JACKJACK IN THE BOX INC

Retail-Eating Places

Revenue: $1.5B; 6.7% YoY
Operating margin: -1.2%; 123% YoY
EBITDA: $40M; 72% YoY
Market cap: $1.1B
Employees: 5,046; $290K revenue each
Net debt / EBITDA: 35.3×; $1.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$290K · 91st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
35.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
6 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$676K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.5B	$1.7B	$1.6B	$1.5B	6.7%
Operating income	$290M	$248M	$279M	$83M	−$18M	122%
Net income	$166M	$116M	$131M	−$37M	−$81M	120%
Operating cash flow	$201M	$163M	$215M	$69M	$162M	136%
Capex	$41M	$46M	$60M	$91M	$88M	3.2%
Stock-based comp	$4M	$7M	$11M	$13M	$8M	39%
Buybacks	$200M	$25M	$90M	$70M	$5M	93%
Dividends	$37M	$37M	$36M	$34M	$17M	51%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 21, 2026	GreenWood Investors LLC	SCHEDULE 13D/A	7.1%	Active
Jun 15, 2026	GreenWood Investors LLC	SCHEDULE 13D/A	7.1%	Active
Jan 14, 2026	Biglari Holdings Inc.	SCHEDULE 13D/A	3.8%	Active
Dec 29, 2025	Biglari Holdings Inc.	SCHEDULE 13D/A	3.8%	Passive
Nov 18, 2025	GreenWood Investors LLC	SCHEDULE 13D	6.1%	Active
Nov 3, 2025	Biglari Holdings Inc.	SCHEDULE 13D/A	2.9%	Active
Jul 10, 2025	Biglari Holdings Inc.	SCHEDULE 13D	10.0%	Active
May 21, 2019	Blue Harbour Group, L.P.	SC 13D/A	1.2%	Passive
May 20, 2019	Blue Harbour Group, L.P.	SC 13D/A	1.2%	Passive
Jan 14, 2019	JANA PARTNERS LLC	SC 13D/A	3.4%	Passive

Insider trading

Open-market buys, 12 mo: $173K · 4
Open-market sells, 12 mo: $849K · 41
Net: −$676K

Pay vs performance

No pay-versus-performance disclosure yet.