Cheesecake Factory
CAKE · Restaurants
$108.37
3.6%Texas Roadhouse
TXRH · Restaurants
$165.66
4.1%The short version
- Texas Roadhouse is the larger business, with $5.9B of revenue in fiscal 2025 against $3.8B for Cheesecake Factory, about 1.6 times as much.
- Texas Roadhouse grew revenue faster (9.4%, against 4.8%).
- Texas Roadhouse kept more of each dollar of sales as operating profit (8.1% operating margin, against 5.0% operating margin).
- Texas Roadhouse turned more of its sales into free cash flow (5.8% FCF margin, against 4.1% FCF margin).
- Texas Roadhouse earned a higher return on the capital invested in it (33.0%, against 20.5%).
- Investors pay more for each dollar of Cheesecake Factory’s earnings: a P/E of 29.4x against 26.5x for Texas Roadhouse.
| Latest fiscal year | CAKE · FY25 | TXRH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $10.9B |
| Revenue | $3.8B | $5.9B |
| Free cash flow | $155M | $342M |
| Net income | $148M | $414M |
| Growth | ||
| Revenue growth | 4.8% | 9.4% |
| 5-year growth | 13.6% | 19.6% |
| Share count change | −0.9% | −0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 5.0% | 8.1% |
| Net margin | 4.0% | 7.1% |
| FCF margin | 4.1% | 5.8% |
| Return on capital | 20.5% | 33.0% |
| Return on equity | 33.7% | 29.4% |
| Balance sheet | ||
| Net debt | $414M | −$132M |
| Net debt / EBITDA | 1.4x | −0.2x |
| Dividends and buybacks | $206M | $331M |
| Valuation & quality | ||
| P/E | 29.4x | 26.5x |
| Piotroski F-score | 5 | 4 |
FY16
CAKE $2.3B
TXRH $2.0B
FY17
CAKE $2.3B
TXRH $2.2B
FY18
CAKE $2.3B
TXRH $2.5B
FY19
CAKE $2.5B
TXRH $2.8B
FY20
CAKE $2.0B
TXRH $2.4B
FY21
CAKE $2.9B
TXRH $3.5B
FY22
CAKE $3.3B
TXRH $4.0B
FY23
CAKE $3.4B
TXRH $4.6B
FY24
CAKE $3.6B
TXRH $5.4B
FY25
CAKE $3.8B
TXRH $5.9B
CAKE
TXRH
FY16
CAKE 8.8%
TXRH 8.6%
FY17
CAKE 6.8%
TXRH 8.4%
FY18
CAKE 5.1%
TXRH 7.6%
FY19
CAKE 4.2%
TXRH 7.7%
FY20
CAKE −17.5%
TXRH 1.0%
FY21
CAKE 2.8%
TXRH 8.6%
FY22
CAKE 1.2%
TXRH 8.0%
FY23
CAKE 3.2%
TXRH 7.6%
FY24
CAKE 5.0%
TXRH 9.6%
FY25
CAKE 5.0%
TXRH 8.1%
CAKE
TXRH
FY16
CAKE $201M
TXRH $92.3M
FY17
CAKE $118M
TXRH $125M
FY18
CAKE $188M
TXRH $197M
FY19
CAKE $145M
TXRH $160M
FY20
CAKE −$47.4M
TXRH $76.0M
FY21
CAKE $146M
TXRH $268M
FY22
CAKE $49.5M
TXRH $266M
FY23
CAKE $66.8M
TXRH $218M
FY24
CAKE $108M
TXRH $399M
FY25
CAKE $155M
TXRH $342M
CAKE
TXRH
FY16
CAKE —
TXRH 18.0%
FY17
CAKE —
TXRH 19.0%
FY18
CAKE 18.7%
TXRH 21.7%
FY19
CAKE 13.8%
TXRH 22.8%
FY20
CAKE −45.1%
TXRH 2.9%
FY21
CAKE 16.1%
TXRH 30.9%
FY22
CAKE 6.2%
TXRH 31.7%
FY23
CAKE 15.8%
TXRH 31.6%
FY24
CAKE 21.2%
TXRH 40.0%
FY25
CAKE 20.5%
TXRH 33.0%
CAKE
TXRH
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.