Detailed financial statements for Wingstop Inc. (WING): 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.
Wingstop Inc., together with its affiliated companies, manages and licenses a network of restaurants known by the Wingstop brand. These establishments are recognized for their made-to-order offerings, including classic bone-in wings, boneless wings, and tenders, all freshly cooked and expertly hand-tossed in a wide array of distinctive sauces.
Analysis Summary
Wingstop Inc. reported revenue of $696.9M in the most recent fiscal year, growing at a 5-year CAGR of 22.9%. Net income reached $174.3M, with a 49.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 73.1%, operating margin 28.7%, net margin 16.2%. Free cash flow grew at 12.2% CAGR over 5 years.
At the current price of $108.62, WING trades at a P/E of 25.26 and an ROE of -15.46%. Market capitalisation stands at $3.0B.
Balance sheet quality for WING: current ratio of 3.3, net debt of $1.07B. 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 $105.6M represents 61% 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 | $103.3M | $133.3M | $153.2M | $199.7M | $248.8M | $282.5M | $357.5M | $460.1M | $625.8M | $696.9M |
| Cost of Revenue | $39.2M | $61.2M | $65.8M | $101.1M | $125.9M | $141.4M | $186.5M | $237.2M | $324.9M | $121.1M |
| Gross Profit | $64.2M | $72.1M | $87.4M | $98.6M | $122.9M | $141.1M | $171.1M | $222.8M | $300.9M | $575.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $34.6M | $34.9M | $44.6M | $50.2M | $61.1M | $62.9M | $67.1M | $96.9M | $116.8M | $383.6M |
| Operating Expenses | $37.6M | $38.3M | $48.9M | $55.7M | $65.5M | $67.3M | $79.1M | $110.2M | $135.3M | $383.6M |
| Operating Income | $26.6M | $33.9M | $38.5M | $42.9M | $57.4M | $73.8M | $91.9M | $112.6M | $165.6M | $192.2M |
| EBITDA | $29.4M | $37.2M | $41.4M | $48.4M | $51.2M | $81.8M | $101.4M | $125.8M | $188.0M | $298.0M |
| Interest Expense | $4.4M | $5.1M | $10.1M | $17.1M | $16.8M | $15.0M | $21.2M | $18.2M | $21.3M | $35.8M |
| Pre-tax Income | $22.0M | $28.7M | $26.9M | $25.8M | $26.9M | $58.9M | $69.3M | $94.3M | $147.2M | $237.2M |
| Income Tax | $8.2M | $4.8M | $5.2M | $5.3M | $3.6M | $16.2M | $16.4M | $24.1M | $38.5M | $62.9M |
| Net Income | $13.8M | $23.9M | $21.7M | $20.5M | $23.3M | $42.7M | $52.9M | $70.2M | $108.7M | $174.3M |
| EPS | $0.54 | $0.94 | $0.74 | $0.70 | $0.79 | $1.43 | $1.77 | $2.36 | $3.72 | $6.23 |
| EPS (Diluted) | $0.53 | $0.93 | $0.73 | $0.69 | $0.78 | $1.42 | $1.77 | $2.35 | $3.70 | $6.21 |
| Shares Outstanding (Diluted) | $29.0M | $29.4M | $29.6M | $29.7M | $29.8M | $29.9M | $30.0M | $29.9M | $29.4M | $28.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.8M | $4.1M | $12.5M | $12.8M | $40.9M | $48.6M | $184.5M | $90.2M | $315.9M | $196.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.2M | $7.1M | $5.8M | $5.8M | $8.5M | $8.1M | $9.5M | $12.4M | $19.7M | $20.8M |
| Inventory | $226,000 | $216,000 | $299,000 | $315,000 | $396,000 | $484,000 | $389,000 | $535,000 | 0 | 0 |
| Total Current Assets | $11.1M | $15.9M | $29.9M | $30.2M | $72.6M | $70.1M | $226.7M | $144.3M | $395.6M | $267.5M |
| Property, Plant & Equipment | $5.0M | $5.8M | $8.3M | $27.8M | $27.9M | $54.5M | $66.9M | $110.4M | $175.0M | $179.2M |
| Goodwill | $45.1M | $46.6M | $49.7M | $50.2M | $53.7M | $56.9M | $62.5M | $67.7M | $74.7M | $83.9M |
| Intangible Assets | $49.6M | $48.3M | $46.9M | $45.6M | $44.3M | $43.0M | $41.7M | $40.4M | $39.2M | $32.7M |
| Total Assets | $111.8M | $119.8M | $139.7M | $166.1M | $211.6M | $249.2M | $424.2M | $377.8M | $716.2M | $693.4M |
| Accounts Payable | $1.5M | $1.8M | $2.8M | $3.3M | $3.7M | $5.4M | $5.2M | $4.7M | $6.9M | $12.8M |
| Short-term Debt | $3.5M | $3.5M | $2.4M | $3.2M | $3.6M | 0 | $7.3M | 0 | 0 | 0 |
| Total Current Liabilities | $16.7M | $18.9M | $26.5M | $32.9M | $50.5M | $39.7M | $62.4M | $71.0M | $87.4M | $82.0M |
| Long-term Debt | $147.2M | $129.8M | $309.4M | $307.7M | $466.9M | $469.4M | $706.8M | $712.3M | $1.21B | $1.21B |
| Total Liabilities | $186.4M | $178.3M | $364.6M | $375.5M | $552.9M | $558.7M | $815.1M | $835.2M | $1.39B | $1.43B |
| Retained Earnings | -$76.1M | -$48.8M | -$226.2M | -$210.3M | -$342.0M | -$310.0M | -$393.3M | -$460.0M | -$676.9M | -$744.9M |
| Total Equity | -$74.6M | -$48.3M | -$224.8M | -$209.4M | -$341.3M | -$309.5M | -$390.9M | -$457.4M | -$675.6M | -$736.8M |
| Total Debt | $150.7M | $133.3M | $311.8M | $312.7M | $472.9M | $471.8M | $716.4M | $732.5M | $1.27B | $1.27B |
| Net Debt | $147.0M | $129.3M | $299.3M | $299.8M | $432.1M | $423.3M | $531.9M | $642.3M | $949.5M | $1.07B |
| Working Capital | -$5.6M | -$3.0M | $3.4M | -$2.7M | $22.1M | $30.5M | $164.3M | $73.3M | $308.2M | $185.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $15.4M | $27.3M | $21.7M | $20.5M | $23.3M | $42.7M | $52.9M | $70.2M | $108.7M | $174.3M |
| Depreciation & Amortization | $3.0M | $3.4M | $4.3M | $5.5M | $7.5M | $7.9M | $10.9M | $13.2M | $19.5M | $25.1M |
| Stock-based Compensation | $1.2M | $1.9M | $3.7M | $7.0M | $8.6M | $9.6M | $4.2M | $15.6M | $22.1M | $24.9M |
| Change in Working Capital | $3.9M | -$2.3M | $8.1M | $4.5M | $14.0M | -$12.2M | $7.5M | $22.0M | $8.0M | -$15.4M |
| Operating Cash Flow | $22.2M | $27.0M | $38.8M | $38.6M | $65.5M | $48.9M | $76.2M | $121.6M | $157.6M | $153.1M |
| Capital Expenditure | -$2.1M | -$2.5M | -$4.0M | -$22.5M | -$6.1M | -$28.0M | -$23.9M | -$40.8M | -$51.9M | -$47.4M |
| Acquisitions | 0 | -$3.9M | -$6.5M | -$1.2M | -$6.7M | -$4.9M | -$7.8M | -$10.8M | -$10.0M | -$1.2M |
| Stock Repurchased | 0 | 0 | -$183,000 | 0 | 0 | 0 | -$315,000 | -$125.4M | -$314.7M | -$221.9M |
| Dividends Paid | -$83.3M | -$4.1M | -$190.7M | -$11.7M | -$163.8M | -$19.8M | -$141.3M | -$24.9M | -$28.9M | -$32.4M |
| Free Cash Flow | $20.1M | $24.5M | $34.8M | $16.1M | $59.5M | $20.9M | $52.3M | $80.8M | $105.7M | $105.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +29.0% | +14.9% | +30.4% | +24.6% | +13.5% | +26.6% | +28.7% | +36.0% | +11.4% | |
| Net Income Growth (YoY) | +73.9% | -9.3% | -5.7% | +13.8% | +83.0% | +24.1% | +32.5% | +54.9% | +60.3% | |
| EPS Growth (YoY) | +74.1% | -21.3% | -5.4% | +12.9% | +81.0% | +23.8% | +33.3% | +57.6% | +67.5% | |
| Shares Change (YoY) | +1.5% | +0.6% | +0.3% | +0.5% | +0.5% | +0.1% | -0.4% | -1.6% | -4.5% | |
| FCF Growth (YoY) | +21.9% | +41.9% | -53.7% | +269.5% | -64.9% | +150.7% | +54.4% | +30.8% | -0.1% | |
| Gross Margin | 62.1% | 54.1% | 57.1% | 49.4% | 49.4% | 49.9% | 47.8% | 48.4% | 48.1% | 82.6% |
| Operating Margin | 25.8% | 25.4% | 25.2% | 21.5% | 23.1% | 26.1% | 25.7% | 24.5% | 26.5% | 27.6% |
| EBITDA Margin | 28.4% | 27.9% | 27.0% | 24.2% | 20.6% | 29.0% | 28.4% | 27.3% | 30.0% | 42.8% |
| Net Margin | 13.3% | 18.0% | 14.2% | 10.3% | 9.4% | 15.1% | 14.8% | 15.3% | 17.4% | 25.0% |
| FCF Margin | 19.5% | 18.4% | 22.7% | 8.1% | 23.9% | 7.4% | 14.6% | 17.6% | 16.9% | 15.2% |
| Effective Tax Rate | 37.3% | 16.7% | 19.3% | 20.5% | 13.5% | 27.6% | 23.6% | 25.6% | 26.1% | 26.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.69 | $0.83 | $1.18 | $0.54 | $2.00 | $0.70 | $1.75 | $2.71 | $3.60 | $3.76 |
| Dividends Per Share | $2.87 | $0.14 | $6.45 | $0.40 | $5.50 | $0.66 | $4.72 | $0.83 | $0.98 | $1.15 |
| Shares Outstanding (Basic) | $28.6M | $29.0M | $29.2M | $29.4M | $29.6M | $29.8M | $29.9M | $29.8M | $29.3M | $28.0M |
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 | -15.46% |
| Return on Invested Capital | 25.05% |
| Return on Assets | 17.69% |
| Gross Margin | 73.13% |
| Operating Margin | 28.69% |
| Net Margin | 16.15% |
Financial Health
| Debt / Equity | -1.65 |
| Current Ratio | 2.97 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 54.80 | 41.47 | 86.74 | 123.19 | 178.18 | 120.96 | 77.75 | 108.72 | 76.71 | 41.12 |
| P/B | -11.35 | -23.45 | -8.35 | -12.11 | -12.21 | -16.64 | -10.53 | -16.70 | -12.36 | -9.73 |
| P/S | 8.20 | 8.49 | 12.25 | 12.70 | 16.75 | 18.23 | 11.51 | 16.60 | 13.34 | 10.28 |
| Gross Margin | 62.1% | 54.1% | 57.1% | 49.4% | 49.4% | 49.9% | 47.8% | 48.4% | 48.1% | 82.6% |
| Operating Margin | 25.8% | 25.4% | 25.2% | 21.5% | 23.1% | 26.1% | 25.7% | 24.5% | 26.5% | 27.6% |
| Net Margin | 13.3% | 18.0% | 14.2% | 10.3% | 9.4% | 15.1% | 14.8% | 15.3% | 17.4% | 25.0% |
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Explore sector: Consumer Cyclical · Restaurants
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