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The Cheesecake Factory Incorporated

CAKE Consumer Cyclical Restaurants

The Cheesecake Factory Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, up 4.75% from fiscal 2024.

Revenue
+7.72%
EPS
+24.6%
Free cash flow
+220.4%
Total debt
−10.4%

Quarter to June 2026, against a year earlier

112.64 0.48 −0.42%
Market cap
$5.6B
P/E
29.3×
Fwd P/E
24.0×
Dividend yield
1.31%
F-score
6/9
Altman Z
2.33
Beneish M
−2.77
Dividend safety
82/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 30.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 1 — 1 1 4 5 — — —
Insider Ownership 1.60%

Capital & Financial Ratios $m

Size
Market Cap 5,630.00
Revenue ttm 3,877.25
Net income ttm 178.62
Free cash flow ttm 205.20
Net debt Q 367.73
Valuation
P/E 29.33
Forward P/E 24.00
Price / sales 1.35
Forward P/S Powerpack
Price / FCF 25.52
Price / book 10.09 (above 6: high)
Financial health
Current ratio Q 0.59 (below 1: weak)
Debt / equity Q 1.08
Interest coverage Q 38.21
Growth
Revenue growth Q +7.72% (above 0%: growing)
Operating income growth Q +21.27% (above 0%: growing)
EPS, this year +24.07% (at or above 15%: strong)
EPS, next year A +11.20%
Revenue, next year A +9.01%
EPS, past 5 yrs —
EPS, next 5 yrs A +16.41% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 0.9×; over the ten years it ranged from 0.5× in 2020 to 1.5× in 2021.
P/E against its own 10 years 85.96%
10-year low 10-year high
P/S against its own 10 years 98.46%
10-year low 10-year high
P/B against its own 10 years 99.41%
10-year low 10-year high
EV/Sales against its own 10 years 98.82%
10-year low 10-year high
EV/FCF against its own 10 years 71.41%
10-year low 10-year high

Dividends

Yield
1.31%
Annual rate
1.47
Payout ratio
39.8%
Growth, 2016–26
+3.15%/yr
  1. 0.88 ’16
  2. 1.06 ’17 +20%
  3. 1.24 ’18 +17%
  4. 1.38 ’19 +11%
  5. 0.36 ’20 −74%
  6. 0.81 ’22 +125%
  7. 1.08 ’23 +33%
  8. 1.08 ’24 +0%
  9. 1.08 ’25 +0%
  10. 1.20 ’26 +11%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 56 84 216 195
Receivables 124 130 130 114
Inventory 58 65 54 51
Other — — — —
301 333 455 419
2023 2024 2025 Q'26
Payables 63 62 63 71
ST’ Debt — — 69 —
Other 223 227 213 183
661 711 777 714

Compound Annual Growth %

10y 5y 3y
Sales 5.97% 13.60% 4.34%
Cash Flow 1.98% 152.97% 22.99%
Earnings 2.45% 0.00% 50.99%
Book Value (2.95%) 8.62% 14.33%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.95 Actual 1.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.98 1.00 Beat by 0.02
Q1 FY26 1.03 1.05 Beat by 0.02
Q2 FY26 1.17 1.44 Beat by 0.27
Q3 FY26 0.95 1.02 Beat by 0.07
Q4 FY26 1.20 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.02 1.41 — — —
’25 0.67 1.14 0.66 0.60 3.06
’24 0.68 1.08 0.61 0.83 3.20
’23 0.56 0.87 0.37 0.26 2.07
’22 0.45 0.50 (0.05) (0.07) 0.86
’21 (0.03) 0.37 0.64 0.04 1.01
’20 (3.11) (1.61) (0.76) (0.85) (6.32)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 979 1,030 — — —
’25 927 956 907 962 3,752
’24 891 904 865 921 3,582
’23 866 866 830 877 3,440
’22 794 833 784 893 3,303
’21 627 769 754 777 2,928
’20 615 296 518 555 1,983
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 97 92 — — —
’25 79 57 91 75 301
’24 67 28 80 94 268
’23 65 36 49 68 218
’22 34 54 11 63 162
’21 22 109 (11) 94 213
’20 (33) (3) 3 36 3
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 53 49 — — —
’25 36 15 54 50 154
’24 29 (2) 26 54 107
’23 27 12 12 15 65
’22 4 37 (20) 28 49
’21 14 85 (30) 76 145
’20 (49) (16) (6) 23 (48)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,276 2,261 2,332 2,483 1,983 2,928 3,303 3,440 3,582 3,752 3,877 +5.7% 4,090 4,426 4,783 +8.4%
Gross margin, % 19.72 18.17 17.09 15.69 6.57 13.99 12.07 14.12 15.41 16.31 16.50 (3.4) pt
EBT 192 146 107 140 (356) 72 33 100 171 163 196 (1.8%)
EBT margin, % 8.43 6.48 4.61 5.65 (17.95) 2.45 1.00 2.91 4.78 4.34 5.07 (4.1) pt
Net income 139 157 99 127 (253) 72 43 101 157 148 179 +0.7%
Per share, $
Per share, $ Revenue 47.43 48.17 51.53 56.49 45.21 61.59 66.31 71.18 74.95 80.19 83.15 +6.0%
Earnings 2.91 3.35 2.19 2.90 (6.32) 1.03 0.87 2.10 3.28 3.17 3.83 +1.0%
Cash flow 6.59 5.09 6.44 4.98 0.07 4.48 3.25 4.52 5.61 6.44 7.60 (0.3%)
Capex (2.45) (2.61) (2.34) (1.73) (1.16) (1.42) (2.27) (3.17) (3.38) (3.15) (3.20) +2.8%
Free cash flow 4.15 2.48 4.10 3.25 (1.09) 3.06 0.98 1.35 2.24 3.29 4.40 (2.5%)
Book value 12.57 13.07 12.62 13.01 6.58 6.95 5.86 6.58 9.28 9.33 11.13 (3.3%)
Shares, m 48 47 45 44 44 48 50 48 48 47 47 (0.3%)
Valuation, ×
Valuation, × P/E 20.49 14.63 19.96 13.45 0.00 37.64 38.06 16.36 14.42 15.92 29.33 19.1
P/S 1.25 1.02 0.84 0.69 0.82 0.64 0.49 0.48 0.63 0.63 1.35 0.7
P/B 4.73 3.77 3.45 2.99 5.63 5.64 5.52 5.22 5.11 5.41 10.09 4.7
EV/Sales 1.24 1.03 0.84 0.83 0.95 0.78 0.64 0.64 0.78 0.74 1.46 0.8
EV/FCF 14.19 19.92 10.53 14.47 (39.26) 15.60 43.13 34.03 25.99 18.02 27.65 15.7
Cash, $m
Cash, $m Operating cash flow 316 239 291 219 3 213 162 218 268 301 354 (0.5%)
Capex (117) (122) (106) (76) (51) (68) (113) (153) (161) (147) (149) +2.5%
Free cash flow 199 116 185 143 (48) 145 49 65 107 154 205 (2.8%)
Balance, $m
Balance, $m Working capital (155) (189) (221) (370) (245) (231) (311) (360) (378) (322) (295) +8.5%
Net debt 47 4 (17) 360 259 408 492 414 368 414 368 +27.3%
Shareholders’ equity 603 614 571 572 289 330 292 318 443 436 519 (3.5%)
Returns, %
Returns, % ROA 11.04 11.99 7.48 6.13 (9.92) 1.77 1.55 3.61 5.33 4.71 5.54 (6.3) pt
ROIC 19.32 15.47 13.41 6.95 (39.65) 6.97 3.10 9.27 13.74 13.76 14.39 (5.6) pt
ROE 23.41 25.87 16.72 22.28 (64.41) 15.88 13.86 33.23 41.18 33.74 38.83 +10.3 pt
People
People Employees 38,800 39,100 38,700 46,250 41,000 45,800 47,500 47,900 47,900 48,400 — +2.5%
Revenue/emp, $m 0.06 0.06 0.06 0.05 0.05 0.06 0.07 0.07 0.07 0.08 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

The Cheesecake Factory Incorporated vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TXRH Texas Roadhouse, Inc. $12.0B 29.1× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $10.3B 17.3× 16.4× +3.36% (above 0%: growing) +12.90% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
EAT Brinker International, Inc. $9.1B 18.9× 15.7× +5.06% (above 0%: growing) +27.80% (above 0%: growing) +48.74% (above 0%: growing) 18.75% 10.87% Compare
BROS Dutch Bros Inc. $7.7B 59.6× 51.6× +32.48% (above 0%: growing) +40.00% (above 0%: growing) +11.97% (above 0%: growing) 27.42% 12.78% Compare
CAVA CAVA Group, Inc. $6.9B 103× 108× +31.30% (above 0%: growing) +25.00% (above 0%: growing) +52.60% (above 0%: growing) 44.93% 7.29% Compare
JMKE Jersey Mike�s Subs Inc. $6.0B — — — — — 100.00% 42.31% Compare
CAKE The Cheesecake Factory Incorporated $5.6B 29.3× 24.0× +7.72% (above 0%: growing) +24.58% (above 0%: growing) +220.39% (above 0%: growing) 17.64% 7.63%
WING Wingstop Inc. $3.9B 35.3× 36.2× +6.44% (above 0%: growing) +19.79% (above 0%: growing) −45.18% (below 0%: shrinking) 86.49% 29.44% Compare
SHAK Shake Shack, Inc. $3.0B 71.5× 63.9× +17.16% (above 0%: growing) −9.30% (below 0%: shrinking) −102.73% (below 0%: shrinking) 25.58% 4.97% Compare
Median of peers $7.3B 35.3× 36.2× +11.11% +19.79% +11.97% 33.80% 11.83%

All 55 Restaurants stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.42m 10.44m 150.15
2024 8.16m 14.89m 139.54
2023 7.18m 3.57m 89.62
2021 7.38m 8.56m 107.25

Ownership

Directors and executive officers, together 8.00%
FMR LLC 14.90%
BlackRock, Inc 14.10%
The Vanguard Group, Inc. 11.00%
David Overton 7.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Cheesecake Factory Incorporated (CAKE) Latest News

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stockrow.com/CAKE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com