Cava Group vs Wingstop
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The short version
- Cava Group is the larger business, with $1.2B of revenue in fiscal 2025 against $697M for Wingstop, about 1.7 times as much.
- Cava Group grew revenue faster (22.4%, against 11.4%).
- Wingstop kept more of each dollar of sales as operating profit (25.7% operating margin, against 4.7%).
- Wingstop turned more of its sales into free cash flow (15.2% FCF margin, against 2.2%).
- Wingstop earned a higher return on the capital invested in it (51.0%, against 13.9%).
- Investors pay more for each dollar of Cava Group’s earnings: a P/E of 97.2x against 28.3x for Wingstop.
| Latest fiscal year | CAVA · FY25 | WING · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.3B | $3.3B |
| Revenue | $1.2B | $697M |
| Free cash flow | $26.1M | $106M |
| Net income | $63.7M | $174M |
| Growth | ||
| Revenue growth | 22.4% | 11.4% |
| 5-year growth | — | 22.9% |
| Share count change | 0.0% | −4.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 4.7% | 25.7% |
| Net margin | 5.4% | 25.0% |
| FCF margin | 2.2% | 15.2% |
| Return on capital | 13.9% | 51.0% |
| Return on equity | 8.6% | — |
| Balance sheet | ||
| Net debt | −$393M | $1.0B |
| Net debt / EBITDA | −3.1x | 5.0x |
| Dividends and buybacks | $0.0M | $254M |
| Valuation & quality | ||
| P/E | 97.2x | 28.3x |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
CAVA —
WING $103M
FY17
CAVA —
WING $133M
FY18
CAVA —
WING $153M
FY19
CAVA —
WING $200M
FY20
CAVA —
WING $249M
FY21
CAVA $500M
WING $283M
FY22
CAVA $564M
WING $358M
FY23
CAVA $729M
WING $460M
FY24
CAVA $964M
WING $626M
FY25
CAVA $1.2B
WING $697M
CAVA
WING
Operating margin
FY16
CAVA —
WING 25.8%
FY17
CAVA —
WING 25.4%
FY18
CAVA —
WING 25.2%
FY19
CAVA —
WING 21.5%
FY20
CAVA —
WING 23.1%
FY21
CAVA −10.6%
WING 26.1%
FY22
CAVA −10.6%
WING 25.7%
FY23
CAVA 0.7%
WING 24.5%
FY24
CAVA 4.5%
WING 26.5%
FY25
CAVA 4.7%
WING 25.7%
CAVA
WING
Free cash flow
FY16
CAVA —
WING $19.8M
FY17
CAVA —
WING $24.9M
FY18
CAVA —
WING $34.8M
FY19
CAVA —
WING $16.1M
FY20
CAVA —
WING $59.5M
FY21
CAVA −$52.9M
WING $20.9M
FY22
CAVA −$98.1M
WING $52.3M
FY23
CAVA −$41.7M
WING $80.8M
FY24
CAVA $52.9M
WING $106M
FY25
CAVA $26.1M
WING $106M
CAVA
WING
Return on capital
FY16
CAVA —
WING 24.5%
FY17
CAVA —
WING 41.1%
FY18
CAVA —
WING 40.4%
FY19
CAVA —
WING 38.3%
FY20
CAVA —
WING 51.4%
FY21
CAVA —
WING 49.2%
FY22
CAVA —
WING 52.3%
FY23
CAVA —
WING 52.0%
FY24
CAVA 15.2%
WING 60.7%
FY25
CAVA 13.9%
WING 51.0%
CAVA
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.