TXRHTexas Roadhouse, Inc.

Retail-Eating Places

Revenue: $5.9B; 9.4% YoY
Operating margin: 8.1%; 16% YoY
EBITDA: $681M; 1.9% YoY
Market cap: $12.0B
Employees: 101,000; $58K revenue each
Net debt / EBITDA: -0.3×; −$200M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
180% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$58K · 9th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$4.0B	$4.6B	$5.4B	$5.9B	9.4%
Operating income	$297M	$320M	$354M	$517M	$475M	8.1%
Net income	$245M	$270M	$305M	$434M	$406M	6.5%
Operating cash flow	$469M	$512M	$565M	$754M	$730M	3.1%
Capex	$201M	$246M	$347M	$354M	$388M	9.5%
Stock-based comp	$38M	$37M	$34M	$47M	$48M	1.5%
Buybacks	$52M	$213M	$50M	$80M	$150M	88%
Dividends	$84M	$124M	$147M	$163M	$180M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 21
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	231	137
FY2024	—	—	245	138
FY2023	—	—	165	129
FY2022	—	—	123	113
FY2021	—	—	115	122