Shake Shack (SHAK) Financials

$87.83 -0.43 (-0.49%)

As of 03:59 PM Eastern

Annual Income Statements for Shake Shack

This table shows Shake Shack's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-8.78	12	-0.32	15	20	-42	-4.56	-21	20	10
Consolidated Net Income / (Loss)	3.12	22	8.88	22	24	-46	-6.02	-23	21	11
Net Income / (Loss) Continuing Operations	3.12	22	8.88	22	24	-46	-6.02	-23	21	11
Total Pre-Tax Income	6.43	28	160	31	28	-45	-17	-24	17	14
Total Operating Income	6.75	28	34	32	26	-44	-16	-27	5.92	3.04
Total Gross Profit	92	195	260	211	266	213	307	382	478	574
Total Revenue	191	268	359	459	595	523	740	900	1,088	1,253
Operating Revenue	191	268	359	459	595	523	740	900	1,088	1,253
Total Cost of Revenue	99	74	98	248	329	310	433	519	609	679
Operating Cost of Revenue	99	74	98	248	329	310	433	519	609	679
Total Operating Expenses	85	167	227	179	240	257	322	408	472	571
Selling, General & Admin Expense	54	56	75	105	135	137	189	250	279	327
Depreciation Expense	10	15	22	29	40	49	59	73	91	102
Other Operating Expenses / (Income)	15	87	120	33	48	52	59	69	80	93
Other Special Charges / (Income)	5.45	9.55	10	13	16	19	15	17	22	48
Total Other Income / (Expense), net	-0.33	0.69	126	-0.90	1.83	-1.60	-1.48	2.61	11	11
Interest Expense	0.33	0.37	1.64	2.42	0.43	0.82	1.58	1.52	1.72	2.05
Other Income / (Expense), net	0.01	1.07	128	1.51	2.26	-0.79	0.10	4.13	13	13
Income Tax Expense	3.30	6.35	151	8.86	3.39	0.06	-11	-1.18	-4.01	3.42
Net Income / (Loss) Attributable to Noncontrolling Interest	12	9.70	9.20	6.77	4.30	-3.38	-1.46	-1.88	0.73	0.61
Basic Earnings per Share	($0.65)	$0.54	($0.01)	$0.54	$0.63	($1.14)	($0.12)	($0.54)	$0.51	$0.26
Weighted Average Basic Shares Outstanding	13.59M	22.96M	25.88M	28.30M	31.38M	37.13M	39.09M	39.24M	39.42M	39.83M
Diluted Earnings per Share	($0.65)	$0.53	($0.01)	$0.52	$0.61	($1.14)	($0.12)	($0.54)	$0.48	$0.24
Weighted Average Diluted Shares Outstanding	13.59M	23.45M	25.88M	29.18M	32.25M	37.13M	39.09M	39.24M	43.90M	44.20M
Weighted Average Basic & Diluted Shares Outstanding	13.50M	23M	32M	28.10M	37.57M	41.97M	42.06M	42.16M	42.31M	42.53M

This table shows Shake Shack's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-2.02	-7.86	-1.53	6.95	7.63	7.22	2.04	9.67	-10	8.71
Consolidated Net Income / (Loss)	-2.31	-8.21	-1.62	7.22	8.14	7.25	2.21	10	-11	9.33
Net Income / (Loss) Continuing Operations	-2.31	-8.21	-1.62	7.22	8.14	7.25	2.21	10	-11	9.33
Total Pre-Tax Income	-3.82	-4.29	-0.76	7.57	8.67	1.50	2.73	14	-15	13
Total Operating Income	-4.83	-6.31	-3.19	4.75	5.66	-1.30	0.03	11	-18	10
Total Gross Profit	95	104	107	121	123	127	129	145	145	155
Total Revenue	228	239	253	272	276	286	291	316	317	329
Operating Revenue	228	239	253	272	276	286	291	316	317	329
Total Cost of Revenue	132	134	146	151	153	159	162	172	172	174
Operating Cost of Revenue	132	134	146	151	153	159	162	172	172	174
Total Operating Expenses	100	111	110	116	117	129	129	134	163	145
Selling, General & Admin Expense	61	66	66	68	68	77	78	80	81	88
Depreciation Expense	19	19	21	22	23	25	25	25	26	26
Other Operating Expenses / (Income)	17	18	19	20	20	21	22	23	24	24
Other Special Charges / (Income)	3.63	7.20	4.28	6.46	4.97	6.53	3.28	5.06	3.66	36
Total Other Income / (Expense), net	1.01	2.02	2.43	2.82	3.01	2.80	2.70	2.77	3.01	2.73
Interest Expense	0.48	0.37	0.40	0.41	0.43	0.48	0.51	0.53	0.50	0.51
Other Income / (Expense), net	1.48	2.40	2.84	3.23	3.44	3.27	3.21	3.30	3.50	3.24
Income Tax Expense	-1.51	3.92	0.87	0.35	0.53	-5.75	0.52	3.17	-3.87	3.61
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.29	-0.35	-0.09	0.28	0.51	0.03	0.17	0.71	-0.90	0.62
Basic Earnings per Share	($0.05)	($0.20)	($0.04)	$0.18	$0.19	$0.18	$0.05	$0.24	($0.26)	$0.23
Weighted Average Basic Shares Outstanding	39.27M	39.24M	39.33M	39.42M	39.46M	39.42M	39.52M	39.75M	40.01M	39.83M
Diluted Earnings per Share	($0.05)	($0.20)	($0.04)	$0.16	$0.19	$0.17	$0.05	$0.23	($0.26)	$0.22
Weighted Average Diluted Shares Outstanding	39.27M	39.24M	39.33M	43.89M	43.98M	43.90M	41.26M	41.48M	40.01M	44.20M
Weighted Average Basic & Diluted Shares Outstanding	42.15M	42.16M	42.25M	42.30M	42.30M	42.31M	42.44M	42.47M	42.48M	42.53M

This table details how cash moves in and out of Shake Shack's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	68	-59	9.90	0.70	12	110	156	-72	-5.87	96
Net Cash From Operating Activities	41	54	71	85	90	37	58	77	132	171
Net Cash From Continuing Operating Activities	41	54	71	17	90	37	58	77	132	171
Net Income / (Loss) Continuing Operations	3.12	22	8.88	22	24	-46	-6.02	-23	21	11
Consolidated Net Income / (Loss)	3.12	22	8.88	22	24	-46	-6.02	-23	21	11
Depreciation Expense	10	15	22	-	40	49	59	73	91	102
Amortization Expense	0.27	0.30	0.32	0.07	0.48	1.51	53	62	69	80
Non-Cash Adjustments To Reconcile Net Income	17	4.69	-121	28	48	29	11	16	18	48
Changes in Operating Assets and Liabilities, net	11	13	161	15	-24	3.76	-59	-50	-67	-70
Net Cash From Investing Activities	-35	-115	-62	-87	-81	-69	-145	-143	-132	-66
Net Cash From Continuing Investing Activities	-35	-115	-62	-9.09	-81	-69	-145	-143	-132	-66
Purchase of Property, Plant & Equipment	-32	-54	-62	-	-107	-69	-101	-143	-146	-135
Purchase of Investments	-2.40	-61	-7.86	-	-1.18	-20	-47	-0.87	-95	0.00
Sale and/or Maturity of Investments	0.00	0.94	7.45	-	27	20	4.00	0.00	109	69
Net Cash From Financing Activities	61	1.23	0.97	4.45	3.18	142	242	-5.20	-5.68	-9.02
Net Cash From Continuing Financing Activities	61	1.23	0.97	17	3.18	142	242	-5.20	-5.68	-9.02
Payment of Dividends	-11	-1.75	-2.38	-	-1.71	-0.48	-0.97	-0.41	-0.16	-0.48
Other Financing Activities, net	-4.64	3.29	3.34	17	5.17	-2.63	0.48	-4.79	-5.52	-8.54
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	0.00

This table details how cash moves in and out of Shake Shack's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-21	-26	63	-90	-14	35	36	42	9.03	9.85
Net Cash From Operating Activities	19	22	20	42	28	42	31	54	42	45
Net Cash From Continuing Operating Activities	19	22	20	42	28	42	31	54	42	45
Net Income / (Loss) Continuing Operations	-2.31	-8.21	-1.62	7.22	8.14	7.25	2.21	10	-11	9.33
Consolidated Net Income / (Loss)	-2.31	-8.21	-1.62	7.22	8.14	7.25	2.21	10	-11	9.33
Depreciation Expense	19	19	21	22	23	25	25	25	26	26
Amortization Expense	-27	60	17	17	17	18	0.25	38	21	21
Non-Cash Adjustments To Reconcile Net Income	15	-6.94	4.44	4.82	3.98	4.58	5.45	3.51	31	8.04
Changes in Operating Assets and Liabilities, net	15	-41	-21	-9.10	-24	-13	-2.68	-24	-25	-19
Net Cash From Investing Activities	-40	-48	46	-132	-41	-6.06	11	-11	-32	-35
Net Cash From Continuing Investing Activities	-40	-48	46	-132	-41	-6.06	11	-11	-32	-35
Purchase of Property, Plant & Equipment	-40	-48	-34	-40	-38	-33	-33	-33	-35	-35
Net Cash From Financing Activities	-0.75	-0.67	-3.37	-0.23	-1.23	-0.86	-6.42	-1.03	-1.03	-0.54
Net Cash From Continuing Financing Activities	-0.75	-0.67	-3.37	-0.23	-1.23	-0.86	-6.42	-1.03	-1.03	-0.54
Payment of Dividends	-0.07	-0.02	-0.05	-0.00	-0.08	-0.03	-0.15	-	-0.06	-0.27
Other Financing Activities, net	-0.68	-0.65	-3.32	-0.22	-1.15	-0.83	-6.28	-1.03	-0.97	-0.26

This table presents Shake Shack's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	380	538	471	611	968	1,145	1,458	1,512	1,606	1,697
Total Current Assets	79	84	93	101	88	203	410	344	334	368
Cash & Equivalents	71	12	22	25	9.22	147	302	231	225	321
Short-Term Investments	0.28	62	63	62	-	37	80	81	69	0.00
Accounts Receivable	4.22	6.01	5.64	11	9.97	9.46	14	14	17	20
Inventories, net	0.54	0.81	1.26	1.75	-	2.89	3.85	4.18	5.40	6.01
Prepaid Expenses	3.05	3.49	1.76	1.98	0.21	7.07	9.76	15	19	22
Plant, Property, & Equipment, net	93	136	187	262	0.00	337	389	467	531	552
Total Noncurrent Assets	208	318	190	248	534	606	659	701	740	777
Noncurrent Deferred & Refundable Income Taxes	202	313	186	243	280	287	299	318	326	342
Other Noncurrent Operating Assets	5.62	4.78	4.40	5.03	-	319	360	383	414	436
Total Liabilities & Shareholders' Equity	380	538	471	611	968	1,145	1,458	1,512	1,606	1,697
Total Liabilities	223	337	246	337	646	711	1,022	1,075	1,136	1,203
Total Current Liabilities	24	32	34	60	99	110	121	148	164	187
Accounts Payable	6.79	6.92	8.21	12	24	23	20	20	22	24
Accrued Expenses	6.80	8.54	12	23	24	26	37	48	55	63
Current Employee Benefit Liabilities	5.80	6.08	6.23	11	-	10	15	18	21	25
Other Current Liabilities	4.61	10	7.94	14	-	50	50	62	66	75
Total Noncurrent Liabilities	199	305	212	277	234	601	900	927	972	1,016
Long-Term Debt	0.31	-	-	-	-	0.00	244	245	246	247
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	198	7.78	233	234	235	236	247
Other Noncurrent Operating Liabilities	175	274	176	10	227	368	423	448	491	522
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	157	201	224	273	322	434	436	437	469	494
Total Preferred & Common Equity	101	152	169	226	299	407	410	412	443	470
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	101	152	169	226	299	407	410	412	443	470
Common Stock	96	135	153	196	244	395	406	416	427	443
Retained Earnings	4.27	17	16	30	54	12	3.55	-3.49	17	27
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.02	-0.05	0.00	-	0.00	0.00	0.00	-0.00	-0.00
Noncontrolling Interest	56	49	55	47	-	27	26	25	26	24

This table presents Shake Shack's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	1,502	1,507	1,533	1,565	1,619	1,662	1,675
Total Current Assets	367	330	330	323	326	346	354
Cash & Equivalents	257	293	204	190	260	302	311
Short-Term Investments	80	0.00	92	95	25	2.57	0.00
Accounts Receivable	12	14	14	14	14	16	17
Inventories, net	4.00	4.39	4.67	4.61	5.07	5.19	5.15
Prepaid Expenses	14	18	15	20	22	20	21
Plant, Property, & Equipment, net	442	480	500	526	538	545	545
Total Noncurrent Assets	693	697	703	716	755	771	777
Noncurrent Deferred & Refundable Income Taxes	307	302	302	302	330	339	344
Other Noncurrent Operating Assets	386	396	401	414	425	432	432
Total Liabilities & Shareholders' Equity	1,502	1,507	1,533	1,565	1,619	1,662	1,675
Total Liabilities	1,074	1,087	1,101	1,123	1,147	1,175	1,196
Total Current Liabilities	145	143	150	152	161	168	176
Accounts Payable	17	16	17	21	15	19	16
Accrued Expenses	49	46	51	48	57	56	66
Current Employee Benefit Liabilities	18	19	18	18	19	23	22
Other Current Liabilities	60	63	64	65	69	71	72
Total Noncurrent Liabilities	929	944	951	971	985	1,007	1,021
Long-Term Debt	244	245	245	245	246	246	246
Noncurrent Deferred & Payable Income Tax Liabilities	235	235	235	236	237	247	248
Other Noncurrent Operating Liabilities	450	464	471	490	503	514	526
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	428	420	431	442	472	486	479
Total Preferred & Common Equity	403	395	406	416	446	462	456
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	403	395	406	416	446	462	456
Common Stock	413	417	421	424	428	434	438
Retained Earnings	-9.82	-22	-15	-7.50	19	28	18
Accumulated Other Comprehensive Income / (Loss)	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00
Noncontrolling Interest	25	24	25	26	26	24	23

This table displays calculated financial ratios and metrics derived from Shake Shack's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	60.80%	40.86%	33.65%	28.01%	29.44%	-12.05%	41.51%	21.70%	20.77%	15.18%
EBITDA Growth	88.70%	153.12%	321.19%	-81.90%	106.69%	-91.79%	1,609.79%	15.54%	60.46%	11.04%
EBIT Growth	115.08%	327.07%	460.91%	-79.48%	-15.88%	-259.80%	64.72%	-44.48%	182.12%	-12.88%
NOPAT Growth	37.06%	558.42%	-91.33%	1,105.41%	-0.29%	-236.36%	63.87%	-69.65%	138.88%	-68.47%
Net Income Growth	47.50%	608.90%	-59.88%	147.05%	9.93%	-288.72%	86.79%	-284.00%	190.85%	-48.45%
EPS Growth	-1,028.57%	181.54%	-101.89%	5,300.00%	17.31%	-286.89%	89.47%	-350.00%	188.89%	-50.00%
Operating Cash Flow Growth	203.73%	31.57%	30.57%	20.48%	5.23%	-58.43%	56.37%	31.40%	72.19%	29.53%
Free Cash Flow Firm Growth	-2.13%	51.12%	47.93%	-333.68%	579.52%	-223.91%	78.60%	-61.62%	52.02%	110.17%
Invested Capital Growth	104.11%	48.14%	9.58%	48.24%	-92.96%	1,617.47%	18.35%	24.76%	13.94%	-0.52%
Revenue Q/Q Growth	9.35%	9.02%	6.81%	6.52%	4.79%	1.18%	6.59%	4.08%	4.59%	3.51%
EBITDA Q/Q Growth	50.73%	9.38%	236.46%	-82.51%	16.14%	-75.83%	4,860.76%	14.68%	19.00%	72.00%
EBIT Q/Q Growth	220.08%	9.06%	370.02%	-79.65%	-6.01%	-49.71%	30.09%	10.38%	46.04%	238.37%
NOPAT Q/Q Growth	298.48%	8.88%	-92.56%	814.01%	-9.83%	-40.75%	26.52%	0.66%	1,542.43%	108.75%
Net Income Q/Q Growth	331.58%	12.22%	-64.99%	91.45%	-5.94%	-66.83%	70.03%	-9.24%	279.70%	23.80%
EPS Q/Q Growth	30.11%	-10.17%	-101.56%	550.00%	-4.69%	-67.65%	77.36%	-17.39%	336.36%	26.32%
Operating Cash Flow Q/Q Growth	24.67%	6.78%	4.64%	7.16%	-6.06%	-17.57%	11.05%	11.22%	16.94%	2.11%
Free Cash Flow Firm Q/Q Growth	0.00%	32.31%	-816.50%	-23.31%	773.23%	-577.86%	-26.44%	-32.86%	33.30%	111.67%
Invested Capital Q/Q Growth	25.63%	8.37%	-1.17%	14.93%	-93.85%	-1.67%	4.10%	10.32%	4.82%	1.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.15%	72.53%	72.59%	45.96%	44.66%	40.68%	41.43%	42.37%	43.97%	45.82%
EBITDA Margin	9.05%	16.27%	51.27%	7.25%	11.58%	1.08%	13.05%	12.39%	16.46%	15.87%
Operating Margin	3.54%	10.36%	9.42%	6.90%	4.32%	-8.39%	-2.14%	-2.99%	0.54%	0.24%
EBIT Margin	3.55%	10.75%	45.13%	7.23%	4.70%	-8.54%	-2.13%	-2.53%	1.72%	1.30%
Profit (Net Income) Margin	1.64%	8.25%	2.48%	4.78%	4.06%	-8.71%	-0.81%	-2.57%	1.93%	0.86%
Tax Burden Percent	48.60%	77.72%	5.54%	71.24%	87.69%	100.13%	34.71%	95.14%	123.62%	75.96%
Interest Burden Percent	95.09%	98.70%	98.99%	92.73%	98.45%	101.82%	110.01%	106.67%	90.82%	87.45%
Effective Tax Rate	51.40%	22.28%	94.46%	28.76%	12.31%	0.00%	0.00%	0.00%	-23.62%	24.04%
Return on Invested Capital (ROIC)	5.11%	20.20%	1.40%	13.01%	20.29%	-23.15%	-4.05%	-5.65%	1.85%	0.55%
ROIC Less NNEP Spread (ROIC-NNEP)	5.88%	19.46%	-7.46%	13.86%	19.43%	-17.12%	-7.20%	-1.48%	-22.09%	-13.45%
Return on Net Nonoperating Assets (RNNOA)	-1.43%	-7.84%	2.77%	-4.19%	-12.18%	11.11%	2.67%	0.35%	2.78%	1.70%
Return on Equity (ROE)	3.68%	12.36%	4.17%	8.82%	8.10%	-12.04%	-1.38%	-5.30%	4.63%	2.25%
Cash Return on Invested Capital (CROIC)	-63.36%	-18.60%	-7.74%	-25.86%	193.99%	-201.14%	-20.86%	-27.68%	-11.18%	1.07%
Operating Return on Assets (OROA)	2.92%	6.29%	32.10%	6.15%	3.54%	-4.23%	-1.21%	-1.53%	1.20%	0.99%
Return on Assets (ROA)	1.35%	4.83%	1.76%	4.06%	3.06%	-4.31%	-0.46%	-1.56%	1.35%	0.66%
Return on Common Equity (ROCE)	2.46%	8.72%	3.15%	7.00%	7.14%	-11.24%	-1.30%	-4.99%	4.37%	2.13%
Return on Equity Simple (ROE_SIMPLE)	3.10%	14.55%	5.24%	9.71%	8.07%	-11.18%	-1.47%	-5.61%	4.73%	2.30%
Net Operating Profit after Tax (NOPAT)	3.28	22	1.87	23	23	-31	-11	-19	7.32	2.31
NOPAT Margin	1.72%	8.05%	0.52%	4.92%	3.79%	-5.87%	-1.50%	-2.09%	0.67%	0.18%
Net Nonoperating Expense Percent (NNEP)	-0.77%	0.74%	8.86%	-0.85%	0.86%	-6.04%	3.15%	-4.16%	23.94%	14.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-2.76%	1.02%	0.31%
Cost of Revenue to Revenue	51.85%	27.47%	27.41%	54.04%	55.34%	59.32%	58.57%	57.63%	56.03%	54.18%
SG&A Expenses to Revenue	28.40%	20.67%	20.85%	22.75%	22.68%	26.29%	25.58%	27.72%	25.65%	26.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.60%	62.17%	63.17%	39.06%	40.34%	49.07%	43.57%	45.36%	43.43%	45.58%
Earnings before Interest and Taxes (EBIT)	6.76	29	162	33	28	-45	-16	-23	19	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	44	184	33	69	5.65	97	112	179	199
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.40	8.80	9.61	7.08	7.53	8.63	7.20	4.35	7.24	11.93
Price to Tangible Book Value (P/TBV)	14.40	8.80	9.61	7.08	7.53	8.63	7.20	4.35	7.24	11.93
Price to Revenue (P/Rev)	7.60	4.99	4.54	3.49	3.78	6.73	3.99	1.99	2.95	4.48
Price to Earnings (P/E)	0.00	107.58	0.00	105.50	113.45	0.00	0.00	0.00	158.53	549.53
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.93%	0.00%	0.95%	0.88%	0.00%	0.00%	0.00%	0.63%	0.18%
Enterprise Value to Invested Capital (EV/IC)	16.64	10.29	11.43	7.63	136.50	13.40	9.56	4.73	7.56	13.25
Enterprise Value to Revenue (EV/Rev)	7.52	4.90	4.46	3.45	3.35	6.43	3.83	1.95	2.93	4.44
Enterprise Value to EBITDA (EV/EBITDA)	83.11	30.10	8.69	47.53	28.96	594.82	29.36	15.69	17.82	27.96
Enterprise Value to EBIT (EV/EBIT)	212.15	45.53	9.87	47.64	71.30	0.00	0.00	0.00	170.66	341.25
Enterprise Value to NOPAT (EV/NOPAT)	436.98	60.83	853.28	70.06	88.47	0.00	0.00	0.00	435.95	2,408.73
Enterprise Value to Operating Cash Flow (EV/OCF)	34.76	24.21	22.56	18.53	22.18	89.96	48.56	22.82	24.15	32.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	9.25	0.00	0.00	0.00	0.00	1,233.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.08	0.00	0.00	0.56	0.56	0.52	0.50
Long-Term Debt to Equity	0.00	0.00	0.00	0.08	0.00	0.00	0.56	0.56	0.52	0.50
Financial Leverage	-0.24	-0.40	-0.37	-0.30	-0.63	-0.65	-0.37	-0.24	-0.13	-0.13
Leverage Ratio	2.73	2.56	2.37	2.17	2.65	2.79	2.99	3.40	3.44	3.43
Compound Leverage Factor	2.59	2.53	2.35	2.01	2.61	2.85	3.29	3.63	3.12	3.00
Debt to Total Capital	0.20%	0.00%	0.00%	7.08%	0.00%	0.00%	35.86%	35.89%	34.35%	33.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.20%	0.00%	0.00%	7.08%	0.00%	0.00%	35.86%	35.89%	34.35%	33.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	35.85%	24.42%	24.50%	16.10%	0.00%	6.25%	3.84%	3.61%	3.63%	3.19%
Common Equity to Total Capital	63.93%	75.56%	75.49%	76.82%	92.82%	93.75%	60.30%	60.49%	62.02%	63.49%
Debt to EBITDA	0.02	0.00	0.00	0.63	0.00	0.00	2.52	2.19	1.37	1.24
Net Debt to EBITDA	-4.10	0.00	0.00	-1.98	0.00	0.00	-1.44	-0.60	-0.27	-0.37
Long-Term Debt to EBITDA	0.02	0.00	0.00	0.63	0.00	0.00	2.52	2.19	1.37	1.24
Debt to NOPAT	0.10	0.00	0.00	0.92	0.00	0.00	-21.95	-12.99	33.56	106.89
Net Debt to NOPAT	-21.58	0.00	0.00	-2.92	0.00	0.00	12.51	3.54	-6.50	-32.08
Long-Term Debt to NOPAT	0.10	0.00	0.00	0.92	0.00	0.00	-21.95	-12.99	33.56	106.89
Altman Z-Score	4.66	3.22	6.07	3.93	2.86	3.41	2.44	1.70	2.55	3.72
Noncontrolling Interest Sharing Ratio	33.27%	29.48%	24.48%	20.57%	11.84%	6.65%	6.12%	5.81%	5.58%	5.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.29	2.65	2.74	1.69	0.88	1.85	3.37	2.33	2.04	1.97
Quick Ratio	3.14	2.51	2.65	1.62	0.19	1.76	3.26	2.20	1.89	1.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-41	-20	-10	-45	215	-267	-57	-92	-44	4.50
Operating Cash Flow to CapEx	128.46%	99.73%	115.19%	0.00%	84.37%	54.10%	57.54%	53.83%	90.40%	126.31%
Free Cash Flow to Firm to Interest Expense	-122.56	-53.18	-6.30	-18.60	496.23	-327.42	-36.21	-60.80	-25.79	2.20
Operating Cash Flow to Interest Expense	124.27	145.15	43.14	35.36	207.04	45.83	37.03	50.55	76.96	83.69
Operating Cash Flow Less CapEx to Interest Expense	27.53	-0.40	5.69	35.36	-38.36	-38.88	-27.32	-43.36	-8.17	17.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.59	0.71	0.85	0.75	0.49	0.57	0.61	0.70	0.76
Accounts Receivable Turnover	50.86	52.52	61.61	56.83	58.02	53.81	64.00	65.41	70.79	68.57
Inventory Turnover	184.39	109.34	95.29	165.07	0.00	0.00	128.64	129.19	127.10	118.88
Fixed Asset Turnover	2.34	2.34	2.22	2.05	0.00	0.00	2.04	2.10	2.18	2.31
Accounts Payable Turnover	14.95	10.76	13.00	24.01	18.07	13.08	19.96	25.72	28.55	29.58
Days Sales Outstanding (DSO)	7.18	6.95	5.92	6.42	6.29	6.78	5.70	5.58	5.16	5.32
Days Inventory Outstanding (DIO)	1.98	3.34	3.83	2.21	0.00	0.00	2.84	2.83	2.87	3.07
Days Payable Outstanding (DPO)	24.42	33.92	28.08	15.20	20.20	27.91	18.29	14.19	12.78	12.34
Cash Conversion Cycle (CCC)	-15.27	-23.63	-18.33	-6.57	-13.91	-21.13	-9.75	-5.79	-4.76	-3.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	86	128	140	207	15	251	297	370	422	420
Invested Capital Turnover	2.97	2.51	2.68	2.64	5.36	3.94	2.70	2.70	2.75	2.98
Increase / (Decrease) in Invested Capital	44	41	12	68	-193	236	46	73	52	-2.20
Enterprise Value (EV)	1,434	1,314	1,599	1,583	1,993	3,360	2,836	1,751	3,191	5,559
Market Capitalization	1,449	1,339	1,629	1,601	2,249	3,517	2,949	1,793	3,212	5,609
Book Value per Share	$2.77	$4.19	$4.61	$6.10	$7.96	$9.83	$9.74	$9.78	$10.48	$11.06
Tangible Book Value per Share	$2.77	$4.19	$4.61	$6.10	$7.96	$9.83	$9.74	$9.78	$10.48	$11.06
Total Capital	157	201	224	294	322	434	679	681	715	740
Total Debt	0.31	0.00	0.00	21	0.00	0.00	244	245	246	247
Total Long-Term Debt	0.31	0.00	0.00	21	0.00	0.00	244	245	246	247
Net Debt	-71	-74	-85	-66	-257	-184	-139	-67	-48	-74
Capital Expenditures (CapEx)	32	54	62	0.00	107	69	101	143	146	135
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-21	-25	-46	-21	-90	-94	-115	-123	-140
Debt-free Net Working Capital (DFNWC)	55	52	59	41	-12	93	288	196	170	181
Net Working Capital (NWC)	55	52	59	41	-12	93	288	196	170	181
Net Nonoperating Expense (NNE)	0.16	-0.54	-7.01	0.64	-1.60	15	-5.08	4.28	-14	-8.51
Net Nonoperating Obligations (NNO)	-71	-74	-85	-66	-307	-184	-139	-67	-48	-74
Total Depreciation and Amortization (D&A)	10	15	22	0.07	41	50	112	134	160	183
Debt-free, Cash-free Net Working Capital to Revenue	-8.50%	-7.98%	-7.07%	-9.95%	-3.52%	-17.27%	-12.74%	-12.77%	-11.30%	-11.16%
Debt-free Net Working Capital to Revenue	28.82%	19.45%	16.49%	8.96%	-1.97%	17.88%	38.95%	21.80%	15.67%	14.44%
Net Working Capital to Revenue	28.82%	19.45%	16.49%	8.96%	-1.97%	17.88%	38.95%	21.80%	15.67%	14.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.65)	$0.54	($0.01)	$0.54	$0.63	($1.14)	($0.22)	($0.61)	$0.51	$0.26
Adjusted Weighted Average Basic Shares Outstanding	13.59M	22.96M	25.88M	28.30M	31.38M	37.13M	39.09M	39.24M	39.42M	39.83M
Adjusted Diluted Earnings per Share	($0.65)	$0.53	($0.01)	$0.52	$0.61	($1.14)	($0.22)	($0.61)	$0.48	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	13.59M	23.45M	25.88M	29.18M	32.25M	37.13M	39.09M	39.24M	43.90M	44.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.26M	36.41M	36.78M	37.08M	37.57M	41.97M	42.06M	42.16M	42.31M	42.53M
Normalized Net Operating Profit after Tax (NOPAT)	8.54	29	31	32	37	-18	-0.65	-6.59	20	39
Normalized NOPAT Margin	4.48%	10.81%	8.59%	6.96%	6.18%	-3.37%	-0.09%	-0.73%	1.81%	3.09%
Pre Tax Income Margin	3.37%	10.61%	44.67%	6.71%	4.63%	-8.70%	-2.34%	-2.70%	1.56%	1.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.36	77.19	98.56	13.76	64.40	-54.80	-9.99	-15.00	10.89	7.97
NOPAT to Interest Expense	9.89	57.78	1.14	9.35	51.90	-37.68	-7.04	-12.40	4.26	1.13
EBIT Less CapEx to Interest Expense	-76.38	-68.35	61.11	13.76	-181.01	-139.51	-74.35	-108.91	-74.24	-58.29
NOPAT Less CapEx to Interest Expense	-86.85	-87.76	-36.31	9.35	-193.51	-122.39	-71.40	-106.31	-80.87	-65.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	356.11%	7.88%	26.78%	0.00%	7.08%	-1.05%	-16.09%	-1.77%	0.77%	4.45%
Augmented Payout Ratio	356.11%	7.88%	26.78%	0.00%	7.08%	-1.05%	-33.95%	-1.77%	0.77%	4.45%

This table displays calculated financial ratios and metrics derived from Shake Shack's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.49%	17.35%	24.53%	17.79%	21.24%	20.00%	14.70%	16.44%	14.74%	14.83%
EBITDA Growth	-190.60%	23.61%	1,595.25%	2.05%	514.06%	-40.38%	-23.48%	64.53%	-35.32%	34.64%
EBIT Growth	-27.25%	40.23%	97.69%	2,938.08%	372.07%	150.43%	1,020.45%	76.58%	-259.20%	580.72%
NOPAT Growth	-82.39%	2.76%	78.65%	890.22%	257.23%	-41.68%	101.23%	82.28%	-337.06%	217.61%
Net Income Growth	3.79%	-31.24%	85.62%	654.34%	452.06%	188.35%	236.50%	43.74%	-236.54%	28.68%
EPS Growth	16.67%	-66.67%	84.62%	633.33%	480.00%	185.00%	225.00%	43.75%	-236.84%	29.41%
Operating Cash Flow Growth	184.65%	52.80%	148.68%	55.81%	48.14%	85.42%	54.72%	26.37%	47.40%	8.51%
Free Cash Flow Firm Growth	-68.89%	-54.07%	-18.15%	-31.24%	-14.16%	25.71%	2.14%	38.67%	59.67%	116.53%
Invested Capital Growth	17.72%	24.76%	19.73%	21.51%	19.92%	13.94%	16.72%	12.30%	3.04%	-0.52%
Revenue Q/Q Growth	-1.27%	4.70%	6.18%	7.31%	1.62%	3.63%	1.49%	8.95%	0.14%	3.71%
EBITDA Q/Q Growth	-125.61%	728.90%	136.17%	25.40%	3.90%	-9.45%	8.77%	169.63%	-59.16%	88.50%
EBIT Q/Q Growth	-1,090.04%	-17.17%	91.02%	2,365.63%	14.08%	-78.28%	63.97%	334.63%	-202.85%	192.87%
NOPAT Q/Q Growth	-489.26%	-30.83%	49.49%	302.95%	17.25%	-217.89%	100.44%	29,871.30%	-252.48%	158.49%
Net Income Q/Q Growth	-77.36%	-255.21%	80.24%	545.31%	12.64%	-10.85%	-69.47%	368.93%	-207.00%	184.01%
EPS Q/Q Growth	-66.67%	-300.00%	80.00%	500.00%	18.75%	-10.53%	-70.59%	360.00%	-213.04%	184.62%
Operating Cash Flow Q/Q Growth	-29.50%	16.88%	-11.55%	113.78%	-32.97%	46.30%	-26.19%	74.61%	-21.82%	7.69%
Free Cash Flow Firm Q/Q Growth	-12.33%	-44.52%	18.56%	0.72%	2.30%	5.95%	-7.27%	37.78%	35.76%	138.54%
Invested Capital Q/Q Growth	6.96%	10.32%	0.31%	2.67%	5.55%	4.82%	2.76%	-1.22%	-3.15%	1.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.88%	43.68%	42.34%	44.46%	44.46%	44.49%	44.32%	45.76%	45.86%	47.16%
EBITDA Margin	-5.22%	31.36%	14.93%	17.44%	17.83%	15.58%	9.96%	24.64%	10.05%	18.27%
Operating Margin	-2.12%	-2.65%	-1.26%	1.75%	2.05%	-0.45%	0.01%	3.41%	-5.68%	3.11%
EBIT Margin	-1.47%	-1.64%	-0.14%	2.93%	3.29%	0.69%	1.12%	4.45%	-4.57%	4.09%
Profit (Net Income) Margin	-1.01%	-3.44%	-0.64%	2.66%	2.95%	2.53%	0.76%	3.28%	-3.51%	2.84%
Tax Burden Percent	60.51%	191.31%	214.83%	95.42%	93.90%	483.53%	81.04%	76.59%	74.15%	72.13%
Interest Burden Percent	114.20%	109.52%	214.49%	94.92%	95.24%	75.91%	84.32%	96.26%	103.44%	96.19%
Effective Tax Rate	0.00%	0.00%	0.00%	4.58%	6.11%	-383.53%	18.96%	23.41%	0.00%	27.87%
Return on Invested Capital (ROIC)	-4.13%	-5.00%	-2.46%	4.76%	5.42%	-6.01%	0.03%	7.54%	-11.77%	6.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.99%	-1.32%	-3.20%	1.47%	1.15%	-29.67%	-4.97%	3.62%	-14.62%	3.43%
Return on Net Nonoperating Assets (RNNOA)	1.44%	0.31%	0.62%	-0.28%	-0.17%	3.74%	0.49%	-0.43%	1.65%	-0.43%
Return on Equity (ROE)	-2.70%	-4.69%	-1.84%	4.47%	5.24%	-2.27%	0.51%	7.11%	-10.12%	6.24%
Cash Return on Invested Capital (CROIC)	-22.38%	-27.68%	-21.07%	-21.35%	-17.99%	-11.18%	-12.68%	-7.62%	-9.45%	1.07%
Operating Return on Assets (OROA)	-0.86%	-1.00%	-0.09%	1.93%	2.23%	0.48%	0.80%	3.26%	-3.41%	3.10%
Return on Assets (ROA)	-0.60%	-2.09%	-0.41%	1.75%	2.00%	1.77%	0.55%	2.40%	-2.62%	2.15%
Return on Common Equity (ROCE)	-2.54%	-4.42%	-1.73%	4.21%	4.94%	-2.14%	0.49%	6.73%	-9.58%	5.92%
Return on Equity Simple (ROE_SIMPLE)	-5.24%	0.00%	-3.40%	-1.21%	1.33%	0.00%	5.56%	6.05%	1.92%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.38	-4.42	-2.23	4.53	5.31	-6.26	0.03	8.26	-13	7.36
NOPAT Margin	-1.48%	-1.85%	-0.88%	1.67%	1.92%	-2.19%	0.01%	2.61%	-3.97%	2.24%
Net Nonoperating Expense Percent (NNEP)	0.85%	-3.69%	0.75%	3.28%	4.27%	23.67%	5.00%	3.92%	2.85%	3.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.65%	-	-	-	-0.88%	-	-	-	0.99%
Cost of Revenue to Revenue	58.12%	56.32%	57.66%	55.54%	55.54%	55.51%	55.68%	54.24%	54.14%	52.84%
SG&A Expenses to Revenue	26.61%	27.61%	26.16%	24.87%	24.71%	26.87%	26.78%	25.36%	25.64%	26.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.00%	46.33%	43.60%	42.71%	42.41%	44.94%	44.31%	42.35%	51.54%	44.05%
Earnings before Interest and Taxes (EBIT)	-3.34	-3.92	-0.35	7.98	9.10	1.98	3.24	14	-14	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	75	38	47	49	45	29	78	32	60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.07	4.35	5.74	7.99	5.79	7.24	9.88	8.19	9.85	11.93
Price to Tangible Book Value (P/TBV)	5.07	4.35	5.74	7.99	5.79	7.24	9.88	8.19	9.85	11.93
Price to Revenue (P/Rev)	2.37	1.99	2.39	3.28	2.32	2.95	3.92	3.24	3.71	4.48
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	465.22	158.53	185.08	142.56	515.06	549.53
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.22%	0.63%	0.54%	0.70%	0.19%	0.18%
Enterprise Value to Invested Capital (EV/IC)	5.90	4.73	6.04	8.45	5.96	7.56	10.15	8.76	10.73	13.25
Enterprise Value to Revenue (EV/Rev)	2.29	1.95	2.36	3.25	2.31	2.93	3.91	3.21	3.68	4.44
Enterprise Value to EBITDA (EV/EBITDA)	20.33	15.69	25.40	36.08	15.94	17.82	42.96	28.21	38.49	27.96
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	8,927.12	187.35	170.66	197.36	132.13	924.34	341.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	5,382.52	435.95	396.61	233.65	0.00	2,408.73
Enterprise Value to Operating Cash Flow (EV/OCF)	28.68	22.82	25.33	31.06	21.23	24.15	30.77	24.34	26.55	32.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,233.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.56	0.58	0.57	0.56	0.52	0.52	0.51	0.51	0.50
Long-Term Debt to Equity	0.57	0.56	0.58	0.57	0.56	0.52	0.52	0.51	0.51	0.50
Financial Leverage	-0.29	-0.24	-0.19	-0.19	-0.15	-0.13	-0.10	-0.12	-0.11	-0.13
Leverage Ratio	3.38	3.40	3.50	3.51	3.52	3.44	3.50	3.48	3.52	3.43
Compound Leverage Factor	3.86	3.73	7.50	3.33	3.36	2.61	2.95	3.35	3.64	3.30
Debt to Total Capital	36.33%	35.89%	36.83%	36.23%	35.70%	34.35%	34.24%	33.60%	33.97%	33.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.33%	35.89%	36.83%	36.23%	35.70%	34.35%	34.24%	33.60%	33.97%	33.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.68%	3.61%	3.68%	3.71%	3.73%	3.63%	3.61%	3.27%	3.16%	3.19%
Common Equity to Total Capital	59.99%	60.49%	59.48%	60.06%	60.57%	62.02%	62.15%	63.12%	62.87%	63.49%
Debt to EBITDA	2.51	2.19	2.77	2.74	1.63	1.37	2.40	1.85	2.13	1.24
Net Debt to EBITDA	-0.95	-0.60	-0.55	-0.56	-0.26	-0.27	-0.38	-0.44	-0.56	-0.37
Long-Term Debt to EBITDA	2.51	2.19	2.77	2.74	1.63	1.37	2.40	1.85	2.13	1.24
Debt to NOPAT	-12.89	-12.99	-23.09	-36.55	550.61	33.56	22.17	15.33	-9.34	106.89
Net Debt to NOPAT	4.89	3.54	4.58	7.47	-88.87	-6.50	-3.50	-3.63	2.44	-32.08
Long-Term Debt to NOPAT	-12.89	-12.99	-23.09	-36.55	550.61	33.56	22.17	15.33	-9.34	106.89
Altman Z-Score	1.88	1.74	2.01	2.56	2.10	2.52	3.15	2.82	3.09	3.71
Noncontrolling Interest Sharing Ratio	5.87%	5.81%	5.84%	5.82%	5.79%	5.58%	5.65%	5.35%	5.28%	5.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.54	2.33	2.31	2.19	2.12	2.04	2.03	2.06	2.01	1.97
Quick Ratio	2.41	2.20	2.15	2.06	1.96	1.89	1.86	1.91	1.86	1.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-54	-78	-63	-63	-62	-58	-62	-39	-25	9.56
Operating Cash Flow to CapEx	48.50%	46.91%	57.74%	104.80%	74.19%	125.39%	92.77%	162.56%	120.26%	129.93%
Free Cash Flow to Firm to Interest Expense	-113.45	-208.80	-157.38	-155.46	-142.07	-121.55	-122.17	-73.28	-49.81	18.67
Operating Cash Flow to Interest Expense	40.36	60.07	49.18	104.62	65.59	87.29	60.36	101.60	84.06	88.05
Operating Cash Flow Less CapEx to Interest Expense	-42.86	-67.98	-36.00	4.80	-22.81	17.68	-4.70	39.10	14.16	20.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.61	0.64	0.66	0.68	0.70	0.72	0.73	0.75	0.76
Accounts Receivable Turnover	74.87	65.41	73.30	75.49	80.95	70.79	78.56	77.33	79.01	68.57
Inventory Turnover	133.83	129.19	133.26	130.66	135.93	127.10	132.04	130.87	136.13	118.88
Fixed Asset Turnover	2.13	2.10	2.16	2.18	2.15	2.18	2.21	2.24	2.26	2.31
Accounts Payable Turnover	28.72	25.72	37.05	33.73	30.41	28.55	40.11	36.30	35.87	29.58
Days Sales Outstanding (DSO)	4.87	5.58	4.98	4.84	4.51	5.16	4.65	4.72	4.62	5.32
Days Inventory Outstanding (DIO)	2.73	2.83	2.74	2.79	2.69	2.87	2.76	2.79	2.68	3.07
Days Payable Outstanding (DPO)	12.71	14.19	9.85	10.82	12.00	12.78	9.10	10.06	10.18	12.34
Cash Conversion Cycle (CCC)	-5.11	-5.79	-2.13	-3.19	-4.81	-4.76	-1.69	-2.55	-2.87	-3.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	336	370	371	381	402	422	433	428	415	420
Invested Capital Turnover	2.79	2.70	2.79	2.85	2.82	2.75	2.80	2.89	2.96	2.98
Increase / (Decrease) in Invested Capital	51	73	61	67	67	52	62	47	12	-2.20
Enterprise Value (EV)	1,979	1,751	2,244	3,223	2,399	3,191	4,399	3,752	4,450	5,559
Market Capitalization	2,047	1,793	2,268	3,248	2,413	3,212	4,412	3,786	4,491	5,609
Book Value per Share	$9.57	$9.78	$9.38	$9.62	$9.84	$10.48	$10.55	$10.90	$10.74	$11.06
Tangible Book Value per Share	$9.57	$9.78	$9.38	$9.62	$9.84	$10.48	$10.55	$10.90	$10.74	$11.06
Total Capital	673	681	665	676	687	715	718	733	725	740
Total Debt	244	245	245	245	245	246	246	246	246	247
Total Long-Term Debt	244	245	245	245	245	246	246	246	246	247
Net Debt	-93	-67	-49	-50	-40	-48	-39	-58	-64	-74
Capital Expenditures (CapEx)	40	48	34	40	38	33	33	33	35	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-115	-115	-106	-116	-114	-123	-120	-127	-133	-140
Debt-free Net Working Capital (DFNWC)	223	196	187	179	171	170	165	178	178	181
Net Working Capital (NWC)	223	196	187	179	171	170	165	178	178	181
Net Nonoperating Expense (NNE)	-1.07	3.79	-0.61	-2.69	-2.82	-14	-2.19	-2.12	-1.48	-1.97
Net Nonoperating Obligations (NNO)	-93	-67	-49	-50	-40	-48	-39	-58	-64	-74
Total Depreciation and Amortization (D&A)	-8.55	79	38	39	40	43	26	64	46	47
Debt-free, Cash-free Net Working Capital to Revenue	-13.23%	-12.77%	-11.20%	-11.69%	-10.96%	-11.30%	-10.64%	-10.84%	-10.96%	-11.16%
Debt-free Net Working Capital to Revenue	25.72%	21.80%	19.68%	18.09%	16.45%	15.67%	14.68%	15.19%	14.72%	14.44%
Net Working Capital to Revenue	25.72%	21.80%	19.68%	18.09%	16.45%	15.67%	14.68%	15.19%	14.72%	14.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.05)	($0.20)	($0.04)	$0.18	$0.19	$0.18	$0.05	$0.24	($0.26)	$0.23
Adjusted Weighted Average Basic Shares Outstanding	39.27M	39.24M	39.33M	39.42M	39.46M	39.42M	39.52M	39.75M	40.01M	39.83M
Adjusted Diluted Earnings per Share	($0.05)	($0.20)	($0.04)	$0.16	$0.19	$0.17	$0.05	$0.23	($0.26)	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	39.27M	39.24M	39.33M	43.89M	43.98M	43.90M	41.26M	41.48M	40.01M	44.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.15M	42.16M	42.25M	42.30M	42.30M	42.31M	42.44M	42.47M	42.48M	42.53M
Normalized Net Operating Profit after Tax (NOPAT)	-0.84	0.62	0.76	11	10	3.66	2.68	12	10	33
Normalized NOPAT Margin	-0.37%	0.26%	0.30%	3.93%	3.78%	1.28%	0.92%	3.83%	3.26%	10.12%
Pre Tax Income Margin	-1.68%	-1.80%	-0.30%	2.79%	3.14%	0.52%	0.94%	4.28%	-4.73%	3.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.04	-10.50	-0.87	19.69	21.01	4.15	6.38	26.72	-29.08	26.27
NOPAT to Interest Expense	-7.11	-11.85	-5.54	11.19	12.27	-13.16	0.05	15.67	-25.28	14.38
EBIT Less CapEx to Interest Expense	-90.26	-138.55	-86.05	-80.13	-67.39	-65.46	-58.69	-35.78	-98.98	-41.50
NOPAT Less CapEx to Interest Expense	-90.33	-139.90	-90.72	-88.64	-76.13	-82.76	-65.01	-46.83	-95.18	-53.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.26%	-1.77%	-1.17%	-2.81%	2.75%	0.77%	1.04%	0.91%	2.73%	4.45%
Augmented Payout Ratio	-2.26%	-1.77%	-1.17%	-2.81%	2.75%	0.77%	1.04%	0.91%	2.73%	4.45%

Frequently Asked Questions About Shake Shack's Financials

When does Shake Shack's fiscal year end?

According to the most recent income statement we have on file, Shake Shack's financial year ends in December. Their financial year 2024 ended on December 25, 2024.

How has Shake Shack's net income changed over the last 9 years?

Shake Shack's net income appears to be on a downward trend, with a most recent value of $10.82 million in 2024, rising from $3.12 million in 2015. The previous period was $20.99 million in 2023.

What is Shake Shack's operating income?

Shake Shack's total operating income in 2024 was $3.04 million, based on the following breakdown:

Total Gross Profit: $573.92 million
Total Operating Expenses: $570.88 million

How has Shake Shack revenue changed over the last 9 years?

Over the last 9 years, Shake Shack's total revenue changed from $190.59 million in 2015 to $1.25 billion in 2024, a change of 557.2%.

How much debt does Shake Shack have?

Shake Shack's total liabilities were at $1.20 billion at the end of 2024, a 5.9% increase from 2023, and a 440.8% increase since 2015.

How much cash does Shake Shack have?

In the past 9 years, Shake Shack's cash and equivalents has ranged from $9.22 million in 2019 to $320.71 million in 2024, and is currently $320.71 million as of their latest financial filing in 2024.

How has Shake Shack's book value per share changed over the last 9 years?

Over the last 9 years, Shake Shack's book value per share changed from 2.77 in 2015 to 11.06 in 2024, a change of 298.7%.

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This page (NYSE:SHAK) was last updated on 4/30/2025 by MarketBeat.com Staff

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Shake Shack (SHAK) Financials

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