Sweetgreen
SG · Restaurants
$9.82
3.9%Shake Shack
SHAK · Restaurants
$65.16
4.0%The short version
- Shake Shack is the larger business, with $1.4B of revenue in fiscal 2025 against $680M for Sweetgreen, about 2.1 times as much.
- Shake Shack grew revenue faster (15.4%, against 0.4%).
- Shake Shack kept more of each dollar of sales as operating profit (4.3% operating margin, against −20.5% operating margin).
- Shake Shack turned more of its sales into free cash flow (3.9% FCF margin, against −17.5% FCF margin).
- Shake Shack earned a higher return on the capital invested in it (9.6%, against −44.2%).
- Investors pay more for each dollar of Sweetgreen’s earnings: a P/E of 98.2x against 68.6x for Shake Shack.
| Latest fiscal year | SG · FY25 | SHAK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $2.7B |
| Revenue | $680M | $1.4B |
| Free cash flow | −$119M | $56.5M |
| Net income | −$134M | $45.7M |
| Growth | ||
| Revenue growth | 0.4% | 15.4% |
| 5-year growth | 25.2% | 22.6% |
| Share count change | 3.2% | −5.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −20.5% | 4.3% |
| Net margin | −19.7% | 3.2% |
| FCF margin | −17.5% | 3.9% |
| Return on capital | −44.2% | 9.6% |
| Return on equity | −33.4% | 9.2% |
| Balance sheet | ||
| Net debt | −$89.2M | −$96.7M |
| Net debt / EBITDA | — | −0.6x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 98.2x | 68.6x |
| Piotroski F-score | 2 | 7 |
FY16
SG —
SHAK $269M
FY17
SG —
SHAK $359M
FY18
SG —
SHAK $459M
FY19
SG —
SHAK $595M
FY20
SG $221M
SHAK $523M
FY21
SG $340M
SHAK $740M
FY22
SG $470M
SHAK $901M
FY23
SG $584M
SHAK $1.1B
FY24
SG $677M
SHAK $1.3B
FY25
SG $680M
SHAK $1.4B
SG
SHAK
FY16
SG —
SHAK 10.4%
FY17
SG —
SHAK 9.4%
FY18
SG —
SHAK 6.9%
FY19
SG —
SHAK 4.3%
FY20
SG −64.2%
SHAK −8.4%
FY21
SG −39.5%
SHAK −2.1%
FY22
SG −41.1%
SHAK −3.0%
FY23
SG −21.0%
SHAK 0.5%
FY24
SG −14.1%
SHAK 0.2%
FY25
SG −20.5%
SHAK 4.3%
SG
SHAK
FY16
SG —
SHAK −$0.2M
FY17
SG —
SHAK $9.4M
FY18
SG —
SHAK −$2.1M
FY19
SG —
SHAK −$16.7M
FY20
SG −$139M
SHAK −$31.7M
FY21
SG −$149M
SHAK −$43.1M
FY22
SG −$140M
SHAK −$65.8M
FY23
SG −$63.2M
SHAK −$14.0M
FY24
SG −$41.1M
SHAK $35.7M
FY25
SG −$119M
SHAK $56.5M
SG
SHAK
FY16
SG —
SHAK 20.2%
FY17
SG —
SHAK 12.6%
FY18
SG —
SHAK 13.8%
FY19
SG —
SHAK 10.2%
FY20
SG —
SHAK −13.3%
FY21
SG —
SHAK −4.3%
FY22
SG −78.2%
SHAK −6.1%
FY23
SG −44.4%
SHAK 1.5%
FY24
SG −33.1%
SHAK 0.5%
FY25
SG −44.2%
SHAK 9.6%
SG
SHAK
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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.