Wingstop

WING · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

WING · Last close · October 26, 2026

$122.88

Wingstop's revenue rose 11.3% to $697 million in fiscal 2025. Its operating margin was 25.7%, down from 26.5% a year earlier. Free cash flow was $106 million, down 0.1%. It paid out $254 million in dividends and buybacks, 241% of free cash flow. The diluted share count fell 4.5%.

WINGSTOP INC. Latest fiscal year ended December 27, 2025 10-K filed February 18, 2026 · 0001636222-26-000008 Updated October 9, 2026

Revenue

$697M

11.3%

Operating margin

25.7%

0.7 pts

Net income

$174M

60.3%

Free cash flow

$106M

0.1%

Return on capital

51.0%

9.8 pts

Market cap

$3.4B

Oct 26 close

P/E

29.1x

On $4.22 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. Wingstop doesn't report a gross profit: most of its revenue is royalties and fees from franchised restaurants, and the cost of sales its filings tag covers only its own restaurants, so gross profit and gross margin are left blank.

What Wingstop does

Wingstop is a restaurant chain built around chicken wings. It also sells boneless wings, tenders and chicken sandwiches, cooked to order and tossed in 12 flavors, with fries, carrots, celery and dips on the side. Guests can eat in, carry out or have food delivered. Wingstop says it is the largest fast casual chicken wings chain in the world, with more than 3,050 locations. The first one opened in Texas in 1994, and it began franchising in 1997.

The company is mainly a franchisor. About 98% of its restaurants are owned and run by independent franchisees. It reports a single segment and earns money from royalties, advertising fees and franchise fees paid by franchisees, and from the restaurants it runs itself. US franchisees must put 5.5% of gross sales into an advertising fund that pays for national advertising.

At the end of 2025, franchisees ran 2,999 restaurants in 47 states and 18 countries and US territories. All 470 of its international restaurants are franchised. Franchisees must finish a four-week training program before opening. The company says its goal is to grow to more than 6,000 US restaurants and more than 4,000 abroad, and it competes with many other restaurants.

Its biggest risks, as it describes them

Its reliance on franchisees, and on finding enough qualified new franchisees to open restaurants.
Food safety problems or illnesses linked to its food hurting its brand.
Higher food and supply costs, or interruptions in the supply of chicken and other products.
Delivery problems, since its guests often order through third-party delivery providers.
Disputes or lawsuits with franchisees over how the franchise system works.

From Wingstop's annual report on Form 10-K, filed February 18, 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 2016 to 2025, earnings per share grew 33.2% a year and net income 32.6% a year, as buybacks cut the share count by 3%.

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 Wingstop 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 Wingstop'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 Wingstop's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 1.9 times depreciation, which holds its free cash flow down) of $128M, net cash of −$1.0B at December 27, 2025 and 28 million diluted shares, from its filings. The scenarios are fitted to Wingstop: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 24.9% 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 10%: 9% for a business of moderate risk (Restaurants), plus 1 point as a smaller company, worth $3.4B; 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 27, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Wingstop's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% 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: $122.88
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 Wingstop's earnings per share of $4.22 (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: 29.1×, the middle of Wingstop's own P/E today, its peers' median and its sector's median (Wingstop's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. 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 June 27, 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: Sweetgreen, Cava Group, BJ's Restaurants, Shake Shack.

Earnings growth in the years ahead (% a year) Starts at Wingstop's revenue growth over the last 3 years, 24.9% 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: $122.88
Value at this multiple, against the last close: —
Wingstop's P/E at the last close: 29.1×

Company	Last close	Earnings per share	P/E today
SweetgreenSG	$9.88	$0.10	98.8×
Cava GroupCAVA	$51.53	$0.55	93.7×
Shake ShackSHAK	$64.89	$0.95	68.3×
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	49	184	90	316	197
Debt incl. finance leases	478	725	721	1,221	1,221
Net debt (negative means net cash)	429	540	631	905	1,024
Net debt to EBITDA	5.2x	5.2x	5.0x	4.9x	5.0x
Debt to equity	—	—	—	—	—
Interest coverage	4.9x	4.5x	5.0x	7.3x	3.4x
Current ratio	1.8x	3.6x	2.0x	4.5x	3.3x
Quick ratio	1.8x	3.6x	2.0x	4.5x	3.3x

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, no insider bought Wingstop shares on the open market, and 3 insiders sold $985,963.

Date	Insider	Trade	Shares	Price	Value	Filing
May 12, 2026	Christopher FallonFormer SVP & CIO	Sold	250	$125.93	$31,482	Form 4
Mar 10, 2026	Christopher FallonSVP, Chief Information Officer	Sold	177	$220.78	$39,078	Form 4
Feb 25, 2026	Kilandigalu MadatiDirector	Sold	2,700	$260.73	$703,971	Form 4
Feb 23, 2026	Wesley S McDonaldDirector	Sold	566	$250.00	$141,500	Form 4
Nov 25, 2025	Kilandigalu MadatiDirector	Sold	269	$259.97	$69,932	Form 4

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	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	5 of 8	7 of 8	4 of 8
Accruals ratio	−12.8%	−8.9%	3.0%

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

Compare

Put Wingstop 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
Wingstop	FY25	11.3%	25.7%	15.2%	51.0%	5.0x	4
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
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

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.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	103	133	153	200	249	282	358	460	626	697
Revenue growth	32.5%	29.0%	14.9%	30.4%	24.6%	13.5%	26.6%	28.7%	36.0%	11.3%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	27	34	38	43	57	74	92	113	166	179
Net income	14	24	22	20	23	43	53	70	109	174
Diluted EPS (US$)	0.47	0.82	0.73	0.69	0.78	1.42	1.77	2.35	3.70	6.21
Diluted shares (millions)	29	29	30	30	30	30	30	30	29	28
Cash flow
Cash from operations	22	27	39	39	66	49	76	122	158	153
Capital expenditure	2	2	4	22	6	28	24	41	52	47
Free cash flow	20	25	35	16	59	21	52	81	106	106
Dividends paid	83	4	191	12	164	20	141	25	29	32
Share buybacks	0	0	0	0	0	0	0	125	315	222
Acquisitions	0	0	0	1	7	5	8	11	14	18
Stock-based compensation	1	2	4	7	9	10	4	16	22	25
Balance sheet at fiscal year end
Cash and short-term investments	4	4	12	13	41	49	184	90	316	197
Debt incl. finance leases	151	134	320	318	480	478	725	721	1,221	1,221
Total assets	112	120	140	166	212	249	424	378	716	693
Total liabilities	186	178	365	376	553	559	815	835	1,392	1,430
Shareholders' equity	−81	−58	−225	−209	−341	−310	−391	−457	−676	−737
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	25.8%	25.4%	25.1%	21.5%	23.1%	26.1%	25.7%	24.5%	26.5%	25.7%
Net margin	13.3%	18.0%	14.2%	10.2%	9.4%	15.1%	14.8%	15.2%	17.4%	25.0%
Free cash flow margin	19.2%	18.7%	22.7%	8.1%	23.9%	7.4%	14.6%	17.6%	16.9%	15.2%
Return on capital	24.5%	41.1%	40.4%	38.3%	51.4%	49.1%	52.3%	52.0%	60.7%	51.0%
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	11.8%	20.7%	16.7%	13.4%	12.3%	18.5%	15.7%	17.5%	19.9%	24.7%
Net debt to EBITDA	5.0x	3.5x	7.2x	6.3x	6.8x	5.2x	5.2x	5.0x	4.9x	5.0x

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