Detailed financial statements for Ark Restaurants Corp. (ARKR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ark Restaurants Corp. is a hospitality company that owns and manages a diverse portfolio of restaurants and bars throughout the United States, primarily operating through its subsidiary companies. By December 20, 2021, its holdings encompassed 17 full-service dining and drinking venues.
Analysis Summary
Ark Restaurants Corp. reported revenue of $165.8M in the most recent fiscal year, growing at a 5-year CAGR of 9.3%.
Trailing-twelve-month margins: gross margin 35.6%, operating margin -0.8%, net margin -6.9%.
At the current price of $4.50, ARKR has negative trailing earnings (P/E not meaningful) and an ROE of -9.79%. Market capitalisation stands at $16M.
Balance sheet quality for ARKR: current ratio of 0.8, net debt of $74.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $150.6M | $153.9M | $160.0M | $162.4M | $106.5M | $131.9M | $183.7M | $184.8M | $183.5M | $165.8M |
| Cost of Revenue | $90.3M | $94.7M | $98.7M | $100.1M | $69.6M | $81.5M | $112.6M | $115.9M | $115.4M | $106.8M |
| Gross Profit | $60.3M | $59.2M | $61.3M | $62.2M | $36.9M | $50.3M | $71.1M | $68.8M | $68.2M | $59.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $28.2M | $28.6M | $29.8M | $29.4M | $25.6M | $25.3M | $35.1M | $35.9M | $36.9M | $34.5M |
| Operating Expenses | $52.5M | $52.2M | $56.3M | $59.0M | $44.7M | $44.1M | $61.2M | $63.7M | $65.1M | $60.3M |
| Operating Income | $7.8M | $7.0M | $5.0M | $3.2M | -$7.8M | $6.2M | $9.9M | $5.2M | $3.1M | -$1.3M |
| EBITDA | $12.6M | $11.7M | $10.2M | $8.5M | -$2.9M | $22.1M | $18.0M | $634000 | $591000 | -$16000 |
| Interest Expense | $416000 | $753000 | $1.2M | $1.4M | $1.4M | $1.2M | $1.2M | $1.2M | $621000 | $414000 |
| Pre-tax Income | $7.6M | $6.4M | $3.9M | $1.9M | -$9.0M | $15.4M | $11.6M | -$5.4M | -$4.6M | -$3.8M |
| Income Tax | $2.1M | $1.7M | -$1.1M | -$591000 | -$4.4M | $1.2M | $1.4M | -$64000 | -$815000 | $5.3M |
| Net Income | $4.0M | $4.0M | $4.7M | $2.7M | -$4.7M | $12.9M | $9.3M | -$5.9M | -$3.9M | -$11.5M |
| EPS | $1.18 | $1.18 | $1.35 | $0.77 | $-1.34 | $3.67 | $2.61 | $-1.65 | $-1.08 | $-3.18 |
| EPS (Diluted) | $1.15 | $1.14 | $1.31 | $0.76 | $-1.34 | $3.58 | $2.58 | $-1.65 | $-1.08 | $-3.18 |
| Shares Outstanding (Diluted) | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $37.3M | $40.7M | $36.6M | $40.9M |
| Gross Profit | $12.3M | $15.9M | $12.5M | $3.2M |
| Operating Income | -$1.7M | $1.1M | -$1.7M | -$141000 |
| EBITDA | -$812000 | $1.8M | -$1.1M | $460000 |
| Net Income | -$1.9M | $896000 | -$1.8M | -$347000 |
| EPS | $-0.53 | $0.25 | $-0.50 | $-0.10 |
| EPS (Diluted) | $-0.53 | $0.25 | $-0.50 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.2M | $1.4M | $5.0M | $7.2M | $16.9M | $19.2M | $23.4M | $13.4M | $10.3M | $11.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $5.0M | 0 | 0 | 0 |
| Receivables | $4.4M | $4.7M | $4.6M | $3.3M | $2.1M | $4.5M | $3.6M | $3.6M | $3.8M | $2.1M |
| Inventory | $1.9M | $2.0M | $2.1M | $2.2M | $2.6M | $3.5M | $3.7M | $3.1M | $2.3M | $2.0M |
| Total Current Assets | $16.0M | $10.1M | $13.2M | $13.7M | $26.9M | $34.3M | $39.1M | $21.9M | $18.2M | $17.8M |
| Property, Plant & Equipment | $29.5M | $45.2M | $45.3M | $47.8M | $91.9M | $92.5M | $136.4M | $130.8M | $116.5M | $102.5M |
| Goodwill | $7.9M | $9.9M | $9.9M | $15.6M | $15.6M | $17.4M | $17.4M | $7.4M | $3.4M | 0 |
| Intangible Assets | $2.1M | $3.7M | $3.7M | $4.0M | $3.8M | $4.6M | $4.5M | $4.4M | $4.3M | $13000 |
| Total Assets | $68.3M | $80.1M | $84.7M | $94.7M | $153.3M | $161.2M | $209.5M | $177.0M | $156.0M | $133.5M |
| Accounts Payable | $2.9M | $4.8M | $5.0M | $3.5M | $2.3M | $4.9M | $4.5M | $4.1M | $4.5M | $4.5M |
| Short-term Debt | $2.6M | $10.4M | $1.3M | $2.7M | $9.0M | $7.0M | $6.6M | $2.0M | $5.2M | $1.5M |
| Total Current Liabilities | $16.7M | $26.2M | $17.8M | $18.1M | $30.1M | $31.7M | $34.9M | $27.9M | $28.9M | $23.2M |
| Long-term Debt | $5.3M | $7.8M | $19.9M | $23.8M | $36.1M | $25.5M | $17.1M | $5.1M | 0 | $2.0M |
| Total Liabilities | $25.6M | $37.6M | $41.0M | $51.9M | $116.2M | $109.8M | $149.4M | $125.2M | $112.4M | $101.4M |
| Retained Earnings | $27.2M | $27.8M | $29.4M | $28.6M | $23.0M | $35.9M | $44.3M | $36.1M | $30.2M | $18.7M |
| Total Equity | $40.1M | $40.4M | $42.3M | $41.9M | $36.5M | $50.4M | $59.8M | $50.3M | $44.1M | $32.7M |
| Total Debt | $7.9M | $18.2M | $21.1M | $26.5M | $101.1M | $91.2M | $128.6M | $107.3M | $95.8M | $85.7M |
| Net Debt | $699000 | $16.8M | $16.1M | $19.3M | $84.3M | $72.0M | $100.2M | $93.9M | $85.5M | $74.4M |
| Working Capital | -$658000 | -$16.1M | -$4.6M | -$4.4M | -$3.2M | $2.6M | $4.2M | -$5.9M | -$10.7M | -$5.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $11.3M | $9.1M | $11.5M | $9.5M |
| Total Assets | $133.5M | $130.4M | $131.8M | $128.9M |
| Total Liabilities | $101.4M | $97.3M | $100.5M | $98.0M |
| Total Equity | $32.7M | $33.7M | $31.9M | $31.5M |
| Total Debt | $85.7M | $157.7M | $86.7M | $84.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $5.5M | $4.8M | $5.1M | $2.5M | -$4.6M | $14.2M | $10.2M | -$5.9M | -$3.7M | -$9.2M |
| Depreciation & Amortization | $4.6M | $4.1M | $5.1M | $5.2M | $4.6M | $5.4M | $5.2M | $4.8M | $4.5M | $3.4M |
| Stock-based Compensation | $286000 | -$389000 | $47000 | $112000 | $176000 | $280000 | $298000 | $314000 | -$919000 | $34000 |
| Change in Working Capital | -$3.7M | $1.1M | $1.3M | $528000 | -$3.1M | -$1.7M | $6.6M | -$516000 | -$1.5M | $165000 |
| Operating Cash Flow | $7.6M | $10.3M | $9.6M | $10.6M | -$4.5M | $9.3M | $20.3M | $8.4M | $4.7M | $1.8M |
| Capital Expenditure | -$2.2M | -$13.9M | -$5.1M | -$3.4M | -$2.5M | -$2.1M | -$2.7M | -$3.9M | -$2.5M | -$3.2M |
| Acquisitions | -$717000 | -$791000 | 0 | -$25000 | 0 | -$1.8M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$268000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$3.4M | -$2.6M | -$3.4M | -$3.5M | -$1.8M | 0 | -$894000 | -$2.3M | -$2.0M | 0 |
| Free Cash Flow | $5.4M | -$3.6M | $4.5M | $7.2M | -$7.0M | $7.2M | $17.6M | $4.5M | $2.2M | -$1.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $633000 | -$550000 | -$967000 | $645000 |
| Capital Expenditure | -$1.6M | -$1.2M | -$1.1M | -$2.1M |
| Free Cash Flow | -$989000 | -$1.8M | -$2.1M | -$1.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | -$26000 | $32000 | $32000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +2.2% | +4.0% | +1.5% | -34.4% | +23.8% | +39.3% | +0.6% | -0.7% | -9.7% |
| Net Income Growth (YoY) | | +0.2% | +15.3% | -42.5% | -275.2% | +375.1% | -28.0% | -163.9% | +34.3% | -194.3% |
| EPS Growth (YoY) | | +0.0% | +14.4% | -43.0% | -274.0% | +373.9% | -28.9% | -163.2% | +34.5% | -194.4% |
| Shares Change (YoY) | | +0.7% | +0.5% | -0.5% | -0.9% | +3.0% | -0.0% | -0.1% | +0.1% | +0.0% |
| FCF Growth (YoY) | | -165.3% | +227.0% | +59.5% | -197.5% | +202.0% | +146.6% | -74.3% | -51.7% | -168.3% |
| Gross Margin | 40.1% | 38.5% | 38.3% | 38.3% | 34.7% | 38.2% | 38.7% | 37.3% | 37.1% | 35.6% |
| Operating Margin | 5.2% | 4.6% | 3.1% | 2.0% | -7.3% | 4.7% | 5.4% | 2.8% | 1.7% | -0.8% |
| EBITDA Margin | 8.3% | 7.6% | 6.4% | 5.3% | -2.8% | 16.8% | 9.8% | 0.3% | 0.3% | -0.0% |
| Net Margin | 2.7% | 2.6% | 2.9% | 1.6% | -4.4% | 9.8% | 5.1% | -3.2% | -2.1% | -6.9% |
| FCF Margin | 3.6% | -2.3% | 2.8% | 4.4% | -6.6% | 5.4% | 9.6% | 2.5% | 1.2% | -0.9% |
| Effective Tax Rate | 27.6% | 26.0% | -29.2% | -31.6% | 48.7% | 7.7% | 12.5% | 1.2% | 17.9% | -138.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.55 | $-1.01 | $1.27 | $2.04 | $-2.00 | $1.99 | $4.90 | $1.26 | $0.61 | $-0.41 |
| Dividends Per Share | $0.98 | $0.73 | $0.97 | $0.99 | $0.50 | $0.00 | $0.25 | $0.63 | $0.56 | $0.00 |
| Shares Outstanding (Basic) | $3.4M | $3.4M | $3.4M | $3.5M | $3.5M | $3.5M | $3.6M | $3.6M | $3.6M | $3.6M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -9.79% |
| Return on Invested Capital | -2.11% |
| Return on Assets | -2.46% |
| Gross Margin | 35.58% |
| Operating Margin | -0.80% |
| Net Margin | -6.92% |
Financial Health
| Debt / Equity | 2.62 |
| Current Ratio | 0.78 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 19.02 | 20.65 | 17.24 | 26.43 | -8.59 | 4.22 | 7.12 | -9.24 | -10.81 | -2.30 |
| P/B | 1.91 | 2.06 | 1.89 | 1.69 | 1.10 | 1.08 | 1.11 | 1.09 | 0.95 | 0.80 |
| P/S | 0.51 | 0.54 | 0.50 | 0.44 | 0.38 | 0.41 | 0.36 | 0.30 | 0.23 | 0.16 |
| Gross Margin | 40.1% | 38.5% | 38.3% | 38.3% | 34.7% | 38.2% | 38.7% | 37.3% | 37.1% | 35.6% |
| Operating Margin | 5.2% | 4.6% | 3.1% | 2.0% | -7.3% | 4.7% | 5.4% | 2.8% | 1.7% | -0.8% |
| Net Margin | 2.7% | 2.6% | 2.9% | 1.6% | -4.4% | 9.8% | 5.1% | -3.2% | -2.1% | -6.9% |