Sweetgreen vs Wingstop
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The short version
- Wingstop is the larger business, with $697M of revenue in fiscal 2025 against $680M for Sweetgreen.
- Wingstop grew revenue faster (11.4%, against 0.4%).
- Wingstop kept more of each dollar of sales as operating profit (25.7% operating margin, against −20.5%).
- Wingstop turned more of its sales into free cash flow (15.2% FCF margin, against −17.5%).
- Wingstop earned a higher return on the capital invested in it (51.0%, against −44.2%).
- Investors pay more for each dollar of Sweetgreen’s earnings: a P/E of 98.2x against 28.3x for Wingstop.
| Latest fiscal year | SG · FY25 | WING · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $3.3B |
| Revenue | $680M | $697M |
| Free cash flow | −$119M | $106M |
| Net income | −$134M | $174M |
| Growth | ||
| Revenue growth | 0.4% | 11.4% |
| 5-year growth | 25.2% | 22.9% |
| Share count change | 3.2% | −4.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −20.5% | 25.7% |
| Net margin | −19.7% | 25.0% |
| FCF margin | −17.5% | 15.2% |
| Return on capital | −44.2% | 51.0% |
| Return on equity | −33.4% | — |
| Balance sheet | ||
| Net debt | −$89.2M | $1.0B |
| Net debt / EBITDA | — | 5.0x |
| Dividends and buybacks | $0.0M | $254M |
| Valuation & quality | ||
| P/E | 98.2x | 28.3x |
| Piotroski F-score | 2 | 4 |
FY16
SG —
WING $103M
FY17
SG —
WING $133M
FY18
SG —
WING $153M
FY19
SG —
WING $200M
FY20
SG $221M
WING $249M
FY21
SG $340M
WING $283M
FY22
SG $470M
WING $358M
FY23
SG $584M
WING $460M
FY24
SG $677M
WING $626M
FY25
SG $680M
WING $697M
SG
WING
FY16
SG —
WING 25.8%
FY17
SG —
WING 25.4%
FY18
SG —
WING 25.2%
FY19
SG —
WING 21.5%
FY20
SG −64.2%
WING 23.1%
FY21
SG −39.5%
WING 26.1%
FY22
SG −41.1%
WING 25.7%
FY23
SG −21.0%
WING 24.5%
FY24
SG −14.1%
WING 26.5%
FY25
SG −20.5%
WING 25.7%
SG
WING
FY16
SG —
WING $19.8M
FY17
SG —
WING $24.9M
FY18
SG —
WING $34.8M
FY19
SG —
WING $16.1M
FY20
SG −$139M
WING $59.5M
FY21
SG −$149M
WING $20.9M
FY22
SG −$140M
WING $52.3M
FY23
SG −$63.2M
WING $80.8M
FY24
SG −$41.1M
WING $106M
FY25
SG −$119M
WING $106M
SG
WING
FY16
SG —
WING 24.5%
FY17
SG —
WING 41.1%
FY18
SG —
WING 40.4%
FY19
SG —
WING 38.3%
FY20
SG —
WING 51.4%
FY21
SG —
WING 49.2%
FY22
SG −78.2%
WING 52.3%
FY23
SG −44.4%
WING 52.0%
FY24
SG −33.1%
WING 60.7%
FY25
SG −44.2%
WING 51.0%
SG
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.