Shake Shack vs Wingstop
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The short version
- Shake Shack is the larger business, with $1.4B of revenue in fiscal 2025 against $697M for Wingstop, about 2.1 times as much.
- Shake Shack grew revenue faster (15.4%, against 11.4%).
- Wingstop kept more of each dollar of sales as operating profit (25.7% operating margin, against 4.3%).
- Wingstop turned more of its sales into free cash flow (15.2% FCF margin, against 3.9%).
- Wingstop earned a higher return on the capital invested in it (51.0%, against 9.6%).
- Investors pay more for each dollar of Shake Shack’s earnings: a P/E of 68.6x against 28.3x for Wingstop.
| Latest fiscal year | SHAK · FY25 | WING · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $3.3B |
| Revenue | $1.4B | $697M |
| Free cash flow | $56.5M | $106M |
| Net income | $45.7M | $174M |
| Growth | ||
| Revenue growth | 15.4% | 11.4% |
| 5-year growth | 22.6% | 22.9% |
| Share count change | −5.3% | −4.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.3% | 25.7% |
| Net margin | 3.2% | 25.0% |
| FCF margin | 3.9% | 15.2% |
| Return on capital | 9.6% | 51.0% |
| Return on equity | 9.2% | — |
| Balance sheet | ||
| Net debt | −$96.7M | $1.0B |
| Net debt / EBITDA | −0.6x | 5.0x |
| Dividends and buybacks | $0.0M | $254M |
| Valuation & quality | ||
| P/E | 68.6x | 28.3x |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
SHAK $269M
WING $103M
FY17
SHAK $359M
WING $133M
FY18
SHAK $459M
WING $153M
FY19
SHAK $595M
WING $200M
FY20
SHAK $523M
WING $249M
FY21
SHAK $740M
WING $283M
FY22
SHAK $901M
WING $358M
FY23
SHAK $1.1B
WING $460M
FY24
SHAK $1.3B
WING $626M
FY25
SHAK $1.4B
WING $697M
SHAK
WING
Operating margin
FY16
SHAK 10.4%
WING 25.8%
FY17
SHAK 9.4%
WING 25.4%
FY18
SHAK 6.9%
WING 25.2%
FY19
SHAK 4.3%
WING 21.5%
FY20
SHAK −8.4%
WING 23.1%
FY21
SHAK −2.1%
WING 26.1%
FY22
SHAK −3.0%
WING 25.7%
FY23
SHAK 0.5%
WING 24.5%
FY24
SHAK 0.2%
WING 26.5%
FY25
SHAK 4.3%
WING 25.7%
SHAK
WING
Free cash flow
FY16
SHAK −$0.2M
WING $19.8M
FY17
SHAK $9.4M
WING $24.9M
FY18
SHAK −$2.1M
WING $34.8M
FY19
SHAK −$16.7M
WING $16.1M
FY20
SHAK −$31.7M
WING $59.5M
FY21
SHAK −$43.1M
WING $20.9M
FY22
SHAK −$65.8M
WING $52.3M
FY23
SHAK −$14.0M
WING $80.8M
FY24
SHAK $35.7M
WING $106M
FY25
SHAK $56.5M
WING $106M
SHAK
WING
Return on capital
FY16
SHAK 20.2%
WING 24.5%
FY17
SHAK 12.6%
WING 41.1%
FY18
SHAK 13.8%
WING 40.4%
FY19
SHAK 10.2%
WING 38.3%
FY20
SHAK −13.3%
WING 51.4%
FY21
SHAK −4.3%
WING 49.2%
FY22
SHAK −6.1%
WING 52.3%
FY23
SHAK 1.5%
WING 52.0%
FY24
SHAK 0.5%
WING 60.7%
FY25
SHAK 9.6%
WING 51.0%
SHAK
WING
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.