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Investment Highlights Market Valuation Price Chart Return vs. Risk About PBPB Interactive Breakdown Better Bets vs. PBPB Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Potbelly (PBPB)

Market Price (10/31/2025): $17.15 | Market Cap: $517.8 Mil
Sector: Consumer Discretionary | Industry: Restaurants

Potbelly (PBPB)

Market Price (10/31/2025): $17.15
Market Cap: $517.8 Mil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0   Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/EPrice/Earnings or Price/(Net Income) is 48x
1   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%
2   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 -2.4%
0 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/EPrice/Earnings or Price/(Net Income) is 48x
1 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.7%
2 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 -2.4%

Market Valuation & Key Metrics

PBPBS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)0.5
Rev Chg Q3.4%6.4%
Rev Chg LTM-1.7%5.4%
Rev Chg 3Y Avg4.2%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)0.0
CFO LTM ($ Bil)0.0
Net Inc LTM ($ Bil)0.0
Op Mgn LTM2.6%18.7%
CFO/Rev LTM8.1%20.4%
Net Inc Mgn2.3%12.8%
VALUATIONHIGH
P/S1.13.2
P/CFO13.615.5
P/FCF30.920.6
P/E48.123.6
STABILITYGOOD
Debt/Equity0.290.21
Cash/Assets0.060.07

PBPB Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
PBPB Return4%27%-0%87%-10%-100%�
Peers Return18%25%3%-2%72%-23%99%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
PBPB Win Rate58%50%50%67%42%- 
Peers Win Rate20%23%20%24%28%42% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
PBPB Max Drawdown-58%-1%-20%-2%-37%- 
Peers Max Drawdown-26%-2%-12%-9%-12%-35% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BH, RICK, BRCB, CHSN, HCHL.
[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] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventPBPBS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-49.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven99.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven197 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-69.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven226.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven293 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-74.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven291.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1668 days120 days

Compare to BH, RICK, BRCB, CHSN, HCHL


In The Past

Potbelly's stock fell -49.9% during the 2022 Inflation Shock from a high on 6/23/2021. A -49.9% loss requires a 99.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Potbelly (PBPB)

Better Bets than Potbelly (PBPB)

 PBPBBetter Performance than PBPB
MetricValueIndustry (Restaurants)
Rev Chg LTM-1.7%MCD (1.2%), SBUX (0.6%), CMG (7.3%), YUM (11.3%), QSR (21.8%)
Rev Chg 3Y Avg4.2%SBUX (4.7%), CMG (11.9%), YUM (5.9%), QSR (14.2%), DRI (8.2%)
Op Mgn LTM2.6%MCD (46.1%), SBUX (10.5%), CMG (16.9%), YUM (30.8%), QSR (25.8%)
CFO/Rev LTM8.1%MCD (37.6%), SBUX (13.4%), CMG (18.8%), YUM (23.2%), QSR (17.4%)
FCF/Rev LTM3.6%MCD (26.5%), SBUX (6.1%), CMG (13.3%), YUM (19.4%), QSR (14.9%)
Total Yield2.1%MCD (6.2%), SBUX (5.7%), CMG (3.5%), YUM (5.7%), QSR (8.8%)
 PBPBBetter Performance than PBPB
MetricValueAll Other Sectors
Rev Chg LTM-1.7%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AVGO (28.0%)
Rev Chg 3Y Avg4.2%NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AVGO (24.0%), META (17.3%)
Op Mgn LTM2.6%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM8.1%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM3.6%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield2.1%AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), META (3.8%), JPM (6.6%)
 Best Bets In Consumer Discretionary Sector
 PBPBABNB BKNG MCD ETSY LOPE PRDO ALSN CROX GRMN WH
What You Pay           
P/E48.029.632.625.733.824.515.39.219.526.316.5
P/EBIT48.329.819.617.914.919.111.26.917.023.39.7
What You Get           
Rev Chg Q3.4%12.7%12.7%5.4%2.4%8.8%26.6%-0.2%3.4%11.7%-3.5%
Rev Chg LTM-1.7%10.2%13.0%1.2%2.0%6.5%6.3%2.7%2.0%16.6%3.4%
Rev Chg 3Y Avg4.2%16.3%17.8%3.4%4.9%5.8%1.7%8.0%14.5%12.2%-2.5%
FCF/Rev 3Y Avg1.4%40.5%35.6%27.2%23.8%22.6%21.0%20.9%19.8%20.5%19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

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Trade Ideas

Select past ideas related to PBPB. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-15.6%-15.6%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-20.2%-20.2%-20.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-13.4%-13.4%-13.4%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-1.7%-1.7%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-0.6%-0.6%-11.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-15.6%-15.6%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-20.2%-20.2%-20.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-13.4%-13.4%-13.4%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-1.7%-1.7%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-0.6%-0.6%-11.7%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Potbelly

Financials

PBPBBHRICKBRCBCHSNHCHLMedian
NamePotbelly Biglari RCI Hosp.Black Ro.Chanson .Happy Ci. 
Mkt Price-362.0724.2024.362.243.1924.20
Mkt Cap0.50.50.2---0.5
Rev LTM469377282---377
Op Inc LTM122047---20
FCF LTM176334---34
FCF 3Y Avg76628---28
CFO LTM388751---51
CFO 3Y Avg249156---56

Growth & Margins

PBPBBHRICKBRCBCHSNHCHLMedian
NamePotbelly Biglari RCI Hosp.Black Ro.Chanson .Happy Ci. 
Rev Chg LTM-1.7%4.1%-5.3%----1.7%
Rev Chg 3Y Avg4.2%1.7%4.2%---4.2%
Rev Chg Q3.4%10.4%-6.6%---3.4%
QoQ Delta Rev Chg LTM0.9%2.6%-1.8%---0.9%
Op Mgn LTM2.6%5.2%16.6%---5.2%
Op Mgn 3Y Avg2.4%8.6%19.8%---8.6%
QoQ Delta Op Mgn LTM-0.0%-0.1%-1.3%----0.1%
CFO/Rev LTM8.1%23.0%18.2%---18.2%
CFO/Rev 3Y Avg5.1%24.6%19.4%---19.4%
FCF/Rev LTM3.6%16.6%11.9%---11.9%
FCF/Rev 3Y Avg1.4%17.6%9.7%---9.7%

Valuation

PBPBBHRICKBRCBCHSNHCHLMedian
NamePotbelly Biglari RCI Hosp.Black Ro.Chanson .Happy Ci. 
Mkt Cap0.50.50.2---0.5
P/S1.11.30.8---1.1
P/EBIT48.38.35.9---8.3
P/E48.012.012.9---12.9
P/CFO13.55.54.1---5.5
Total Yield2.1%8.3%8.9%---8.3%
Dividend Yield0.0%0.0%1.2%---0.0%
FCF Yield 3Y Avg1.8%21.3%6.6%---6.6%
D/E0.30.31.3---0.3
Net D/E0.3-0.01.1---0.3

Returns

PBPBBHRICKBRCBCHSNHCHLMedian
NamePotbelly Biglari RCI Hosp.Black Ro.Chanson .Happy Ci. 
1M Rtn-11.9%-20.7%2.1%-11.5%-4.8%-4.8%
3M Rtn-17.4%-32.3%--62.7%-20.6%-26.5%
6M Rtn-59.8%-40.1%--90.4%--40.1%
12M Rtn-109.3%-45.1%--99.8%--45.1%
3Y Rtn-162.5%-70.9%---45.8%
1M Excs Rtn-10.4%-23.4%7.8%-13.1%-4.4%-4.4%
3M Excs Rtn-11.7%-40.7%--69.0%4.6%-18.0%
6M Excs Rtn-38.1%-61.8%--112.2%--61.8%
12M Excs Rtn-92.6%-62.6%--116.9%--62.6%
3Y Excs Rtn-97.9%-146.9%----24.5%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/29/20253/30/202512/31/20249/29/20246/30/20243/31/202412/31/20239/24/20236/25/20233/26/202312/25/20229/25/2022
Filing Date8/6/20255/7/20253/6/202511/7/20248/8/20245/8/20243/8/202411/1/20238/3/20235/4/20233/2/202311/3/2022
Key Financials Quarterly            
Total Revenue124114117115120111126121127118120118
Ebitda8467717663612
Operating Income403541234241
Net Income2-05435-3312-139
EPS0.080.000.150.121.16-0.090.090.050.08-0.050.090.31
Key Financials TTM            
Total Revenue TTM469465463472477484491486483472452435
Ebitda TTM252521232120222027251814
Operating Income TTM12121312111011131191-5
Net Income TTM114340383645513114-1
Growth Rates Quarterly            
Total Revenue Growth3.4%2.3%-7.3%-4.7%-5.5%-6.0%4.7%2.7%9.2%20.4%16.9%15.7%
EBITDA Growth6.9%427.4%-20.8%31.9%14.5%-70.3%23.4%-54.3%53.0%159.8%357.0%1132.2%
Operating Income Growth0.1%-57.3%28.0%44.0%8.4%-45.6%-45.6%257.6%94.2%130.1%347.9%161.3%
Net Income Growth-92.8%97.8%68.6%149.8%1466.4%-108.5%3.1%-83.4%286.1%83.2%206.9%406.3%
Margins Quarterly            
EBITDA Margin6.2%3.5%5.1%6.5%6.0%0.7%5.9%4.7%4.9%2.1%5.0%10.5%
Operating Income Margin3.6%0.4%2.4%4.1%3.7%0.9%1.7%2.7%3.2%1.5%3.3%0.8%
Net Income Margin2.0%-0.1%4.0%3.2%29.0%-2.5%2.2%1.2%1.8%-1.1%2.2%7.7%
Cash & Debt            
Total Cash16151211813343134261610
Total Debt148153155157161164187196200206197200
Net Debt / (Cash)131138143146152152153165166181181191
Cash Flows Quarterly            
FCF from Operations14979315213-111-1
Cash Flows TTM            
FCF from Operations TTM38282018112119262320123
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases11001-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC4.0%0.5%3.0%5.0%4.6%1.0%1.8%3.1%4.1%1.8%3.7%0.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM3.4%3.3%3.4%3.3%2.8%2.3%2.5%3.1%2.7%2.1%0.2%-1.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Sandwich shop sales, net482448377289407
Franchise royalties, fees and rental income94323
Total491452380291410


Price Behavior

PBPB Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.741.561.410.861.010.90
Up Beta-9.38-1.160.030.420.550.65
Down Beta2.104.573.251.261.190.96
Up Capture567%310%227%184%235%163%
Bmk +ve Days13233574144420
Stock +ve Days11213161118350
Down Capture76%8%34%81%105%98%
Bmk -ve Days8192952107330
Stock -ve Days7182960125379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity836,221
Short Interest: % Change Since 9302025-3.7%
Average Daily Volume410,980
Days-to-Cover Short Interest2.03
Basic Shares Quantity30,192,000
Short % of Basic Shares2.8%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202513.1%10.8%9.9%
3/6/2025-18.2%-22.2%-25.3%
11/7/202420.6%24.3%19.6%
8/8/20245.4%15.4%11.0%
1/8/202411.9%16.6%14.4%
4/10/202310.5%19.8%-4.6%
1/9/20239.2%31.2%40.1%
11/3/2021-4.1%-6.0%-13.6%
...
SUMMARY STATS   
# Positive11108
# Negative457
Median Positive9.2%16.0%17.0%
Median Negative-13.7%-8.7%-13.6%
Max Positive24.3%31.2%40.1%
Max Negative-23.7%-28.8%-44.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025806202510-Q 6/29/2025
3312025507202510-Q 3/30/2025
12312024306202510-K 12/31/2024
93020241107202410-Q 9/29/2024
6302024808202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023308202410-K 12/31/2023
93020231101202310-Q 9/24/2023
6302023803202310-Q 6/25/2023
3312023504202310-Q 3/26/2023
12312022302202310-K 12/25/2022
93020221103202210-Q 9/25/2022
6302022804202210-Q 6/26/2022
3312022505202210-Q 3/27/2022
12312021303202210-K 12/26/2021
93020211104202110-Q 9/26/2021

Insider Activity

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External Quote Links


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