Dine Brands

DIN · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

DIN · Last close · November 6, 2026

$35.85

Dine Brands' revenue rose 8.2% to $879 million in fiscal 2025. Its net margin was 1.9%, down from 8.0% a year earlier. Free cash flow was $53 million, down 43.2%. It paid out $92 million in dividends and buybacks, 172% of free cash flow. The diluted share count fell 4.2%.

Dine Brands Global, Inc. Latest fiscal year ended December 28, 2025 10-K filed February 25, 2026 · 0001628280-26-011393 Updated November 9, 2026

Revenue

$879M

8.2%

Net margin

1.9%

6.1 pts

Net income

$17M

73.7%

Free cash flow

$53M

43.2%

Return on capital

9.0%

5.8 pts

Market cap

$437M

Nov 6 close

P/E

32.3x

On $1.11 EPS, FY25

Net margin is net 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.

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

What Dine Brands does

Dine Brands owns and franchises three restaurant chains: IHOP (family dining), Applebee's Neighborhood Grill + Bar (casual dining) and Fuzzy's Taco Shop (fast-casual). As of December 28, 2025, the large majority of its 3,509 restaurants were owned and run by independent franchisees.

It reports three segments. Franchise earns mainly royalties and advertising fees from 1,812 IHOP, 1,520 Applebee's and 105 Fuzzy's franchised restaurants, plus sales of IHOP and Fuzzy's proprietary products to franchisees. Company-owned restaurants covers 12 IHOP, 59 Applebee's and one Fuzzy's. Rental earns rent from leases and subleases on 521 IHOP franchised restaurants and one Applebee's. About 74% of revenue came from the IHOP and Applebee's segments, and the rest mostly from the company-owned and rental segments.

Its restaurants are in 20 countries and two U.S. territories, but international operations brought in less than 2% of revenue. It plans to grow by developing its brands, including dual-branded IHOP and Applebee's restaurants, and by exploring new concepts or acquisitions.

Its biggest risks, as it describes them

Debt from its securitization, which could let investors take over its assets if it defaults or cannot repay.
Its franchise model, which leaves it dependent on how franchisees run their restaurants.
Risks of the restaurant industry, such as competition, food costs and consumer demand.
Breaches or outages in its information systems and those of outside vendors.
Changes in laws or regulations that affect its business and data handling.

From Dine Brands'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 annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 16.3% a year and net income 17.9% a year, while buybacks cut the share count by 21%.

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

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	361	270	146	187	128
Debt incl. finance leases	1,349	1,379	1,225	1,226	1,226
Net debt (negative means net cash)	988	1,109	1,079	1,039	1,097
Net debt to EBITDA	4.2x	5.0x	4.9x	5.0x	7.2x
Debt to equity	—	—	—	—	—
Interest coverage	2.7x	2.7x	2.5x	2.1x	1.3x
Current ratio	1.4x	1.0x	0.8x	0.9x	1.0x
Quick ratio	1.4x	1.0x	0.8x	0.9x	1.0x

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.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Dine Brands' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Dine Brands' projections

Insider trades

No officer, director or 10% owner of Dine Brands reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	6 of 9	6 of 9
Rule of 40	2.7%	9.3%	14.3%
Altman Z''	0.48	0.64	0.55
Accruals ratio	−1.9%	−2.5%	−4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

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	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	7 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Dine Brands 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
Dine Brands	FY25	8.2%	—	6.1%	9.0%	7.2x	6
Portillo's	FY25	3.0%	6.0%	−2.5%	4.5%	5.5x	3	Compare
Wingstop	FY25	11.3%	25.7%	15.2%	51.0%	5.0x	4	Compare
Sweetgreen	FY25	0.4%	−20.5%	−17.5%	−44.2%	—	2	Compare
Cava Group	FY25	22.4%	4.7%	2.2%	13.9%	−3.0x	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 under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	788	732	781	910	689	896	909	831	812	879
Revenue growth	15.6%	−7.1%	6.7%	16.6%	−24.3%	30.0%	1.5%	−8.6%	−2.3%	8.2%
Gross profit	384	339	353	383	249	375	377	397	375	359
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	101	−343	80	104	−104	98	81	97	65	17
Diluted EPS (US$)	5.49	−18.96	4.37	5.85	−6.43	5.66	4.96	6.22	4.22	1.11
Diluted shares (millions)	18	18	18	17	16	17	16	15	15	14
Cash flow
Cash from operations	118	66	140	155	96	196	89	131	108	89
Capital expenditure	6	13	14	19	11	17	35	37	14	36
Free cash flow	112	52	126	136	86	179	54	94	94	53
Dividends paid	67	70	51	47	24	0	31	32	31	31
Share buybacks	55	10	34	110	30	4	120	26	12	61
Acquisitions	0	0	20	0	0	0	78	0	8	2
Stock-based compensation	11	11	10	11	12	12	16	12	16	13
Balance sheet at fiscal year end
Cash and short-term investments	140	117	137	116	383	361	270	146	187	128
Debt incl. finance leases	1,283	1,283	1,299	1,378	1,585	1,349	1,379	1,225	1,226	1,226
Total assets	2,279	1,736	1,775	2,050	2,075	1,999	1,882	1,740	1,791	1,738
Total liabilities	2,026	1,951	1,977	2,291	2,430	2,242	2,183	1,991	2,007	2,012
Shareholders' equity	196	−216	−202	−242	−355	−243	−301	−251	−216	−274
Margins and ratios
Gross margin	48.8%	46.3%	45.2%	42.1%	36.1%	41.9%	41.5%	47.7%	46.2%	40.9%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	12.8%	−46.8%	10.3%	11.5%	−15.1%	10.9%	8.9%	11.7%	8.0%	1.9%
Free cash flow margin	14.3%	7.2%	16.1%	14.9%	12.4%	20.0%	5.9%	11.3%	11.6%	6.1%
Rule of 40 (growth + FCF margin)	29.9%	0.1%	22.9%	31.5%	−11.9%	50.0%	7.4%	2.7%	9.3%	14.3%
Return on capital	10.2%	−25.3%	13.1%	15.9%	−2.8%	19.5%	16.6%	19.8%	14.8%	9.0%
Return on equity	43.6%	—	—	—	—	—	—	—	—	—
Return on assets	4.4%	−17.1%	4.6%	5.5%	−5.0%	4.8%	4.2%	5.4%	3.7%	1.0%
Net debt to EBITDA	4.6x	—	5.7x	5.0x	118.2x	4.2x	5.0x	4.9x	5.0x	7.2x

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