WINGWingstop Inc.

Retail-Eating Places

Revenue: $697M; 11% YoY
Operating margin: 25.7%; 2.8% YoY
EBITDA: $204M; 10% YoY
Market cap: $4.1B
Employees: 1,367; $510K revenue each
Net debt / EBITDA: 5.4×; $1.1B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 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
88% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
166% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
50% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$510K · 100th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$986K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$283M	$358M	$460M	$626M	$697M	11%
Operating income	$74M	$92M	$113M	$166M	$179M	8.3%
Net income	$43M	$53M	$70M	$109M	$174M	60%
Operating cash flow	$49M	$76M	$122M	$158M	$153M	2.9%
Capex	$28M	$24M	$41M	$52M	$47M	8.6%
Stock-based comp	$10M	$4M	$16M	$22M	$25M	13%
Buybacks	$0	$0	$125M	$315M	$222M	29%
Dividends	$20M	$141M	$25M	$29M	$32M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $986K · 5
Net: −$986K

Pay vs performance

No pay-versus-performance disclosure yet.