Detailed financial statements for Flanigan's Enterprises, Inc. (BDL): 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.
Flanigan's Enterprises, Inc., along with its affiliated entities, manages and operates a network of full-service dining establishments and retail liquor outlets across South Florida. The company's business activities are categorized into two primary divisions: its retail liquor segment and its restaurant segment. Operating under the "Big Daddy's Liquors" brand, its package liquor stores offer a diverse selection of private label spirits, beers, and wines.
Analysis Summary
Flanigan's Enterprises, Inc. reported revenue of $205.2M in the most recent fiscal year, growing at a 5-year CAGR of 12.7%. Net income reached $5.0M, with a 35.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 18.3%, operating margin 4.8%, net margin 3.1%. Free cash flow grew at -5.6% CAGR over 5 years.
At the current price of $44.61, BDL trades at a P/E of 12.91 and an ROE of 9.84%. Market capitalisation stands at $83M.
Balance sheet quality for BDL: current ratio of 1.7, net debt of $27.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $4.3M represents 85% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $103.6M | $106.8M | $113.3M | $116.0M | $112.9M | $137.0M | $158.0M | $174.4M | $188.3M | $205.2M |
| Cost of Revenue | $78.5M | $81.9M | $86.1M | $89.1M | $90.1M | $108.4M | $117.6M | $141.6M | $147.4M | $166.3M |
| Gross Profit | $25.1M | $25.0M | $27.2M | $26.9M | $22.7M | $28.7M | $40.4M | $32.8M | $40.9M | $39.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $18.3M | $18.7M | $19.9M | $20.8M | $19.9M | $20.3M | $33.6M | $25.8M | $5.3M | $5.5M |
| Operating Expenses | $18.3M | $18.7M | $19.7M | $20.6M | $19.8M | $20.0M | $33.4M | $25.8M | $34.5M | $30.9M |
| Operating Income | $6.8M | $6.3M | $7.4M | $6.3M | $2.9M | $8.7M | $6.9M | $7.0M | $6.4M | $8.1M |
| EBITDA | $9.5M | $8.9M | $10.3M | $9.4M | $9.2M | $24.5M | $16.0M | $13.2M | $13.4M | $16.9M |
| Interest Expense | $557000 | $600000 | $753000 | $708000 | $836000 | $938000 | $757000 | $1.1M | $1.0M | $957000 |
| Pre-tax Income | $6.3M | $5.8M | $6.8M | $6.3M | $2.1M | $17.9M | $9.8M | $6.1M | $5.6M | $8.6M |
| Income Tax | $1.4M | $1.4M | $1.4M | $887000 | -$60000 | $1.2M | $763000 | $649000 | $286000 | $622000 |
| Net Income | $3.0M | $3.0M | $3.7M | $5.4M | $1.1M | $11.8M | $6.3M | $4.0M | $3.4M | $5.0M |
| EPS | $1.64 | $1.63 | $1.98 | $2.89 | $0.60 | $6.34 | $3.40 | $2.15 | $1.81 | $2.71 |
| EPS (Diluted) | $1.64 | $1.63 | $1.98 | $2.89 | $0.60 | $6.34 | $3.40 | $2.15 | $1.81 | $2.71 |
| Shares Outstanding (Diluted) | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $49.2M | $52.6M | $56.5M | $56.2M |
| Gross Profit | $7.0M | $13.3M | $12.4M | $6.6M |
| Operating Income | $656000 | $1.5M | $4.0M | $4.0M |
| EBITDA | $3.7M | $3.8M | $6.4M | $5.4M |
| Net Income | $896000 | $805000 | $2.9M | $2.1M |
| EPS | $0.48 | $0.43 | $1.55 | $1.11 |
| EPS (Diluted) | $0.48 | $0.43 | $1.55 | $1.11 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.2M | $9.9M | $13.4M | $13.7M | $29.9M | $32.7M | $42.1M | $25.5M | $21.4M | $20.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $689000 | $496000 | $474000 | $870000 | $681000 | $450000 | $456000 | $834000 | $1.1M | $892000 |
| Inventory | $2.6M | $2.8M | $3.2M | $3.3M | $3.6M | $4.3M | $6.5M | $7.2M | $7.0M | $6.9M |
| Total Current Assets | $15.3M | $14.9M | $19.0M | $19.6M | $36.5M | $39.8M | $50.9M | $35.3M | $31.5M | $30.6M |
| Property, Plant & Equipment | $38.2M | $42.7M | $45.8M | $47.8M | $74.1M | $85.6M | $94.7M | $108.1M | $108.7M | $108.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.3M | $1.2M | $630000 | $630000 | $630000 | $822000 | $1.3M | $1.3M | $1.3M | $1.3M |
| Total Assets | $56.6M | $60.5M | $67.3M | $68.8M | $112.5M | $128.0M | $147.5M | $145.8M | $142.1M | $140.6M |
| Accounts Payable | $7.8M | $8.1M | $9.2M | $8.5M | $9.2M | $6.4M | $8.1M | $9.3M | $7.2M | $5.9M |
| Short-term Debt | $1.5M | $1.1M | $2.0M | $2.0M | $5.1M | $2.6M | $2.3M | $1.3M | $1.4M | $1.5M |
| Total Current Liabilities | $11.5M | $11.0M | $13.3M | $13.1M | $25.4M | $20.2M | $22.2M | $22.4M | $19.9M | $18.1M |
| Long-term Debt | $8.8M | $11.3M | $12.6M | $11.1M | $21.2M | $19.6M | $23.1M | $21.8M | $20.5M | $19.1M |
| Total Liabilities | $20.2M | $22.3M | $25.9M | $24.2M | $66.9M | $67.4M | $74.2M | $70.9M | $66.7M | $61.5M |
| Retained Earnings | $28.8M | $31.4M | $34.6M | $37.7M | $38.8M | $50.6M | $55.1M | $58.2M | $60.7M | $64.7M |
| Total Equity | $29.3M | $32.0M | $35.2M | $38.3M | $39.4M | $51.2M | $55.7M | $59.2M | $61.2M | $65.2M |
| Total Debt | $10.3M | $12.4M | $14.6M | $13.1M | $54.5M | $51.3M | $55.9M | $51.4M | $50.2M | $47.1M |
| Net Debt | $81000 | $2.5M | $1.2M | -$592000 | $24.6M | $18.6M | $13.8M | $25.8M | $28.8M | $27.0M |
| Working Capital | $3.9M | $3.9M | $5.7M | $6.5M | $11.1M | $19.6M | $28.7M | $12.9M | $11.6M | $12.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $20.1M | $23.0M | $22.8M | $28.8M |
| Total Assets | $140.6M | $142.1M | $144.8M | $157.5M |
| Total Liabilities | $61.5M | $62.3M | $62.1M | $73.3M |
| Total Equity | $65.2M | $66.0M | $68.8M | $69.8M |
| Total Debt | $47.1M | $46.1M | $47.2M | $57.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.0M | $4.4M | $5.4M | $5.4M | $1.1M | $11.8M | $9.0M | $5.4M | $5.3M | $8.0M |
| Depreciation & Amortization | $2.6M | $2.5M | $2.8M | $3.0M | $6.3M | $5.6M | $5.4M | $6.1M | $6.8M | $7.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $823000 | $1.2M | $1.0M | $642000 | $335000 | $985000 | -$696000 | -$3.2M | -$5.3M | -$4.9M |
| Operating Cash Flow | $8.8M | $8.3M | $10.0M | $9.6M | $8.8M | $14.0M | $10.5M | $8.5M | $6.6M | $10.5M |
| Capital Expenditure | -$3.1M | -$7.1M | -$5.3M | -$5.8M | -$3.1M | -$11.3M | -$9.6M | -$18.7M | -$5.2M | -$6.2M |
| Acquisitions | -$10000 | $73000 | $89000 | $30999 | -$405000 | -$404000 | -$75000 | $60000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$344000 | -$372000 | -$465000 | -$520000 | 0 | 0 | -$1.9M | -$838000 | -$929000 | -$1.0M |
| Free Cash Flow | $5.7M | $1.1M | $4.6M | $3.9M | $5.7M | $2.7M | $948000 | -$10.2M | $1.4M | $4.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.4M | $4.9M | $2.1M | $5.8M |
| Capital Expenditure | -$1.2M | -$916000 | $916000 | -$9.3M |
| Free Cash Flow | $2.1M | $4.0M | $3.1M | -$3.5M |
| Dividends Paid | 0 | 0 | 0 | -$1.1M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.1% | +6.0% | +2.4% | -2.7% | +21.4% | +15.3% | +10.4% | +8.0% | +9.0% | |
| Net Income Growth (YoY) | -0.7% | +21.8% | +46.2% | -79.4% | +961.6% | -46.4% | -36.6% | -16.1% | +50.0% | |
| EPS Growth (YoY) | -0.6% | +21.5% | +46.0% | -79.2% | +956.7% | -46.4% | -36.8% | -15.8% | +49.7% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | -80.5% | +317.6% | -16.3% | +47.2% | -52.2% | -65.2% | -1173.9% | +113.6% | +207.9% | |
| Gross Margin | 24.2% | 23.4% | 24.0% | 23.2% | 20.1% | 20.9% | 25.5% | 18.8% | 21.7% | 19.0% |
| Operating Margin | 6.6% | 5.9% | 6.6% | 5.4% | 2.6% | 6.3% | 4.4% | 4.0% | 3.4% | 4.0% |
| EBITDA Margin | 9.2% | 8.4% | 9.1% | 8.1% | 8.2% | 17.9% | 10.1% | 7.6% | 7.1% | 8.3% |
| Net Margin | 2.9% | 2.8% | 3.2% | 4.6% | 1.0% | 8.6% | 4.0% | 2.3% | 1.8% | 2.5% |
| FCF Margin | 5.5% | 1.0% | 4.1% | 3.3% | 5.1% | 2.0% | 0.6% | -5.8% | 0.7% | 2.1% |
| Effective Tax Rate | 21.6% | 23.8% | 20.3% | 14.2% | -2.8% | 6.6% | 7.8% | 10.7% | 5.1% | 7.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.06 | $0.60 | $2.49 | $2.08 | $3.07 | $1.47 | $0.51 | $-5.48 | $0.75 | $2.30 |
| Dividends Per Share | $0.19 | $0.20 | $0.25 | $0.28 | $0.00 | $0.00 | $1.00 | $0.45 | $0.50 | $0.55 |
| Shares Outstanding (Basic) | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
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 | 9.84% |
| Return on Invested Capital | 6.58% |
| Return on Assets | 4.21% |
| Gross Margin | 18.31% |
| Operating Margin | 4.77% |
| Net Margin | 3.09% |
Financial Health
| Debt / Equity | 0.83 |
| Current Ratio | 2.04 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.53 | 14.88 | 14.34 | 7.91 | 29.73 | 4.07 | 7.51 | 15.35 | 15.19 | 11.01 |
| P/B | 1.51 | 1.41 | 1.50 | 1.11 | 0.84 | 0.94 | 0.85 | 1.04 | 0.83 | 0.85 |
| P/S | 0.43 | 0.42 | 0.47 | 0.37 | 0.29 | 0.35 | 0.30 | 0.35 | 0.27 | 0.27 |
| Gross Margin | 24.2% | 23.4% | 24.0% | 23.2% | 20.1% | 20.9% | 25.5% | 18.8% | 21.7% | 19.0% |
| Operating Margin | 6.6% | 5.9% | 6.6% | 5.4% | 2.6% | 6.3% | 4.4% | 4.0% | 3.4% | 4.0% |
| Net Margin | 2.9% | 2.8% | 3.2% | 4.6% | 1.0% | 8.6% | 4.0% | 2.3% | 1.8% | 2.5% |
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Explore sector: Consumer Cyclical · Restaurants
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