Tearsheet

Shake Shack (SHAK)

Market Price (12/27/2025): $83.71 | Market Cap: $3.4 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Shake Shack (SHAK)

Market Price (12/27/2025): $83.71
Market Cap: $3.4 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 13%	Weak multi-year price returns 2Y Excs Rtn is -32%, 3Y Excs Rtn is -2.4%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 51x, P/EPrice/Earnings or Price/(Net Income) is 79x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%	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%	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 -2.9%
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 -43%		Key risks SHAK key risks include [1] significant margin pressure from its heavy reliance on volatile beef prices and [2] difficulty driving consistent traffic growth due to its premium pricing model and market saturation in key urban areas.
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Vegan & Alternative Foods. Themes include Experiential Retail, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%
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 -43%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Vegan & Alternative Foods. Themes include Experiential Retail, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -32%, 3Y Excs Rtn is -2.4%
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/EBITPrice/EBIT or Price/(Operating Income) ratio is 51x, P/EPrice/Earnings or Price/(Net Income) is 79x
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 -2.9%
8	Key risks SHAK key risks include [1] significant margin pressure from its heavy reliance on volatile beef prices and [2] difficulty driving consistent traffic growth due to its premium pricing model and market saturation in key urban areas.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$83.71	$129.80	$74.12	$41.53	$72.16
Market Cap CYE ($ Bil)	3.4	5.2	2.9	1.6	2.8
Total Debt ($ Bil)	0.9	0.8	0.8	0.7	0.7
Total Cash ($ Bil)	0.4	0.3	0.3	0.3	0.4
Enterprise Value ($ Bil)	3.9	6.0	3.7	2.3	3.5
Valuation Ratios
P/S TTM	2.5	4.1	2.7	1.8	3.8
P/EBIT TTM	50.9	317.4	156.3	-71.6	-179.0
P/E TTM	79.1	506.5	144.2	-76.8	-618.4
P/FCF TTM	53.6	145.0	-208.3	-24.8	-65.5
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/27/25	2024	2023
Share Price CYE	$83.71	$129.80	$74.12
Market Cap CYE ($ Bil)	3.4	5.2	2.9
Total Debt ($ Bil)	0.9	0.8	0.8
Total Cash ($ Bil)	0.4	0.3	0.3
Enterprise Value ($ Bil)	3.9	6.0	3.7
Valuation Ratios
P/S TTM	2.5	4.1	2.7
P/EBIT TTM	50.9	317.4	156.3
P/E TTM	79.1	506.5	144.2
P/FCF TTM	53.6	145.0	-208.3
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	SHAK	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	1.4
Rev Chg Q	15.9%	7.3%
Rev Chg LTM	13.5%	6.1%
Rev Chg 3Y Avg	16.7%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	5.6%	18.8%
CFO/Rev LTM	14.9%	20.4%
Net Inc Mgn	3.1%	13.1%
VALUATION	VERY HIGH
P/S	2.5	3.3
P/CFO	16.5	15.8
P/FCF	53.6	20.7
P/E	79.1	23.7
STABILITY	GOOD
Debt/Equity	0.25	0.21
Cash/Assets	0.20	0.07

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Metric	Value	Date	Source
System-wide sales	$571.5 million	9242025	Link
Same-Shack sales growth	4.9%	9242025	Link
Traffic growth	1.3%	9242025	Link
Average weekly sales	$78,000	9242025	Link
Digital sales as a percentage of Shack sales	35.2%	9242025	Link
New Company-operated Shacks opened	13	9242025	Link
New licensed Shacks opened	7	9242025	Link
Total Company-operated Shacks	359	9242025	Link
Total licensed Shacks	271	9242025	Link
Total system-wide Shacks	630	9242025	Link
Restaurant-level profit margin	22.8%	9242025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

SHAK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why Shake Shack (SHAK) stock moved by -21% for the approximate period from August 31, 2025, to December 27, 2025:

1. Negative Analyst Sentiment and Short Initiation:

Prior to November 6, 2025, analyst firm Hedgeye initiated Shake Shack as a "new short idea," forecasting a potential 20% downside for the stock. This was attributed to concerns regarding a perceived decline in food quality, specifically citing a switch from fresh to frozen buns, and a potential erosion of the brand's premium "fine casual" identity as it shifted toward a quick-service restaurant (QSR) model.

2. Weak Fourth Quarter 2025 Guidance:

Despite reporting strong third-quarter 2025 results on October 30, 2025, Shake Shack management issued cautious guidance for the fourth quarter of 2025, anticipating "low single digits" same-Shack sales growth. This guidance suggested a deceleration from the 4.9% same-Shack sales growth achieved in Q3 2025, potentially dampening investor enthusiasm.

3. Macroeconomic and Commodity Pressures:

During its Q3 2025 earnings call on October 30, 2025, Shake Shack management highlighted ongoing "macro and commodity pressures." Specifically, they warned of "continued mid-teens beef inflation into year-end/2026" and noted "softer demand in the New York and Washington, D.C. metros," which were expected to impact future profitability and sales.

4. High Valuation Compared to Peers:

As of early November 2025, Shake Shack's stock was observed to be trading at a "substantial premium to its sector peers at 69.9 times forward earnings." Such a high valuation can make a stock particularly vulnerable to significant pullbacks when negative news or cautious guidance emerges, as investors re-evaluate its growth prospects against its elevated price.

5. Previous Downward Momentum:

The stock was already experiencing downward pressure even before the specified period, having declined 36% from its 52-week high of $144.65, reached on July 10, 2025, by November 6, 2025. This pre-existing momentum indicated that investor expectations might have been overly optimistic, setting the stage for further declines when new challenges or less-than-stellar forward-looking statements arose.

Stock Movement Drivers

Fundamental Drivers

The -9.4% change in SHAK stock from 9/26/2025 to 12/26/2025 was primarily driven by a -57.7% change in the company's P/E Multiple.

	9262025	12262025	Change
Stock Price ($)	92.40	83.76	-9.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1322.97	1373.46	3.82%
Net Income Margin (%)	1.50%	3.10%	106.30%
P/E Multiple	186.85	79.13	-57.65%
Shares Outstanding (Mil)	40.23	40.25	-0.06%
Cumulative Contribution			-9.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
SHAK	-9.4%
Market (SPY)	4.3%	32.3%
Sector (XLY)	1.8%	44.0%

Fundamental Drivers

The -39.5% change in SHAK stock from 6/27/2025 to 12/26/2025 was primarily driven by a -82.3% change in the company's P/E Multiple.

	6272025	12262025	Change
Stock Price ($)	138.48	83.76	-39.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1283.00	1373.46	7.05%
Net Income Margin (%)	0.97%	3.10%	220.64%
P/E Multiple	447.62	79.13	-82.32%
Shares Outstanding (Mil)	40.12	40.25	-0.32%
Cumulative Contribution			-39.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
SHAK	-39.5%
Market (SPY)	12.6%	36.7%
Sector (XLY)	11.9%	40.5%

Fundamental Drivers

The -36.8% change in SHAK stock from 12/26/2024 to 12/26/2025 was primarily driven by a -87.0% change in the company's P/E Multiple.

	12262024	12262025	Change
Stock Price ($)	132.44	83.76	-36.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1210.17	1373.46	13.49%
Net Income Margin (%)	0.72%	3.10%	330.49%
P/E Multiple	607.67	79.13	-86.98%
Shares Outstanding (Mil)	40.01	40.25	-0.60%
Cumulative Contribution			-36.76%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
SHAK	-36.8%
Market (SPY)	15.8%	60.5%
Sector (XLY)	5.2%	61.6%

Fundamental Drivers

The 93.1% change in SHAK stock from 12/27/2022 to 12/26/2025 was primarily driven by a 58.7% change in the company's Total Revenues ($ Mil).

	12272022	12262025	Change
Stock Price ($)	43.38	83.76	93.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	865.21	1373.46	58.74%
P/S Multiple	1.97	2.45	24.66%
Shares Outstanding (Mil)	39.27	40.25	-2.49%
Cumulative Contribution			92.97%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
SHAK	10.3%
Market (SPY)	48.0%	49.7%
Sector (XLY)	37.0%	49.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SHAK Return	42%	-15%	-42%	78%	75%	-34%	43%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
SHAK Win Rate	58%	33%	25%	42%	58%	25%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SHAK Max Drawdown	-45%	-18%	-47%	0%	-12%	-42%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See SHAK Returns vs. Peers.
[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 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	SHAK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-70.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	243.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	874 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-57.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	135.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	238 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-45.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	81.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	401 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Shake Shack's stock fell -70.9% during the 2022 Inflation Shock from a high on 2/11/2021. A -70.9% loss requires a 243.5% gain to breakeven.

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About Shake Shack (SHAK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 29, 2021, it operated 369 Shacks, including 218 domestic company-operated Shacks, 25 domestic licensed Shacks, and 126 international licensed Shacks. Shake Shack Inc. was founded in 2001 and is headquartered in New York, New York.

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Starbucks for burgers.
Chipotle for burgers.

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ShackBurgers: Their signature line of cheeseburgers made with 100% Angus beef.
Chicken Shack: A crispy, buttermilk-marinated fried chicken breast sandwich.
Flat-Top Dogs: All-beef hot dogs served on a potato bun.
Crinkle-Cut Fries: Classic crinkle-cut potato fries, often served plain or with cheese.
Shakes and Custards: A variety of hand-spun milkshakes and dense, frozen custard desserts.
Drinks: An assortment of non-alcoholic beverages like sodas and lemonades, as well as select beer and wine.

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Shake Shack (symbol: SHAK) is a fast-casual restaurant chain. It sells primarily to **individual consumers**, not other companies. Therefore, its major customers are the general public who visit its restaurants.

Shake Shack serves a diverse range of individual customers, which can generally be categorized as follows:

Urban and Suburban Casual Diners: This category includes individuals, couples, and small groups who frequent Shake Shack locations often found in high-density urban areas, bustling shopping centers, suburban retail developments, or entertainment districts. They are typically seeking a premium, yet casual, dining experience for lunch or dinner, valuing convenience, quality ingredients, and a modern, trendy atmosphere.
Families and Groups: Many customers visit Shake Shack as families (including those with children) or larger groups. They are often looking for a reliable, appealing, and relatively quick meal option that can satisfy varied tastes within the group, making it a popular choice for a casual outing, a treat, or a convenient meal solution.
Event-goers and Tourists: Due to Shake Shack's strategic placement near major attractions, event venues, and tourist hotspots (e.g., parks, museums, sports arenas, popular shopping areas), a significant portion of its customers are individuals and groups visiting these locations. They seek a familiar, enjoyable, and high-quality dining experience while attending events, sightseeing, or shopping.

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The Coca-Cola Company (KO)

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Rob Lynch, Chief Executive Officer
Rob Lynch has served as Shake Shack's Chief Executive Officer and on the Board of Directors since May 2024. Prior to joining Shake Shack, Mr. Lynch was President and Chief Executive Officer of Papa John's International, Inc., where he achieved record global system-wide sales. He also previously served as President of Arby's, leading operations, marketing, culinary, development, and digital transformation, which resulted in strong global system-wide sales growth and corporate profitability.

Katie Fogertey, Chief Financial Officer
Katie Fogertey was appointed Shake Shack's Chief Financial Officer in June 2021. She brings over 15 years of financial and investment experience to the role, including equity and derivatives research, financial modeling, and forecasting, with a focus on the restaurant industry. Before joining Shake Shack, Fogertey spent more than 15 years at Goldman Sachs, where she was a lead analyst covering the restaurant sector, focusing on the impact of technology and growth opportunities. She also served as a lead analyst for Derivatives and ETF research and co-head of the Global Investment Research Women's Network at Goldman Sachs.

Michael Kark, President of Global Licensing
Michael Kark was promoted to President of Global Licensing for Shake Shack in February 2024, having previously served as Chief Global Licensing Officer since February 2019. He has been with Shake Shack for nearly 12 years and has been instrumental in growing the company's licensed division from four units to 225, overseeing its international business since 2012. Before joining Shake Shack, Mr. Kark spent eight years overseeing operations at Chipotle, including roles as a general manager and a team leader (area director).

Jay Livingston, Chief Marketing Officer
Jay Livingston serves as the Chief Marketing Officer of Shake Shack, a role he started in January 2019. He is responsible for marketing, culinary/menu/supply chain product, and the digital experience. Prior to Shake Shack, Mr. Livingston was the Chief Marketing Officer of Bark, makers of BarkBox, from July 2017. Before that, he spent over 20 years at Bank of America, where he held various senior marketing roles across the corporation. Mr. Livingston is also an active angel investor in over thirty startups and a founding member of Unite America.

Andrew McCaughan, Chief Development Officer
Andrew McCaughan was promoted to Chief Development Officer in February 2019. He is responsible for the overall growth of Shake Shack, leading the real estate strategy, design, construction, and facilities functions. Since joining Shake Shack in 2010, when the company had only three locations, he has built and led a development team, secured key real estate in new markets, and guided the restaurant's design vision. Before his time at Shake Shack, Mr. McCaughan worked in various capacities for renowned Chef and Restaurateur Rick Bayless, where he developed his passion for the restaurant business.

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The key risks to Shake Shack's business include:

Rising Commodity and Labor Costs: Shake Shack faces significant risk from fluctuations in commodity prices, particularly beef, which constitutes 30-35% of its commodity basket, and increasing labor costs. These rising costs can severely impact profit margins and the company's financial performance.
Intense Competition and Challenges in Driving Consistent Traffic Growth: The fast-casual dining sector is highly competitive, with Shake Shack facing pressure from numerous established chains and emerging concepts. The company has struggled to drive consistent traffic growth, especially in established markets, and its premium pricing makes it vulnerable to consumer trade-downs during economic downturns. Market saturation in key urban areas and the risk of cannibalization from new locations also pose challenges to maintaining growth.
Economic Sensitivity and Discretionary Consumer Spending: Due to its premium positioning, Shake Shack is particularly vulnerable to shifts in discretionary consumer spending. Economic downturns or changes in consumer habits that lead to reduced dining out or a preference for lower-priced options can negatively impact the company's sales and revenue.

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The rise and rapid expansion of virtual brands and ghost kitchens, facilitated by third-party food delivery platforms. These models operate with significantly lower overhead costs compared to traditional brick-and-mortar restaurants, allowing them to offer competitive pricing or specialized menus directly to Shake Shack's target delivery customer base. This structural shift in the restaurant industry challenges Shake Shack's cost structure, market share in the delivery segment, and ability to differentiate on experience when the physical restaurant setting is removed.

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For Shake Shack (symbol: SHAK), the addressable markets for their main products and services can be identified within the broader fast-casual restaurant and hamburger markets.

Fast Casual Restaurant Market

Global: The fast casual restaurants market expanded from USD 181.63 billion in 2024 to an estimated USD 197.09 billion in 2025, with a projection to reach USD 350.75 billion by 2032, growing at a CAGR of 8.57% from 2024 to 2025.
U.S.: The U.S. fast casual restaurants market size is projected to increase by USD 84.5 billion from 2024 to 2029, with a compound annual growth rate (CAGR) of 13.7%.

Hamburger Market

Global: The global hamburger market size is valued at USD 700.84 billion in 2025 and is expected to reach USD 1168.48 billion by 2035, demonstrating a CAGR of 7.9% from 2025 to 2035.
U.S.: The revenue for the Burger Restaurants industry in the United States is estimated at USD 173.6 billion in 2025.

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Here are 3-5 expected drivers of future revenue growth for Shake Shack (SHAK) over the next 2-3 years:

New Unit Expansion (Domestic and International): Shake Shack has aggressive plans for new restaurant openings, targeting an increase in its company-operated footprint to at least 1,500 locations over time, a significant jump from its prior goal. The company expects to open 80-90 new units globally in 2025, comprising 45-50 company-operated and 35-40 licensed locations, with further expansion of 55-60 new units planned for 2026. This growth strategy focuses on penetrating underpenetrated suburban markets, increasing drive-thru locations, and entering new cities and international territories such as Buffalo, Naples, Oklahoma City, and Panama.
Menu Innovation and Limited-Time Offers (LTOs): Shake Shack is committed to culinary innovation, exemplified by the launch of its new Atlanta Innovation Kitchen. This dedicated facility aims to accelerate the development and testing of new menu items, seasonal specials, and limited-time offerings. The goal is to keep the brand fresh, excite customers, drive guest frequency, and enhance the overall dining experience through a continuous pipeline of new flavors and product extensions.
Digital Transformation and Enhanced Guest Engagement: The company is leveraging its robust digital ecosystem, which includes its mobile app, third-party delivery platforms, and in-store kiosks. Digital channels currently account for a substantial portion of transactions. Shake Shack is focused on optimizing these platforms to provide personalized experiences and to boost guest frequency through loyalty programs and targeted digital campaigns, aiming to deepen customer engagement and drive sales.
Operational Efficiencies and Speed of Service: Shake Shack is actively working on optimizing its restaurant operations to improve efficiency and speed of service, particularly within its expanding drive-thru formats. Initiatives include refining kitchen workflows, experimenting with new equipment, and implementing new labor models to enhance productivity. These operational improvements are expected to lead to better throughput, higher customer satisfaction, and ultimately, increased revenue.
Increased Marketing and Brand Awareness: Shake Shack is making strategic investments in marketing and advertising to strengthen its brand and attract more customers. This includes the appointment of a Chief Brand Officer and the launch of the company's first large-scale paid media campaigns. These efforts are designed to elevate brand awareness, drive guest engagement, and support overall revenue growth.

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Share Repurchases

Shake Shack has not reported significant dollar amounts of share repurchases over the last 3-5 years.

Share Issuance

In April 2020, Shake Shack completed an aggregate $150 million equity offering, which included a $140 million underwritten offering and $10 million from an At-The-Market (ATM) program.
The number of diluted outstanding shares has slowly increased, reaching approximately 44.4 million after Q1 2024.
As of September 24, 2025, there were 40,068,068 shares of Class A common stock and 2,434,789 shares of Class B common stock issued and outstanding.

Inbound Investments

Shake Shack secured funding in a Post IPO round on May 15, 2023, for an undisclosed amount, with investors including Leonard Green and Partners.

Outbound Investments

Shake Shack has not made any significant outbound investments or acquisitions over the last 3-5 years.

Capital Expenditures

Capital expenditures were approximately $146.2 million in 2023 and an estimated $135.5 million in 2024.
Expected capital expenditures for 2025 are projected to be around $151.3 million.
The primary focus of these expenditures is on opening new Shacks (with plans for 45 to 50 company-operated Shacks in 2025), existing Shack remodels and maintenance, and investments in corporate technology infrastructure and digital strategy.

Better Bets than Shake Shack (SHAK)

INDUSTRY: Restaurants

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

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One Hospitality

REBN (31.0% | 1.1x)

Reborn Coffee

VSTD (25.8% | 0.1x)

Vestand

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

WING (28.5% | 39.8x)

Wingstop

FWRG (18.3% | 37.6x)

First Watch Restaurant

STKS (40.4% | 1.2x)

One Hospitality

Higher Rev Chg LTM (Value for SHAK: 13.5%)

BROS (28.9%)

Dutch Bros

CAVA (23.9%)

Cava

QSR (21.8%)

Restaurant Brands International

WING (15.6%)

Wingstop

TXRH (14.4%)

Texas Roadhouse

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

STKS (40.4%)

One Hospitality

BROS (31.4%)

Dutch Bros

WING (28.5%)

Wingstop

KRUS (26.2%)

Kura Sushi USA

FWRG (18.3%)

First Watch Restaurant

Higher Op Mgn LTM (Value for SHAK: 5.6%)

MCD (46.1%)

McDonald's

YUM (30.8%)

Yum Brands

QSR (25.8%)

Restaurant Brands International

CMG (16.9%)

Chipotle Mexican Grill

SBUX (9.6%)

Starbucks

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

MCD (39.9%)

McDonald's

YUM (23.6%)

Yum Brands

CMG (18.8%)

Chipotle Mexican Grill

QSR (17.4%)

Restaurant Brands International

DPZ (15.1%)

Domino's Pizza

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

MCD (28.1%)

McDonald's

YUM (19.4%)

Yum Brands

QSR (14.9%)

Restaurant Brands International

CMG (13.3%)

Chipotle Mexican Grill

SBUX (6.6%)

Starbucks

Higher Total Yield (Value for SHAK: 1.3%)

QSR (8.4%)

Restaurant Brands International

MCD (6.1%)

McDonald's

YUM (5.2%)

Yum Brands

SBUX (4.8%)

Starbucks

CMG (3.0%)

Chipotle Mexican Grill

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

CPNG (18.4% | 1.3x)

Coupang

CCL (45.9% | 1.5x)

Carnival

WYNN (25.0% | 1.8x)

Wynn Resorts

NCLH (43.8% | 1.1x)

Norwegian Cruise Line

LTH (19.5% | 2.0x)

Life Time

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

BKNG (17.8% | 19.6x)

Booking

MELI (39.5% | 32.5x)

MercadoLibre

RCL (37.7% | 16.9x)

Royal Caribbean

LVS (51.6% | 16.0x)

Las Vegas Sands

CCL (45.9% | 9.4x)

Carnival

Higher Rev Chg LTM (Value for SHAK: 13.5%)

CVNA (45.5%)

Carvana

MELI (36.9%)

MercadoLibre

DASH (24.5%)

DoorDash

CPNG (16.6%)

Coupang

GRMN (16.6%)

Garmin

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

LVS (51.6%)

Las Vegas Sands

MELI (39.5%)

MercadoLibre

RCL (37.7%)

Royal Caribbean

DASH (27.8%)

DoorDash

BKNG (17.8%)

Booking

Higher Op Mgn LTM (Value for SHAK: 5.6%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

HD (13.0%)

Home Depot

AMZN (11.4%)

Amazon.com

TJX (11.3%)

TJX Companies

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

MCD (39.9%)

McDonald's

MELI (37.5%)

MercadoLibre

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

HD (8.4%)

Home Depot

TJX (7.5%)

TJX Companies

TSLA (7.1%)

Tesla

Higher Total Yield (Value for SHAK: 1.3%)

HD (6.8%)

Home Depot

MCD (6.1%)

McDonald's

TJX (4.0%)

TJX Companies

BKNG (3.6%)

Booking

AMZN (2.9%)

Amazon.com

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

PGR (20.6% | 1.6x)

Progressive

WBD (17.2% | 1.9x)

Warner Bros. Discovery

PWR (17.9% | 2.4x)

Quanta Services

ACGL (28.9% | 1.9x)

Arch Capital

SLF (88.9% | 1.0x)

Sun Life Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

NVDA (91.6% | 42.1x)

NVIDIA

META (17.3% | 20.4x)

Meta Platforms

LLY (23.4% | 42.3x)

Eli Lilly

MU (28.3% | 23.3x)

Micron Technology

UBER (19.6% | 37.1x)

Uber Technologies

Higher Rev Chg LTM (Value for SHAK: 13.5%)

NVDA (65.2%)

NVIDIA

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

Higher Op Mgn LTM (Value for SHAK: 5.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for SHAK: 1.3%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Consumer Discretionary Sector
	SHAK	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	79.1	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	51.0	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	15.9%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	13.5%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	16.7%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	0.9%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	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

	Title	Topic
0	DASHBOARDS
1	Shake Shack Earnings Notes
2	Shake Shack Earnings Notes
3	How Low Can Shake Shack Stock Really Go?	Return
4	Is The 25.0% Decline In Shake Shack (SHAK) Stock A Dip Buying Opportunity?	Actionable
5	Is The 27.2% Decline In Shake Shack (SHAK) Stock A Dip Buying Opportunity?	Actionable
6	SHAK Drops 21% in a Month, But Does MSFT Offer Better Fundamentals?	Counter-Intuitive Comparisons
7	SHAK's 21% Decline in a Month Brings Valuations Into Focus - Is CVNA a Better Deal?	Counter-Intuitive Comparisons
8	After SHAK's 21% Single Month Slide, TXRH Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
9	Is The 23.3% Decline In Shake Shack (SHAK) Stock A Dip Buying Opportunity?	Actionable
10	How Does Shake Shack Stock Stack Up Against Its Peers?	Peer Comparison

	Title
0	ARTICLES

Trade Ideas

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

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%
SHAK_10312019_Quality_Momentum_RoomToRun_10%	10312019	SHAK	Shake Shack	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-33.8%	-17.9%	-60.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Shake Shack

Peers to compare with:

Financials

	SHAK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Shake Sh.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	83.76	23.26	24.49	305.09	78.16	273.40	80.96
Mkt Cap	3.4	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	1,373	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	77	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	63	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	16	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	204	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	162	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	SHAK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Shake Sh.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	13.5%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	16.7%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	15.9%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	3.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	5.6%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	3.7%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	0.5%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	14.9%	6.7%	8.5%	20.6%	23.8%	26.6%	17.7%
CFO/Rev 3Y Avg	13.2%	6.8%	12.7%	21.4%	26.1%	28.4%	17.3%
FCF/Rev LTM	4.6%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	0.9%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	SHAK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Shake Sh.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	3.4	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	2.5	0.4	1.0	4.4	5.4	10.0	3.4
P/EBIT	51.0	6.8	19.9	25.1	22.5	31.3	23.8
P/E	79.1	8.6	572.7	36.0	29.9	41.0	38.5
P/CFO	16.5	5.9	11.2	21.1	22.5	37.5	18.8
Total Yield	1.3%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	0.1%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.1	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	SHAK	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Shake Sh.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-5.3%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-9.4%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-39.5%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-36.8%	-27.3%	14.2%	39.2%	33.7%	6.0%	10.1%
3Y Rtn	93.1%	-3.8%	67.7%	139.0%	79.5%	113.4%	86.3%
1M Excs Rtn	-6.1%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-13.7%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-51.8%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-51.3%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-2.4%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-1.8%

Comparison Analyses

	Title
0	How Does Shake Shack Stock Stack Up Against Its Peers?
1	Shake Shack vs. McDonald's: With Return Forecast Of 69%, Shake Shack Is A Better Bet
2	Shake Shack vs. Restaurant Brands: With Return Forecast Of 89%, Shake Shack Is A Better Bet
3	SHAK Could Deliver 50% Returns And Outperform DRI
4	With 50% Gains On The Table, SHAK May Outshine BLMN
5	With 50% Gains On The Table, SHAK May Outshine CMG
6	Shake Shack vs. Alnylam Pharmaceuticals: With Return Forecast Of 91%, Shake Shack Is A Better Bet
7	Shake Shack vs. Aspen Technology: With Return Forecast Of 89%, Shake Shack Is A Better Bet
8	Shake Shack vs. Paylocity Holding: With Return Forecast Of 89%, Shake Shack Is A Better Bet
9	Shake Shack vs. Fluor: Similar Market Cap, But Shake Shack Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/25	LTM	2024	2023	2022	2021	2020	2019
Period End	9/24/2025	12/25/2024	12/27/2023	12/28/2022	12/29/2021	12/30/2020	12/25/2019
Filing Date	10/30/2025	2/21/2025	2/29/2024	2/23/2023	2/18/2022	2/26/2021	2/24/2020
Key Financials
Total Revenue	1,373	1,253	1,088	900	740	523	595
EBITDA	174	121	112	52	44	6	69
Operating Income	77	51	28	-9	-1	-25	42
Net Income	43	10	20	-21	-5	-42	20
EPS	1.07	0.26	0.51	-0.54	-0.12	-1.14	0.63
Growth Rates
Total Revenue Growth	13.5%	15.2%	20.8%	21.7%	41.5%	-12.1%	29.4%
EBITDA Growth	61.3%	8.2%	116.8%	15.9%	696.7%	-91.9%	10.3%
Operating Income Growth	99.3%	80.9%	399.0%	-912.8%	96.3%	-160.1%	-6.8%
Net Income Growth	388.6%	-49.6%	195.5%	-365.4%	89.2%	-312.6%	30.6%
Margins
EBITDA Margin	12.7%	9.7%	10.3%	5.7%	6.0%	1.1%	11.5%
Operating Income Margin	5.6%	4.1%	2.6%	-1.0%	-0.1%	-4.8%	7.0%
Net Income Margin	3.1%	0.8%	1.9%	-2.4%	-0.6%	-8.1%	3.3%
Cash & Debt
Total Cash	358	321	293	311	382	184	74
Total Debt	854	810	771	721	686	385	340
Net Debt / (Cash)	496	489	478	409	304	201	267
Cash Flows
Net Cash from Operations	204	171	132	77	58	37	90
Free Cash from Operations	63	36	-14	-66	-43	-32	-17
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/25	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/24/2025	6/25/2025	3/26/2025	12/25/2024	9/25/2024	6/26/2024	3/27/2024	12/27/2023	9/27/2023	6/28/2023	3/29/2023	12/28/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/21/2025	10/31/2024	8/2/2024	5/3/2024	2/29/2024	11/3/2023	8/4/2023	5/5/2023	2/23/2023
Key Financials Quarterly
Total Revenue	367	356	321	329	317	316	291	286	276	272	253	239
Ebitda	49	52	33	40	12	40	29	27	33	31	21	16
Operating Income	24	28	8	17	15	16	3	5	11	11	1	1
Net Income	13	17	4	9	-10	10	2	7	8	7	-2	-8
EPS	0.31	0.43	0.11	0.22	-0.26	0.24	0.05	0.17	0.19	0.18	-0.04	-0.27
Key Financials TTM
Total Revenue TTM	1,373	1,323	1,283	1,253	1,210	1,169	1,125	1,088	1,040	991	950	900
Ebitda TTM	174	137	125	121	108	129	120	112	100	83	71	52
Operating Income TTM	77	68	56	51	39	35	30	28	24	12	3	-9
Net Income TTM	43	20	12	10	9	27	24	20	5	-4	-13	-21
Growth Rates Quarterly
Total Revenue Growth	15.9%	12.6%	10.5%	14.8%	14.7%	16.4%	14.7%	20.0%	21.2%	17.8%	24.5%	17.4%
EBITDA Growth	318.5%	30.5%	12.9%	47.5%	-64.0%	30.8%	36.4%	71.8%	108.1%	68.9%	990.6%	67.7%
Operating Income Growth	60.5%	78.1%	145.0%	259.3%	32.8%	41.3%	203.9%	434.0%	1031.9%	342.7%	109.4%	155.5%
Net Income Growth	222.4%	77.4%	108.1%	20.6%	-233.9%	39.1%	233.0%	192.0%	476.8%	684.8%	84.9%	-39.4%
Margins Quarterly
EBITDA Margin	13.4%	14.7%	10.3%	12.1%	3.7%	12.7%	10.1%	9.4%	11.8%	11.3%	8.5%	6.6%
Operating Income Margin	6.4%	7.9%	2.5%	5.2%	4.7%	5.0%	1.1%	1.7%	4.0%	4.1%	0.4%	0.4%
Net Income Margin	3.4%	4.8%	1.3%	2.6%	-3.2%	3.1%	0.7%	2.5%	2.8%	2.6%	-0.6%	-3.3%
Cash & Debt
Total Cash	358	337	313	321	311	304	285	293	285	295	293	311
Total Debt	854	838	824	810	805	791	777	771	768	747	737	721
Net Debt / (Cash)	496	501	511	489	494	486	492	478	483	451	444	409
Cash Flows Quarterly
FCF from Operations	63	65	31	45	42	54	31	42	28	42	20	22
Cash Flows TTM
FCF from Operations TTM	204	183	172	171	168	154	143	132	113	104	89	77
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.5%	8.9%	2.9%	5.3%	4.7%	5.3%	1.2%	2.1%	4.6%	4.9%	0.5%	0.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.9%	5.5%	4.6%	4.2%	4.1%	3.8%	3.3%	3.1%	1.3%	1.4%	0.4%	-1.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single segment	1,088
Licensing revenue		31	25	17	20
Shack sales		869	715	506	575
Total	1,088	900	740	523	595

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Single segment	1,606
Total	1,606

Price Behavior

Price Behavior

Market Price	$83.76
Market Cap ($ Bil)	3.4
First Trading Date	01/30/2015
Distance from 52W High	-41.0%
	50 Days	200 Days
DMA Price	$87.61	$103.11
DMA Trend	down	down
Distance from DMA	-4.4%	-18.8%
	3M	1YR
Volatility	39.6%	51.0%
Downside Capture	76.53	155.65
Upside Capture	13.73	87.50
Correlation (SPY)	31.1%	60.4%

SHAK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.39	1.33	1.37	1.61	1.59	1.43
Up Beta	1.35	2.19	2.16	2.35	1.72	1.57
Down Beta	1.37	1.89	1.30	1.84	1.81	1.52
Up Capture	97%	49%	41%	40%	100%	217%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	20	26	55	119	367
Down Capture	161%	112%	170%	191%	130%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	37	70	128	382

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

Based On 1-Year Data

		Comparison of SHAK With Other Asset Classes (Last 1Y)
	SHAK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-35.0%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	50.7%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.68	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		61.6%	60.6%	0.1%	22.3%	47.4%	24.7%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of SHAK With Other Asset Classes (Last 5Y)
	SHAK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-1.7%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	50.9%	23.8%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.15	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		53.3%	48.8%	5.0%	9.5%	39.4%	23.7%

Based On 10-Year Data

		Comparison of SHAK With Other Asset Classes (Last 10Y)
	SHAK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.1%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	49.7%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.35	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		52.6%	49.7%	3.4%	16.0%	42.8%	18.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	5,727,594
Short Interest: % Change Since 11302025	8.5%
Average Daily Volume	2,000,314
Days-to-Cover Short Interest	2.86
Basic Shares Quantity	40,250,000
Short % of Basic Shares	14.2%

Returns Analyses

	Title
0	How Low Can Shake Shack Stock Really Go?
1	Shake Shack Stock Return Comparison
2	[9/29/2021] Shake Shack (SHAK) Stock Price Forecast: AI Forecasts SHAK Stock Price To Be Around $79.8 In A Month (Up 0.2%)
3	Shake Shack Total Shareholder Return (TSR): -42.4% in 2022 and -11.3% 3-yr returns (below peer average)
4	Shake Shack (SHAK) Stock Return: AI Predicts SHAK Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	1.7%	6.6%	-4.1%
7/31/2025	-14.6%	-19.8%	-24.8%
5/1/2025	1.1%	16.2%	47.9%
1/13/2025	-5.3%	-10.1%	-17.0%
10/30/2024	7.8%	11.6%	16.5%
8/1/2024	16.9%	10.9%	15.7%
5/2/2024	1.6%	-0.6%	-8.2%
2/15/2024	26.0%	24.3%	32.8%
...
SUMMARY STATS
# Positive	9	10	11
# Negative	16	15	14
Median Positive	11.8%	11.3%	18.4%
Median Negative	-5.8%	-9.1%	-11.1%
Max Positive	26.0%	25.7%	47.9%
Max Negative	-20.6%	-25.4%	-40.0%

	Forward Returns
10/30/2025	1.7%	6.6%	-4.1%
7/31/2025	-14.6%	-19.8%	-24.8%
5/1/2025	1.1%	16.2%	47.9%
1/13/2025	-5.3%	-10.1%	-17.0%
10/30/2024	7.8%	11.6%	16.5%
8/1/2024	16.9%	10.9%	15.7%
5/2/2024	1.6%	-0.6%	-8.2%
2/15/2024	26.0%	24.3%	32.8%
11/2/2023	-1.4%	-1.8%	7.7%
8/3/2023	-0.5%	0.8%	-6.7%
5/4/2023	16.6%	25.7%	29.9%
2/16/2023	-3.4%	-3.6%	-6.4%
11/3/2022	-8.2%	-11.4%	0.0%
8/4/2022	-6.2%	-6.4%	-13.3%
5/5/2022	-2.4%	-21.7%	-16.8%
2/17/2022	-4.1%	-4.3%	-12.3%
11/4/2021	16.5%	7.4%	-4.3%
8/5/2021	-2.5%	-1.4%	-7.9%
5/6/2021	-15.3%	-24.7%	-10.0%
1/12/2021	11.8%	22.9%	42.2%
10/29/2020	-2.1%	3.2%	18.4%
7/30/2020	-12.1%	-9.1%	22.1%
5/4/2020	-6.7%	-1.4%	5.4%
2/24/2020	-14.3%	-22.3%	-40.0%
11/4/2019	-20.6%	-25.4%	-28.7%
SUMMARY STATS
# Positive	9	10	11
# Negative	16	15	14
Median Positive	11.8%	11.3%	18.4%
Median Negative	-5.8%	-9.1%	-11.1%
Max Positive	26.0%	25.7%	47.9%
Max Negative	-20.6%	-25.4%	-40.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/24/2025
6302025	7312025	10-Q 6/25/2025
3312025	5012025	10-Q 3/26/2025
12312024	2212025	10-K 12/25/2024
9302024	10312024	10-Q 9/25/2024
6302024	8022024	10-Q 6/26/2024
3312024	5032024	10-Q 3/27/2024
12312023	2292024	10-K 12/27/2023
9302023	11032023	10-Q 9/27/2023
6302023	8042023	10-Q 6/28/2023
3312023	5052023	10-Q 3/29/2023
12312022	2232023	10-K 12/28/2022
9302022	11042022	10-Q 9/28/2022
6302022	8052022	10-Q 6/29/2022
3312022	5062022	10-Q 3/30/2022
12312021	2182022	10-K 12/29/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Meyer Daniel Harris		7032025	Sell	137.78	3,400	468,447	50,231,873	Form
1	Fogertey Katherine Irene	Chief Financial Officer	6162025	Sell	126.80	1,106	140,238	4,894,391	Form
2	Meyer Daniel Harris		6092025	Sell	130.26	10,000	1,302,558	50,361,581	Form
3	Meyer Daniel Harris		6032025	Sell	130.10	10,000	1,301,000	51,602,344	Form
4	Fogertey Katherine Irene	Chief Financial Officer	5152025	Sell	115.05	180	20,708	4,567,977	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Shake Shack (SHAK)

Market Price (12/27/2025): $83.71 | Market Cap: $3.4 BilSector: Consumer Discretionary | Industry: Restaurants

Shake Shack (SHAK)

Market Price (12/27/2025): $83.71Market Cap: $3.4 BilSector: Consumer DiscretionaryIndustry: Restaurants

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

Valuation, Metrics & Events

SHAK Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Shake Shack (SHAK)

Fast Casual Restaurant Market

Hamburger Market

Interactive Breakdown

Better Bets than Shake Shack (SHAK)

INDUSTRY: Restaurants

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

Higher Rev Chg LTM (Value for SHAK: 13.5%)

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

Higher Op Mgn LTM (Value for SHAK: 5.6%)

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

Higher Total Yield (Value for SHAK: 1.3%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

Higher Rev Chg LTM (Value for SHAK: 13.5%)

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

Higher Op Mgn LTM (Value for SHAK: 5.6%)

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

Higher Total Yield (Value for SHAK: 1.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHAK: 16.7% | 2.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHAK: 16.7% | 43.8x)

Higher Rev Chg LTM (Value for SHAK: 13.5%)

Higher Rev Chg 3Y Avg (Value for SHAK: 16.7%)

Higher Op Mgn LTM (Value for SHAK: 5.6%)

Higher CFO/Rev LTM (Value for SHAK: 14.9%)

Higher FCF/Rev LTM (Value for SHAK: 4.6%)

Higher Total Yield (Value for SHAK: 1.3%)

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Market Price (12/27/2025): $83.71 | Market Cap: $3.4 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Market Price (12/27/2025): $83.71
Market Cap: $3.4 Bil
Sector: Consumer Discretionary
Industry: Restaurants