Total debt has surged to $1.3 billion as of 2025Q4, contributing to a persistent negative equity position that reached $799.2 million by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 216.94M | 267.49M | 395.62M | 144.34M | 226.67M | 70.15M | 72.62M | 30.19M | 29.91M | 15.91M | 11.12M | 19.62M | 18.12M | 8.55M |
| Cash & Short-Term Investments | 128.82M | 238.71M | 315.91M | 90.22M | 184.5M | 48.58M | 40.86M | 12.85M | 12.49M | 4.06M | 3.75M | 10.69M | 9.72M | 3.17M |
| Cash Only | 128.82M | 238.71M | 315.91M | 90.22M | 184.5M | 48.58M | 40.86M | 12.85M | 12.49M | 4.06M | 3.75M | 10.69M | 9.72M | 3.17M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 23.52M | 20.82M | 19.66M | 12.41M | 9.46M | 8.11M | 8.53M | 5.84M | 5.76M | 7.07M | 3.2M | 3.4M | 2.38M | 1.76M |
| Days Sales Outstanding | 11.85 | 10.91 | 11.47 | 9.84 | 9.66 | 10.48 | 12.51 | 10.68 | 13.73 | 19.35 | 11.3 | 15.94 | 12.88 | 10.91 |
| Inventory | 0 | 0 | 0 | 535K | 389K | 484K | 396K | 315K | 299K | 216K | 226K | 182K | 175K | 193K |
| Days Inventory Outstanding | - | - | - | 0.82 | 0.76 | 1.25 | 1.15 | 1.14 | 1.66 | 1.29 | 2.11 | 2.99 | 3.12 | 3.18 |
| Other Current Assets | 64.6M | 7.96M | 60.05M | 37.62M | 29.59M | 10.44M | 21.3M | 9.72M | 9.59M | 2.94M | 2.53M | 4.16M | 3.17M | 3.06M |
| Total Non-Current Assets | 431.94M | 425.92M | 320.63M | 233.48M | 197.52M | 179.05M | 138.94M | 135.92M | 109.84M | 103.93M | 100.68M | 101.52M | 102.11M | 104.9M |
| Property, Plant & Equipment | 186.34M | 179.22M | 175M | 110.38M | 66.85M | 54.5M | 27.95M | 27.84M | 8.34M | 5.83M | 5M | 4.59M | 3.62M | 4.3M |
| Fixed Asset Turnover | 4.11x | 3.89x | 3.58x | 4.17x | 5.35x | 5.18x | 8.90x | 7.17x | 18.37x | 22.88x | 20.67x | 16.98x | 18.62x | 13.72x |
| Goodwill | 83.88M | 83.88M | 74.72M | 67.71M | 62.51M | 56.88M | 53.69M | 50.19M | 49.66M | 46.56M | 45.13M | 45.13M | 45.13M | 45.57M |
| Intangible Assets | 0 | 56.87M | 39.18M | 40.44M | 41.72M | 43M | 44.3M | 45.61M | 46.93M | 48.27M | 49.61M | 51M | 52.37M | 53.75M |
| Long-Term Investments | 342.48M | 87.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 73.37M | 18.79M | 31.73M | 14.95M | 26.44M | 24.67M | 13.01M | 12.28M | 4.92M | 3.28M | 943K | 313K | 997K | 1.28M |
| Total Assets | 648.89M | 693.41M | 716.25M | 377.82M | 424.19M | 249.2M | 211.56M | 166.11M | 139.75M | 119.84M | 111.8M | 121.14M | 120.24M | 113.45M |
| Asset Turnover | 1.02x | 1.00x | 0.87x | 1.22x | 0.84x | 1.13x | 1.18x | 1.20x | 1.10x | 1.11x | 0.92x | 0.64x | 0.56x | 0.52x |
| Asset Growth % | 95.44% | -3.19% | 89.57% | -10.93% | 70.22% | 17.79% | 27.36% | 18.87% | 16.62% | 7.19% | -7.71% | 0.75% | 5.98% | - |
| Total Current Liabilities | 96.74M | 81.97M | 87.44M | 71M | 62.41M | 39.68M | 50.47M | 32.93M | 26.48M | 18.88M | 16.73M | 12.57M | 16.44M | 11.86M |
| Accounts Payable | 9.36M | 12.85M | 6.94M | 4.72M | 5.22M | 5.41M | 3.66M | 3.35M | 2.75M | 1.75M | 1.46M | 1.25M | 1.5M | 1M |
| Days Payables Outstanding | 26.95 | 38.71 | 7.8 | 7.27 | 10.22 | 13.97 | 10.6 | 12.09 | 15.26 | 10.45 | 13.59 | 20.57 | 26.78 | 16.54 |
| Short-Term Debt | 3.4M | 3.23M | 0 | 0 | 7.3M | 0 | 3.6M | 3.2M | 2.4M | 3.5M | 3.5M | 0 | 4.87M | 3.84M |
| Deferred Revenue (Current) | 98.6M | 47.72M | 5.96M | 4.85M | 6.04M | 5.01M | 4.58M | 4.38M | 5.13M | 4.12M | 2.48M | 1.85M | 1.76M | 1.1M |
| Other Current Liabilities | 33.1M | 18.17M | 32.66M | 25.33M | 15.17M | 6.2M | 16.49M | 4.93M | 5.13M | 2.94M | 2.53M | 3.77M | 3.17M | 2.23M |
| Current Ratio | 2.24x | 3.26x | 4.52x | 2.03x | 3.63x | 1.77x | 1.44x | 0.92x | 1.13x | 0.84x | 0.66x | 1.56x | 1.10x | 0.72x |
| Quick Ratio | 2.24x | 3.26x | 4.52x | 2.03x | 3.63x | 1.76x | 1.43x | 0.91x | 1.12x | 0.83x | 0.65x | 1.55x | 1.09x | 0.70x |
| Cash Conversion Cycle | -15.09 | - | - | 3.4 | 0.2 | -2.25 | 3.06 | -0.27 | 0.13 | 10.18 | -0.18 | -1.64 | -10.78 | -2.45 |
| Total Non-Current Liabilities | 1.35B | 1.35B | 1.3B | 764.19M | 752.64M | 519.05M | 502.4M | 342.61M | 338.1M | 159.13M | 169.7M | 117.75M | 112.79M | 121.86M |
| Long-Term Debt | 57.18M | 1.27B | 1.21B | 712.33M | 706.85M | 469.39M | 466.93M | 307.67M | 309.37M | 129.84M | 147.22M | 95.01M | 88.85M | 98.66M |
| Capital Lease Obligations | 174.88M | 58.08M | 58.17M | 17.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 111.36M | 33.14M | 1.08M | 3.72M | 4.18M | 7.43M | 4.48M | 4.49M | 4.87M | 8.8M | 12.3M | 13.02M | 15.25M | 16.2M |
| Other Non-Current Liabilities | 1.26B | -57.91M | 57K | 187K | 14.56M | 14.2M | 6.03M | 8.12M | 1.97M | 29.29M | 2.31M | 2.1M | 2.94M | 1.31M |
| Total Liabilities | 1.45B | 1.43B | 1.39B | 835.19M | 815.05M | 558.73M | 552.88M | 375.54M | 364.58M | 178.25M | 186.43M | 130.32M | 127.82M | 133.71M |
| Total Debt | 60.58M | 1.33B | 1.27B | 732.51M | 716.43M | 471.84M | 472.92M | 312.68M | 311.77M | 133.34M | 150.72M | 95.01M | 93.72M | 102.5M |
| Net Debt | -68.24M | 1.09B | 949.52M | 642.3M | 531.93M | 423.25M | 432.06M | 299.83M | 299.28M | 129.28M | 146.97M | 84.32M | 84M | 99.33M |
| Debt / Equity | -0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.27x | 6.12x | 6.84x | 5.82x | 6.97x | 5.78x | 7.29x | 6.46x | 7.28x | 3.58x | 5.09x | 4.24x | 4.47x | 5.72x |
| Net Debt / EBITDA | -0.30x | 5.02x | 5.13x | 5.10x | 5.17x | 5.18x | 6.66x | 6.20x | 6.99x | 3.47x | 4.96x | 3.76x | 4.01x | 5.55x |
| Interest Coverage | 5.43x | 5.37x | 7.91x | 6.17x | 4.27x | 4.93x | 2.61x | 2.50x | 3.66x | 6.60x | 5.99x | 5.56x | 4.88x | 5.20x |
| Total Equity | -799.17M | -736.76M | -675.59M | -457.37M | -390.86M | -309.52M | -341.31M | -209.43M | -224.83M | -48.25M | -74.63M | -9.67M | -8.99M | -20.26M |
| Equity Growth % | -134.64% | -9.06% | -47.71% | -17.02% | -26.28% | 9.31% | -62.97% | 6.85% | -365.95% | 35.34% | -671.51% | -7.55% | 55.61% | - |
| Book Value per Share | -28.96 | -26.24 | -22.99 | -15.32 | -13.04 | -10.34 | -11.45 | -7.06 | -7.60 | -1.64 | -2.57 | -0.35 | -0.31 | -0.70 |
| Total Shareholders' Equity | -799.17M | -736.76M | -675.59M | -457.37M | -390.86M | -309.52M | -341.31M | -209.43M | -224.83M | -48.25M | -74.63M | -9.67M | -8.99M | -20.26M |
| Common Stock | 272K | 275K | 287K | 293K | 300K | 299K | 297K | 295K | 293K | 291K | 287K | 286K | 261K | 256K |
| Retained Earnings | -804.28M | -744.91M | -676.94M | -459.99M | -393.32M | -310.03M | -342.03M | -210.28M | -226.16M | -48.8M | -76.11M | -46.83M | -11.57M | -20.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.63M | 6.35M | -501K | -341K | -637K | -256K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative equity and leverage
According to recent financial filings, Wingstop's equity position has deteriorated significantly, moving from a negative $457.4 million in 2023Q4 to a negative $799.2 million by 2026Q1, signaling a persistent erosion of book value driven by aggressive capital allocation strategies that warrant close investor scrutiny.
The consistent expansion of negative retained earnings suggests that the company's capital return programs are outpacing organic equity generation. This trajectory implies that the balance sheet is increasingly reliant on external financing rather than internal value creation to support its current valuation.
As reported in quarterly balance sheets, Wingstop's total debt surged from $732.5 million in 2023Q4 to $1.3 billion by 2025Q4, indicating that the company is utilizing debt-funded mechanisms to sustain shareholder distributions despite the lack of a positive equity buffer to absorb potential operational shocks.
The reliance on debt to fund dividends and repurchases creates a rigid cost structure that may limit strategic flexibility if interest rates remain elevated. Investors should monitor whether this leverage profile constrains the company's ability to invest in its digital infrastructure or international expansion pipeline.
Based on reported figures, the current ratio has fluctuated wildly from a low of 1.40 in 2024Q3 to a peak of 4.52 in 2024Q4, suggesting that the company's short-term liquidity position is highly sensitive to the timing of debt service and cash-intensive capital return events.
While the 2.24 current ratio in 2026Q1 appears adequate, the underlying volatility in cash balances suggests that liquidity is not being managed for stability but rather as a residual of aggressive capital deployment. This pattern may indicate a lack of a permanent cash cushion to protect against unforeseen system-wide disruptions.
As noted in recent SEC filings, the company's negative equity position renders traditional leverage metrics like debt-to-equity ratios non-calculable, which may mask the true extent of financial risk inherent in the current capital structure compared to more conservatively financed peers in the restaurant industry.
The absence of positive equity makes the balance sheet appear structurally vulnerable, as there is no tangible book value to support the debt load. This suggests that the market is valuing the company purely on future cash flow expectations, ignoring the potential for balance sheet impairment if growth targets are missed.
Quick answers to the most common questions about buying WING stock.
As of 2025, Wingstop Inc. (WING) had total assets of $693.4M including $267.5M in current assets.
Wingstop Inc. (WING) carries total debt of $1.33B, offset by $238.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wingstop Inc. (WING) has total shareholders' equity (book value) of $-736.8M ($-26.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wingstop Inc. (WING) reported a current ratio of 3.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.