Detailed financial statements for RAVE Restaurant Group, Inc. (RAVE): 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.
RAVE Restaurant Group, Inc., through its various subsidiaries, manages a diverse portfolio of pizza restaurant concepts. It primarily operates and licenses locations under the Pizza Inn brand, which encompasses buffet, delivery/carry-out (delco), and express formats, catering to customers both domestically and in international markets. The company's operations are divided into three core segments: Pizza Inn Franchising, Pie Five Franchising, and Company-Owned Restaurants.
Analysis Summary
RAVE Restaurant Group, Inc. reported revenue of $12.0M in the most recent fiscal year, growing at a 5-year CAGR of 3.7%.
Trailing-twelve-month margins: gross margin 73.0%, operating margin 28.4%, net margin 23.2%.
At the current price of $2.85, RAVE trades at a P/E of 12.93 and an ROE of 19.21%. Market capitalisation stands at $41M.
Balance sheet quality for RAVE: current ratio of 6.6, net cash position of $9.3M. 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 strong: free cash flow of $3.3M represents 124% 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 | $60.8M | $57.1M | $15.1M | $12.3M | $10.0M | $8.6M | $10.7M | $11.9M | $12.2M | $12.0M |
| Cost of Revenue | $56.9M | $54.1M | $6.3M | $4.9M | $3.5M | $2.7M | $3.3M | $4.0M | $3.7M | $3.4M |
| Gross Profit | $3.9M | $3.0M | $8.8M | $7.4M | $6.5M | $5.9M | $7.4M | $7.9M | $8.5M | $8.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.2M | $7.7M | $7.6M | $5.3M | $5.6M | $4.7M | $5.4M | $5.5M | $5.3M | $5.2M |
| Operating Expenses | $7.2M | $7.7M | $8.5M | $5.7M | $5.6M | $4.9M | $4.9M | $5.8M | $5.6M | $5.4M |
| Operating Income | -$3.4M | -$4.7M | $350000 | $1.7M | $982000 | $1.1M | $2.5M | $2.2M | $2.9M | $3.3M |
| EBITDA | -$3.1M | -$8.6M | $9000 | -$231000 | $982000 | $2.3M | $3.0M | $2.8M | $3.7M | $3.8M |
| Interest Expense | $4000 | $106000 | $183000 | $104000 | $95000 | $92000 | $61000 | $1000 | 0 | 0 |
| Pre-tax Income | -$6.1M | -$12.1M | -$1.0M | -$801000 | -$155000 | $1.5M | $2.4M | $2.1M | $3.1M | $3.6M |
| Income Tax | $2.7M | $53000 | -$3.3M | -$51000 | $4.1M | -$29000 | -$5.7M | $537000 | $619000 | $918000 |
| Net Income | -$8.9M | -$12.5M | $1.9M | -$750000 | -$4.2M | $1.5M | $8.0M | $1.6M | $2.5M | $2.7M |
| EPS | $-0.80 | $-1.09 | $0.13 | $-0.05 | $-0.28 | $0.09 | $0.45 | $0.11 | $0.17 | $0.19 |
| EPS (Diluted) | $-0.77 | $-1.09 | $0.13 | $-0.05 | $-0.28 | $0.09 | $0.45 | $0.10 | $0.17 | $0.19 |
| Shares Outstanding (Diluted) | $11.6M | $11.5M | $15.0M | $15.1M | $15.1M | $18.1M | $18.0M | $15.9M | $14.6M | $14.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $451000 | $1.4M | $2.3M | $3.0M | $8.3M | $7.7M | $5.3M | $2.9M | $2.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.9M | $7.0M |
| Receivables | $3.1M | $3.6M | $2.5M | $1.6M | $1.5M | $1.8M | $2.2M | $1.2M | $1.5M | $1.2M |
| Inventory | $197000 | $79000 | $6000 | $7000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.9M | $5.1M | $4.7M | $4.5M | $4.9M | $10.4M | $10.1M | $6.8M | $9.5M | $11.5M |
| Property, Plant & Equipment | $13.0M | $3.8M | $1.5M | $500000 | $3.9M | $2.5M | $2.0M | $1.5M | $999000 | $626000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $239000 | $212000 | $196000 | $155000 | $183000 | $232000 | $328000 | $252000 | $182000 |
| Total Assets | $18.5M | $9.5M | $11.0M | $10.4M | $9.7M | $13.3M | $18.5M | $14.2M | $15.8M | $16.6M |
| Accounts Payable | $3.8M | $4.2M | $774000 | $400000 | $446000 | $644000 | $669000 | $502000 | $359000 | $207000 |
| Short-term Debt | 0 | $1.0M | 0 | 0 | 0 | $1.8M | $30000 | 0 | 0 | 0 |
| Total Current Liabilities | $5.5M | $6.7M | $2.0M | $2.4M | $2.5M | $4.5M | $2.9M | $2.2M | $2.0M | $1.7M |
| Long-term Debt | 0 | $2.7M | $1.6M | $1.6M | $2.2M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $9.1M | $11.6M | $4.7M | $6.0M | $9.2M | $7.6M | $5.1M | $3.8M | $3.1M | $2.4M |
| Retained Earnings | $8.1M | -$4.4M | -$2.5M | -$4.5M | -$8.7M | -$7.2M | $826000 | $2.4M | $4.9M | $7.6M |
| Total Equity | $9.4M | -$2.1M | $6.3M | $4.4M | $503000 | $5.7M | $13.4M | $10.4M | $12.7M | $14.2M |
| Total Debt | 0 | $3.7M | $1.6M | $1.6M | $6.3M | $4.2M | $1.9M | $1.4M | $957000 | $576000 |
| Net Debt | -$1.1M | $3.3M | $176000 | -$680000 | $3.3M | -$4.1M | -$5.8M | -$3.9M | -$6.9M | -$9.3M |
| Working Capital | -$627000 | -$1.6M | $2.8M | $2.1M | $2.4M | $5.8M | $7.2M | $4.6M | $7.5M | $9.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.9M | -$12.5M | $1.9M | -$750000 | -$4.2M | $1.5M | $8.0M | $1.6M | $2.5M | $2.7M |
| Depreciation & Amortization | $2.7M | $2.5M | $874000 | $466000 | $657000 | $700000 | $608000 | $651000 | $629000 | $237000 |
| Stock-based Compensation | $213000 | $58000 | $115000 | $36000 | -$104000 | $80000 | $169000 | $345000 | $149000 | $136000 |
| Change in Working Capital | $3.1M | -$1.6M | -$7.9M | -$1.3M | -$1.7M | -$353000 | -$1.7M | -$488000 | -$1.2M | -$626000 |
| Operating Cash Flow | $1.9M | -$5.5M | -$3.9M | $659000 | -$360000 | $1.5M | $1.4M | $2.6M | $2.7M | $3.4M |
| Capital Expenditure | -$8.1M | -$573000 | -$1.1M | -$81000 | -$56000 | -$286000 | -$162000 | -$234000 | -$76000 | -$56000 |
| Acquisitions | $444000 | $999000 | $1.8M | $11000 | 0 | $1000 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$512000 | -$5.0M | 0 | -$1.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.2M | -$6.1M | -$5.0M | $578000 | -$416000 | $1.2M | $1.2M | $2.4M | $2.7M | $3.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -6.1% | -73.5% | -18.5% | -18.6% | -14.3% | +24.4% | +11.2% | +2.2% | -0.9% | |
| Net Income Growth (YoY) | -40.6% | +115.3% | -139.2% | -464.4% | +135.9% | +427.8% | -79.9% | +53.3% | +9.3% | |
| EPS Growth (YoY) | -36.3% | +111.9% | -138.3% | -462.2% | +131.4% | +412.5% | -75.6% | +54.5% | +11.8% | |
| Shares Change (YoY) | -1.2% | +30.8% | +0.6% | +0.5% | +19.6% | -0.6% | -11.6% | -8.1% | -0.5% | |
| FCF Growth (YoY) | +0.7% | +18.6% | +111.6% | -172.0% | +388.2% | +1.9% | +96.0% | +11.2% | +25.3% | |
| Gross Margin | 6.4% | 5.2% | 58.3% | 60.2% | 65.2% | 69.1% | 69.3% | 66.7% | 69.9% | 71.8% |
| Operating Margin | -5.5% | -8.3% | 2.3% | 13.6% | 9.8% | 12.3% | 23.2% | 18.1% | 24.2% | 27.1% |
| EBITDA Margin | -5.1% | -15.1% | 0.1% | -1.9% | 9.8% | 27.0% | 28.4% | 23.6% | 30.6% | 31.6% |
| Net Margin | -14.6% | -21.9% | 12.6% | -6.1% | -42.2% | 17.7% | 75.0% | 13.6% | 20.4% | 22.4% |
| FCF Margin | -10.1% | -10.7% | -33.0% | 4.7% | -4.1% | 14.0% | 11.4% | 20.1% | 21.9% | 27.7% |
| Effective Tax Rate | -44.8% | -0.4% | 317.0% | 6.4% | -2631.0% | -1.9% | -239.2% | 25.0% | 20.0% | 25.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.53 | $-0.53 | $-0.33 | $0.04 | $-0.03 | $0.07 | $0.07 | $0.15 | $0.18 | $0.23 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.1M | $11.5M | $14.4M | $15.1M | $15.1M | $17.3M | $18.0M | $15.3M | $14.4M | $14.5M |
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 | 19.21% |
| Return on Invested Capital | 15.35% |
| Return on Assets | 15.76% |
| Gross Margin | 73.04% |
| Operating Margin | 28.36% |
| Net Margin | 23.19% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 8.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -5.00 | -1.84 | 10.62 | -59.24 | -2.68 | 16.86 | 2.42 | 18.36 | 10.94 | 14.47 |
| P/B | 4.73 | -11.07 | 3.16 | 10.03 | 22.58 | 4.47 | 1.46 | 2.98 | 2.12 | 2.82 |
| P/S | 0.73 | 0.40 | 1.32 | 3.61 | 1.13 | 2.98 | 1.83 | 2.60 | 2.21 | 3.31 |
| Gross Margin | 6.4% | 5.2% | 58.3% | 60.2% | 65.2% | 69.1% | 69.3% | 66.7% | 69.9% | 71.8% |
| Operating Margin | -5.5% | -8.3% | 2.3% | 13.6% | 9.8% | 12.3% | 23.2% | 18.1% | 24.2% | 27.1% |
| Net Margin | -14.6% | -21.9% | 12.6% | -6.1% | -42.2% | 17.7% | 75.0% | 13.6% | 20.4% | 22.4% |
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Explore sector: Consumer Cyclical · Restaurants
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