Cava (CAVA)


Market Price (10/21/2026): $57.42 | Market Cap: $6.7 BilSector: Consumer Discretionary | Industry: Restaurants

Cava (CAVA)


Market Price (10/21/2026): $57.42
Market Cap: $6.7 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Organic & Natural Products, Show more.

Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -3.6%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

Expensive valuation multiples
P/SPrice/Sales ratio is 4.9x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 101x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5%

Key risks
CAVA key risks include [1] reduced spending from its key Gen Z demographic due to its premium pricing and [2] potential market saturation resulting from its own ambitious expansion plans.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%
3 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Organic & Natural Products, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -3.6%
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 4.9x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 101x
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5%
8 Key risks
CAVA key risks include [1] reduced spending from its key Gen Z demographic due to its premium pricing and [2] potential market saturation resulting from its own ambitious expansion plans.

CAVA in ETFs

Weight = CAVA's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.18%
VB0.07%
MDYV0.21%
IJJ0.18%
MDY0.17%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Cava (CAVA) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. A significant insider trading and breach of fiduciary duty lawsuit was unsealed in July 2026. The Cleveland Bakers and Teamsters Pension Fund filed a lawsuit alleging Cava's founders and financial backers collectively dumped over $2.2 billion in company stock between August 2024 and March 2025 by inflating hype about the company's growth trajectory. Key transactions cited in the lawsuit include an Artal-linked entity selling approximately $1.07 billion in shares in November 2024, co-founder and chairman Ronald Shaich selling around $204 million in December 2024, and CEO Brett Schulman selling over $25 million in August 2024. The lawsuit, unsealed on July 28, 2026, suggests these sales occurred while insiders allegedly used confidential internal forecasts to sell shares before the growth outlook weakened and the share price fell.

2. Management provided a more moderate growth outlook despite strong fiscal Q2 2026 results. Cava reported robust fiscal Q2 2026 earnings on August 11, 2026, with revenue increasing 31.3% year-over-year to $365.4 million and same-restaurant sales rising 9.0%, including 5.3% guest traffic growth. However, management's accompanying guidance for the remainder of fiscal year 2026 indicated a "more moderate mid-single-digit comp assumption," suggesting an expected deceleration from the strong double-digit growth seen in Q1 and Q2. This tempered outlook on future growth may have contributed to investor caution.

Show more
Updated on 10/1/2026

Cava (CAVA) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. A significant insider trading and breach of fiduciary duty lawsuit was unsealed in July 2026. The Cleveland Bakers and Teamsters Pension Fund filed a lawsuit alleging Cava's founders and financial backers collectively dumped over $2.2 billion in company stock between August 2024 and March 2025 by inflating hype about the company's growth trajectory. Key transactions cited in the lawsuit include an Artal-linked entity selling approximately $1.07 billion in shares in November 2024, co-founder and chairman Ronald Shaich selling around $204 million in December 2024, and CEO Brett Schulman selling over $25 million in August 2024. The lawsuit, unsealed on July 28, 2026, suggests these sales occurred while insiders allegedly used confidential internal forecasts to sell shares before the growth outlook weakened and the share price fell.

2. Management provided a more moderate growth outlook despite strong fiscal Q2 2026 results. Cava reported robust fiscal Q2 2026 earnings on August 11, 2026, with revenue increasing 31.3% year-over-year to $365.4 million and same-restaurant sales rising 9.0%, including 5.3% guest traffic growth. However, management's accompanying guidance for the remainder of fiscal year 2026 indicated a "more moderate mid-single-digit comp assumption," suggesting an expected deceleration from the strong double-digit growth seen in Q1 and Q2. This tempered outlook on future growth may have contributed to investor caution.

3. Cava experienced a decline in its Restaurant-Level Profit Margin in fiscal Q2 2026. Despite overall sales growth, the company's Restaurant-Level Profit Margin decreased by 60 basis points to 25.7% in fiscal Q2 2026 compared to the prior year. This contraction in profitability was primarily attributed to increased input costs, partly due to the nationwide launch of a new menu item, Pomegranate Glazed Salmon, and rising wage pressures.

4. Multiple analyst firms reduced their price targets for Cava stock. Following Cava's Q2 2026 earnings report and through September 2026, several Wall Street analysts lowered their price targets for the company's shares. For instance, Royal Bank of Canada cut its price target from $95.00 to $85.00 in mid-September. Additionally, Weiss Ratings downgraded Cava from a "hold (c)" to a "hold (c-)" rating in July 2026. These adjustments by analysts reflected a more cautious valuation outlook for Cava's stock.

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Stock Movement Drivers

Fundamental Drivers

The -26.8% change in CAVA stock from 6/30/2026 to 10/20/2026 was primarily driven by a -31.8% change in the company's P/E Multiple.
(LTM values as of)630202610202026Change
Stock Price ($)78.4857.45-26.8%
Change Contribution By: 
Total Revenues ($ Mil)1,2861,3746.8%
Net Income Margin (%)4.8%4.8%0.7%
P/E Multiple148.2101.1-31.8%
Shares Outstanding (Mil)116117-0.2%
Cumulative Contribution-26.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/20/2026
ReturnCorrelation
CAVA-26.8% 
Market (SPY)3.0%14.1%
Sector (XLY)-1.5%23.6%

Fundamental Drivers

The -29.0% change in CAVA stock from 3/31/2026 to 10/20/2026 was primarily driven by a -31.3% change in the company's P/E Multiple.
(LTM values as of)331202610202026Change
Stock Price ($)80.9057.45-29.0%
Change Contribution By: 
Total Revenues ($ Mil)1,1801,37416.5%
Net Income Margin (%)5.4%4.8%-10.8%
P/E Multiple147.2101.1-31.3%
Shares Outstanding (Mil)116117-0.5%
Cumulative Contribution-29.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/20/2026
ReturnCorrelation
CAVA-29.0% 
Market (SPY)18.6%15.2%
Sector (XLY)6.2%27.6%

Fundamental Drivers

The -4.9% change in CAVA stock from 9/30/2025 to 10/20/2026 was primarily driven by a -62.9% change in the company's Net Income Margin (%).
(LTM values as of)930202510202026Change
Stock Price ($)60.4157.45-4.9%
Change Contribution By: 
Total Revenues ($ Mil)1,0841,37426.8%
Net Income Margin (%)13.0%4.8%-62.9%
P/E Multiple49.7101.1103.3%
Shares Outstanding (Mil)116117-0.7%
Cumulative Contribution-4.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/20/2026
ReturnCorrelation
CAVA-4.9% 
Market (SPY)16.4%29.3%
Sector (XLY)-3.0%33.3%

Fundamental Drivers

The 87.6% change in CAVA stock from 9/30/2023 to 10/20/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)930202310202026Change
Stock Price ($)30.6357.4587.6%
Change Contribution By: 
Total Revenues ($ Mil)�1,3740.0%
Net Income Margin (%)�4.8%0.0%
P/E Multiple�101.10.0%
Shares Outstanding (Mil)97117-16.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/20/2026
ReturnCorrelation
CAVA87.6% 
Market (SPY)86.1%43.5%
Sector (XLY)46.8%41.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CAVA Return---2%162%-48%-1%32%
Peers Return4%-39%44%44%-30%24%16%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
CAVA Win Rate--57%83%42%60% 
Peers Win Rate40%33%57%53%37%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CAVA Max Drawdown----26%-69%-49% 
Peers Max Drawdown-32%-55%-39%-41%-58%-47% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CMG, SG, SHAK, WING, NDLS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/20/2026 (YTD)

How Low Can It Go

EventCAVAS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.2%-9.5%
  % Gain to Breakeven72.9%10.5%
  Time to Breakeven128 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.1%-6.7%
  % Gain to Breakeven15.1%7.1%
  Time to Breakeven5 days31 days

Compare to CMG, SG, SHAK, WING, NDLS

In The Past

Cava's stock fell -8.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCAVAS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.2%-9.5%
  % Gain to Breakeven72.9%10.5%
  Time to Breakeven128 days24 days

Compare to CMG, SG, SHAK, WING, NDLS

In The Past

Cava's stock fell -8.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cava (CAVA)

CAVA is a leading fast-casual restaurant brand specializing in Mediterranean cuisine. The company positions itself as the category-defining national player in this segment, bringing healthful, bold, and satisfying flavors to consumers at scale. Its mission is centered on integrating heart, health, and humanity into food, offering authentic cuisine and a vibrant brand experience.

CAVA's main products are Mediterranean-inspired meals, designed to be flavorful, nutritious, and customizable. It serves a diverse customer base across various demographics, addressing the modern consumer's desire for high-quality, convenient food. The company leverages significant generational tailwinds, including a rising demand for healthy living and increasing ethnic diversity, to compete effectively within the large and growing limited-service restaurant sector and the broader health and wellness food category.

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The Chipotle of Mediterranean food.

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  • Prepared Mediterranean Food and Beverages: Cava operates fast-casual restaurants offering a menu of healthful and flavorful Mediterranean-inspired meals and drinks.

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Cava (CAVA) primarily sells its products and services directly to individual consumers.

The company describes its customers as "guests" who span "gender lines, age groups, and income levels," benefiting from "generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity."

Based on the provided information, the up to three categories of customers Cava serves are:

  1. Health-conscious and Flavor-seeking Individuals: Consumers who desire nutritious food options without compromising on bold, satisfying flavors, aligning with Cava's mission to offer "healthful food and bold, satisfying flavors" that meet "the modern consumer’s desires for flavorful, craveable, and nutritious food without compromise."
  2. Convenience-oriented Consumers: Individuals looking for quick, accessible, and high-quality meal solutions from a "fast-casual restaurant brand," catering to those who appreciate convenience in their dining choices.
  3. Demographically Diverse and Purpose-driven Consumers: Shoppers who align with brands that are authentic, purpose-driven, and embrace diversity, as Cava aims to meet "consumers’ desire to engage with convenient, authentic, purpose-driven brands" and benefits from "a demographic shift towards greater ethnic diversity."
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Brett Schulman, Co-Founder & Chief Executive Officer

Brett Schulman co-founded CAVA in 2010 and serves as the company's Chief Executive Officer. He led the work to take CAVA public in 2023 and helped build the company's consumer packaged goods business, developing CAVA's fast-casual Mediterranean concept. Prior to CAVA, he was a Partner and Chief Operating Officer at Snikiddy Snacks from 2006 to 2010, a nationally distributed snack food company that was acquired by Utz Quality Foods. He also held financial leadership positions with FBR Securities and Deutsche Bank Alex. Brown.

Tricia Tolivar, Chief Financial Officer

Tricia Tolivar joined CAVA as Chief Financial Officer in 2020. She previously spent five years as Chief Financial Officer for GNC. From 2007 to 2015, she held numerous financial leadership positions with Ernst & Young, where she led finance, accounting, and operations for a $3 billion client service organization. Her experience also includes serving as Chief Financial Officer of the Greater Memphis Arts Council from 2006 to 2008 and holding various supply chain and finance executive leadership roles at AutoZone from 1996 to 2005. Tolivar has led a successful IPO with CAVA and has been significantly involved in executing multiple acquisitions and divestiture activities throughout her career.

Ted Xenohristos, Co-Founder & Chief Concept Officer

Ted Xenohristos co-founded CAVA, creating the company's unique, category-defining Mediterranean concept. He and two childhood friends launched the first full-service Cava Mezze restaurant in Rockville, Maryland, in 2006.

Robert Bertram, Chief Legal Officer & Secretary

Robert Bertram joined CAVA as Chief Legal Officer & Secretary in 2021. Before joining CAVA, he spent seven years as General Counsel & Assistant Secretary for Ollie's Bargain Outlet Holdings. He also practiced law at McNees Wallace & Nurick LLC and Stevens & Lee.

Kelly Costanza, Chief People Officer

Kelly Costanza joined CAVA as Chief People Officer in 2020. Prior to CAVA, she spent five years as Senior Vice President, Human Resources at Ollie's Bargain Outlet Holdings. Her experience also includes roles as Vice President, Talent Management at rue21 and EDMC, and Vice President, Human Resources at American Eagle Outfitters.

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Key Business Risks for Cava (CAVA)

The following are key risks to Cava's business:

1. Intense Competition: Cava operates in a highly competitive fast-casual dining industry, facing rivals from both direct Mediterranean food competitors and a wide array of larger fast-casual and quick-service restaurant chains. This intense competition impacts Cava's ability to maintain market share, secure prime real estate for new locations, and attract and retain customers amidst numerous dining options. The risk of new or existing competitors mimicking Cava's business model and menu offerings also poses a significant threat to its competitive edge.

2. Macroeconomic Factors and Cost Pressures: Cava is significantly exposed to macroeconomic factors, including inflation, rising labor costs, and supply chain disruptions. These factors can lead to increased costs for food commodities, ingredients, and labor, impacting the company's operating expenses and overall profitability. Additionally, a fluid macroeconomic environment can lead to reduced consumer discretionary spending and softening traffic, which directly affects sales growth and investor sentiment.

3. Challenges in Managing Rapid Growth and Maintaining Operational Consistency: Cava has ambitious expansion plans, aiming to significantly increase its restaurant count in the coming years. However, this rapid growth strategy presents challenges in maintaining consistent food quality, customer experience, and operational efficiency across a growing number of locations. The company also faces risks in successfully identifying appropriate new locations, ensuring the profitability of new restaurants, and meeting high investor expectations for growth rates and margin expansion, any shortfall of which could lead to stock price volatility. Furthermore, moderating same-store sales growth could hinder future expansion plans and impact investor confidence.

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Cava (symbol: CAVA) operates within several addressable markets in the United States, primarily the fast-casual restaurant market, the broader limited-service restaurant sector, and the health and wellness food category.

U.S. Fast-Casual Restaurant Market

The U.S. fast-casual restaurant market was valued at approximately USD 45.58 billion in 2024. This market is projected to grow to USD 84.76 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 6.40% during this period. Another estimate projects the market to reach USD 84.1 billion in total annual sales by the end of 2025. Looking further ahead, the market is anticipated to reach USD 121.3 billion by 2032.

U.S. Limited-Service Restaurant Market

The broader U.S. limited-service restaurant market, which includes fast-casual establishments, was estimated at USD 823.96 billion in 2024. This market is forecasted to expand to USD 1,435.98 billion by 2034, with a CAGR of approximately 5.7%.

U.S. Health and Wellness Food Market

The U.S. Health & Wellness Food Market was valued at USD 249.49 billion in 2024. It is projected to experience substantial growth at a CAGR of 12.39% from 2024 to 2032, reaching an estimated value of USD 517.95 billion by 2032. Another estimate indicates the health and wellness food market in the U.S. was approximately USD 296.5 billion in 2025.

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Cava (CAVA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. New Restaurant Openings: Cava plans significant expansion of its physical footprint. The company aims to open between 74 and 76 net new restaurants in 2026 and has a long-term target of 1,000 restaurants by 2032.

  2. Same-Restaurant Sales Growth: Cava anticipates continued growth in sales from existing restaurants. The company expects same-restaurant sales growth of 3% to 5% for full-year 2026. This growth is influenced by factors such as menu price adjustments, product mix, and guest traffic.

  3. Menu Innovation and New Product Launches: The introduction of new menu items is a driver of increased customer interest and sales. For example, Cava launched its first-ever seafood offering, Pomegranate-glazed Salmon, by the end of Q1 2026, and has also offered items like chicken shawarma.

  4. Digital Growth and Loyalty Program Enhancements: Cava is focusing on its multi-channel digital experience, which includes digital pick-up, drive-thru pick-up, delivery, and catering. Enhancements to the loyalty program, such as tiered status levels, are also designed to strengthen customer engagement and increase frequency, contributing to revenue.

  5. Geographic Market Penetration: Cava continues to expand its presence into new geographic markets, with plans to enter areas across the Midwest, including cities like Cincinnati and St. Louis. This broadens the company's customer base and market reach.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

  • Cava's share buybacks were $3.108 million in 2023.
  • As of February 2026, the current share buybacks for CAVA stock are $0.00.

Share Issuance

  • Cava completed its initial public offering (IPO) on June 15, 2023, pricing 14,444,444 shares at $22.00 per share and raising approximately $318 million.
  • The proceeds from the IPO were intended for new restaurant openings and general corporate purposes.
  • In February and March 2026, executives, including the CEO, CFO, COO, and Chief People Officer, received grants of Restricted Stock Units (RSUs) as equity compensation, which will vest over time.

Inbound Investments

  • Cava has raised a total of $680 million over eight funding rounds, including a Series F round on April 28, 2021.
  • The company's initial public offering in June 2023 raised approximately $318 million from public market investors.

Capital Expenditures

  • Capital expenditures were $104 million in fiscal year 2022, $139 million in fiscal year 2023, and $159 million in fiscal year 2025.
  • The primary focus of capital expenditures is on opening new restaurants, with Cava planning 74-76 net new restaurant openings for fiscal year 2026.
  • Investments are also made in operations and technology, such as the implementation of kitchen display systems in many locations.
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Better Bets vs. Cava (CAVA)

Peer Outperformance in Restaurants

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Share of Restaurants constituents that CAVA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 44 industry peers · -7.8% return
3Y
79%
of 42 industry peers · 74.1% return
5Y
—
insufficient peer history
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Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Restaurants is CAVA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -20.6%77.0%88.7% CVSA 257% · PRDO 239% · LRN 124%
Homebuilding 17 -9.0%37.5%23.6% GRBK 163% · PHM 139% · TOL 135%
Hotels, Resorts & Cruise Lines 21 15.4%51.9%19.7% RCL 255% · MAR 170% · HLT 160%
Specialty Stores 7 13.9%40.7%19.6% ASO 50% · DKS 35% · FIVE 20%
Home Furnishings 3 -7.2%49.2%-3.1% SGI 44% · MHK -37%
Home Improvement Retail 5 -16.9%10.0%-3.8% HD 0% · LOW -4% · FND -65%
Automotive Retail 17 -13.6%12.8%-7.5% MUSA 218% · PAG 131% · ORLY 110%
Footwear 9 68.6%45.1%-10.7% DECK 46% · SHOO 19% · CROX -11%
Specialized Consumer Services 10 -12.7%23.3%-11.5% HRB 132% · FTDR 88% · SCI 43%
Restaurants ← 37 -7.8%-2.3%-18.7% EAT 342% · CAKE 215% · TXRH 109%
Distributors 4 -14.1%-19.1%-22.6% ARMK 128% · GPC 10% · LKQ -55%
Apparel Retail 26 4.8%0.9%-38.2% ANF 328% · TJX 147% · ROST 129%
Leisure Facilities 12 7.7%-1.9%-38.4% LTH 139% · OSW 120% · PLNT -31%
Household Appliances 18 -0.8%4.0%-41.8%
Computer & Electronics Retail 3 13.3%58.2%-42.6% BBY 4% · GME -43%
Leisure Products 14 -17.0%-17.0%-42.9% GOLF 78% · HAS 47% · MAT -15%
Apparel, Accessories & Luxury Goods 29 2.5%19.3%-44.8% RL 251% · TPR 246% · KTB 77%
Automotive Parts & Equipment 39 -13.8%-12.9%-48.2% MOD 1127% · GTX 231% · BWA 56%
Casinos & Gaming 20 -12.6%-24.3%-48.4% MCRI 89% · BYD 13% · RRR 11%
Broadline Retail 14 -2.3%23.8%-52.3% EBAY 74% · AMZN 54% · OLLI 39%
Other Specialty Retail 17 -29.4%-33.8%-77.7% ULTA 68% · TSCO -11% · BBWI -66%
Automobile Manufacturers 8 -72.5%-56.0%-77.8% GM 39% · TSLA 29% · F 3%
Consumer Electronics 11 -31.0%-30.6%-79.3% GRMN 98% · SONO -47%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CAVACMGSGSHAKWINGNDLSMedian
NameCava Chipotle.Sweetgre.Shake Sh.Wingstop Noodles . 
Mkt Price57.4229.6910.6470.06130.3713.9243.56
Mkt Cap6.737.91.32.83.60.13.2
Rev LTM1,37412,4246821,5527214961,047
Op Inc LTM1011,918-12382201791
FCF LTM491,569-124-12128426
FCF 3Y Avg361,445-791798-1126
CFO LTM2202,328-2819218913191
CFO 3Y Avg1772,0991217615114164

Growth & Margins

CAVACMGSGSHAKWINGNDLSMedian
NameCava Chipotle.Sweetgre.Shake Sh.Wingstop Noodles . 
Rev Chg LTM26.8%7.3%-0.6%17.3%7.6%0.2%7.5%
Rev Chg 3Y Avg28.7%10.2%9.9%16.1%20.8%-1.4%13.2%
Rev Chg Q31.3%9.3%3.8%17.2%6.4%0.5%7.9%
QoQ Delta Rev Chg LTM6.8%2.3%1.0%4.1%1.6%0.1%2.0%
Op Inc Chg LTM35.8%-4.0%-39.6%20.9%17.7%154.2%19.3%
Op Inc Chg 3Y Avg91.6%9.1%-2.1%102.5%24.2%-1,995.2%16.7%
Op Mgn LTM7.3%15.4%-18.1%5.3%27.9%1.3%6.3%
Op Mgn 3Y Avg6.5%16.7%-14.9%4.5%26.6%-0.4%5.5%
QoQ Delta Op Mgn LTM0.2%-0.5%-0.7%-0.2%0.9%1.0%-0.0%
CFO/Rev LTM16.0%18.7%-4.1%12.3%26.3%2.7%14.2%
CFO/Rev 3Y Avg16.1%18.1%1.8%13.1%23.6%2.8%14.6%
FCF/Rev LTM3.6%12.6%-18.1%-0.8%17.8%0.8%2.2%
FCF/Rev 3Y Avg3.1%12.5%-11.6%1.4%15.4%-2.1%2.2%

Valuation

CAVACMGSGSHAKWINGNDLSMedian
NameCava Chipotle.Sweetgre.Shake Sh.Wingstop Noodles . 
Mkt Cap6.737.91.32.83.60.13.2
P/S4.93.11.91.84.90.22.5
P/Op Inc66.519.8-10.334.317.712.518.7
P/EBIT66.519.882.042.117.7-6.530.9
P/E101.126.792.571.230.5-3.550.8
P/CFO30.416.3-45.814.818.76.115.5
Total Yield1.0%3.7%1.1%1.4%4.2%-28.5%1.2%
Dividend Yield0.0%0.0%0.0%0.0%0.9%0.0%0.0%
FCF Yield 3Y Avg0.5%2.8%-5.8%0.3%1.4%-210.0%0.4%
D/E0.10.10.30.30.43.00.3
Net D/E0.00.10.20.20.32.90.2

Returns

CAVACMGSGSHAKWINGNDLSMedian
NameCava Chipotle.Sweetgre.Shake Sh.Wingstop Noodles . 
1M Rtn11.2%-11.2%47.4%27.7%25.3%2.6%18.2%
3M Rtn-9.8%-10.9%56.7%24.1%-3.1%16.8%6.8%
6M Rtn-40.4%-17.6%58.8%-31.2%-30.7%41.9%-24.2%
12M Rtn-7.8%-28.7%43.2%-24.3%-48.6%160.6%-16.1%
3Y Rtn74.0%-18.9%-2.6%27.6%-26.2%-23.7%-10.7%
1M Excs Rtn11.8%-9.1%43.6%24.4%22.8%8.0%17.3%
3M Excs Rtn-10.0%-9.9%66.8%23.1%-7.5%7.9%0.2%
6M Excs Rtn-48.8%-26.1%50.4%-39.6%-39.1%33.4%-32.6%
12M Excs Rtn-23.6%-44.0%30.7%-39.0%-63.8%166.8%-31.3%
3Y Excs Rtn-3.7%-93.8%-79.4%-46.4%-101.6%-99.1%-86.6%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
CAVA1,169954717449278
Other revenue1091276
Zoes Kitchen   108216
Total1,180964729564500


Price Behavior

Price Behavior
Market Price$57.45 
Market Cap ($ Bil)6.7 
First Trading Date06/15/2023 
Distance from 52W High-41.0% 
   50 Days200 Days
DMA Price$59.07$72.09
DMA Trenddownindeterminate
Distance from DMA-2.7%-20.3%
 3M1YR
Volatility55.7%60.6%
Downside Capture229.08196.08
Upside Capture154.81153.27
Correlation (S&P 500)17.1%28.8%
CAVA Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.181.600.940.761.421.65
Up Beta1.89-1.89-1.220.551.261.77
Down Beta7.004.87-0.34-0.720.911.56
Up Capture77%163%94%53%183%450%
Bmk +ve Days6162766132424
Stock +ve Days10182961121385
Down Capture363%333%280%187%145%110%
Bmk -ve Days16263760120328
Stock -ve Days11233464130361

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAVA
CAVA-8.6%60.6%0.07-
Sector ETF (XLY)-0.9%19.2%-0.1832.6%
Equity (SPY)16.8%12.7%0.9328.5%
Gold (GLD)-2.9%29.3%-0.1011.5%
Commodities (DBC)52.5%20.7%1.93-13.3%
Real Estate (VNQ)5.1%13.8%0.1123.8%
Bitcoin (BTCUSD)-23.7%43.6%-0.5024.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAVA
CAVA5.2%59.1%0.35-
Sector ETF (XLY)5.6%24.1%0.1939.6%
Equity (SPY)13.6%17.1%0.6142.4%
Gold (GLD)18.1%18.9%0.779.2%
Commodities (DBC)9.7%19.5%0.38-0.9%
Real Estate (VNQ)1.4%18.9%-0.0326.9%
Bitcoin (BTCUSD)7.7%51.7%0.3322.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CAVA
CAVA2.6%59.1%0.35-
Sector ETF (XLY)12.3%22.2%0.5039.6%
Equity (SPY)15.3%17.9%0.7242.4%
Gold (GLD)12.1%16.4%0.609.2%
Commodities (DBC)8.2%18.1%0.37-0.9%
Real Estate (VNQ)5.2%20.7%0.2126.9%
Bitcoin (BTCUSD)62.9%66.2%1.0322.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity15.8 Mil
Short Interest: % Change Since 91520267.9%
Average Daily Volume4.0 Mil
Days-to-Cover Short Interest4
Basic Shares Quantity116.6 Mil
Short % of Basic Shares13.6%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/202614.2%12.2%-11.2%
5/19/20263.1%5.2%14.2%
2/24/202626.4%13.7%18.4%
11/4/2025-2.6%-4.7%3.2%
8/12/2025-16.6%-19.0%-23.9%
5/15/2025-2.3%-14.8%-24.8%
2/25/2025-0.3%-13.1%-12.7%
11/12/20241.6%-2.6%-13.6%
...
SUMMARY STATS   
# Positive866
# Negative577
Median Positive9.6%10.5%16.3%
Median Negative-2.6%-7.8%-13.6%
Max Positive26.4%14.8%35.1%
Max Negative-16.6%-19.0%-24.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/202614.2%12.2%-11.2%
5/19/20263.1%5.2%14.2%
2/24/202626.4%13.7%18.4%
11/4/2025-2.6%-4.7%3.2%
8/12/2025-16.6%-19.0%-23.9%
5/15/2025-2.3%-14.8%-24.8%
2/25/2025-0.3%-13.1%-12.7%
11/12/20241.6%-2.6%-13.6%
8/22/202419.6%8.7%25.8%
5/28/20247.0%7.2%11.1%
2/27/202412.2%14.8%35.1%
11/7/2023-7.7%-4.5%-1.1%
8/15/20231.2%-7.8%-22.3%
SUMMARY STATS   
# Positive866
# Negative577
Median Positive9.6%10.5%16.3%
Median Negative-2.6%-7.8%-13.6%
Max Positive26.4%14.8%35.1%
Max Negative-16.6%-19.0%-24.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/20/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/13/202510-Q
03/31/202505/16/202510-Q
12/31/202402/26/202510-K
09/30/202411/13/202410-Q
06/30/202408/23/202410-Q
03/31/202405/29/202410-Q
12/31/202302/27/202410-K
09/30/202311/08/202310-Q
06/30/202308/16/202310-Q
03/31/202306/16/2023424B4
09/30/202202/06/2023DRS
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/20/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/13/202510-Q
03/31/202505/16/202510-Q
12/31/202402/26/202510-K
09/30/202411/13/202410-Q
06/30/202408/23/202410-Q
03/31/202405/29/202410-Q
12/31/202302/27/202410-K
09/30/202311/08/202310-Q
06/30/202308/16/202310-Q
03/31/202306/16/2023424B4
09/30/202202/06/2023DRS

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net New CAVA Restaurant OpeningsReported7576770 AffirmedGuidance: 76 for 2026
2026 CAVA Restaurant-Level Profit MarginReported23.7%24.0%24.3% 0AffirmedGuidance: 24.0% for 2026
2026 Pre-opening costsReported22.00 Mil22.25 Mil22.50 Mil0 AffirmedGuidance: 22.25 Mil for 2026
2026 Same Restaurant SalesReported0.050.060.07 0AffirmedGuidance: 0.06 for 2026
2026 Adjusted EBITDAReported181.00 Mil186.00 Mil191.00 Mil0 AffirmedGuidance: 186.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/19/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net New CAVA Restaurant OpeningsReported7576771.3% RaisedGuidance: 75 for 2026
2026 CAVA Restaurant-Level Profit MarginReported23.7%24.0%24.3% 0.0%RaisedGuidance: 23.95% for 2026
2026 Pre-opening costsReported22.00 Mil22.25 Mil22.50 Mil12.7% RaisedGuidance: 19.75 Mil for 2026
2026 Same Restaurant SalesReported0.050.060.07 1.5%RaisedGuidance: 0.04 for 2026
2026 Adjusted EBITDAReported181.00 Mil186.00 Mil191.00 Mil3.3% RaisedGuidance: 180.00 Mil for 2026

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net New CAVA Restaurant OpeningsReported7475768.7% Higher NewActual: 69 for 2025
2026 CAVA Restaurant-Level Profit MarginReported23.7%23.95%24.2% -0.6%Lower NewActual: 24.6% for 2025
2026 Pre-opening costsReported19.50 Mil19.75 Mil20.00 Mil6.8% Higher NewActual: 18.50 Mil for 2025
2026 Same Restaurant SalesReported0.030.040.05 0.5%Higher NewActual: 0.04 for 2025
2026 Adjusted EBITDAReported176.00 Mil180.00 Mil184.00 Mil20.0% Higher NewActual: 150.00 Mil for 2025

Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Net New CAVA Restaurant OpeningsReported686970  AffirmedGuidance: 69 for 2025
2025 CAVA Restaurant-Level Profit MarginReported24.4%24.6%24.8% -0.4%LoweredGuidance: 25.0% for 2025
2025 Pre-opening costsReported18.00 Mil18.50 Mil19.00 Mil15.6% RaisedGuidance: 16.00 Mil for 2025
2025 CAVA Same Restaurant Sales GrowthReported3.0%3.5%4.0% -1.5%LoweredGuidance: 5.0% for 2025
2025 Adjusted EBITDAReported148.00 Mil150.00 Mil152.00 Mil-3.5% LoweredGuidance: 155.50 Mil for 2025

Insider Activity

Updated 9/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kadow, Joseph JohnCLO & SecretarySpouseBuy916202649.961,00049,96049,960Form
2Thompson, Douglas WChief Operations OfficerDirectBuy902202666.526,500432,3801,288,559Form
3Kochevar, Karen DirectSell623202690.0010,000900,000276,660Form
4Costanza, KellyChief People OfficerDirectSell617202690.0012,4901,124,1008,864,100Form
5Costanza, KellyChief People OfficerDirectSell617202689.432,870256,6649,924,941Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kadow, Joseph JohnCLO & SecretarySpouseBuy916202649.961,00049,96049,960Form
2Thompson, Douglas WChief Operations OfficerDirectBuy902202666.526,500432,3801,288,559Form
3Kochevar, Karen DirectSell623202690.0010,000900,000276,660Form
4Costanza, KellyChief People OfficerDirectSell617202690.0012,4901,124,1008,864,100Form
5Costanza, KellyChief People OfficerDirectSell617202689.432,870256,6649,924,941Form
6Schulman, BrettCEO and PresidentDirectSell617202689.4333,1742,966,75171,424,969Form
7Tolivar, Tricia KChief Financial OfficerDirectSell617202689.434,969444,37821,009,879Form
8Phillips, Adam DavidChief Accounting OfficerDirectSell617202689.4375767,699612,417Form
9Xenohristos, TheodorosChief Concept OfficerDirectSell617202689.433,252290,82629,031,661Form
10Artal, Participations SA RL DirectSell617202690.303,000,000270,900,000587,671,497Form
11Phillips, Adam DavidChief Accounting OfficerDirectSell615202690.714,664423,071689,850Form
12Kadow, Joseph JohnCLO & SecretaryDirectBuy605202670.001,00070,000488,180Form
13Thompson, Douglas WChief Operations OfficerDirectBuy602202677.902,500194,7501,002,651Form
14Kadow, Joseph JohnCLO & SecretaryDirectBuy602202679.001,00079,000471,946Form
15Thompson, Douglas WChief Operations OfficerDirectBuy528202679.454,000317,800823,976Form
16Phillips, Adam DavidChief Accounting OfficerDirectSell522202677.145,181399,662733,216Form
17Costanza, KellyChief People OfficerDirectSell522202679.8710,010799,4999,093,200Form
18Xenohristos, TheodorosChief Concept OfficerDirectSell512202679.759,044721,25926,148,590Form
19Bertram, Kenneth RobertCLO & SecretaryDirectSell306202680.3315,0001,204,9503,049,166Form
20Phillips, Adam DavidChief Accounting OfficerDirectSell302202685.542,000171,080813,058Form
21Costanza, KellyChief People OfficerDirectSell302202684.4531,8032,685,76310,459,977Form
22Tolivar, Tricia KChief Financial OfficerDirectSell129202662.142,404149,39114,412,987Form
23Schulman, BrettCEO and PresidentDirectSell129202662.144,542282,25249,887,035Form
24Xenohristos, TheodorosChief Concept OfficerDirectSell129202662.141,03964,56620,644,024Form
25Phillips, Adam DavidChief Accounting OfficerDirectSell129202662.1477448,099648,460Form
26Bertram, Kenneth RobertCLO & SecretaryDirectSell129202662.1499461,7703,052,566Form
27Costanza, KellyChief People OfficerDirectSell129202662.141,707106,0777,403,599Form
28Xenohristos, TheodorosChief Concept OfficerDirectSell123202667.4196565,05122,463,978Form
29Schulman, BrettCEO and PresidentDirectSell123202667.4121,6501,459,42654,421,778Form
30Tolivar, Tricia KChief Financial OfficerDirectSell123202667.412,204148,57215,796,725Form
31Costanza, KellyChief People OfficerDirectSell123202667.411,702114,7328,146,229Form
32Bertram, Kenneth RobertCLO & SecretaryDirectSell123202667.411,07472,3983,378,320Form
33Bertram, Kenneth RobertCLO & SecretaryDirectSell1128202550.703,788192,0522,592,950Form
34Schulman, BrettCEO and PresidentDaughterBuy1112202548.981507,3477,347Form
35Bertram, Kenneth RobertCLO & SecretaryDirectSell1001202558.863,771221,9613,233,239Form

Investor Activity (13F)

Updated Oct 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Prime Capital Management Co Ltd$83.5 Mil9.4%7Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Nepsis Inc.$10.4 Mil3.2%30Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Prime Capital Management Co Ltd$83.5 Mil9.4%7Hold13F
Core Cache Last Updated: 10/20/2026