Latest Ratios: P/E Ratio 27.5x · EV/EBITDA 26.4x · ROE N/A. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $7.2B | $8.4B | $7.7B | $4.1B | $5.2B | $4.0B | $2.6B | $1.9B | $1.1B | $858M |
| Enterprise Value | $5.7B | $8.3B | $9.3B | $8.3B | $4.7B | $5.6B | $4.4B | $2.9B | $2.2B | $1.3B | $1.0B |
| P/E Ratio → | 27.47 | 41.25 | 77.13 | 109.18 | 77.75 | 121.69 | 169.94 | 124.97 | 87.93 | 41.91 | 55.83 |
| P/S Ratio | 6.67 | 10.32 | 13.40 | 16.65 | 11.53 | 18.32 | 15.88 | 12.81 | 12.40 | 8.60 | 8.30 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 43.98 | 68.09 | 79.35 | 94.85 | 78.85 | 248.09 | 66.42 | 158.94 | 54.59 | 46.79 | 42.65 |
| P/OCF | 30.35 | 46.99 | 53.20 | 63.00 | 54.09 | 105.86 | 60.29 | 66.31 | 48.99 | 42.40 | 38.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.88 | 14.92 | 18.05 | 13.02 | 19.81 | 17.61 | 14.31 | 14.35 | 9.57 | 9.72 |
| EV / EBITDA | 26.40 | 38.13 | 50.43 | 65.98 | 45.27 | 68.51 | 67.52 | 59.07 | 51.32 | 34.26 | 33.92 |
| EV / EBIT | 29.85 | 43.10 | 55.41 | 73.78 | 51.42 | 75.75 | 100.23 | 66.62 | 59.34 | 37.68 | 38.12 |
| EV / FCF | — | 78.41 | 88.33 | 102.80 | 89.02 | 268.38 | 73.68 | 177.57 | 63.20 | 52.06 | 49.95 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 82.6% | 48.1% | 48.4% | 47.8% | 49.9% | 49.4% | 49.4% | 57.1% | 54.1% | 62.1% |
| Operating Margin | 27.6% | 27.6% | 26.5% | 24.5% | 25.7% | 26.1% | 23.1% | 21.5% | 25.2% | 25.4% | 25.8% |
| Net Profit Margin | 25.0% | 25.0% | 17.4% | 15.3% | 14.8% | 15.1% | 9.4% | 10.3% | 14.2% | 18.0% | 13.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 24.7% | 24.7% | 19.9% | 17.5% | 15.7% | 18.5% | 12.3% | 13.4% | 16.7% | 20.7% | 11.8% |
| ROIC | 46.0% | 46.0% | 54.1% | 51.8% | 54.1% | 54.1% | 47.5% | 39.0% | 37.2% | 33.1% | 27.2% |
| ROCE | 31.0% | 31.0% | 35.4% | 33.7% | 32.2% | 39.8% | 39.0% | 34.8% | 36.0% | 34.6% | 26.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 6.12 | 6.12 | 6.84 | 5.82 | 6.97 | 5.78 | 7.29 | 6.46 | 7.28 | 3.58 | 5.09 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 5.02 | 5.02 | 5.13 | 5.10 | 5.17 | 5.18 | 6.66 | 6.20 | 6.99 | 3.47 | 4.96 |
| Debt / FCF | — | 10.32 | 8.98 | 7.95 | 10.17 | 20.29 | 7.26 | 18.63 | 8.60 | 5.27 | 7.31 |
| Interest Coverage | 5.37 | 5.37 | 7.91 | 6.17 | 4.27 | 4.93 | 2.61 | 2.50 | 3.66 | 6.60 | 5.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.26 | 3.26 | 4.52 | 2.03 | 3.63 | 1.77 | 1.44 | 0.92 | 1.13 | 0.84 | 0.66 |
| Quick Ratio | 3.26 | 3.26 | 4.52 | 2.03 | 3.63 | 1.76 | 1.43 | 0.91 | 1.12 | 0.83 | 0.65 |
| Cash Ratio | 2.91 | 2.91 | 3.61 | 1.27 | 2.96 | 1.22 | 0.81 | 0.39 | 0.47 | 0.22 | 0.22 |
| Asset Turnover | — | 1.00 | 0.87 | 1.22 | 0.84 | 1.13 | 1.18 | 1.20 | 1.10 | 1.11 | 0.92 |
| Inventory Turnover | — | — | — | 443.42 | 479.34 | 292.16 | 317.96 | 320.99 | 219.94 | 283.20 | 173.26 |
| Days Sales Outstanding | — | 10.91 | 11.47 | 9.84 | 9.66 | 10.48 | 12.51 | 10.68 | 13.73 | 19.35 | 11.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.5% | 0.3% | 0.3% | 3.4% | 0.4% | 4.1% | 0.5% | 10.0% | 0.4% | 9.7% |
| Payout Ratio | 18.6% | 18.6% | 26.6% | 35.5% | 266.8% | 46.5% | 702.8% | 57.3% | 878.2% | 17.0% | 604.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 2.4% | 1.3% | 0.9% | 1.3% | 0.8% | 0.6% | 0.8% | 1.1% | 2.4% | 1.8% |
| FCF Yield | 2.3% | 1.5% | 1.3% | 1.1% | 1.3% | 0.4% | 1.5% | 0.6% | 1.8% | 2.1% | 2.3% |
| Buyback Yield | 4.8% | 3.1% | 3.8% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.5% | 3.5% | 4.1% | 2.0% | 3.4% | 0.4% | 4.1% | 0.5% | 10.1% | 0.4% | 9.7% |
| Shares Outstanding | — | $28M | $29M | $30M | $30M | $30M | $30M | $30M | $30M | $29M | $29M |
Negative equity and leverage
Based on current market data, Wingstop trades at a forward P/E of 36.52, which appears to price in aggressive long-term growth expectations that may be increasingly difficult to sustain as the company's year-over-year revenue expansion decelerates from its historical peaks toward a more normalized, mature growth trajectory.
The current valuation premium relative to peers like Texas Roadhouse suggests investors are assigning a technology-platform multiple to the company's asset-light franchisor model. However, the disconnect between the forward P/E and the decelerating revenue growth warrants caution, as the market may be overestimating the durability of high-margin expansion in a more saturated domestic market.
As reported in financial statements, Wingstop's ROIC has fluctuated between 10.7% and 18.1% over the last ten quarters, indicating that while the core franchisor model remains inherently efficient, the company's ability to compound returns is increasingly complicated by a capital structure characterized by persistent negative equity.
The variability in ROIC suggests that the company's capital allocation strategy, specifically the reliance on debt-funded shareholder returns, may be distorting the underlying operational efficiency. Investors should monitor whether the company can maintain these return levels without further eroding its book value, as the current trend appears to prioritize short-term capital returns over long-term balance sheet stability.
According to recent SEC filings, Wingstop's asset turnover has remained relatively low, hovering around 0.25 to 0.37, which is consistent with an asset-light franchisor model that relies on system-wide sales volume rather than heavy capital investment in physical restaurant infrastructure to drive top-line growth.
The company's ability to maintain high gross margins while keeping asset turnover low highlights the success of the franchise-heavy model in minimizing operational overhead. However, the volatility in the cash conversion cycle suggests that the company's liquidity remains sensitive to the timing of franchise fee collections and the management of accrued liabilities within the system.
As noted in recent financial disclosures, the use of traditional debt-to-equity ratios to assess Wingstop's financial risk is fundamentally flawed due to the company's persistent negative equity position, which renders standard solvency metrics non-calculable and potentially obscures the true extent of the company's long-term financial vulnerability.
Analysts should instead focus on interest coverage ratios and debt-to-EBITDA to evaluate the company's ability to service its obligations. Relying on equity-based ratios in this context may lead to a dangerous underestimation of the risks associated with the company's aggressive capital return strategy in a higher-interest-rate environment.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying WING stock.
Wingstop Inc.'s current P/E ratio is 27.5x. The historical average is 88.3x.
Wingstop Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.7x.
Based on historical data, Wingstop Inc. is trading at a P/E of 27.5x. Compare with industry peers and growth rates for a complete picture.
Wingstop Inc.'s current dividend yield is 0.68% with a payout ratio of 18.6%.
Wingstop Inc. has 82.6% gross margin and 27.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wingstop Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.