CAKE Consumer Cyclical

The Cheesecake Factory Incorporated

$110.22-2.43%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Consumer Cyclical
Industry: Restaurants
Country: United States
Market cap: 5.5B USD
Enterprise value: 6.1B USD
Full-time employees: 48,000

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.63), less short-term liquidity (current ratio 0.59 vs a peer median of 1.48) and more debt relative to equity (1.08× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.04 vs peers 0.63), less liquidity (current ratio 0.59 vs peers 1.48) and more debt vs equity (1.08× vs peers 0.46×)
About average: growth

Ranks #1,012 of 1,502 consumer cyclical companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +14%, operating profit +381%.Since 2022: revenue +14%, operating profit +381%.
Since 2022, Cheesecake Factory's revenue grew 14% while operating profit grew 381%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.0B in 2020 to $3.8B in 2025.
Cheesecake Factory's fiscal-year revenue rose in each of the five years to 2025, from $2.0B to $3.8B.
Profit is backed by cash. Free cash flow is 116% of reported profit.
Cheesecake Factory's free cash flow is 116% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

30/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 31 → 30

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.35Sector median: 0.0439 · MAD: 0.0329

EBITDA yield5.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.73Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield3.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.44Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield9.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth12.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.31Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth4.4%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.02Sector median: 0.0425 · MAD: 0.0636

Revenue growth5.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.30Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

68/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.24Sector median: 0.0638 · MAD: 0.0461

Return on assets5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.83Sector median: 0.0331 · MAD: 0.0254

Return on invested capital18.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.81Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin40.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity34.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 17 → 18

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.04

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.35Sector median: 0.6345 · MAD: 0.2980

Current ratio0.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.60Sector median: 1.4800 · MAD: 0.5570

Debt / equity1.08×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.74Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cheesecake Factory

Is Cheesecake Factory getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Cheesecake Factory valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 30/100 against 1,612 consumer cyclical peers. EBITDA yield 5.4% vs a peer median of 8.8% (weaker than 71% of peers).EBITDA yield 5.4% vs peers 8.8% (weaker than 71% of peers).
Is Cheesecake Factory growing?: At about the same pace as its peers. Growth scores 55/100 against 1,612 consumer cyclical peers.
How profitable is Cheesecake Factory?: More profitable than most of its peers. Profitability scores 68/100 against 1,612 consumer cyclical peers. Return on invested capital 18.2% vs a peer median of 7.3% (stronger than 83% of peers).Return on invested capital 18.2% vs peers 7.3% (stronger than 83% of peers).
How risky is Cheesecake Factory?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.59× vs a peer median of 1.48× (weaker than 92% of peers).Current ratio 0.59× vs peers 1.48× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.8B USD	3.9B USD	+1.9%
Net income (12 months)	164.6M USD	178.2M USD	+8.3%
Operating margin	5.0%	5.3%	+0.3 pts
Free cash flow (12 months)	172.3M USD	206.3M USD	+19.7%
Debt	631.0M USD	562.9M USD	−10.8%
Cash	235.1M USD	195.2M USD	−17.0%
Shares outstanding	49.7M	49.8M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Restaurants · 19 companies

Valuations in Restaurants are within their usual range since 2016.

40% of months since 2016 were valued lower than now.
12% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +17% (medians): earnings grew faster than prices.
Median price-to-sales is −28% vs the whole market, against a usual −11%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	77.7%	—	—	—	—	—
Operating margin	2.8%	1.2%	3.2%	5.0%	5.0%	▲ 0.0 pts
Net margin	2.5%	1.3%	2.9%	4.4%	4.0%	▼ 0.4 pts
Return on assets (ROA)	2.6%	1.6%	3.6%	5.2%	4.6%	▼ 0.6 pts
Return on equity (ROE)	21.9%	14.8%	31.9%	35.4%	34.0%	▼ 1.3 pts
Free cash flow margin	5.0%	1.5%	1.9%	3.0%	4.1%	▲ 1.1 pts
Current ratio	0.64×	0.53×	0.46×	0.47×	0.59×	▲ 25%
Quick ratio	0.57×	0.44×	0.37×	0.38×	0.52×	▲ 37%
Debt to equity	1.41×	1.60×	1.48×	1.02×	1.44×	▲ 42%

CAKE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.63), less short-term liquidity (current ratio 0.59 vs a peer median of 1.48) and more debt relative to equity (1.08× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.04 vs peers 0.63), less liquidity (current ratio 0.59 vs peers 1.48) and more debt vs equity (1.08× vs peers 0.46×)

About average: growth

Ranks #1,012 of 1,502 consumer cyclical companies (bottom 33%)

See how it ranks against its peers

Worth knowing

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +14%, operating profit +381%.Since 2022: revenue +14%, operating profit +381%.

Since 2022, Cheesecake Factory's revenue grew 14% while operating profit grew 381%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.0B in 2020 to $3.8B in 2025.

Cheesecake Factory's fiscal-year revenue rose in each of the five years to 2025, from $2.0B to $3.8B.

Profit is backed by cash. Free cash flow is 116% of reported profit.

Cheesecake Factory's free cash flow is 116% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Cheesecake Factory

Is Cheesecake Factory getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Cheesecake Factory valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 30/100 against 1,612 consumer cyclical peers. EBITDA yield 5.4% vs a peer median of 8.8% (weaker than 71% of peers).EBITDA yield 5.4% vs peers 8.8% (weaker than 71% of peers).

Is Cheesecake Factory growing?

At about the same pace as its peers. Growth scores 55/100 against 1,612 consumer cyclical peers.

How profitable is Cheesecake Factory?

More profitable than most of its peers. Profitability scores 68/100 against 1,612 consumer cyclical peers. Return on invested capital 18.2% vs a peer median of 7.3% (stronger than 83% of peers).Return on invested capital 18.2% vs peers 7.3% (stronger than 83% of peers).

How risky is Cheesecake Factory?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.59× vs a peer median of 1.48× (weaker than 92% of peers).Current ratio 0.59× vs peers 1.48× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.8B USD

3.9B USD

+1.9%

Net income (12 months)

164.6M USD

178.2M USD

+8.3%

Operating margin

5.0%

5.3%

+0.3 pts

Free cash flow (12 months)

172.3M USD

206.3M USD

+19.7%

Debt

631.0M USD

562.9M USD

−10.8%

Cash

235.1M USD

195.2M USD

−17.0%

Shares outstanding

49.7M

49.8M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

77.7%

—

Operating margin

2.8%

1.2%

3.2%

5.0%

▲ 0.0 pts

Net margin

2.5%

1.3%

2.9%

4.4%

4.0%

▼ 0.4 pts

Return on assets (ROA)

2.6%

1.6%

3.6%

5.2%

4.6%

▼ 0.6 pts

Return on equity (ROE)

21.9%

14.8%

31.9%

35.4%

34.0%

▼ 1.3 pts

Free cash flow margin

5.0%

1.5%

1.9%

3.0%

4.1%

▲ 1.1 pts

Current ratio

0.64×

0.53×

0.46×

0.47×

0.59×

▲ 25%

Quick ratio

0.57×

0.44×

0.37×

0.38×

0.52×

▲ 37%

Debt to equity

1.41×

1.60×

1.48×

1.02×

1.44×

▲ 42%