Cheesecake Factory vs Domino's
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The short version
- Domino's is the larger business, with $4.9B of revenue in fiscal 2025 against $3.8B for Cheesecake Factory.
- Domino's kept more of each dollar of sales as operating profit (19.3% operating margin, against 5.0%).
- Domino's turned more of its sales into free cash flow (13.6% FCF margin, against 4.1%).
- Domino's earned a higher return on the capital invested in it (92.2%, against 20.5%).
- Investors pay more for each dollar of Cheesecake Factory’s earnings: a P/E of 29.4x against 17.3x for Domino's.
| Latest fiscal year | CAKE · FY25 | DPZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $10.4B |
| Revenue | $3.8B | $4.9B |
| Free cash flow | $155M | $672M |
| Net income | $148M | $602M |
| Growth | ||
| Revenue growth | 4.8% | 5.0% |
| 5-year growth | 13.6% | 3.7% |
| Share count change | −0.9% | −2.2% |
| Profitability | ||
| Gross margin | — | 40.0% |
| Operating margin | 5.0% | 19.3% |
| Net margin | 4.0% | 12.2% |
| FCF margin | 4.1% | 13.6% |
| Return on capital | 20.5% | 92.2% |
| Return on equity | 33.7% | — |
| Balance sheet | ||
| Net debt | $414M | $4.7B |
| Net debt / EBITDA | 1.4x | 4.5x |
| Dividends and buybacks | $206M | $595M |
| Valuation & quality | ||
| P/E | 29.4x | 17.3x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
CAKE $2.3B
DPZ $2.5B
FY17
CAKE $2.3B
DPZ $2.8B
FY18
CAKE $2.3B
DPZ $3.4B
FY19
CAKE $2.5B
DPZ $3.6B
FY20
CAKE $2.0B
DPZ $4.1B
FY21
CAKE $2.9B
DPZ $4.4B
FY22
CAKE $3.3B
DPZ $4.5B
FY23
CAKE $3.4B
DPZ $4.5B
FY24
CAKE $3.6B
DPZ $4.7B
FY25
CAKE $3.8B
DPZ $4.9B
CAKE
DPZ
Operating margin
FY16
CAKE 8.8%
DPZ 18.4%
FY17
CAKE 6.8%
DPZ 18.7%
FY18
CAKE 5.1%
DPZ 16.7%
FY19
CAKE 4.2%
DPZ 17.4%
FY20
CAKE −17.5%
DPZ 17.6%
FY21
CAKE 2.8%
DPZ 17.9%
FY22
CAKE 1.2%
DPZ 16.9%
FY23
CAKE 3.2%
DPZ 18.3%
FY24
CAKE 5.0%
DPZ 18.7%
FY25
CAKE 5.0%
DPZ 19.3%
CAKE
DPZ
Free cash flow
FY16
CAKE $201M
DPZ $234M
FY17
CAKE $118M
DPZ $251M
FY18
CAKE $188M
DPZ $274M
FY19
CAKE $145M
DPZ $411M
FY20
CAKE −$47.4M
DPZ $504M
FY21
CAKE $146M
DPZ $560M
FY22
CAKE $49.5M
DPZ $388M
FY23
CAKE $66.8M
DPZ $485M
FY24
CAKE $108M
DPZ $512M
FY25
CAKE $155M
DPZ $672M
CAKE
DPZ
Return on capital
FY16
CAKE —
DPZ 99.4%
FY17
CAKE —
DPZ 112.3%
FY18
CAKE 18.7%
DPZ 113.7%
FY19
CAKE 13.8%
DPZ 107.3%
FY20
CAKE −45.1%
DPZ 110.9%
FY21
CAKE 16.1%
DPZ 93.5%
FY22
CAKE 6.2%
DPZ 81.6%
FY23
CAKE 15.8%
DPZ 82.6%
FY24
CAKE 21.2%
DPZ 87.1%
FY25
CAKE 20.5%
DPZ 92.2%
CAKE
DPZ
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.