Wingstop Inc.
WING Consumer Cyclical Restaurants
Wingstop Inc.’s revenue for fiscal 2025 (year ended December 2025) was $696.9 million, up 11.4% from fiscal 2024. In the quarter to June 2026, revenue grew 6.44%, EPS grew 19.8%, free cash flow fell 45.2% and total debt was flat, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for ten.
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Wingstop Inc. (WING) Altman Z-score
Wingstop Inc.'s Altman Z-score for fiscal 2025 is 3.47, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.47 | (0.94) |
| FY2024 | 4.42 | (1.80) |
| FY2023 | 6.22 | 2.46 |
| FY2022 | 3.75 | (2.29) |
| FY2021 | 6.04 | 1.85 |
| FY2020 | 4.19 | (0.12) |
| FY2019 | 4.31 | 1.46 |
| FY2018 | 2.86 | (2.27) |
| FY2017 | 5.13 | 1.71 |
| FY2016 | 3.42 | (0.18) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.32 | |
| Retained earnings / total assets | (1.07) | — | −1.50 | |
| EBIT / total assets | 0.26 | — | 0.85 | |
| Market value of equity / total liabilities | 4.66 | — | 2.80 | |
| Sales / total assets | 1.00 | — | 1.00 | |
| Altman Z-score | Safe zone | 3.47 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.55 | ||
Z and Z″ put Wingstop Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CAVA CAVA Group, Inc. compare | 8.0× |
| EAT Brinker International, Inc. compare | 4.8× |
| CHA Chagee Holdings Limited - Sponsored ADR compare | 4.7× |
| WING Wingstop Inc. | 3.5× |
| BROS Dutch Bros Inc. compare | 3.0× |
| SHAK Shake Shack, Inc. compare | 2.5× |
| CAKE The Cheesecake Factory Incorporated compare | 2.3× |
| CBRL Cracker Barrel Old Country Store, Inc. compare | 2.3× |
| ARCO Arcos Dorados Holdings Inc. compare | 2.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets