Sweetgreen vs Shake Shack
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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 β20.5%).
- Shake Shack turned more of its sales into free cash flow (3.9% FCF margin, against β17.5%).
- Shake Shack earned a higher return on the capital invested in it (9.6%, against β44.2%).
- Investors pay more for each dollar of Sweetgreenβs earnings: a P/E of 98.2x against 68.6x for Shake Shack.
| Latest fiscal year | SG Β· FY25 | SHAK Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $2.7B |
| Revenue | $680M | $1.4B |
| Free cash flow | β$119M | $56.5M |
| Net income | β$134M | $45.7M |
| Growth | ||
| Revenue growth | 0.4% | 15.4% |
| 5-year growth | 25.2% | 22.6% |
| Share count change | 3.2% | β5.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β20.5% | 4.3% |
| Net margin | β19.7% | 3.2% |
| FCF margin | β17.5% | 3.9% |
| Return on capital | β44.2% | 9.6% |
| Return on equity | β33.4% | 9.2% |
| Balance sheet | ||
| Net debt | β$89.2M | β$96.7M |
| Net debt / EBITDA | β | β0.6x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 98.2x | 68.6x |
| Piotroski F-score | 2 | 7 |
Revenue
FY16
SG β
SHAK $269M
FY17
SG β
SHAK $359M
FY18
SG β
SHAK $459M
FY19
SG β
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
Operating margin
FY16
SG β
SHAK 10.4%
FY17
SG β
SHAK 9.4%
FY18
SG β
SHAK 6.9%
FY19
SG β
SHAK 4.3%
FY20
SG β64.2%
SHAK β8.4%
FY21
SG β39.5%
SHAK β2.1%
FY22
SG β41.1%
SHAK β3.0%
FY23
SG β21.0%
SHAK 0.5%
FY24
SG β14.1%
SHAK 0.2%
FY25
SG β20.5%
SHAK 4.3%
SG
SHAK
Free cash flow
FY16
SG β
SHAK β$0.2M
FY17
SG β
SHAK $9.4M
FY18
SG β
SHAK β$2.1M
FY19
SG β
SHAK β$16.7M
FY20
SG β$139M
SHAK β$31.7M
FY21
SG β$149M
SHAK β$43.1M
FY22
SG β$140M
SHAK β$65.8M
FY23
SG β$63.2M
SHAK β$14.0M
FY24
SG β$41.1M
SHAK $35.7M
FY25
SG β$119M
SHAK $56.5M
SG
SHAK
Return on capital
FY16
SG β
SHAK 20.2%
FY17
SG β
SHAK 12.6%
FY18
SG β
SHAK 13.8%
FY19
SG β
SHAK 10.2%
FY20
SG β
SHAK β13.3%
FY21
SG β
SHAK β4.3%
FY22
SG β78.2%
SHAK β6.1%
FY23
SG β44.4%
SHAK 1.5%
FY24
SG β33.1%
SHAK 0.5%
FY25
SG β44.2%
SHAK 9.6%
SG
SHAK
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.