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Held by 231 of 6,047 reporting institutions (92th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCD | $166.9B | 19.7× | 16.1× | 6.2× | 3.7% | — | 31.9% | -478% | 22.0% | 3.1× | 3,384 |
| YUM | $40.1B | 26.5× | 14.2× | 4.9× | 8.8% | 69.8% | 19.0% | -21.3% | -21.4% | -0.2× | 1,398 |
| CMG | $38.5B | 26.6× | 16.6× | 3.2× | 5.4% | — | 12.9% | 54.3% | 54.3% | -0.1× | 1,161 |
| QSR | $24.9B | 30.3× | 15.8× | 2.6× | 12.2% | — | 11.4% | 29.6% | 6.4% | 5.5× | 563 |
| DRI | $23.3B | 19.8× | 11.8× | 1.8× | 9.4% | 20.3% | 9.1% | 54.7% | 26.6% | 1.0× | 1,046 |
| YUMC | $14.5B | 17.2× | 8.1× | 1.2× | 4.4% | — | 7.9% | 17.3% | 17.2% | -0.3× | 640 |
| ARMK | $14.4B | 44.9× | 15.1× | 0.8× | 6.4% | — | 1.8% | 10.4% | 3.8% | 3.8× | 522 |
| TXRH | $10.6B | 26.6× | 15.4× | 1.8× | 9.4% | — | 7.0% | 28.4% | 28.4% | -0.2× | 620 |
| EAT | $8.5B | 18.6× | 10.0× | 1.5× | 7.9% | — | 8.4% | 110% | 110% | -0.1× | 493 |
| CAVA | $6.2B | 98.1× | 45.8× | 5.3× | 22.4% | — | 5.4% | 8.2% | 8.2% | -2.2× | 520 |
| CAKE | $5.6B | 36.7× | 20.3× | 1.5× | 4.7% | — | 4.0% | 34.0% | 13.9% | 1.4× | 338 |
| WING | $3.4B | 20.3× | 21.7× | 4.9× | 11.4% | — | 25.0% | -23.7% | 36.9% | 5.0× | 407 |
| ARCO | $1.7B | 7.9× | 4.6× | 0.4× | 4.7% | 98.1% | 4.5% | 27.5% | 11.1% | 1.4× | 173 |
| CBRL | $1.4B | 29.7× | 10.2× | 0.4× | 0.4% | 69.0% | 1.3% | 10.0% | 4.9% | 2.5× | 271 |
| BJRI | $1.3B | 27.8× | 10.9× | 0.9× | 3.1% | 74.7% | 3.5% | 13.3% | 10.8% | 0.5× | 186 |
| BH | $1.2B | — | 20.4× | 3.1× | 9.2% | 59.2% | -9.5% | -7.2% | -4.9% | -0.4× | 115 |
| BLMN | $789M | 92.1× | 7.1× | 0.2× | 0.1% | 70.2% | 0.2% | 2.5% | 0.7% | 3.4× | 231 |
| FWRG | $743M | 38.8× | 10.7× | 0.6× | 20.3% | — | 1.6% | 3.1% | 2.1% | 2.8× | 202 |
| PZZA | $635M | 21.4× | 7.3× | 0.3× | -0.3% | — | 1.5% | -6.9% | 11.3% | 3.8× | 255 |
| LOCO | $481M | 17.6× | 9.1× | 1.0× | 3.6% | — | 5.4% | 9.1% | 7.7% | 0.8× | 145 |
| KRUS | $476M | — | 46.1× | 1.7× | 18.9% | — | -0.7% | -0.8% | -0.8% | -5.1× | 145 |
| NATH | $418M | 21.0× | 14.2× | 2.6× | 9.4% | 34.3% | 12.4% | -141% | 59.0% | 0.8× | 124 |
| DIN | $391M | 27.9× | — | 0.5× | 8.2% | 40.9% | 1.9% | -6.2% | 1.9% | — | 149 |
| PTLO | $331M | 16.9× | 9.1× | 0.5× | 3.0% | — | 2.6% | 4.1% | 2.4% | 4.5× | 173 |
| PC | $274M | — | — | 82.0× | -12.2% | 24.8% | -127% | -52.1% | -50.5% | — | 2 |
Peers = companies sharing BLMN's sector (Retail-Eating Places) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 40% of free cash flow, leaving room to grow it and fund buybacks. Last year: $38.3M dividends + $0 buybacks = $38.3M returned on $96.8M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.96B 100.0% | $3.95B 100.0% | $4.17B 100.0% | $4.01B 100.0% | $4.12B 100.0% | $3.17B 100.0% | $4.14B 100.0% | $4.13B 100.0% | $4.21B 100.0% | $4.25B 100.0% |
| Cost of Revenue | $1.18B 29.8% | $1.15B 29.1% | $1.24B 29.8% | $1.24B 30.9% | $1.23B 29.8% | $982.7M 31.0% | $1.28B 30.9% | $1.30B 31.4% | $1.32B 31.3% | $1.35B 31.9% |
| Selling, General & Admin | $238.4M 6.0% | $219.4M 5.6% | $233.6M 5.6% | $212.9M 5.3% | $245.6M 6.0% | $254.4M 8.0% | $275.2M 6.6% | $282.7M 6.9% | $307.0M 7.3% | $268.0M 6.3% |
| Total Operating Expenses | $3.92B 99.1% | $3.81B 96.5% | $3.89B 93.2% | $3.70B 92.4% | $3.81B 92.5% | $3.35B 105.5% | $3.95B 95.4% | $3.98B 96.5% | $4.08B 96.9% | $4.14B 97.3% |
| Operating Income | $37.2M 0.9% | $139.8M 3.5% | $282.8M 6.8% | $306.1M 7.6% | $309.0M 7.5% | -$175.0M -5.5% | $191.1M 4.6% | $145.3M 3.5% | $138.7M 3.3% | $123.8M 2.9% |
| Other Income (Expense), net | — | — | — | -$23K -0.0% | $26K 0.0% | $131K 0.0% | -$143K -0.0% | -$11K -0.0% | $14.9M 0.4% | $1.6M 0.0% |
| Pretax Income | -$8.2M -0.2% | -$58.8M -1.5% | $231.2M 5.5% | $127.4M 3.2% | $249.3M 6.0% | -$239.5M -7.6% | $141.7M 3.4% | $100.3M 2.4% | $111.1M 2.6% | $52.6M 1.2% |
| Income Tax Expense | -$26.7M -0.7% | -$12.1M -0.3% | $18.4M 0.4% | $34.3M 0.9% | $26.4M 0.6% | -$80.7M -2.5% | $7.6M 0.2% | -$9.2M -0.2% | $7.5M 0.2% | $8.6M 0.2% |
| Net Income | $8.2M 0.2% | -$128.0M -3.2% | $247.4M 5.9% | $101.9M 2.5% | $215.6M 5.2% | -$158.7M -5.0% | $130.6M 3.2% | $107.1M 2.6% | $101.3M 2.4% | $39.4M 0.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.10 | -$1.49 | $2.84 | $1.15 | $2.42 | -$1.85 | $1.47 | $1.16 | — | — |
| EPS (Diluted) | $0.10 | -$1.49 | $2.56 | $1.03 | $2.00 | -$1.85 | $1.45 | $1.14 | — | — |
| Weighted Avg Shares (Basic) | 85.1M | 85.9M | 87.2M | 88.8M | 89.0M | 87.5M | 88.8M | — | — | — |
| Weighted Avg Shares (Diluted) | 85.3M | 85.9M | 96.5M | 98.5M | 107.8M | 87.5M | 89.8M | 94.1M | 99.7M | 114.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $9.35 today, the market must believe free cash flow compounds 1.7%/yr for a decade (off $118.1M on the 3-yr avg basis).
On the basis ($109.1M) the requirement is 2.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 1.7% is in line with its 9-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt $728.0M
mean 180.4% · volatility σ 419% · implied rate exceeded in 5/9 yrs
Central path = implied 1.7%/yr growth; shaded band = ±1σ (419%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $59.5M covers the $0 due within a year 59461000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-28 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-14
Where each multiple sits in its own 4-yr range · 8th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 4-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 1% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 3.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.4 | 30.9 | 31.0 | 29.8 | 30.9 | 29.8 | 29.1 | 29.8 |
| SG&A | 6.9 | 6.6 | 8.0 | 6.0 | 5.3 | 5.6 | 5.6 | 6.0 |
| Operating Income | 3.5 | 4.6 | -5.5 | 7.5 | 7.6 | 6.8 | 3.5 | 0.9 |
| Income Tax | -0.2 | 0.2 | -2.5 | 0.6 | 0.9 | 0.4 | -0.3 | -0.7 |
| Net Income | 2.6 | 3.2 | -5.0 | 5.2 | 2.5 | 5.9 | -3.2 | 0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BLMN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Earns -2.23pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.5% | 3.5% (today's — no rate published for this year) | 3.0pts |
| FY2020 | -6.2% | 3.5% (today's — no rate published for this year) | -9.7pts |
| FY2021 | 11.1% | 3.5% (today's — no rate published for this year) | 7.6pts |
| FY2022 | 10.7% | 3.5% (today's — no rate published for this year) | 7.2pts |
| FY2023 | 9.9% | 3.5% (today's — no rate published for this year) | 6.4pts |
| FY2024 | 4.9% | 3.5% (today's — no rate published for this year) | 1.4pts |
| FY2025 | 1.3% | 3.5% (today's — no rate published for this year) | -2.2pts |
| Now | 0.7% | 3.5% | -2.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 68.1% | 2.9% | 0.9% |
| FY2017 | 68.7% | 3.3% | 2.4% |
| FY2018 | 68.6% | 3.5% | 2.6% |
| FY2019 | 69.1% | 4.6% | 3.2% |
| FY2020 | 69.0% | -5.5% | -5.0% |
| FY2021 | 70.2% | 7.5% | 5.2% |
| FY2022 | 69.1% | 7.6% | 2.5% |
| FY2023 | 70.2% | 6.8% | 5.9% |
| FY2024 | 70.9% | 3.5% | -3.2% |
| FY2025 | 70.2% | 0.9% | 0.2% |
Return on equity (2%) and return on invested capital (1%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$185M of goodwill — 8% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 3 years running even as the spread stayed positive.
Converts 3.44x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-28 (10-K); cash from the 2025-12-28 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $9.21, free cash flow must compound 9.78%/yr for 10 years. It has done -7.62%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −67.2% | 9.8% |
| FY2021 | 448.2% | 9.8% |
| FY2022 | −29.1% | 9.8% |
| FY2023 | 26.3% | 9.8% |
| FY2024 | −97.0% | 9.8% |
| FY2025 | 1208.6% | 9.8% |
The achieved growth rate spans a reporting-basis change in FY2022, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $8M | $8M |
| Share-based comp | $8M | $16M |
| Other non-cash & working capital | $261M | $277M |
| Operating cash flow | $277M | $277M |
| Capex | −$180M | $97M |
| Free cash flow | $97M | $97M |
| FCF after SBC | $89M | $89M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -23.4% | not reported | not reported |
| FY2021 | 30.0% | not reported | not reported |
| FY2022 | -2.7% | not reported | not reported |
| FY2023 | 4.0% | not reported | not reported |
| FY2024 | -5.2% | not reported | not reported |
| FY2025 | 0.1% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.2 percent |
| FY2020 | -8.8 percent |
| FY2021 | -5.7 percent |
| FY2022 | -8.7 percent |
| FY2023 | -8.3 percent |
| FY2024 | -10.5 percent |
| FY2025 | -8.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.