BJ's Restaurants 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 $1.4B for BJ's Restaurants.
- Shake Shack grew revenue faster (15.4%, against 3.1%).
- Shake Shack kept more of each dollar of sales as operating profit (4.3% operating margin, against 3.3%).
- Shake Shack turned more of its sales into free cash flow (3.9% FCF margin, against 2.9%).
- BJ's Restaurants earned a higher return on the capital invested in it (11.1%, against 9.6%).
- Investors pay more for each dollar of Shake Shack’s earnings: a P/E of 68.6x against 30.2x for BJ's Restaurants.
| Latest fiscal year | BJRI · FY25 | SHAK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $2.7B |
| Revenue | $1.4B | $1.4B |
| Free cash flow | $40.9M | $56.5M |
| Net income | $48.8M | $45.7M |
| Growth | ||
| Revenue growth | 3.1% | 15.4% |
| 5-year growth | 12.4% | 22.6% |
| Share count change | −4.8% | −5.3% |
| Profitability | ||
| Gross margin | 74.8% | — |
| Operating margin | 3.3% | 4.3% |
| Net margin | 3.5% | 3.2% |
| FCF margin | 2.9% | 3.9% |
| Return on capital | 11.1% | 9.6% |
| Return on equity | 13.3% | 9.2% |
| Balance sheet | ||
| Net debt | $61.2M | −$96.7M |
| Net debt / EBITDA | 0.5x | −0.6x |
| Dividends and buybacks | $67.8M | $0.0M |
| Valuation & quality | ||
| P/E | 30.2x | 68.6x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BJRI $993M
SHAK $269M
FY17
BJRI $1.0B
SHAK $359M
FY18
BJRI $1.1B
SHAK $459M
FY19
BJRI $1.2B
SHAK $595M
FY20
BJRI $779M
SHAK $523M
FY21
BJRI $1.1B
SHAK $740M
FY22
BJRI $1.3B
SHAK $901M
FY23
BJRI $1.3B
SHAK $1.1B
FY24
BJRI $1.4B
SHAK $1.3B
FY25
BJRI $1.4B
SHAK $1.4B
BJRI
SHAK
Operating margin
FY16
BJRI 6.2%
SHAK 10.4%
FY17
BJRI 3.7%
SHAK 9.4%
FY18
BJRI 5.2%
SHAK 6.9%
FY19
BJRI 4.2%
SHAK 4.3%
FY20
BJRI −11.1%
SHAK −8.4%
FY21
BJRI −1.5%
SHAK −2.1%
FY22
BJRI −0.4%
SHAK −3.0%
FY23
BJRI 1.0%
SHAK 0.5%
FY24
BJRI 1.0%
SHAK 0.2%
FY25
BJRI 3.3%
SHAK 4.3%
BJRI
SHAK
Free cash flow
FY16
BJRI $29.0M
SHAK −$0.2M
FY17
BJRI $36.3M
SHAK $9.4M
FY18
BJRI $72.0M
SHAK −$2.1M
FY19
BJRI $33.8M
SHAK −$16.7M
FY20
BJRI −$2.8M
SHAK −$31.7M
FY21
BJRI $22.1M
SHAK −$43.1M
FY22
BJRI −$27.5M
SHAK −$65.8M
FY23
BJRI $6.9M
SHAK −$14.0M
FY24
BJRI $24.6M
SHAK $35.7M
FY25
BJRI $40.9M
SHAK $56.5M
BJRI
SHAK
Return on capital
FY16
BJRI 11.8%
SHAK 20.2%
FY17
BJRI 9.5%
SHAK 12.6%
FY18
BJRI 14.6%
SHAK 13.8%
FY19
BJRI 12.2%
SHAK 10.2%
FY20
BJRI −17.7%
SHAK −13.3%
FY21
BJRI −3.7%
SHAK −4.3%
FY22
BJRI −1.2%
SHAK −6.1%
FY23
BJRI 3.5%
SHAK 1.5%
FY24
BJRI 3.5%
SHAK 0.5%
FY25
BJRI 11.1%
SHAK 9.6%
BJRI
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.