Wingstop Inc. key statistics and ratios

In fiscal 2025, Wingstop Inc. had an operating margin of 25.7% and a current ratio of 3.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Wingstop Inc.: financial ratios, annual
Fiscal year	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	62.4%	69.6%	71.5%	75.5%	78.4%	79.1%	79.4%	80.5%	79.7%	82.3%	84.6%	85.4%	—	—
Operating margin	25.2%	26.8%	25.3%	25.8%	25.4%	25.2%	21.5%	23.1%	26.1%	25.7%	24.5%	26.5%	25.7%	27.7%
Net margin	12.8%	13.3%	13.0%	13.3%	18.0%	14.2%	10.3%	9.4%	15.1%	14.8%	15.3%	17.4%	25.0%	16.0%
Free-cash-flow margin	14.8%	19.1%	15.3%	19.2%	18.7%	22.7%	8.1%	23.9%	7.4%	14.6%	17.6%	16.9%	15.2%	16.0%
Return on assets	—	7.6%	8.4%	11.8%	20.7%	16.7%	13.4%	12.3%	18.5%	15.7%	17.5%	19.9%	24.7%	17.0%
Asset turnover	—	0.57	0.65	0.89	1.15	1.18	1.31	1.32	1.23	1.06	1.15	1.14	0.99	1.06
Current ratio	—	1.02	1.56	0.66	0.83	1.13	0.92	1.44	1.77	3.63	2.03	4.52	3.26	2.12
Effective tax rate	37.4%	37.2%	36.2%	37.3%	16.7%	19.3%	20.5%	13.5%	27.6%	23.6%	25.6%	26.1%	26.5%	28.1%
SG&A as % of revenue	32.1%	38.6%	42.8%	33.4%	26.2%	29.1%	25.1%	24.6%	22.3%	18.8%	21.1%	18.7%	18.4%	17.6%
Capital spending as % of revenue	3.6%	2.2%	2.5%	2.0%	1.9%	2.6%	11.3%	2.4%	9.9%	6.7%	8.9%	8.3%	6.8%	9.6%
Free cash flow ÷ net income	116.3%	143.1%	118.2%	144.0%	104.0%	160.2%	78.6%	255.2%	48.9%	98.8%	115.1%	97.2%	60.6%	99.6%
Dividends ÷ net income	511.7%	0.0%	475.0%	604.7%	17.0%	878.2%	57.3%	702.8%	46.5%	266.8%	35.5%	26.6%	18.6%	29.0%
Dividends and buybacks ÷ free cash flow	439.8%	0.0%	401.8%	420.1%	16.3%	548.3%	72.9%	275.4%	95.0%	270.1%	186.1%	325.1%	240.7%	170.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Wingstop Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	85.6%	—	—	—	—	—	—	—
Operating margin	25.9%	22.4%	25.9%	27.9%	26.7%	27.4%	29.4%	27.4%
Net margin	16.5%	53.9%	15.4%	16.2%	15.2%	16.3%	16.9%	15.7%
Free-cash-flow margin	−5.3%	10.1%	−4.5%	35.1%	19.6%	23.8%	−6.1%	26.9%
Current ratio	4.52	3.56	4.37	4.05	3.26	2.24	2.97	2.12
SG&A as % of revenue	19.3%	18.4%	18.9%	17.4%	19.0%	18.8%	16.3%	16.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 4 checks passed · September 26, 2026

What it owns · $687m

Short-term assets $195mLonger-term assets $491m

What it owes, and who funded it · $1.5bn

Short-term liabilities $92mLonger-term liabilities $1.4bnShareholders' equity $-773m

Short-term assets cover short-term liabilities $195m of assets due within a year against $92m of liabilities due within a year.
Short-term assets cover long-term liabilities $195m short-term assets against $1.4bn of longer-dated liabilities.
More cash than debt $105m of cash against $1.2bn of debt.
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 $187m of operating cash flow against $1.2bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Wingstop Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

93 /100

Strong moat

How hard Wingstop'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 20 / 20

Cash operating profit has been a median 65.9% of total assets over 9 years.
Pricing power 18 / 20

Gross margin has been a median 79.5%, moving by 4.3 percentage points (standard deviation) across 10 years.
Durability 18 / 20

Operating margin has been a median 25.5%; its worst year was 22.8%.
Cash conversion 19 / 20

Free cash flow was positive in 10 of 10 years, at a median 17.9% of revenue.
Discipline 18 / 20

The diluted share count fell 8.1% over five years; stock-based pay has been a median 3.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Wingstop Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Wingstop Inc.