Dave & Buster's vs Shake Shack
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KIRA’s take AI analyst
I put Dave & Buster's and Shake Shack side by side, using each one’s latest annual report. Here is what stands out:
- Dave & Buster's is the larger business, with $2.1B of revenue in fiscal 2025 against $1.4B for Shake Shack.
- Shake Shack grew revenue faster (15.4%, against −1.4%).
- Shake Shack turned more of its sales into free cash flow (3.9% FCF margin, against −4.8%).
- Shake Shack earned a higher return on the capital invested in it (9.6%, against 4.1%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Dave & Buster's
PLAY
2/9
5-year growthShare count change
Shake Shack
SHAK
7/9
Revenue growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | PLAY FY25 | SHAK FY25 |
|---|---|---|
| Size | ||
| Market cap | $246M | $2.7B |
| Revenue | $2.1B | $1.4B |
| Free cash flow | −$101M | $56.5M |
| Net income | −$48.7M | $45.7M |
| Growth | ||
| Revenue growth | −1.4% | 15.4% |
| 5-year growth | 37.0% | 22.6% |
| Share count change | −13.4% | −5.3% |
| Profitability | ||
| Gross margin | 85.7% | — |
| Operating margin | 4.1% | 4.3% |
| Net margin | −2.3% | 3.2% |
| FCF margin | −4.8% | 3.9% |
| Return on capital | 4.1% | 9.6% |
| Return on equity | — | 9.2% |
| Balance sheet | ||
| Net debt | $1.6B | −$96.7M |
| Net debt / EBITDA | 4.3x | −0.6x |
| Dividends and buybacks | $23.9M | $0.0M |
| Valuation & quality | ||
| P/E | — | 68.6x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.