Loading institutional data...
Loading institutional data...
Held by 493 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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.
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 | $168.6B | 19.9× | 16.2× | 6.3× | 3.7% | — | 31.9% | -478% | 22.0% | 3.1× | 3,384 |
| YUM | $40.0B | 26.4× | 14.2× | 4.9× | 8.8% | 69.8% | 19.0% | -21.3% | -21.4% | -0.2× | 1,398 |
| CMG | $38.7B | 26.8× | 16.7× | 3.2× | 5.4% | — | 12.9% | 54.3% | 54.3% | -0.1× | 1,161 |
| QSR | $25.3B | 30.8× | 16.0× | 2.7× | 12.2% | — | 11.4% | 29.6% | 6.4% | 5.5× | 563 |
| DRI | $23.6B | 20.1× | 12.0× | 1.8× | 9.4% | 20.3% | 9.1% | 54.7% | 26.6% | 1.0× | 1,046 |
| YUMC | $14.6B | 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 | $10.9B | 27.3× | 15.9× | 1.9× | 9.4% | — | 7.0% | 28.4% | 28.4% | -0.2× | 620 |
| EAT | $8.6B | 18.8× | 10.1× | 1.5× | 7.9% | — | 8.4% | 110% | 110% | -0.1× | 493 |
| CAVA | $6.0B | 95.5× | 44.5× | 5.1× | 22.4% | — | 5.4% | 8.2% | 8.2% | -2.2× | 520 |
| CAKE | $5.6B | 36.9× | 20.4× | 1.5× | 4.7% | — | 4.0% | 34.0% | 13.9% | 1.4× | 338 |
| WING | $3.3B | 19.8× | 21.3× | 4.8× | 11.4% | — | 25.0% | -23.7% | 36.9% | 5.0× | 407 |
| ARCO | $1.7B | 7.8× | 4.6× | 0.4× | 4.7% | 98.1% | 4.5% | 27.5% | 11.1% | 1.4× | 173 |
| CBRL | $1.4B | 30.4× | 10.4× | 0.4× | 0.4% | 69.0% | 1.3% | 10.0% | 4.9% | 2.5× | 271 |
| BH | $1.3B | — | 21.1× | 3.2× | 9.2% | 59.2% | -9.5% | -7.2% | -4.9% | -0.4× | 115 |
| BJRI | $1.3B | 27.6× | 10.8× | 0.9× | 3.1% | 74.7% | 3.5% | 13.3% | 10.8% | 0.5× | 186 |
| BLMN | $801M | 93.5× | 7.1× | 0.2× | 0.1% | 70.2% | 0.2% | 2.5% | 0.7% | 3.4× | 231 |
| FWRG | $730M | 38.2× | 10.5× | 0.6× | 20.3% | — | 1.6% | 3.1% | 2.1% | 2.8× | 202 |
| PZZA | $632M | 21.3× | 7.2× | 0.3× | -0.3% | — | 1.5% | -6.9% | 11.3% | 3.8× | 255 |
| LOCO | $479M | 17.5× | 9.0× | 1.0× | 3.6% | — | 5.4% | 9.1% | 7.7% | 0.8× | 145 |
| KRUS | $464M | — | 44.9× | 1.6× | 18.9% | — | -0.7% | -0.8% | -0.8% | -5.1× | 145 |
| NATH | $417M | 21.0× | 14.2× | 2.6× | 9.4% | 34.3% | 12.4% | -141% | 59.0% | 0.8× | 124 |
| DIN | $395M | 28.1× | — | 0.5× | 8.2% | 40.9% | 1.9% | -6.2% | 1.9% | — | 149 |
| PTLO | $338M | 17.3× | 9.2× | 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 EAT'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.
No dividend to cover. Last year: $0 dividends + $443.9M buybacks = $443.9M returned on $557.5M 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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 110%. 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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $204.24 today, the market must believe free cash flow compounds 5.4%/yr for a decade (off $398.1M on the 3-yr avg basis).
On the basis ($368.2M) the requirement is 6.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 5.4% is more conservative than its 9-yr track record.
Default is 8.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt -$110.0M
mean 50.9% · volatility σ 109% · implied rate exceeded in 5/9 yrs
Central path = implied 5.4%/yr growth; shaded band = ±1σ (109%) 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 $18.9M covers the $0 due within a year 18900000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-06-25 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
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.
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
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.81B 100.0% | $5.38B 100.0% | $4.42B 100.0% | $4.13B 100.0% | $3.80B 100.0% | $3.34B 100.0% | $3.08B 100.0% | $3.22B 100.0% | $3.14B 100.0% | $3.15B 100.0% |
| Cost of Revenue | — | — | — | — | — | $867.8M 26.0% | $798.6M 25.9% | $823.0M 25.6% | $796.0M 25.4% | $791.3M 25.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $796.0M 25.4% | $791.3M 25.1% |
| Selling, General & Admin | $235.7M 4.1% | $222.0M 4.1% | $183.7M 4.2% | $154.5M 3.7% | $144.1M 3.8% | $134.8M 4.0% | $136.3M 4.4% | $149.1M 4.6% | $136.0M 4.3% | $132.8M 4.2% |
| Total Operating Expenses | $5.19B 89.3% | $4.87B 90.5% | $4.19B 94.8% | $3.99B 96.5% | $3.64B 95.8% | $3.14B 94.0% | $3.02B 98.0% | $2.99B 92.8% | $2.59B 82.5% | $2.58B 82.0% |
| Operating Income | $619.9M 10.7% | $512.0M 9.5% | $229.6M 5.2% | $144.4M 3.5% | $159.5M 4.2% | $199.3M 6.0% | $62.6M 2.0% | $230.7M 7.2% | $226.1M 7.2% | $256.2M 8.1% |
| Interest Expense | $40.5M 0.7% | $53.1M 1.0% | $65.0M 1.5% | $54.9M 1.3% | $46.1M 1.2% | $56.2M 1.7% | $59.6M 1.9% | $61.6M 1.9% | $59.0M 1.9% | $49.6M 1.6% |
| Other Income (Expense), net | $1.5M 0.0% | $1.1M 0.0% | $300K 0.0% | $1.3M 0.0% | $1.8M 0.0% | $2.1M 0.1% | $1.9M 0.1% | $2.7M 0.1% | $3.1M 0.1% | $1.9M 0.1% |
| Pretax Income | $580.9M 10.0% | $460.0M 8.5% | $164.9M 3.7% | $90.8M 2.2% | $115.2M 3.0% | $145.2M 4.4% | $4.9M 0.2% | $171.8M 5.3% | $170.2M 5.4% | $208.5M 6.6% |
| Income Tax Expense | $93.9M 1.6% | $76.9M 1.4% | $9.6M 0.2% | -$11.8M -0.3% | -$2.4M -0.1% | $13.6M 0.4% | -$19.5M -0.6% | $16.9M 0.5% | $44.3M 1.4% | $57.7M 1.8% |
| Net Income | $487.0M 8.4% | $383.1M 7.1% | $155.3M 3.5% | $102.6M 2.5% | $117.6M 3.1% | $131.6M 3.9% | $24.4M 0.8% | $154.9M 4.8% | $125.9M 4.0% | $150.8M 4.8% |
| Per Share | ||||||||||
| EPS (Basic) | $11.16 | $8.60 | $3.49 | $2.33 | $2.62 | $2.89 | $0.64 | $4.04 | $2.75 | $2.98 |
| EPS (Diluted) | $10.87 | $8.32 | $3.40 | $2.28 | $2.58 | $2.83 | $0.63 | $3.96 | $2.72 | $2.94 |
| Weighted Avg Shares (Basic) | 43.6M | 44.6M | 44.4M | 44.1M | 44.8M | 45.5M | 38.2M | 38.3M | 45.7M | 50.6M |
| Weighted Avg Shares (Diluted) | 44.8M | 46.1M | 45.7M | 45.0M | 45.6M | 46.6M | 38.9M | 39.1M | 46.3M | 51.2M |
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.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 110% against ROIC 110% — 0% 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 119.6% — 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
High operating leverage: profit moved 2.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 25.6 | 25.9 | 26.0 | — | — | — | — | — |
| SG&A | 4.6 | 4.4 | 4.0 | 3.8 | 3.7 | 4.2 | 4.1 | 4.1 |
| Operating Income | 7.2 | 2.0 | 6.0 | 4.2 | 3.5 | 5.2 | 9.5 | 10.7 |
| Income Tax | 0.5 | -0.6 | 0.4 | -0.1 | -0.3 | 0.2 | 1.4 | 1.6 |
| Net Income | 4.8 | 0.8 | 3.9 | 3.1 | 2.5 | 3.5 | 7.1 | 8.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EAT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 22.75pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 6.8% | 8.5% (today's — no rate published for this year) | -1.7pts |
| FY2021 | 18.8% | 8.5% (today's — no rate published for this year) | 10.3pts |
| FY2022 | 12.8% | 11.3% | 1.5pts |
| FY2023 | 10.8% | 10.2% | 0.7pts |
| FY2024 | 14.9% | 10.8% | 4.1pts |
| FY2025 | 25.9% | 8.3% | 17.6pts |
| FY2026 | 29.1% | 7.7% | 21.5pts |
| Now | 109.8% | 8.5% | 101.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 74.9% | 8.1% | 4.8% |
| FY2018 | 74.6% | 7.2% | 4.0% |
| FY2019 | 74.4% | 7.2% | 4.8% |
| FY2020 | 74.1% | 2.0% | 0.8% |
| FY2021 | 74.0% | 6.0% | 3.9% |
| FY2022 | not reported | 4.2% | 3.1% |
| FY2023 | not reported | 3.5% | 2.5% |
| FY2024 | not reported | 5.2% | 3.5% |
| FY2025 | not reported | 9.5% | 7.1% |
| FY2026 | not reported | 10.7% | 8.4% |
Return on equity (110%) and return on invested capital (110%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$195M of goodwill — 11% 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.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Converts 1.04x 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.
Covers interest 10.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 15.31x |
| 5% | 14.54x |
| 10% | 13.78x |
| 15% | 13.01x |
| 20% | 12.24x |
| 25% | 11.48x |
| 30% | 10.71x |
| 35% | 9.95x |
| 40% | 9.18x |
| 45% | 8.42x |
| 50% | 7.65x |
| 55% | 6.89x |
| 60% | 6.12x |
This schedule comes from a filing dated 2025-06-25, 477 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2025-06-25 (10-K); cash from the 2025-06-25 balance sheet; FCF from FY2025.
Balance sheet at 2025-06-25. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $1,409,200,000 of the $1,409,200,000 total — a fixed obligation that does not appear in a headline debt figure.
At $204.24, free cash flow must compound 7.4%/yr for 10 years. It has done 25.82%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 96.2% | 7.4% |
| FY2022 | −63.0% | 7.4% |
| FY2023 | −29.9% | 7.4% |
| FY2024 | 212.3% | 7.4% |
| FY2025 | 85.5% | 7.4% |
| FY2026 | 34.8% | 7.4% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $487M | $487M |
| Share-based comp | $32M | $519M |
| Other non-cash & working capital | $270M | $789M |
| Operating cash flow | $789M | $789M |
| Capex | −$232M | $558M |
| Free cash flow | $558M | $558M |
| FCF after SBC | $525M | $525M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 8.4% | 24.7% | 16.3 points |
| FY2022 | 14.0% | 1.8% | -12.1 points |
| FY2023 | 8.7% | -8.3% | -16.9 points |
| FY2024 | 6.8% | -0.5% | -7.3 points |
| FY2025 | 21.9% | 21.1% | -0.8 points |
| FY2026 | 7.9% | 10.9% | 3.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 6.2 days | 12.5 days | 47.9 days | -29.3 days |
| FY2021 | 7.1 days | 12.2 days | 53.7 days | -34.4 days |
| FY2022 | 6.4 days | not reported | not reported | not reported |
| FY2023 | 5.4 days | not reported | not reported | not reported |
| FY2024 | 5 days | not reported | not reported | not reported |
| FY2025 | 5 days | not reported | not reported | not reported |
| FY2026 | 5.1 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -9.4 percent |
| FY2021 | -10.5 percent |
| FY2022 | -5.4 percent |
| FY2023 | -6.2 percent |
| FY2024 | -10.3 percent |
| FY2025 | -11.1 percent |
| FY2026 | -10.7 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 (FY2026) 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.