CBRLCRACKER BARREL OLD COUNTRY STORE, INC
Retail-Eating Places
- Revenue
- $3.3B
- 4.7% YoY
- Operating margin
- -0.4%
- 124% YoY
- EBITDA
- $111M
- 38% YoY
- Market cap
- $1.6B
- Employees
- 74,500
- $45K revenue each
- Net debt / EBITDA
- 3.3×
- $363M net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo650% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo20% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$45K · 0th pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 23rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$17M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.3B | $3.4B | $3.5B | $3.5B | $3.3B | 4.7% |
| Operating income | $153M | $121M | $45M | $55M | −$12M | 123% |
| Net income | $132M | $99M | $41M | $46M | $32M | 32% |
| Operating cash flow | $205M | $250M | $169M | $219M | $206M | 5.8% |
| Capex | $98M | $127M | $128M | $159M | $118M | 26% |
| Stock-based comp | $8M | $9M | $10M | $12M | $9M | 20% |
| Buybacks | $132M | $17M | — | — | — | |
| Dividends | $115M | $116M | $116M | $23M | $23M | 0.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 10, 2025 | BIGLARI CAPITAL CORP. | SCHEDULE 13D/A | 7.5% | Passive |
| May 29, 2025 | BIGLARI CAPITAL CORP. | SCHEDULE 13D/A | 4.9% | Passive |
| May 21, 2025 | BIGLARI CAPITAL CORP. | SCHEDULE 13D/A | 6.4% | Passive |
| Oct 8, 2024 | BIGLARI CAPITAL CORP. | SC 13D/A | 9.3% | Passive |
| Sep 25, 2024 | BIGLARI CAPITAL CORP. | SC 13D/A | 9.3% | Active |
| Aug 20, 2024 | BIGLARI CAPITAL CORP. | SC 13D/A | 9.3% | Active |
| Sep 29, 2022 | BIGLARI CAPITAL CORP. | SC 13D/A | 9.3% | Active |
| Aug 19, 2022 | BIGLARI CAPITAL CORP. | SC 13D/A | 8.8% | Active |
| Jun 6, 2022 | BIGLARI CAPITAL CORP. | SC 13D/A | 8.6% | Passive |
| Dec 14, 2021 | BIGLARI CAPITAL CORP. | SC 13D/A | 8.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $17M · 15
- Net
- −$17M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 51 | 150 |
| FY2025 | — | — | 52 | 157 |
| FY2024 | — | — | 36 | 150 |
| FY2023 | — | — | 76 | 106 |
| FY2022 | — | — | 73 | 85 |