Cava Group

CAVA · NYSE · Consumer Discretionary · Financials, fiscal 2021 to 2025

CAVA · Last close · October 26, 2026

$51.53

Cava Group's revenue rose 22.4% to $1.2 billion in fiscal 2025. Its operating margin was 4.7%, up from 4.5% a year earlier. Free cash flow was $26 million, down 50.6%.

CAVA Group, Inc. Latest fiscal year ended December 28, 2025 10-K filed February 25, 2026 · 0001628280-26-011296 Updated October 9, 2026

Revenue

$1.2B

22.4%

Operating margin

4.7%

0.2 pts

Net income

$64M

51.1%

Free cash flow

$26M

50.6%

Return on capital

13.9%

1.3 pts

Market cap

$6.1B

Oct 26 close

P/E

93.7x

On $0.55 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Cava reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Cava Group does

CAVA runs fast-casual Mediterranean restaurants. As of December 28, 2025, it operated 439 CAVA restaurants in 28 states and Washington, D.C. The first one opened in 2011 in Bethesda, Maryland. Guests build bowls and pitas from a customizable menu.

Most of its money comes from selling meals in its restaurants, including digital and delivery orders. It also makes its own dips, spreads and dressing bases in central kitchens for use in the restaurants and sells packaged dips, spreads and dressings in grocery stores.

CAVA says it is in the early stages of growth, and it sees room for more than 1,000 restaurants in the United States by 2032. Its plans include opening new locations, building its loyalty and digital offerings, adding menu items, and using technology to make restaurants easier to run. It leases its restaurant sites and relies on third parties in its supply chain and delivery.

Its biggest risks, as it describes them

Failing to find good locations and open new restaurants profitably.
New restaurants that may take sales from its existing locations.
Food safety issues and food-borne illness concerns.
Being unable to raise prices without hurting margins.
Not staying profitable if it keeps growing quickly.

From Cava Group's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2023 to 2025, earnings per share grew 60.4% a year and net income 118.8% a year, as new shares raised the share count by 87% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cava Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cava Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Cava Group's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.2 times depreciation, which holds its free cash flow down) of $111M, net cash of $393M at December 28, 2025 and 118 million diluted shares, from its filings. The scenarios are fitted to Cava Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 27.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Restaurants), plus 1 point as a smaller company, worth $6.1B, plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 28, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Cava Group's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $51.53
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Cava Group's earnings per share of $0.55 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 44.7×, the middle of Cava Group's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 12, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: BJ's Restaurants, Shake Shack, Dutch Bros, Wingstop.

Earnings growth in the years ahead (% a year) Starts at Cava Group's revenue growth over the last 3 years, 27.9% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $51.53
Value at this multiple, against the last close: —
Cava Group's P/E at the last close: 93.7×

Company	Last close	Earnings per share	P/E today
Cava GroupCAVA	$51.53	$0.55	93.7×
Shake ShackSHAK	$64.89	$0.95	68.3×
Dutch BrosBROS	$42.02	$0.72	58.4×
BJ's RestaurantsBJRI	$57.91	$1.87	31.0×
WingstopWING	$122.88	$4.22	29.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	140	39	332	366	393
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−140	−39	−332	−366	−393
Net debt to EBITDA	—	—	−6.4x	−3.5x	−3.0x
Debt to equity	—	—	0.0x	0.0x	0.0x
Interest coverage	−68.7x	−371.2x	14.3x	204.3x	337.1x
Current ratio	—	0.7x	3.2x	3.0x	2.6x
Quick ratio	—	0.6x	3.2x	2.9x	2.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $1.2 million of Cava Group shares on the open market, and 8 insiders sold $286.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Joseph John KadowCLO & Secretary	Bought	1,000	$49.96	$49,960	Form 4
Aug 31, 2026	Douglas W. ThompsonChief Operations Officer	Bought	6,500	$66.52	$432,380	Form 4
Jun 18, 2026	Karen KochevarDirector	Sold	10,000	$90.00	$900,000	Form 4
Jun 17, 2026	Kelly CostanzaChief People Officer	Sold	12,490	$90.00	$1.1 million	Form 4
Jun 15, 2026	Participations S.a r.l. ArtalDirector	Sold	3,000,000	$90.30	$270.9 million	Form 4
Jun 15, 2026	Brett SchulmanCEO and President, Director	Sold	33,174	$89.43	$3.0 million	Form 4
Jun 15, 2026	Tricia K. TolivarChief Financial Officer	Sold	4,969	$89.43	$444,378	Form 4
Jun 15, 2026	Theodoros XenohristosChief Concept Officer, Director	Sold	3,252	$89.43	$290,826	Form 4
Jun 15, 2026	Kelly CostanzaChief People Officer	Sold	2,870	$89.43	$256,664	Form 4
Jun 15, 2026	Adam David PhillipsChief Accounting Officer	Sold	757	$89.43	$67,699	Form 4
Jun 12, 2026	Adam David PhillipsChief Accounting Officer	Sold	4,664	$90.71	$423,071	Form 4
Jun 3, 2026	Joseph John KadowCLO & Secretary	Bought	1,000	$70.00	$70,000	Form 4

The latest 12 of 34 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	—	—
Revenue rose relative to assets	—	Fail	Pass
F-score	—	4 of 8	4 of 8
Accruals ratio	−10.7%	−2.9%	−9.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cava Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cava Group	FY25	22.4%	4.7%	2.2%	13.9%	−3.0x	4
BJ's Restaurants	FY25	3.1%	3.3%	2.9%	11.1%	0.5x	7	Compare
Shake Shack	FY25	15.4%	4.3%	3.9%	9.6%	−0.6x	7	Compare
Dutch Bros	FY25	27.9%	9.8%	3.3%	11.9%	1.3x	5	Compare
Wingstop	FY25	11.3%	25.7%	15.2%	51.0%	5.0x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	500	564	729	964	1,180
Revenue growth	—	12.8%	29.2%	32.2%	22.4%
Gross profit	82	98	180	—	—
Research and development	—	—	—	—	—
Operating income	−53	−60	5	43	55
Net income	−37	−59	13	130	64
Diluted EPS (US$)	−51.06	−44.41	0.21	1.10	0.54
Diluted shares (millions)	1	1	63	118	118
Cash flow
Cash from operations	3	6	97	161	185
Capital expenditure	56	104	139	108	159
Free cash flow	−53	−98	−42	53	26
Dividends paid	0	0	0	0	0
Share buybacks	8	1	3	0	0
Acquisitions	0	0	0	0	0
Stock-based compensation	5	4	9	14	15
Balance sheet at fiscal year end
Cash and short-term investments	140	39	332	366	393
Debt incl. finance leases	0	0	0	0	0
Total assets	—	584	984	1,170	1,360
Total liabilities	—	370	413	474	580
Shareholders' equity	−393	−448	571	696	780
Margins and ratios
Gross margin	16.4%	17.4%	24.8%	—	—
Operating margin	−10.6%	−10.6%	0.7%	4.5%	4.7%
Net margin	−7.5%	−10.5%	1.8%	13.5%	5.4%
Free cash flow margin	−10.6%	−17.4%	−5.7%	5.5%	2.2%
Return on capital	—	—	—	15.2%	13.9%
Return on equity	—	—	21.7%	20.6%	8.6%
Return on assets	—	—	1.7%	12.1%	5.0%
Net debt to EBITDA	—	—	−6.4x	−3.5x	−3.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cava Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cava Group.