Detailed financial statements for CAVA Group, Inc. (CAVA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CAVA Group, Inc. is a company that oversees and runs a chain of Mediterranean restaurants. Their culinary offerings encompass a range of salads, savory dips, spreads, various toppings, and distinctive dressings. Beyond its dining establishments, the company distributes its products through whole food markets and other grocery retailers. Customers also have the option to utilize online food ordering services for convenience. Founded in 2006, CAVA Group, Inc.
Analysis Summary
Trailing-twelve-month margins: gross margin 20.2%, operating margin 6.8%, net margin 4.8%.
At the current price of $54.10, CAVA trades at a P/E of 95.06 and an ROE of 8.18%. Market capitalisation stands at $6.3B.
Balance sheet quality for CAVA: current ratio of 2.7, net debt of $73.2M. 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 below average: free cash flow of $26.1M represents 41% 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $500.1M | $564.1M | $728.7M | $963.7M | $1.18B |
| Cost of Revenue | $417.9M | $466.1M | $548.4M | $721.9M | $962.9M |
| Gross Profit | $82.2M | $98.0M | $180.3M | $241.8M | $216.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $64.8M | $70.0M | $101.5M | $120.5M | $137.5M |
| Operating Expenses | $134.9M | $157.8M | $175.6M | $198.7M | $137.5M |
| Operating Income | -$52.8M | -$59.8M | $4.7M | $43.1M | $79.3M |
| EBITDA | $12.1M | $27.9M | $78.9M | $121.3M | $144.5M |
| Interest Expense | $4.8M | $47,000 | 0 | 0 | 0 |
| Pre-tax Income | -$37.3M | -$58.9M | $14.0M | $59.9M | $70.8M |
| Income Tax | $117,000 | $93,000 | $768,000 | -$70.4M | $7.1M |
| Net Income | -$37.4M | -$59.0M | $13.3M | $130.3M | $63.7M |
| EPS | $-51.08 | $-44.42 | $0.22 | $1.14 | $0.55 |
| EPS (Diluted) | $-51.08 | $-44.42 | $0.21 | $1.10 | $0.54 |
| Shares Outstanding (Diluted) | $732,000 | $1.3M | $63.4M | $118.3M | $118.0M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $292.2M | $275.0M | $438.3M | $368.4M |
| Gross Profit | $54.7M | $41.0M | $85.7M | $95.6M |
| Operating Income | $23.2M | $8.4M | $34.7M | $26.8M |
| EBITDA | $38.3M | $24.5M | $55.5M | $51.5M |
| Net Income | $14.7M | $4.9M | $23.6M | $23.0M |
| EPS | $0.13 | $0.04 | $0.20 | $0.20 |
| EPS (Diluted) | $0.12 | $0.04 | $0.20 | $0.19 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $140.3M | $39.1M | $332.4M | $366.1M | $282.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | $110.1M |
| Receivables | $6.1M | $7.7M | $11.9M | $13.0M | $19.0M |
| Inventory | $3.6M | $5.1M | $5.6M | $7.6M | $9.0M |
| Total Current Assets | $154.4M | $58.1M | $354.9M | $394.2M | $431.1M |
| Property, Plant & Equipment | $194.9M | $516.9M | $620.2M | $694.7M | $846.9M |
| Goodwill | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
| Intangible Assets | $7.3M | $1.4M | $1.4M | $1.4M | $1.8M |
| Total Assets | $362.2M | $583.9M | $983.8M | $1.17B | $1.36B |
| Accounts Payable | $14.0M | $14.3M | $17.2M | $25.6M | $37.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $51.7M | $84.3M | $109.0M | $132.6M | $162.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $755.2M | $1.03B | $413.0M | $474.1M | $580.4M |
| Retained Earnings | -$402.5M | -$460.9M | -$447.7M | -$317.3M | -$253.6M |
| Total Equity | -$393.0M | -$448.5M | $570.8M | $695.6M | $779.7M |
| Total Debt | $15.3M | $314.7M | $336.2M | $378.7M | $466.2M |
| Net Debt | -$125.0M | $275.6M | $3.8M | $12.6M | $73.2M |
| Working Capital | $102.7M | -$26.2M | $245.9M | $261.5M | $268.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $284.6M | $282.9M | $295.8M | $322.8M |
| Total Assets | $1.32B | $1.36B | $1.42B | $1.50B |
| Total Liabilities | $553.0M | $580.4M | $613.0M | $658.5M |
| Total Equity | $769.0M | $779.7M | $810.0M | $841.3M |
| Total Debt | $443.3M | $466.2M | $498.5M | $520.7M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$37.4M | -$59.0M | $13.3M | $130.3M | $63.7M |
| Depreciation & Amortization | $44.4M | $42.7M | $47.4M | $60.4M | $73.7M |
| Stock-based Compensation | $5.4M | $3.8M | $9.4M | $13.6M | $15.2M |
| Change in Working Capital | $446,000 | -$1.3M | $22.1M | $23.3M | $21.5M |
| Operating Cash Flow | $3.4M | $6.0M | $97.1M | $161.0M | $184.8M |
| Capital Expenditure | -$56.4M | -$104.3M | -$138.8M | -$108.1M | -$158.7M |
| Acquisitions | $102,000 | $162,000 | 0 | 0 | 0 |
| Stock Repurchased | -$7.7M | -$911,000 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$53.0M | -$98.3M | -$41.7M | $52.9M | $26.1M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $45.6M | $40.3M | $64.1M | $70.5M |
| Capital Expenditure | -$44.3M | -$37.4M | -$48.6M | -$41.2M |
| Free Cash Flow | $1.4M | $2.9M | $15.5M | $29.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.3M | $3.5M | $6.7M | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +12.8% | +29.2% | +32.3% | +22.4% |
| Net Income Growth (YoY) | | -57.8% | +122.5% | +881.3% | -51.1% |
| EPS Growth (YoY) | | +13.0% | +100.5% | +418.2% | -51.8% |
| Shares Change (YoY) | | +81.4% | +4,677.7% | +86.4% | -0.2% |
| FCF Growth (YoY) | | -85.4% | +57.6% | +226.8% | -50.6% |
| Gross Margin | 16.4% | 17.4% | 24.7% | 25.1% | 18.4% |
| Operating Margin | -10.5% | -10.6% | 0.6% | 4.5% | 6.7% |
| EBITDA Margin | 2.4% | 5.0% | 10.8% | 12.6% | 12.2% |
| Net Margin | -7.5% | -10.5% | 1.8% | 13.5% | 5.4% |
| FCF Margin | -10.6% | -17.4% | -5.7% | 5.5% | 2.2% |
| Effective Tax Rate | -0.3% | -0.2% | 5.5% | -117.5% | 10.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-72.43 | $-74.01 | $-0.66 | $0.45 | $0.22 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $732,000 | $1.3M | $63.4M | $114.3M | $116.0M |
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 | 8.18% |
| Return on Invested Capital | 5.73% |
| Return on Assets | 4.69% |
| Gross Margin | 20.16% |
| Operating Margin | 6.78% |
| Net Margin | 4.82% |
Financial Health
| Debt / Equity | 0.62 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 8.23 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.86 | -0.99 | 195.36 | 97.82 | 109.02 |
| P/B | -0.08 | -0.13 | 4.78 | 18.32 | 8.92 |
| P/S | 0.06 | 0.10 | 3.74 | 13.23 | 5.90 |
| Gross Margin | 16.4% | 17.4% | 24.7% | 25.1% | 18.4% |
| Operating Margin | -10.5% | -10.6% | 0.6% | 4.5% | 6.7% |
| Net Margin | -7.5% | -10.5% | 1.8% | 13.5% | 5.4% |