Driven Brands

DRVN · Nasdaq · Consumer Discretionary · Financials, fiscal 2019 to 2025

DRVN · Last close · November 6, 2026

$11.89

Driven Brands' revenue rose 6.3% to $1.9 billion in fiscal 2025. Its operating margin was 12.4%, up from 11.4% a year earlier. Free cash flow was $108 million. The diluted share count rose 1.6%.

Driven Brands Holdings Inc. Latest fiscal year ended December 27, 2025 10-K filed May 19, 2026 · 0001804745-26-000048 Updated November 9, 2026

Revenue

$1.9B

6.3%

Operating margin

12.4%

1.0 pts

Net income

$140M

Free cash flow

$108M

Return on capital

8.1%

5.2 pts

Market cap

$2.0B

Nov 6 close

P/E

11.9x

On $1.00 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.

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

What Driven Brands does

Driven Brands provides automotive services in North America through a largely franchised base of over 4,200 locations in 49 U.S. states and Canada. Its services range from routine maintenance such as oil changes to paint, collision, glass and repair work, for retail, commercial and insurance customers.

Its Take 5 segment, mainly Take 5 Oil Change, had 1,342 locations as of December 27, 2025, 530 franchised and 812 company-operated. It offers stay-in-your-car oil changes for retail customers and commercial customers such as fleet operators. Its Franchise Brands segment, with 2,699 locations, includes Meineke, Maaco, CARSTAR, ABRA, Fix Auto, 1-800 Radiator and Automotive Training Institute, serving retail, commercial and insurance customers.

Franchisees pay under franchise agreements and must follow its standard operating methods, and it does not control their daily operations. It used proceeds from selling its U.S. and International Car Wash businesses to pay down debt, and it had about 7,100 full-time employees at the end of 2025.

Its biggest risks, as it describes them

Competition that may harm results.
Dependence on the financial results of its franchisees, who it does not control day to day.
Rising labor, commodity and interest costs, and inflation.
Difficulty hiring and keeping qualified staff at its locations.
Advances in automotive technology that change demand for its services.

From Driven Brands's annual report on Form 10-K, filed May 19, 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 2019 to 2025, earnings per share grew 45.4% a year and net income 62.2% a year, as new shares raised the share count by 84% and diluted each share's earnings.

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	523	150	133	103	103
Debt incl. finance leases	2,387	2,751	2,930	2,678	1,909
Net debt (negative means net cash)	1,864	2,601	2,798	2,575	1,806
Net debt to EBITDA	6.4x	7.5x	14.6x	9.2x	5.8x
Debt to equity	1.4x	1.7x	3.2x	4.9x	2.5x
Interest coverage	2.3x	1.8x	0.7x	1.3x	1.9x
Current ratio	1.6x	1.1x	1.9x	1.4x	0.8x
Quick ratio	1.5x	1.0x	1.7x	1.2x	0.7x

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 Driven 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 Driven Brands' projections

Insider trades

No officer, director or 10% owner of Driven 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	4 of 8	5 of 8	6 of 8
Rule of 40	−37.4%	−0.1%	12.1%
Altman Z''	0.35	−0.10	−0.43
Accruals ratio	−15.7%	−9.6%	−4.0%

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	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 8	5 of 8	6 of 8

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

Compare

Put Driven 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
Driven Brands	FY25	6.3%	12.4%	5.8%	8.1%	5.8x	6
Frontdoor	FY25	13.6%	—	18.6%	33.9%	1.2x	7	Compare
Matthews International	FY25	−16.6%	5.0%	−4.0%	3.2%	4.6x	5	Compare
Bright Horizons Family Solutions	FY25	9.2%	10.7%	8.8%	11.2%	1.4x	8	Compare
H&R Block	FY26	4.9%	—	19.2%	129.0%	0.5x	8	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.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	600	904	1,467	2,033	1,710	1,752	1,862
Revenue growth	—	50.6%	62.3%	38.6%	−15.9%	2.5%	6.3%
Gross profit	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—
Operating income	70	95	177	200	115	200	231
Net income	8	−4	10	43	−745	−292	140
Diluted EPS (US$)	0.09	−0.04	0.06	0.25	−4.94	−1.86	0.85
Diluted shares (millions)	89	104	165	167	162	161	164
Cash flow
Cash from operations	41	84	284	197	229	244	330
Capital expenditure	28	52	161	436	596	289	223
Free cash flow	13	32	123	−239	−368	−45	108
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	43	0	50	0	0
Acquisitions	454	105	801	763	60	3	11
Stock-based compensation	1	1	4	21	20	52	32
Balance sheet at fiscal year end
Cash and short-term investments	35	173	523	150	133	103	103
Debt incl. finance leases	—	2,121	2,387	2,751	2,930	2,678	1,909
Total assets	—	4,655	5,857	6,500	5,911	5,252	4,160
Total liabilities	—	3,549	4,212	4,846	5,004	4,708	3,393
Shareholders' equity	290	1,104	1,644	1,653	906	544	767
Margins and ratios
Gross margin	—	—	—	—	—	—	—
Operating margin	11.7%	10.5%	12.1%	9.8%	6.7%	11.4%	12.4%
Net margin	1.3%	−0.5%	0.7%	2.1%	−43.6%	−16.7%	7.5%
Free cash flow margin	2.2%	3.5%	8.4%	−11.8%	−21.5%	−2.5%	5.8%
Rule of 40 (growth + FCF margin)	—	54.1%	70.7%	26.8%	−37.4%	−0.1%	12.1%
Return on capital	—	—	2.7%	3.2%	2.3%	3.0%	8.1%
Return on equity	—	—	0.7%	2.6%	−58.2%	−40.4%	21.4%
Return on assets	—	—	0.2%	0.7%	−12.0%	−5.2%	3.0%
Net debt to EBITDA	—	12.4x	6.4x	7.5x	14.6x	9.2x	5.8x

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