Cheesecake Factory Inc key statistics and ratios
In fiscal 2025, Cheesecake Factory Inc had return on equity of 33.7%, an operating margin of 5.0%, debt equal to 144.4% of equity and a current ratio of 0.59. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Jan 2012 | 2012Jan 2013 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Jan 2017 | 2017Jan 2018 | 2018Jan 2019 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Jan 2023 | 2023Jan 2024 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 75.4% | 75.1% | 74.5% | 75.1% | 75.7% | 75.2% | 76.0% | 76.9% | 77.0% | 77.2% | 77.4% | 76.9% | 77.7% | — | — | — | — | — |
| Operating margin | 4.6% | 7.7% | 7.6% | 7.7% | 8.6% | 7.3% | 7.9% | 8.8% | 6.8% | 5.1% | 4.2% | −17.5% | 2.8% | 1.2% | 3.2% | 5.0% | 5.0% | 6.0% |
| Net margin | 2.7% | 4.9% | 5.4% | 5.4% | 6.1% | 5.1% | 5.5% | 6.1% | 7.0% | 4.2% | 5.1% | −12.8% | 2.5% | 1.3% | 2.9% | 4.4% | 4.0% | 5.2% |
| Free-cash-flow margin | 10.0% | 7.4% | 6.8% | 6.0% | 5.2% | 6.4% | 4.5% | 8.8% | 5.2% | 8.1% | 5.8% | −2.4% | 5.0% | 1.5% | 1.9% | 3.0% | 4.1% | 5.5% |
| Return on equity | 8.3% | 14.7% | 16.9% | 17.5% | 19.8% | 17.9% | 20.4% | 23.4% | 25.9% | 16.7% | 22.3% | −58.9% | 23.4% | 13.9% | 33.2% | 41.2% | 33.7% | 41.2% |
| Return on assets | 4.1% | 7.8% | 9.3% | 9.3% | 10.4% | 8.9% | 9.7% | 11.0% | 12.0% | 7.5% | 6.1% | −9.1% | 2.6% | 1.5% | 3.6% | 5.3% | 4.7% | 6.2% |
| Asset turnover | 1.53 | 1.59 | 1.71 | 1.71 | 1.71 | 1.74 | 1.75 | 1.80 | 1.72 | 1.76 | 1.20 | 0.71 | 1.06 | 1.19 | 1.23 | 1.22 | 1.19 | 1.19 |
| Current ratio | 0.86 | 0.96 | 0.79 | 0.91 | 0.85 | 0.70 | 0.64 | 0.59 | 0.52 | 0.47 | 0.40 | 0.58 | 0.64 | 0.53 | 0.46 | 0.47 | 0.59 | 0.36 |
| Debt to equity | 19.4% | 6.8% | 0.0% | 0.0% | 0.0% | 4.5% | 4.2% | 0.0% | 1.6% | 1.8% | 50.7% | 97.0% | 141.1% | 160.3% | 147.8% | 101.9% | 144.4% | 196.3% |
| Interest cover (operating income ÷ interest) | 3.1x | 7.6x | 27.1x | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 16.5% | 26.4% | 25.9% | 26.5% | 26.9% | 26.9% | 26.9% | 27.3% | −7.5% | 7.8% | 9.3% | — | −1.1% | −31.1% | −1.3% | 8.3% | 8.9% | 11.2% |
| Capital spending as % of revenue | 2.3% | 2.5% | 4.4% | 4.8% | 5.7% | 5.8% | 7.3% | 5.1% | 5.3% | 4.4% | 3.0% | 2.5% | 2.3% | 3.4% | 4.4% | 4.5% | 3.9% | 4.2% |
| Free cash flow ÷ net income | 373.3% | 151.0% | 124.7% | 110.7% | 86.1% | 124.1% | 80.5% | 143.8% | 75.0% | 190.2% | 113.9% | — | 201.8% | 114.7% | 65.9% | 68.9% | 104.5% | 105.4% |
| Dividends ÷ net income | — | — | — | 13.0% | 23.8% | 29.9% | 30.9% | 30.4% | 31.7% | 56.8% | 47.7% | — | 0.5% | 98.0% | 52.5% | 33.8% | 35.2% | 27.4% |
| Dividends and buybacks ÷ free cash flow | — | 42.2% | 144.3% | 104.8% | 214.1% | 135.9% | 155.0% | 94.2% | 146.5% | 87.9% | 77.0% | — | 4.2% | 213.1% | 148.6% | 66.0% | 132.9% | 45.6% |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Apr 2025 | 2025 Q2Jul 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.1% | 5.6% | 6.8% | 4.1% | 3.5% | 5.6% | 7.6% | 7.2% |
| Net margin | 4.5% | 3.6% | 5.7% | 3.5% | 3.0% | 5.1% | 6.6% | 5.9% |
| Free-cash-flow margin | 5.9% | 3.9% | 1.6% | 5.9% | 5.2% | 5.5% | 4.8% | 6.5% |
| Current ratio | 0.47 | 0.53 | 0.51 | 0.55 | 0.59 | 0.59 | 0.59 | 0.36 |
| Debt to equity | 101.9% | 184.8% | 156.7% | 147.9% | 144.4% | 137.4% | 108.5% | 98.2% |
Financial health
- Short-term assets cover short-term liabilities $469m of assets due within a year against $1.3bn of liabilities due within a year.
- Short-term assets cover long-term liabilities $469m short-term assets against $1.6bn of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Moat
Moderate moat
How hard Cheesecake Factory's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 4 / 20
Net income has been a median 4.2% of total assets over 10 years.
- Pricing power 20 / 20
Gross margin has been a median 76.8%, moving by 0.8 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 4.4%; its worst year was -14.2%.
- Cash conversion 12 / 20
Free cash flow was positive in 10 of 10 years, at a median 3.9% of revenue.
- Discipline 15 / 20
The diluted share count rose 5.7% over five years; stock-based pay has been a median 0.8% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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