are left blank.
What Wingstop does
Wingstop is a restaurant chain built around chicken wings. It also sells boneless wings, tenders and chicken sandwiches, cooked to order and tossed in 12 flavors, with fries, carrots, celery and dips on the side. Guests can eat in, carry out or have food delivered. Wingstop says it is the largest fast casual chicken wings chain in the world, with more than 3,050 locations. The first one opened in Texas in 1994, and it began franchising in 1997.
The company is mainly a franchisor. About 98% of its restaurants are owned and run by independent franchisees. It reports a single segment and earns money from royalties, advertising fees and franchise fees paid by franchisees, and from the restaurants it runs itself. US franchisees must put 5.5% of gross sales into an advertising fund that pays for national advertising.
At the end of 2025, franchisees ran 2,999 restaurants in 47 states and 18 countries and US territories. All 470 of its international restaurants are franchised. Franchisees must finish a four-week training program before opening. The company says its goal is to grow to more than 6,000 US restaurants and more than 4,000 abroad, and it competes with many other restaurants.
- Legal name
- WINGSTOP INC.
- Fiscal year ends
- December 27, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001636222-26-000008
0001636222
Revenue and margins
Wingstop had $697M of revenue in fiscal 2025, up 11.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 33.2% a year. 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 $106M in fiscal 2025, 15.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Wingstop returned $254M to shareholders in fiscal 2025, 241% of free cash flow. The diluted share count fell 4.5%.
Value Wingstop 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 −$1.0B and divides by 28.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 28.3x · peers 82.9x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Wingstop can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $48.6M | $185M | $90.2M | $316M | $197M |
| Debt incl. finance leases | $478M | $725M | $721M | $1.2B | $1.2B |
| Net debt / EBITDA | 5.3x | 5.3x | 5.0x | 4.9x | 5.0x |
| Interest coverage | 4.9x | 4.5x | 5.0x | 7.3x | 3.4x |
| Current ratio | 1.8x | 3.6x | 2.0x | 4.5x | 3.3x |
| Quick ratio | 1.8x | 3.6x | 2.0x | 4.5x | 3.3x |
| Total assets | $249M | $424M | $378M | $716M | $693M |
| Total liabilities | $559M | $815M | $835M | $1.4B | $1.4B |
| Shareholders' equity | −$310M | −$391M | −$457M | −$676M | −$737M |
| Net debt (− = net cash) | $429M | $540M | $631M | $905M | $1.0B |
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
$0.0M
0 insiders
Sold, 12 months
$1.0M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 12, 2026 | Christopher FallonFormer SVP & CIO | Sold | 250 | $125.93 | $0.0M | Form 4 |
| Mar 10, 2026 | Christopher FallonSVP, Chief Information Officer | Sold | 177 | $220.78 | $0.0M | Form 4 |
| Feb 25, 2026 | Kilandigalu MadatiDirector | Sold | 2,700 | $260.73 | $0.7M | Form 4 |
| Feb 23, 2026 | Wesley S McDonaldDirector | Sold | 566 | $250.00 | $0.1M | Form 4 |
| Nov 25, 2025 | Kilandigalu MadatiDirector | Sold | 269 | $259.97 | $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 | 5 / 8 | 7 / 8 | 4 / 8 |
| Accruals ratio | −12.8% | −8.9% | 3.0% |
| Altman Z'' | −1.27 | 0.79 | −0.55 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Wingstop WING | $3.3B | 11.4% | 25.7% | 15.2% | 51.0% | 28.3x | 4 | |
| Sweetgreen SG | $1.2B | 0.4% | −20.5% | −17.5% | −44.2% | 98.2x | 2 | Compare → |
| Cava Group CAVA | $6.3B | 22.4% | 4.7% | 2.2% | 13.9% | 97.2x | 4 | Compare → |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 | Compare → |
| Shake Shack SHAK | $2.7B | 15.4% | 4.3% | 3.9% | 9.6% | 68.6x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $103M | $133M | $153M | $200M | $249M | $283M | $358M | $460M | $626M | $697M |
| Operating income | $26.6M | $33.9M | $38.5M | $42.9M | $57.4M | $73.8M | $91.9M | $113M | $166M | $179M |
| Interest expense | $4.8M | $4.8M | $7.6M | $16.9M | $14.5M | $15.0M | $20.5M | $22.7M | $22.7M | $52.1M |
| Pretax income | $22.0M | $28.7M | $26.9M | $25.8M | $26.9M | $58.9M | $69.3M | $94.3M | $147M | $237M |
| Income tax | $8.2M | $4.8M | $5.2M | $5.3M | $3.6M | $16.2M | $16.4M | $24.1M | $38.5M | $62.9M |
| Net income | $13.8M | $23.9M | $21.7M | $20.5M | $23.3M | $42.7M | $52.9M | $70.2M | $109M | $174M |
| Diluted EPS | $0.47 | $0.82 | $0.73 | $0.69 | $0.78 | $1.42 | $1.77 | $2.35 | $3.70 | $6.21 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $21.9M | $27.4M | $38.8M | $38.6M | $65.5M | $48.9M | $76.2M | $122M | $158M | $153M |
| Capital expenditure | $2.1M | $2.5M | $4.0M | $22.5M | $6.1M | $28.0M | $23.9M | $40.8M | $51.9M | $47.4M |
| Free cash flow | $19.8M | $24.9M | $34.8M | $16.1M | $59.5M | $20.9M | $52.3M | $80.8M | $106M | $106M |
| Depreciation and amortization | $3.0M | $3.4M | $4.3M | $5.5M | $7.5M | $7.9M | $10.9M | $13.2M | $19.5M | $25.1M |
| Stock-based compensation | $1.2M | $1.9M | $3.7M | $7.0M | $8.6M | $9.6M | $4.2M | $15.6M | $22.1M | $24.9M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $1.2M | $6.7M | $4.9M | $7.8M | $10.8M | $14.0M | $18.5M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $125M | $315M | $222M |
| Dividends paid | $83.3M | $4.1M | $191M | $11.7M | $164M | $19.8M | $141M | $24.9M | $28.9M | $32.4M |
| Dividends and buybacks | $83.3M | $4.1M | $191M | $11.7M | $164M | $19.8M | $141M | $150M | $344M | $254M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.8M | $4.1M | $12.5M | $12.8M | $40.9M | $48.6M | $185M | $90.2M | $316M | $197M |
| Total debt | $151M | $134M | $320M | $318M | $480M | $478M | $725M | $721M | $1.2B | $1.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $11.1M | $15.9M | $29.9M | $30.2M | $72.6M | $70.1M | $227M | $144M | $396M | $268M |
| Current liabilities | $16.7M | $19.1M | $26.5M | $32.9M | $50.5M | $39.7M | $62.4M | $71.0M | $87.4M | $82.0M |
| Inventory | $0.2M | $0.2M | $0.3M | $0.3M | $0.4M | $0.5M | $0.4M | $0.5M | $0.0M | $0.0M |
| Property and equipment, net | $5.0M | $5.8M | $8.3M | $27.8M | $27.9M | $54.5M | $66.9M | $91.3M | $126M | $131M |
| Total assets | $112M | $120M | $140M | $166M | $212M | $249M | $424M | $378M | $716M | $693M |
| Total liabilities | $186M | $178M | $365M | $376M | $553M | $559M | $815M | $835M | $1.4B | $1.4B |
| Shareholders' equity | −$81.4M | −$58.4M | −$225M | −$209M | −$341M | −$310M | −$391M | −$457M | −$676M | −$737M |
| Margins | ||||||||||
| Operating margin | 25.8% | 25.4% | 25.2% | 21.5% | 23.1% | 26.1% | 25.7% | 24.5% | 26.5% | 25.7% |
| EBITDA margin | 28.7% | 27.9% | 28.0% | 24.2% | 26.1% | 28.9% | 28.8% | 27.4% | 29.6% | 29.3% |
| Net margin | 13.3% | 18.0% | 14.2% | 10.3% | 9.4% | 15.1% | 14.8% | 15.3% | 17.4% | 25.0% |
| FCF margin | 19.2% | 18.7% | 22.7% | 8.1% | 23.9% | 7.4% | 14.6% | 17.6% | 16.9% | 15.2% |
| Returns | ||||||||||
| Return on capital | 24.5% | 41.1% | 40.4% | 38.3% | 51.4% | 49.2% | 52.3% | 52.0% | 60.7% | 51.0% |
| Return on capital employed | 26.2% | 34.6% | 36.0% | 34.8% | 39.0% | 39.8% | 32.2% | 33.7% | 35.4% | 28.9% |
| Return on assets | 11.9% | 20.7% | 16.7% | 13.4% | 12.3% | 18.5% | 15.7% | 17.5% | 19.9% | 24.7% |
| Growth | ||||||||||
| Revenue growth | 32.5% | 29.0% | 14.9% | 30.4% | 24.6% | 13.5% | 26.6% | 28.7% | 36.0% | 11.4% |
| Net income growth | 36.3% | 73.9% | −9.3% | −5.7% | 13.8% | 83.0% | 24.1% | 32.5% | 54.9% | 60.3% |
| EPS growth | 30.6% | 74.5% | −11.0% | −5.5% | 13.0% | 82.1% | 24.7% | 32.8% | 57.5% | 67.8% |
| FCF growth | 66.0% | 25.6% | 39.7% | −53.7% | 269.5% | −64.9% | 150.8% | 54.4% | 30.9% | −0.1% |
| Share count change | 4.2% | 1.5% | 0.6% | 0.3% | 0.5% | 0.5% | 0.1% | −0.4% | −1.6% | −4.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.0x | 3.5x | 7.2x | 6.3x | 6.8x | 5.3x | 5.3x | 5.0x | 4.9x | 5.0x |
| Interest coverage | 5.6x | 7.0x | 5.1x | 2.5x | 3.9x | 4.9x | 4.5x | 5.0x | 7.3x | 3.4x |
| Current ratio | 0.7x | 0.8x | 1.1x | 0.9x | 1.4x | 1.8x | 3.6x | 2.0x | 4.5x | 3.3x |
| Quick ratio | 0.7x | 0.8x | 1.1x | 0.9x | 1.4x | 1.8x | 3.6x | 2.0x | 4.5x | 3.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.0% | 1.9% | 2.6% | 11.3% | 2.4% | 9.9% | 6.7% | 8.9% | 8.3% | 6.8% |
| Stock comp / revenue | 1.2% | 1.4% | 2.4% | 3.5% | 3.4% | 3.4% | 1.2% | 3.4% | 3.5% | 3.6% |
| Payouts / FCF | 420.1% | 16.4% | 548.3% | 73.0% | 275.4% | 95.0% | 270.1% | 186.1% | 325.1% | 240.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 7.0 | 5.0 | 5.0 | 5.0 | 6.0 | 6.0 | 5.0 | 7.0 | 4.0 |
| Altman Z'' | −1.4 | −0.2 | −3.9 | −3.1 | −3.4 | −1.9 | 0.5 | −1.3 | 0.8 | −0.6 |
| Accruals ratio | −7.0% | −3.0% | −13.1% | −11.8% | −22.4% | −2.7% | −6.9% | −12.8% | −8.9% | 3.0% |
Source: SEC EDGAR XBRL filings (CIK 0001636222). 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.