Tearsheet

Wingstop (WING)

Market Price (3/28/2026): $154.25 | Market Cap: $4.3 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Wingstop (WING)

Market Price (3/28/2026): $154.25
Market Cap: $4.3 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 11%	Weak multi-year price returns 2Y Excs Rtn is -78%, 3Y Excs Rtn is -76%	Expensive valuation multiples P/SPrice/Sales ratio is 6.1x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%	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 13%	Key risks WING key risks include [1] its reliance on a single distributor and a limited group of suppliers and [2] its dependence on franchisee performance and their ability to successfully expand.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, and Direct-to-Consumer Brands (Staples).

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, and Direct-to-Consumer Brands (Staples).
5	Weak multi-year price returns 2Y Excs Rtn is -78%, 3Y Excs Rtn is -76%
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 13%
7	Expensive valuation multiples P/SPrice/Sales ratio is 6.1x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x
8	Key risks WING key risks include [1] its reliance on a single distributor and a limited group of suppliers and [2] its dependence on franchisee performance and their ability to successfully expand.

Valuation, Metrics & Events

	3/28/26	2025	2024	2023	2022
Share Price CYE	$154.25	$238.49	$284.20	$256.58	$137.62
Market Cap CYE ($ Bil)	4.3	6.6	8.3	7.5	4.1
Total Debt ($ Bil)	1.3	1.3	1.3	0.7	0.7
Total Cash ($ Bil)	0.2	0.2	0.3	0.1	0.2
Enterprise Value ($ Bil)	5.3	7.9	9.6	8.2	4.8
Valuation Ratios
P/S TTM	6.1	9.5	13.2	16.4	11.5
P/EBIT TTM	15.7	24.2	49.1	67.1	45.5
P/E TTM	24.5	37.9	76.0	107.5	77.8
P/FCF TTM	40.5	62.5	78.2	93.4	78.7
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9	0.9	0.9
P/EBIT TTM (Sector)	7.6	7.9	8.5	7.7	6.2
P/E TTM (Sector)	11.0	11.5	11.7	10.6	8.1
P/FCF TTM (Sector)	9.4	10.9	12.2	9.7	6.6

	3/28/26	2025	2024
Share Price CYE	$154.25	$238.49	$284.20
Market Cap CYE ($ Bil)	4.3	6.6	8.3
Total Debt ($ Bil)	1.3	1.3	1.3
Total Cash ($ Bil)	0.2	0.2	0.3
Enterprise Value ($ Bil)	5.3	7.9	9.6
Valuation Ratios
P/S TTM	6.1	9.5	13.2
P/EBIT TTM	15.7	24.2	49.1
P/E TTM	24.5	37.9	76.0
P/FCF TTM	40.5	62.5	78.2
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9
P/EBIT TTM (Sector)	7.6	7.9	8.5
P/E TTM (Sector)	11.0	11.5	11.7
P/FCF TTM (Sector)	9.4	10.9	12.2

	WING	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	8.6%	7.3%
Rev Chg LTM	11.4%	6.7%
Rev Chg 3Y Avg	25.4%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	26.7%	18.6%
CFO/Rev LTM	22.0%	20.7%
Net Inc Mgn	25.0%	12.8%
VALUATION	HIGH
P/S	6.1	3.1
P/CFO	27.9	14.8
P/FCF	40.5	19.4
P/E	24.5	23.7
STABILITY	VERY GOOD
Debt/Equity	0.30	0.22
Cash/Assets	0.28	0.07

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Metric	Value	Date	Source
System-wide Sales	1.4 billion	9272025	Link
System-wide Restaurant Count	2932	9272025	Link
Domestic Same-Store Sales Growth	-5.6%	9272025	Link
Digital Sales Percentage of System-wide Sales	72.8%	9272025	Link
Domestic Average Unit Volume (AUV)	2.1 million	9272025	Link
Total Domestic Restaurants	2505	9272025	Link
Total International Restaurants	427	9272025	Link
Company-Owned Domestic Restaurants	55	9272025	Link
Franchised Domestic Restaurants	2450	9272025	Link
Company-Owned Domestic Same-Store Sales Growth	3.8%	9272025	Link
Net New Openings	114	9272025	Link

Recent
3/06/2026	Dividend	Amount: $0.30 Payment On: 3/27/2026
Upcoming
4/29/2026	Earnings Release	Rev: $191 Mil (E) EPS: $1.05 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Wingstop (WING) stock has lost about 40% since 11/30/2025 because of the following key factors:

1. Weakening Domestic Same-Store Sales Performance.

Wingstop reported a significant deceleration in its core domestic market, with same-store sales declining by 5.8% in the fourth quarter of 2025. This performance fell below market expectations and contributed to investor concerns regarding the company's growth trajectory.

2. Cautious Outlook for 2026 Same-Store Sales Growth.

Management provided a conservative forecast for fiscal year 2026, projecting domestic same-store sales growth to be flat to low-single digits. This outlook was attributed to "new data points on the consumer over the last couple of months and the broader softening of the macro environment," signaling continued challenges for top-line momentum.

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Stock Movement Drivers

Fundamental Drivers

The -41.6% change in WING stock from 11/30/2025 to 3/27/2026 was primarily driven by a -42.0% change in the company's P/E Multiple.

(LTM values as of)	11302025	3272026	Change
Stock Price ($)	264.39	154.46	-41.6%
Change Contribution By:
Total Revenues ($ Mil)	683	697	2.0%
Net Income Margin (%)	25.5%	25.0%	-2.0%
P/E Multiple	42.3	24.6	-42.0%
Shares Outstanding (Mil)	28	28	0.7%
Cumulative Contribution			-41.6%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/27/2026

	Return	Correlation
WING	-41.6%
Market (SPY)	-5.3%	27.2%
Sector (XLY)	-10.4%	24.9%

Fundamental Drivers

The -52.8% change in WING stock from 8/31/2025 to 3/27/2026 was primarily driven by a -53.9% change in the company's P/E Multiple.

(LTM values as of)	8312025	3272026	Change
Stock Price ($)	327.27	154.46	-52.8%
Change Contribution By:
Total Revenues ($ Mil)	670	697	4.0%
Net Income Margin (%)	25.6%	25.0%	-2.3%
P/E Multiple	53.3	24.6	-53.9%
Shares Outstanding (Mil)	28	28	0.8%
Cumulative Contribution			-52.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/27/2026

	Return	Correlation
WING	-52.8%
Market (SPY)	0.6%	26.3%
Sector (XLY)	-8.5%	28.9%

Fundamental Drivers

The -33.8% change in WING stock from 2/28/2025 to 3/27/2026 was primarily driven by a -60.7% change in the company's P/E Multiple.

(LTM values as of)	2282025	3272026	Change
Stock Price ($)	233.46	154.46	-33.8%
Change Contribution By:
Total Revenues ($ Mil)	626	697	11.4%
Net Income Margin (%)	17.4%	25.0%	44.0%
P/E Multiple	62.5	24.6	-60.7%
Shares Outstanding (Mil)	29	28	5.0%
Cumulative Contribution			-33.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/27/2026

	Return	Correlation
WING	-33.8%
Market (SPY)	9.8%	31.0%
Sector (XLY)	-1.3%	32.6%

Fundamental Drivers

The -8.2% change in WING stock from 2/28/2023 to 3/27/2026 was primarily driven by a -74.2% change in the company's P/E Multiple.

(LTM values as of)	2282023	3272026	Change
Stock Price ($)	168.21	154.46	-8.2%
Change Contribution By:
Total Revenues ($ Mil)	358	697	94.9%
Net Income Margin (%)	14.8%	25.0%	68.9%
P/E Multiple	95.1	24.6	-74.2%
Shares Outstanding (Mil)	30	28	8.0%
Cumulative Contribution			-8.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/27/2026

	Return	Correlation
WING	-8.2%
Market (SPY)	69.4%	32.2%
Sector (XLY)	49.0%	31.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
WING Return	31%	-17%	87%	11%	-16%	-35%	25%
Peers Return	18%	-19%	39%	20%	-10%	-2%	40%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
WING Win Rate	58%	33%	75%	67%	42%	33%
Peers Win Rate	53%	38%	55%	55%	42%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
WING Max Drawdown	-12%	-58%	-4%	-5%	-27%	-35%
Peers Max Drawdown	-11%	-34%	-6%	-7%	-22%	-6%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DPZ, YUM, QSR, CMG, SHAK.
[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 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	WING	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-62.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	167.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	314 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-51.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	104.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	27 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-31.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	46.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	150 days	120 days

Compare to DPZ, YUM, QSR, CMG, SHAK

In The Past

Wingstop's stock fell -62.6% during the 2022 Inflation Shock from a high on 9/16/2021. A -62.6% loss requires a 167.6% gain to breakeven.

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About Wingstop (WING)

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

Wingstop Inc., together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer classic wings, boneless wings, and tenders that are cooked-to-order, and hand-sauced-and-tossed in various flavors. As of December 25, 2021, the company had 1,695 franchised restaurants and 36 company-owned restaurants in 44 states and 7 countries worldwide. Wingstop Inc. was founded in 1994 and is headquartered in Addison, Texas.

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KFC for wings
The Domino's of wings
A McDonald's for chicken wings

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Classic Wings: Traditional bone-in chicken wings, cooked to order and tossed in various flavors.
Boneless Wings: All-white meat boneless chicken pieces, cooked to order and tossed in various flavors.
Tenders: Strips of all-white meat chicken, cooked to order and tossed in various flavors.

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Wingstop (WING) primarily sells its products directly to individual consumers and groups through its network of franchised and company-owned restaurants.

Here are up to three categories of customers that Wingstop serves:

Individual Consumers: This category includes people purchasing meals for their personal consumption, whether dining in, taking out, or ordering for delivery. These customers are typically looking for a quick, flavorful, and customizable meal option for lunch or dinner.
Families and Small Groups: Customers in this category purchase larger quantities of food to share among family members, friends, or small gatherings. Wingstop's menu, particularly its wings and tenders, is well-suited for group dining and sharing occasions.
Event Organizers / Party Planners: Individuals or groups ordering substantial quantities of food for larger events, parties, or corporate gatherings. Wingstop's offerings are a popular choice for catering casual social events and sports viewing parties.

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Tyson Foods, Inc. (TSN)
Pilgrim's Pride Corporation (PPC)
Cargill, Inc.

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Michael J. Skipworth, President & Chief Executive Officer

Michael J. Skipworth has served as President and Chief Executive Officer of Wingstop Inc. since March 2022. He joined Wingstop in December 2014, initially holding leadership roles in finance and accounting, including serving as Chief Financial Officer until August 2021. From August 2021 to March 2022, he was the company's President and Chief Operating Officer. Before joining Wingstop, Mr. Skipworth was Senior Vice President of Finance and Accounting and Vice President, Corporate Controller at Cardinal Logistics Holdings, LLC. He also worked in the audit and assurance practice at KPMG LLP.

Alex Kaleida, Chief Financial Officer

Alex Kaleida joined Wingstop in March 2019. He was appointed Chief Financial Officer in August 2021. Prior to this role, he served as Vice President for Financial Planning and Analysis and was responsible for investor relations at Wingstop.

Raj Kapoor, Chief Operating Officer

Raj Kapoor joined Wingstop in May 2023, initially serving as Senior Vice President and President of International. He was appointed Chief Operating Officer in January 2026. Before his time at Wingstop, Mr. Kapoor spent 27 years at 7-Eleven, where his roles included Senior Vice President of Fresh Food, Beverages and Restaurants from January 2018 to April 2023, and various other leadership positions across information technology and international operations.

Donnie S. Upshaw, Chief Brand & People Officer

Donnie S. Upshaw was appointed Chief People Officer in December 2021. He joined Wingstop in April 2018 as Vice President of People and later became Senior Vice President of People in November 2019. Prior to Wingstop, Mr. Upshaw served as Vice President of HR for Credit Corp for two years. He also held the position of Director of HR and Compliance at Energy Dispatch, a subsidiary of RaceTrac Petroleum Inc.

Brad Brewer, Chief Commercial Officer

Brad Brewer joined Wingstop in November 2024 and currently serves as Chief Commercial Officer. Previously, Mr. Brewer was a Partner at The Boston Consulting Group, Inc. He also held the position of Vice President at YETI Holdings, Inc.

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Key Risks to Wingstop's Business:

Volatility in Raw Material Prices: Wingstop's profitability is significantly exposed to fluctuations in the cost of its primary ingredient, chicken. Increases in the price of bone-in chicken wings or other raw materials, such as spices and packaging, can directly impact the company's cost of sales and overall financial performance.
Intense Competition: The fast-casual and quick-service restaurant industry is highly competitive. Wingstop faces significant competition from other fast-food chains and specialized chicken wing providers, which could negatively impact its market share, sales, and profitability.
Dependence on Franchisees: As Wingstop operates predominantly through a franchise model (approximately 98% of its restaurants), its growth, revenue, and brand reputation are heavily reliant on the operational success, compliance, and expansion efforts of its independent franchisees. Any failure by franchisees to meet operational standards, comply with laws, or renew agreements could adversely affect the company's financial results and brand image.

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Wingstop Inc. (WING) operates within the quick-service restaurant (QSR) industry, with its primary products being classic wings, boneless wings, and tenders. The addressable markets for these products can be assessed at both global and regional (U.S.) levels, largely falling under the broader chicken segment of the fast-food market.

Global Addressable Markets

Global Chicken Wings Market: The global chicken wings market was valued at approximately USD 29.18 billion in 2026 and is projected to reach USD 46.7 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 5.3% from 2026 to 2035. Another estimate places the global chicken wings market size at USD 31.86 billion in 2025, with projections to reach USD 50.48 billion by 2033, exhibiting a CAGR of 6.1%. This market is primarily driven by the rising popularity of chicken wings as a flavorful and convenient snack, especially during sporting events, and increasing consumer preference for protein-rich foods.
Global Chicken/Poultry Meat Market: The broader global chicken/poultry meat market, which encompasses products like wings and tenders, was valued at US$ 160.62 billion in 2024 and is expected to reach US$ 268.35 billion by 2033, with a CAGR of 5.87% from 2025 to 2033. The global poultry market size is also forecasted to be worth USD 482.57 billion in 2026, expected to achieve USD 662.67 billion by 2035.
Global Quick Service Restaurants (QSR) and Fast Food Market: The overall global quick service restaurants and fast food market, which includes various fast-food offerings such as chicken, was valued at USD 1,064.44 billion in 2025 and is projected to reach USD 2462.71 billion by 2035, growing at a CAGR of 8.75%.

U.S. Addressable Markets

U.S. Quick-Service Chicken Restaurants Segment: In the United States, the quick-service chicken restaurant segment is a significant market. As of 2025, U.S. quick-service chicken restaurants generated roughly USD 60–65 billion in annual revenue. This segment is projected to continue growing, reaching around USD 67 billion by 2030. The U.S. chicken QSR industry generates approximately USD 63.7 billion in annual revenue in 2025.
U.S. Chicken Wings Market: The United States is a dominant market for chicken wings, accounting for over 50% of global consumption. North America, as a region, accounts for 38% of the global chicken wings market share, largely supported by high demand from quick-service restaurants.
U.S. Chicken Market (including tenders): The broader U.S. chicken market, which includes various chicken products such as tenders, was valued at USD 46.41 billion in 2024 and is projected to reach USD 77.9 billion by 2032, growing at a CAGR of 6.7%. Chicken tenders, along with boneless fried chicken pieces and nuggets, contribute significantly to this market, appealing to a wide consumer base. The market for "further-processed, ready-to-eat (RTE) items like nuggets and pre-marinated tenders" falls under the larger U.S. chicken market.

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Wingstop (WING) is expected to drive future revenue growth through several key initiatives over the next 2-3 years:

Global Unit Expansion: Wingstop is pursuing aggressive global unit growth, with plans to scale to over 10,000 restaurants worldwide. The company opened 493 net new restaurants in 2025, representing a 19.2% unit growth rate, and is targeting 15-16% global unit growth for 2026. This expansion includes a significant focus on international markets, with specific plans for accelerating development in regions such as the UK, where over 20 new sites are planned for 2025.
Domestic Same-Store Sales Growth: The company anticipates continued growth in domestic same-store sales, primarily driven by an increase in transactions. Wingstop reported 18.3% domestic same-store sales growth in 2023 and provided guidance for low double-digit domestic same-store sales growth in 2024, with an aim for approximately 20% for the full fiscal year 2024. For 2026, management expects flat to low-single-digit domestic same-store sales growth.
Digital Sales and Technology Investments: Digital sales consistently represent a significant portion of system-wide sales, reaching 68.3% in fiscal first quarter 2024. Wingstop's investment in an in-house technology platform, "My Wingstop," and the national rollout of the "Smart Kitchen" are intended to enhance efficiency and customer experience. Additionally, the launch of the "Club Wingstop" loyalty program is aimed at driving customer acquisition, retention, and increased frequency of visits.
Average Unit Volume (AUV) Expansion: Increasing average unit volumes (AUVs) is a key driver, as it strengthens returns for franchisees and supports further development. Domestic AUVs exceeded $1.9 million in the first quarter of 2024 and are projected to surpass the company's $2 million goal, with a long-term target of $3 million.

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Share Repurchases

Wingstop initiated a share repurchase program of up to $250 million in August 2023.
In December 2024, the board authorized an additional $500 million for repurchases, and the company anticipated executing a $250 million accelerated share repurchase (ASR) program in Q4 2024.
As of March 2026, the board authorized an additional $300 million for share repurchases. Since the program's inception in August 2023, Wingstop has invested nearly $700 million to repurchase approximately 2.6 million shares, including over 1.2 million shares in 2025. Approximately $91.3 million remained available under the program as of December 27, 2025.

Inbound Investments

Sixth Street made a £400 million investment in Wingstop UK in October 2025.
In December 2024, Wingstop completed a $500 million securitized financing transaction, increasing its outstanding debt to support its capital return strategy. The company also increased its revolving financing facility to $300 million for liquidity and general corporate purposes.

Outbound Investments

In Q1 2025, Wingstop reinvested $75.4 million to acquire an 18.75% non-controlling equity stake in a newly formed entity after receiving $107.7 million from a transaction where it was a minority shareholder in LPH since 2021.

Capital Expenditures

Wingstop's capital expenditures were $3.98 million in fiscal year 2023, $22 million in fiscal year 2024, and $47.4 million in fiscal year 2025.
The primary focus of capital expenditures includes investments in technology, such as the development and implementation of new enterprise resource planning, human capital management, and global development technology systems, including the Wingstop Smart Kitchen.

Interactive Breakdown

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Better Bets vs. Wingstop (WING)

INDUSTRY: Restaurants

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

BROS (30.4% | 3.6x)

Dutch Bros

STKS (42.4% | 0.1x)

One Hospitality

REBN (31.0% | 1.5x)

Reborn Coffee

VSTD (25.8% | 0.1x)

Vestand

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

STKS (42.4% | 1.4x)

One Hospitality

Higher Rev Chg LTM (Value for WING: 11.4%)

BROS (27.9%)

Dutch Bros

CAVA (22.4%)

Cava

EAT (17.9%)

Brinker International

SHAK (15.4%)

Shake Shack

QSR (12.2%)

Restaurant Brands International

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

STKS (42.4%)

One Hospitality

CAVA (31.4%)

Cava

REBN (31.0%)

Reborn Coffee

BROS (30.4%)

Dutch Bros

VSTD (25.8%)

Vestand

Higher Op Mgn LTM (Value for WING: 26.7%)

MCD (46.1%)

McDonald's

YUM (30.8%)

Yum Brands

RAVE (28.1%)

Rave Restaurant

Higher CFO/Rev LTM (Value for WING: 22.0%)

MCD (39.9%)

McDonald's

BH-A (27.1%)

Biglari

BH (27.1%)

Biglari

RAVE (24.8%)

Rave Restaurant

YUM (24.5%)

Yum Brands

Higher FCF/Rev LTM (Value for WING: 15.2%)

MCD (28.1%)

McDonald's

YUM (20.0%)

Yum Brands

BH-A (19.4%)

Biglari

BH (19.4%)

Biglari

QSR (15.4%)

Restaurant Brands International

Higher Total Yield (Value for WING: 4.8%)

DRI (8.1%)

Darden Restaurants

QSR (7.9%)

Restaurant Brands International

YUMC (7.2%)

Yum China

MCD (6.2%)

McDonald's

YUM (5.5%)

Yum Brands

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

MELI (38.9% | 2.8x)

MercadoLibre

RCL (28.2% | 4.0x)

Royal Caribbean

DASH (27.8% | 4.6x)

DoorDash

LVS (58.8% | 2.7x)

Las Vegas Sands

RIVN (62.6% | 3.4x)

Rivian Automotive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

RCL (28.2% | 14.4x)

Royal Caribbean

LVS (58.8% | 11.3x)

Las Vegas Sands

WYNN (27.7% | 8.2x)

Wynn Resorts

NCLH (30.4% | 5.4x)

Norwegian Cruise Line

GCT (39.9% | 10.6x)

GigaCloud Technology

Higher Rev Chg LTM (Value for WING: 11.4%)

MELI (39.1%)

MercadoLibre

DASH (27.9%)

DoorDash

GRMN (15.1%)

Garmin

BKNG (13.4%)

Booking

AMZN (12.4%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

LVS (58.8%)

Las Vegas Sands

MELI (38.9%)

MercadoLibre

ONON (35.3%)

RCL (28.2%)

Royal Caribbean

DASH (27.8%)

DoorDash

Higher Op Mgn LTM (Value for WING: 26.7%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

YUM (30.8%)

Yum Brands

ALSN (30.2%)

Allison Transmission

RCL (27.4%)

Royal Caribbean

Higher CFO/Rev LTM (Value for WING: 22.0%)

MELI (41.9%)

MercadoLibre

MCD (39.9%)

McDonald's

ABNB (38.0%)

Airbnb

RCL (36.0%)

Royal Caribbean

BKNG (35.0%)

Booking

Higher FCF/Rev LTM (Value for WING: 15.2%)

ABNB (38.0%)

Airbnb

MELI (37.3%)

MercadoLibre

BKNG (33.8%)

Booking

MCD (28.1%)

McDonald's

HLT (16.1%)

Hilton Worldwide

Higher Total Yield (Value for WING: 4.8%)

HD (7.4%)

Home Depot

LOW (7.2%)

Lowe's Companies

RCL (6.5%)

Royal Caribbean

MCD (6.2%)

McDonald's

BKNG (5.1%)

Booking

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

NEM (26.2% | 4.9x)

Newmont

KKR (65.2% | 4.1x)

KKR

APO (66.8% | 2.0x)

Apollo Global Management

MFC (33.3% | 1.1x)

Manulife Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

MU (45.3% | 14.3x)

Micron Technology

NEM (26.2% | 10.1x)

Newmont

AEM (28.1% | 15.4x)

Agnico Eagle Mines

APO (66.8% | 7.8x)

Apollo Global Management

AU (36.1% | 10.6x)

Anglogold Ashanti

Higher Rev Chg LTM (Value for WING: 11.4%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

NVDA (101.8%)

NVIDIA

MU (45.3%)

Micron Technology

LLY (32.1%)

Eli Lilly

BRK-B (27.0%)

Berkshire Hathaway

AVGO (26.2%)

Broadcom

Higher Op Mgn LTM (Value for WING: 26.7%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for WING: 22.0%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for WING: 15.2%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for WING: 4.8%)

JPM (7.4%)

JPMorgan Chase

BRK-B (6.6%)

Berkshire Hathaway

XOM (6.4%)

Exxon Mobil

MSFT (5.5%)

Microsoft

META (5.0%)

Meta Platforms

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for WING: 15.7x)

ABNB (29.2x)

Airbnb

BKNG (15.4x)

Booking

DUOL (32.6x)

Duolingo

ETSY (12.4x)

Etsy

LOPE (14.7x)

Grand Canyon Education

ALSN (10.7x)

Allison Transmission

PRDO (10.6x)

Perdoceo Education

DECK (10.1x)

Deckers Outdoor

GRMN (23.6x)

Garmin

PLNT (14.6x)

Planet Fitness

P/E (Value for WING: 24.6x)

ABNB (29.6x)

Airbnb

BKNG (24.1x)

Booking

DUOL (10.7x)

Duolingo

ETSY (28.6x)

Etsy

LOPE (21.1x)

Grand Canyon Education

ALSN (15.4x)

Allison Transmission

PRDO (14.8x)

Perdoceo Education

DECK (13.0x)

Deckers Outdoor

GRMN (26.6x)

Garmin

PLNT (27.8x)

Planet Fitness

What You Get

Rev Chg 3Y Avg (Value for WING: 25.4%)

ABNB (13.4%)

Airbnb

BKNG (16.5%)

Booking

DUOL (41.1%)

Duolingo

ETSY (4.0%)

Etsy

LOPE (6.7%)

Grand Canyon Education

ALSN (3.1%)

Allison Transmission

PRDO (7.4%)

Perdoceo Education

DECK (14.7%)

Deckers Outdoor

GRMN (14.4%)

Garmin

PLNT (12.2%)

Planet Fitness

Rev Chg LTM (Value for WING: 11.4%)

ABNB (10.3%)

Airbnb

BKNG (13.4%)

Booking

DUOL (38.7%)

Duolingo

ETSY (2.7%)

Etsy

LOPE (7.1%)

Grand Canyon Education

ALSN (-6.7%)

Allison Transmission

PRDO (24.2%)

Perdoceo Education

DECK (9.2%)

Deckers Outdoor

GRMN (15.1%)

Garmin

PLNT (12.1%)

Planet Fitness

Rev Chg Q (Value for WING: 8.6%)

ABNB (12.0%)

Airbnb

BKNG (16.0%)

Booking

DUOL (35.0%)

Duolingo

ETSY (3.5%)

Etsy

LOPE (5.3%)

Grand Canyon Education

ALSN (-7.4%)

Allison Transmission

PRDO (20.0%)

Perdoceo Education

DECK (7.1%)

Deckers Outdoor

GRMN (16.6%)

Garmin

PLNT (10.5%)

Planet Fitness

FCF/Rev 3Y Avg (Value for WING: 16.5%)

ABNB (39.2%)

Airbnb

BKNG (33.3%)

Booking

DUOL (32.1%)

Duolingo

ETSY (23.9%)

Etsy

LOPE (22.2%)

Grand Canyon Education

ALSN (21.4%)

Allison Transmission

PRDO (21.2%)

Perdoceo Education

DECK (20.8%)

Deckers Outdoor

GRMN (20.4%)

Garmin

PLNT (17.8%)

Planet Fitness

[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	Date
0	DASHBOARDS
1	Is 20.3% Fall In Wingstop (WING) Stock A Buying Opportunity?	03/10/2026
2	Wingstop Stock (-7.4%): Director Sale Sparks Investor Concern	03/03/2026
3	Wingstop Stock Dips 6.8% In One Day, Wait For A Dip To Buy The Stock	02/20/2026
4	Can Wingstop Stock Recover If Markets Fall?	02/20/2026
5	Where Does Wingstop Stock Rank Among Competitors?	02/19/2026
6	Wingstop Earnings Notes	12/27/2025
7	Is The 19.9% Decline In Wingstop (WING) Stock A Dip Buying Opportunity?	10/07/2025
8	ARTICLES
9	Wingstop Stock To $157?	03/10/2026
10	Wingstop Stock To $182?	02/20/2026
11	Does Wingstop Stock Lead the Pack?	02/19/2026
12	WING Stock Sinks 21%, Is A Rebound Coming?	10/07/2025
13	Down 23%, Is WING Stock A Buy Now?	09/30/2025

	Title
0	DASHBOARDS
1	Is 20.3% Fall In Wingstop (WING) Stock A Buying Opportunity?
2	Wingstop Stock (-7.4%): Director Sale Sparks Investor Concern
3	Wingstop Stock Dips 6.8% In One Day, Wait For A Dip To Buy The Stock
4	Can Wingstop Stock Recover If Markets Fall?
5	Where Does Wingstop Stock Rank Among Competitors?
6	Wingstop Earnings Notes
7	Is The 19.9% Decline In Wingstop (WING) Stock A Dip Buying Opportunity?
8	ARTICLES
9	Wingstop Stock To $157?
10	Wingstop Stock To $182?
11	Does Wingstop Stock Lead the Pack?
12	WING Stock Sinks 21%, Is A Rebound Coming?
13	Down 23%, Is WING Stock A Buy Now?

Trade Ideas

Select ideas related to WING.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MBLY_2272026_Dip_Buyer_HighCashEquity_ExInd	02272026	MBLY	Mobileye Global	Dip Buy	DB \| Cash/EquityDip Buyer with High Net Cash % Equity Buying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation	0.0%	0.0%	0.0%
SAH_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02202026	SAH	Sonic Automotive	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-5.9%	-5.9%	-6.1%
MAT_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02132026	MAT	Mattel	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	2.9%	2.9%	0.0%
SONO_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02132026	SONO	Sonos	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-0.7%	-0.7%	-4.6%
DECK_2062026_Dip_Buyer_ValueBuy	02062026	DECK	Deckers Outdoor	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.6%	1.6%	-0.8%
WING_5312022_Dip_Buyer_High_CFO_Margins_ExInd_DE	05312022	WING	Wingstop	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	95.3%	151.7%	-9.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	WING	DPZ	YUM	QSR	CMG	SHAK	Median
Name	Wingstop	Domino's.	Yum Bran.	Restaura.	Chipotle.	Shake Sh.
Mkt Price	154.46	348.14	153.96	71.42	30.86	81.32	117.64
Mkt Cap	4.3	11.7	43.0	23.9	40.6	3.3	17.8
Rev LTM	697	4,940	8,214	9,434	11,926	1,445	6,577
Op Inc LTM	186	950	2,529	2,492	2,013	86	1,481
FCF LTM	106	672	1,639	1,449	1,448	57	1,060
FCF 3Y Avg	97	556	1,463	1,318	1,394	26	937
CFO LTM	153	792	2,010	1,714	2,114	222	1,253
CFO 3Y Avg	144	669	1,767	1,513	2,001	175	1,091

Growth & Margins

	WING	DPZ	YUM	QSR	CMG	SHAK	Median
Name	Wingstop	Domino's.	Yum Bran.	Restaura.	Chipotle.	Shake Sh.
Rev Chg LTM	11.4%	5.0%	8.8%	12.2%	5.4%	15.4%	10.1%
Rev Chg 3Y Avg	25.4%	2.9%	6.3%	13.3%	11.4%	17.1%	12.4%
Rev Chg Q	8.6%	6.4%	6.5%	7.4%	4.9%	21.9%	6.9%
QoQ Delta Rev Chg LTM	2.0%	1.9%	1.9%	1.8%	1.2%	5.2%	1.9%
Op Mgn LTM	26.7%	19.2%	30.8%	26.4%	16.9%	5.9%	22.8%
Op Mgn 3Y Avg	25.8%	18.7%	31.7%	27.9%	17.0%	4.2%	22.3%
QoQ Delta Op Mgn LTM	0.3%	0.1%	-0.0%	0.5%	-0.1%	0.3%	0.2%
CFO/Rev LTM	22.0%	16.0%	24.5%	18.2%	17.7%	15.4%	17.9%
CFO/Rev 3Y Avg	24.5%	14.2%	23.2%	18.3%	18.1%	13.7%	18.2%
FCF/Rev LTM	15.2%	13.6%	20.0%	15.4%	12.1%	3.9%	14.4%
FCF/Rev 3Y Avg	16.5%	11.8%	19.2%	16.0%	12.6%	1.8%	14.3%

Valuation

	WING	DPZ	YUM	QSR	CMG	SHAK	Median
Name	Wingstop	Domino's.	Yum Bran.	Restaura.	Chipotle.	Shake Sh.
Mkt Cap	4.3	11.7	43.0	23.9	40.6	3.3	17.8
P/S	6.1	2.4	5.2	2.5	3.4	2.3	3.0
P/EBIT	15.7	12.1	16.7	10.8	20.2	43.8	16.2
P/E	24.6	19.5	27.6	30.8	26.4	71.6	27.0
P/CFO	28.0	14.8	21.4	14.0	19.2	14.7	17.0
Total Yield	4.8%	7.2%	5.5%	7.9%	3.8%	1.4%	5.1%
Dividend Yield	0.8%	2.0%	1.8%	4.6%	0.0%	0.0%	1.3%
FCF Yield 3Y Avg	1.3%	3.9%	3.8%	5.8%	2.3%	0.6%	3.0%
D/E	0.3	0.4	0.3	0.7	0.1	0.3	0.3
Net D/E	0.3	0.4	0.3	0.6	0.1	0.2	0.3

Returns

	WING	DPZ	YUM	QSR	CMG	SHAK	Median
Name	Wingstop	Domino's.	Yum Bran.	Restaura.	Chipotle.	Shake Sh.
1M Rtn	-39.2%	-13.4%	-6.8%	6.6%	-17.7%	-11.7%	-12.6%
3M Rtn	-39.6%	-17.8%	0.9%	3.1%	-18.4%	-2.9%	-10.3%
6M Rtn	-37.4%	-19.4%	1.8%	12.0%	-23.0%	-12.0%	-15.7%
12M Rtn	-32.3%	-24.9%	-0.5%	7.8%	-39.4%	-13.1%	-19.0%
3Y Rtn	-15.0%	12.2%	26.9%	22.3%	-6.6%	53.1%	17.3%
1M Excs Rtn	-35.3%	-4.6%	0.7%	10.9%	-11.1%	-9.7%	-7.1%
3M Excs Rtn	-31.1%	-9.6%	8.4%	11.7%	-10.5%	3.7%	-3.0%
6M Excs Rtn	-34.3%	-13.3%	6.9%	16.2%	-18.0%	-10.1%	-11.7%
12M Excs Rtn	-41.1%	-35.7%	-12.6%	-2.3%	-49.9%	-24.4%	-30.0%
3Y Excs Rtn	-76.4%	-45.3%	-34.0%	-35.0%	-66.7%	-14.5%	-40.1%

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: 12/27	LTM	2025	2024	2023	2022	2021	2020
Period End	12/27/2025	12/27/2025	12/28/2024	12/30/2023	12/31/2022	12/25/2021	12/26/2020
Filing Date	2/18/2026	2/18/2026	2/19/2025	2/21/2024	2/22/2023	2/16/2022	2/18/2021
Key Financials
Total Revenue	697	697	626	460	358	283	249
EBITDA	298	298	188	126	101	82	51
Operating Income	186	186	165	113	93	70	54
Net Income	174	174	109	70	53	43	23
EPS	6.20	6.23	3.72	2.36	1.77	1.43	0.79
Growth Rates
Total Revenue Growth	11.4%	11.4%	36.0%	28.7%	26.6%	13.5%	24.6%
EBITDA Growth	58.6%	58.6%	49.4%	24.0%	24.0%	59.7%	5.9%
Operating Income Growth	12.9%	12.9%	46.0%	21.0%	32.5%	29.4%	26.6%
Net Income Growth	60.3%	60.3%	54.9%	32.5%	24.1%	83.0%	13.8%
Margins
EBITDA Margin	42.8%	42.8%	30.0%	27.3%	28.4%	29.0%	20.6%
Operating Income Margin	26.7%	26.7%	26.3%	24.5%	26.0%	24.9%	21.8%
Net Income Margin	25.0%	25.0%	17.4%	15.3%	14.8%	15.1%	9.4%
Cash & Debt
Total Cash	197	197	316	90	184	49	41
Total Debt	1,270	1,270	1,265	733	716	472	473
Net Debt / (Cash)	1,074	1,074	950	642	532	423	432
Cash Flows
Net Cash from Operations	153	153	158	122	76	49	66
Free Cash from Operations	106	106	106	81	52	21	59
Returns to Shareholders
Dividends	32	32	29	25	141	20	164
Share Repurchases	222	222	315	125	-0	-0	-0

$ Mil \| FY: 12/27	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/27/2025	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023
Filing Date	2/18/2026	11/4/2025	7/30/2025	4/30/2025	2/19/2025	10/30/2024	7/31/2024	5/1/2024	2/21/2024	11/1/2023	8/2/2023	5/3/2023
Key Financials Quarterly
Total Revenue	176	176	174	171	162	162	156	146	127	117	107	109
Ebitda	53	55	51	138	49	46	47	46	34	34	30	28
Operating Income	47	49	45	45	41	40	41	43	30	31	26	26
Net Income	27	28	27	92	27	26	27	29	19	20	16	16
EPS	0.97	1.02	0.96	3.25	0.92	0.88	0.94	0.98	0.64	0.66	0.54	0.52
Key Financials TTM
Total Revenue TTM	697	683	670	651	626	591	546	497	460	438	413	390
Ebitda TTM	298	294	284	280	188	173	161	144	126	124	117	112
Operating Income TTM	186	180	171	167	165	154	144	130	113	112	106	102
Net Income TTM	174	174	172	172	109	101	95	83	70	69	63	60
Growth Rates Quarterly
Total Revenue Growth	8.6%	8.1%	12.0%	17.4%	27.4%	38.8%	45.3%	34.1%	21.2%	26.4%	27.9%	42.7%
EBITDA Growth	8.6%	20.6%	9.8%	197.8%	46.1%	34.1%	57.6%	63.1%	4.9%	27.9%	19.4%	58.6%
Operating Income Growth	14.8%	23.0%	9.7%	4.8%	36.9%	29.8%	55.8%	66.0%	2.7%	26.1%	16.6%	51.0%
Net Income Growth	0.0%	10.7%	-2.6%	221.0%	42.2%	31.9%	69.9%	83.5%	6.9%	46.0%	21.6%	80.6%
Margins Quarterly
EBITDA Margin	30.3%	31.3%	29.5%	80.8%	30.3%	28.1%	30.1%	31.9%	26.4%	29.1%	27.7%	26.2%
Operating Income Margin	26.7%	27.9%	25.9%	26.2%	25.2%	24.5%	26.5%	29.3%	23.5%	26.2%	24.7%	23.7%
Net Income Margin	15.2%	16.2%	15.4%	53.9%	16.5%	15.8%	17.7%	19.7%	14.8%	16.7%	15.1%	14.4%
Cash & Debt
Total Cash	197	238	228	251	316	84	97	108	90	78	188	196
Total Debt	1,270	1,270	1,269	1,268	1,265	778	771	713	733	712	711	713
Net Debt / (Cash)	1,074	1,032	1,041	1,016	950	694	675	604	642	634	523	517
Cash Flows Quarterly
FCF from Operations	57	64	7	25	8	69	36	45	38	36	12	36
Cash Flows TTM
FCF from Operations TTM	153	103	109	138	158	188	154	131	122	107	95	92
Returns to Shareholders Quarterly
Dividends	8	8	8	8	8	8	6	7	6	7	6	6
Share Repurchases	61	40	-0	121	250	35	29	-0	0	125	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.3%	13.5%	12.5%	13.1%	12.5%	16.6%	18.4%	21.1%	13.9%	14.4%	14.7%	14.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.6%	12.8%	12.0%	12.1%	12.8%	16.4%	16.0%	15.9%	13.0%	13.1%	14.9%	15.0%

Segment Financials

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Restaurant		70
Total		70

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Restaurant	716
Total	716

Price Behavior

Price Behavior

Market Price	$154.46
Market Cap ($ Bil)	4.3
First Trading Date	06/12/2015
Distance from 52W High	-59.4%
	50 Days	200 Days
DMA Price	$238.45	$272.82
DMA Trend	down	down
Distance from DMA	-35.2%	-43.4%
	3M	1YR
Volatility	70.2%	62.7%
Downside Capture	2.20	1.06
Upside Capture	175.60	83.91
Correlation (SPY)	30.0%	28.5%

WING Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.77	2.21	1.79	1.40	1.00	1.02
Up Beta	-4.15	-3.42	-1.46	0.35	0.98	1.06
Down Beta	1.44	1.61	1.48	0.98	0.80	0.85
Up Capture	594%	540%	312%	145%	127%	119%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	9	20	31	55	120	404
Down Capture	429%	324%	254%	196%	114%	104%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	12	21	30	69	131	348

[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 WING
WING	-29.7%	62.7%	-0.33	-
Sector ETF (XLY)	4.6%	23.6%	0.13	30.3%
Equity (SPY)	14.5%	18.9%	0.59	28.6%
Gold (GLD)	50.2%	27.7%	1.46	-3.1%
Commodities (DBC)	17.8%	17.6%	0.85	-0.5%
Real Estate (VNQ)	0.4%	16.4%	-0.15	18.0%
Bitcoin (BTCUSD)	-21.0%	44.0%	-0.41	12.4%

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 WING
WING	4.5%	49.8%	0.26	-
Sector ETF (XLY)	5.6%	23.7%	0.20	45.1%
Equity (SPY)	11.8%	17.0%	0.54	43.0%
Gold (GLD)	20.7%	17.7%	0.96	4.3%
Commodities (DBC)	11.6%	18.9%	0.50	3.9%
Real Estate (VNQ)	3.0%	18.8%	0.07	30.5%
Bitcoin (BTCUSD)	4.7%	56.6%	0.30	21.0%

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 WING
WING	25.2%	45.4%	0.66	-
Sector ETF (XLY)	11.6%	21.9%	0.49	44.9%
Equity (SPY)	14.0%	17.9%	0.67	41.4%
Gold (GLD)	13.3%	15.8%	0.70	6.4%
Commodities (DBC)	8.2%	17.6%	0.39	11.0%
Real Estate (VNQ)	4.7%	20.7%	0.19	31.7%
Bitcoin (BTCUSD)	66.9%	66.8%	1.06	13.4%

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

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	3.5 Mil
Short Interest: % Change Since 2282026	8.5%
Average Daily Volume	1.0 Mil
Days-to-Cover Short Interest	3.4 days
Basic Shares Quantity	27.7 Mil
Short % of Basic Shares	12.6%

Returns Analyses

	Title
0	Can Wingstop Stock Recover If Markets Fall?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/18/2026	10.8%	-2.0%	-24.0%
11/4/2025	10.9%	11.2%	23.0%
7/30/2025	26.9%	16.6%	17.0%
4/30/2025	14.5%	15.8%	47.9%
2/19/2025	-13.4%	-21.9%	-29.8%
10/30/2024	-21.4%	-16.3%	-10.1%
7/31/2024	-0.7%	-2.3%	3.2%
5/1/2024	-0.2%	3.4%	0.4%
...
SUMMARY STATS
# Positive	15	15	13
# Negative	9	9	11
Median Positive	9.4%	13.4%	17.8%
Median Negative	-4.4%	-9.2%	-10.1%
Max Positive	26.9%	30.3%	47.9%
Max Negative	-21.4%	-23.5%	-29.8%

	Forward Returns
2/18/2026	10.8%	-2.0%	-24.0%
11/4/2025	10.9%	11.2%	23.0%
7/30/2025	26.9%	16.6%	17.0%
4/30/2025	14.5%	15.8%	47.9%
2/19/2025	-13.4%	-21.9%	-29.8%
10/30/2024	-21.4%	-16.3%	-10.1%
7/31/2024	-0.7%	-2.3%	3.2%
5/1/2024	-0.2%	3.4%	0.4%
2/21/2024	-4.4%	4.5%	7.4%
11/1/2023	7.5%	13.4%	31.6%
8/2/2023	-0.4%	-4.3%	-3.1%
5/3/2023	9.4%	1.2%	-0.2%
2/22/2023	7.7%	2.5%	10.2%
10/26/2022	15.3%	14.9%	17.8%
7/28/2022	20.2%	30.3%	25.6%
5/4/2022	8.8%	-9.2%	-10.9%
2/16/2022	3.2%	-11.6%	-23.1%
11/3/2021	-10.0%	-0.4%	-5.2%
7/28/2021	-2.2%	1.8%	-0.6%
4/28/2021	6.0%	8.1%	-2.8%
2/17/2021	-13.2%	-23.5%	-20.4%
11/2/2020	0.2%	13.7%	15.3%
7/29/2020	16.7%	22.9%	25.3%
4/7/2020	9.0%	20.3%	45.2%
SUMMARY STATS
# Positive	15	15	13
# Negative	9	9	11
Median Positive	9.4%	13.4%	17.8%
Median Negative	-4.4%	-9.2%	-10.1%
Max Positive	26.9%	30.3%	47.9%
Max Negative	-21.4%	-23.5%	-29.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/18/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/19/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/01/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	10/26/2022	10-Q
06/30/2022	07/28/2022	10-Q
03/31/2022	05/04/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/18/2026 | Prior: Q3 2025 Earnings Reported 11/4/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Domestic same store sales growth		2.0%		-157.1%		Higher New	Actual: -3.5% for 2025
2026 Global unit growth rate		15.5%
2026 SG&A		152.50 Mil		16.0%		Higher New	Actual: 131.50 Mil for 2025
2026 Stock-based compensation expense		32.00 Mil		23.1%		Higher New	Actual: 26.00 Mil for 2025
2026 Interest expense, net		43.00 Mil		14.7%		Higher New	Actual: 37.50 Mil for 2025
2026 Depreciation and amortization		30.00 Mil		15.4%		Higher New	Actual: 26.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Madati, Kilandigalu		Direct	Sell	11262025	259.97	269	69,931	1,373,406	Form
2	Carona, Marisa	SVP & Chief US Fran & Dev Ops	Direct	Sell	8012025	370.34	11,938			Form
3	Kaleida, Alex	SVP, Chief Financial Officer	Direct	Sell	8012025	376.09	5,400	2,030,888	3,144,867	Form
4	Skipworth, Michael	President and CEO	Direct	Sell	8012025	370.34	4,500	1,666,515	15,841,889	Form
5	Caine, Lynn Crump		Direct	Sell	6042025	345.60	499	172,455	3,091,401	Form

WING Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing WING?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What WING Makes & Who Pays

TTM figures based on

WING Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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

Prefer one of these to Trefis? Tell us why.

Wingstop (WING)

Market Price (3/28/2026): $154.25 | Market Cap: $4.3 BilSector: Consumer Discretionary | Industry: Restaurants

Wingstop (WING)

Market Price (3/28/2026): $154.25Market Cap: $4.3 BilSector: Consumer DiscretionaryIndustry: Restaurants

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

Valuation, Metrics & Events

Price Chart

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 Wingstop (WING)

Global Addressable Markets

U.S. Addressable Markets

Share Repurchases

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Wingstop (WING)

INDUSTRY: Restaurants

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

Higher Rev Chg LTM (Value for WING: 11.4%)

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

Higher Op Mgn LTM (Value for WING: 26.7%)

Higher CFO/Rev LTM (Value for WING: 22.0%)

Higher FCF/Rev LTM (Value for WING: 15.2%)

Higher Total Yield (Value for WING: 4.8%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

Higher Rev Chg LTM (Value for WING: 11.4%)

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

Higher Op Mgn LTM (Value for WING: 26.7%)

Higher CFO/Rev LTM (Value for WING: 22.0%)

Higher FCF/Rev LTM (Value for WING: 15.2%)

Higher Total Yield (Value for WING: 4.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WING: 25.4% | 6.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WING: 25.4% | 23.0x)

Higher Rev Chg LTM (Value for WING: 11.4%)

Higher Rev Chg 3Y Avg (Value for WING: 25.4%)

Higher Op Mgn LTM (Value for WING: 26.7%)

Higher CFO/Rev LTM (Value for WING: 22.0%)

Higher FCF/Rev LTM (Value for WING: 15.2%)

Higher Total Yield (Value for WING: 4.8%)

Best Bets in Consumer Discretionary

P/EBIT (Value for WING: 15.7x)

P/E (Value for WING: 24.6x)

Rev Chg 3Y Avg (Value for WING: 25.4%)

Rev Chg LTM (Value for WING: 11.4%)

Rev Chg Q (Value for WING: 8.6%)

FCF/Rev 3Y Avg (Value for WING: 16.5%)

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Market Price (3/28/2026): $154.25 | Market Cap: $4.3 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Market Price (3/28/2026): $154.25
Market Cap: $4.3 Bil
Sector: Consumer Discretionary
Industry: Restaurants