Shake Shack (SHAK) Financials

$117.07 -0.29 (-0.25%)

As of 03:58 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/25/2024	12/27/2023	12/28/2022	12/29/2021	12/30/2020	12/25/2019	12/26/2018	12/27/2017	12/28/2016	12/30/2015
Net Income / (Loss) Attributable to Common Shareholders	10	20	-21	-4.56	-42	20	15	-0.32	12	-8.78
Consolidated Net Income / (Loss)	11	21	-23	-6.02	-46	24	22	8.88	22	3.12
Net Income / (Loss) Continuing Operations	11	21	-23	-6.02	-46	24	22	8.88	22	3.12
Total Pre-Tax Income	14	17	-24	-17	-45	28	31	160	28	6.43
Total Operating Income	3.04	5.92	-27	-16	-44	26	32	34	28	6.75
Total Gross Profit	574	478	382	307	213	266	211	260	195	92
Total Revenue	1,253	1,088	900	740	523	595	459	359	268	191
Operating Revenue	1,253	1,088	900	740	523	595	459	359	268	191
Total Cost of Revenue	679	609	519	433	310	329	248	98	74	99
Operating Cost of Revenue	679	609	519	433	310	329	248	98	74	99
Total Operating Expenses	571	472	408	322	257	240	179	227	167	85
Selling, General & Admin Expense	327	279	250	189	137	135	105	75	56	54
Depreciation Expense	102	91	73	59	49	40	29	22	15	10
Other Operating Expenses / (Income)	93	80	69	59	52	48	33	120	87	15
Other Special Charges / (Income)	48	22	17	15	19	16	13	10	9.55	5.45
Total Other Income / (Expense), net	11	11	2.61	-1.48	-1.60	1.83	-0.90	126	0.69	-0.33
Interest Expense	2.05	1.72	1.52	1.58	0.82	0.43	2.42	1.64	0.37	0.33
Other Income / (Expense), net	13	13	4.13	0.10	-0.79	2.26	1.51	128	1.07	0.01
Income Tax Expense	3.42	-4.01	-1.18	-11	0.06	3.39	8.86	151	6.35	3.30
Net Income / (Loss) Attributable to Noncontrolling Interest	0.61	0.73	-1.88	-1.46	-3.38	4.30	6.77	9.20	9.70	12
Basic Earnings per Share	$0.26	$0.51	($0.54)	($0.12)	($1.14)	$0.63	$0.54	($0.01)	$0.54	($0.65)
Weighted Average Basic Shares Outstanding	39.83M	39.42M	39.24M	39.09M	37.13M	31.38M	28.30M	25.88M	22.96M	13.59M
Diluted Earnings per Share	$0.24	$0.48	($0.54)	($0.12)	($1.14)	$0.61	$0.52	($0.01)	$0.53	($0.65)
Weighted Average Diluted Shares Outstanding	44.20M	43.90M	39.24M	39.09M	37.13M	32.25M	29.18M	25.88M	23.45M	13.59M
Weighted Average Basic & Diluted Shares Outstanding	42.53M	42.31M	42.16M	42.06M	41.97M	37.57M	28.10M	32M	23M	13.50M

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/26/2025	12/25/2024	9/25/2024	6/26/2024	3/27/2024	12/27/2023	9/27/2023	6/28/2023	3/29/2023	12/28/2022	9/28/2022
Net Income / (Loss) Attributable to Common Shareholders	4.25	8.71	-10	9.67	2.04	7.22	7.63	6.95	-1.53	-7.86	-2.02
Consolidated Net Income / (Loss)	4.51	9.33	-11	10	2.21	7.25	8.14	7.22	-1.62	-8.21	-2.31
Net Income / (Loss) Continuing Operations	4.51	9.33	-11	10	2.21	7.25	8.14	7.22	-1.62	-8.21	-2.31
Total Pre-Tax Income	5.25	13	-15	14	2.73	1.50	8.67	7.57	-0.76	-4.29	-3.82
Total Operating Income	2.84	10	-18	11	0.03	-1.30	5.66	4.75	-3.19	-6.31	-4.83
Total Gross Profit	148	155	145	145	129	127	123	121	107	104	95
Total Revenue	321	329	317	316	291	286	276	272	253	239	228
Operating Revenue	321	329	317	316	291	286	276	272	253	239	228
Total Cost of Revenue	173	174	172	172	162	159	153	151	146	134	132
Operating Cost of Revenue	173	174	172	172	162	159	153	151	146	134	132
Total Operating Expenses	145	145	163	134	129	129	117	116	110	111	100
Selling, General & Admin Expense	89	88	81	80	78	77	68	68	66	66	61
Depreciation Expense	27	26	26	25	25	25	23	22	21	19	19
Other Operating Expenses / (Income)	25	24	24	23	22	21	20	20	19	18	17
Impairment Charge	2.06	-	29	-	-	-	0.49	-	-	-	-
Other Special Charges / (Income)	3.22	36	3.66	5.06	3.28	6.53	4.97	6.46	4.28	7.20	3.63
Total Other Income / (Expense), net	2.41	2.73	3.01	2.77	2.70	2.80	3.01	2.82	2.43	2.02	1.01
Interest Expense	0.56	0.51	0.50	0.53	0.51	0.48	0.43	0.41	0.40	0.37	0.48
Other Income / (Expense), net	2.97	3.24	3.50	3.30	3.21	3.27	3.44	3.23	2.84	2.40	1.48
Income Tax Expense	0.74	3.61	-3.87	3.17	0.52	-5.75	0.53	0.35	0.87	3.92	-1.51
Net Income / (Loss) Attributable to Noncontrolling Interest	0.27	0.62	-0.90	0.71	0.17	0.03	0.51	0.28	-0.09	-0.35	-0.29
Basic Earnings per Share	$0.11	$0.23	($0.26)	$0.24	$0.05	$0.18	$0.19	$0.18	($0.04)	($0.20)	($0.05)
Weighted Average Basic Shares Outstanding	40.12M	39.83M	40.01M	39.75M	39.52M	39.42M	39.46M	39.42M	39.33M	39.24M	39.27M
Diluted Earnings per Share	$0.10	$0.22	($0.26)	$0.23	$0.05	$0.17	$0.19	$0.16	($0.04)	($0.20)	($0.05)
Weighted Average Diluted Shares Outstanding	41.86M	44.20M	40.01M	41.48M	41.26M	43.90M	43.98M	43.89M	39.33M	39.24M	39.27M
Weighted Average Basic & Diluted Shares Outstanding	42.67M	42.53M	42.48M	42.47M	42.44M	42.31M	42.30M	42.30M	42.25M	42.16M	42.15M

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/25/2024	12/27/2023	12/28/2022	12/29/2021	12/30/2020	12/25/2019	12/26/2018	12/27/2017	12/28/2016	12/30/2015
Net Change in Cash & Equivalents	96	-5.87	-72	156	110	12	0.70	9.90	-59	68
Net Cash From Operating Activities	171	132	77	58	37	90	85	71	54	41
Net Cash From Continuing Operating Activities	171	132	77	58	37	90	17	71	54	41
Net Income / (Loss) Continuing Operations	11	21	-23	-6.02	-46	24	22	8.88	22	3.12
Consolidated Net Income / (Loss)	11	21	-23	-6.02	-46	24	22	8.88	22	3.12
Depreciation Expense	102	91	73	59	49	40	-	22	15	10
Amortization Expense	80	69	62	53	1.51	0.48	0.07	0.32	0.30	0.27
Non-Cash Adjustments To Reconcile Net Income	48	18	16	11	29	48	28	-121	4.69	17
Changes in Operating Assets and Liabilities, net	-70	-67	-50	-59	3.76	-24	15	161	13	11
Net Cash From Investing Activities	-66	-132	-143	-145	-69	-81	-87	-62	-115	-35
Net Cash From Continuing Investing Activities	-66	-132	-143	-145	-69	-81	-9.09	-62	-115	-35
Purchase of Property, Plant & Equipment	-135	-146	-143	-101	-69	-107	-	-62	-54	-32
Purchase of Investments	0.00	-95	-0.87	-47	-20	-1.18	-	-7.86	-61	-2.40
Sale and/or Maturity of Investments	69	109	0.00	4.00	20	27	-	7.45	0.94	0.00
Net Cash From Financing Activities	-9.02	-5.68	-5.20	242	142	3.18	4.45	0.97	1.23	61
Net Cash From Continuing Financing Activities	-9.02	-5.68	-5.20	242	142	3.18	17	0.97	1.23	61
Payment of Dividends	-0.48	-0.16	-0.41	-0.97	-0.48	-1.71	-	-2.38	-1.75	-11
Other Financing Activities, net	-8.54	-5.52	-4.79	0.48	-2.63	5.17	17	3.34	3.29	-4.64
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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/26/2025	12/25/2024	9/25/2024	6/26/2024	3/27/2024	12/27/2023	9/27/2023	6/28/2023	3/29/2023	12/28/2022	9/28/2022
Net Change in Cash & Equivalents	-7.79	9.85	9.03	42	36	35	-14	-90	63	-26	-21
Net Cash From Operating Activities	31	45	42	54	31	42	28	42	20	22	19
Net Cash From Continuing Operating Activities	31	45	42	54	31	42	28	42	20	22	19
Net Income / (Loss) Continuing Operations	4.51	9.33	-11	10	2.21	7.25	8.14	7.22	-1.62	-8.21	-2.31
Consolidated Net Income / (Loss)	4.51	9.33	-11	10	2.21	7.25	8.14	7.22	-1.62	-8.21	-2.31
Depreciation Expense	27	26	26	25	25	25	23	22	21	19	19
Amortization Expense	22	21	21	38	0.25	18	17	17	17	60	-27
Non-Cash Adjustments To Reconcile Net Income	6.60	8.04	31	3.51	5.45	4.58	3.98	4.82	4.44	-6.94	15
Changes in Operating Assets and Liabilities, net	-28	-19	-25	-24	-2.68	-13	-24	-9.10	-21	-41	15
Net Cash From Investing Activities	-29	-35	-32	-11	11	-6.06	-41	-132	46	-48	-40
Net Cash From Continuing Investing Activities	-29	-35	-32	-11	11	-6.06	-41	-132	46	-48	-40
Purchase of Property, Plant & Equipment	-29	-35	-35	-33	-33	-33	-38	-40	-34	-48	-40
Sale and/or Maturity of Investments	0.00	-	3.00	22	44	27	-	-	81	-	-
Net Cash From Financing Activities	-9.66	-0.54	-1.03	-1.03	-6.42	-0.86	-1.23	-0.23	-3.37	-0.67	-0.75
Net Cash From Continuing Financing Activities	-9.66	-0.54	-1.03	-1.03	-6.42	-0.86	-1.23	-0.23	-3.37	-0.67	-0.75
Payment of Dividends	-0.02	-0.27	-0.06	-	-0.15	-0.03	-0.08	-0.00	-0.05	-0.02	-0.07
Other Financing Activities, net	-9.64	-0.26	-0.97	-1.03	-6.28	-0.83	-1.15	-0.22	-3.32	-0.65	-0.68
Other Net Changes in Cash	-0.00	-	-	-	-	-	0.00	-	-0.00	-	-

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/25/2024	12/27/2023	12/28/2022	12/29/2021	12/30/2020	12/25/2019	12/26/2018	12/27/2017	12/28/2016	12/30/2015
Total Assets	1,697	1,606	1,512	1,458	1,145	968	611	471	538	380
Total Current Assets	368	334	344	410	203	88	101	93	84	79
Cash & Equivalents	321	225	231	302	147	9.22	25	22	12	71
Short-Term Investments	0.00	69	81	80	37	-	62	63	62	0.28
Accounts Receivable	20	17	14	14	9.46	9.97	11	5.64	6.01	4.22
Inventories, net	6.01	5.40	4.18	3.85	2.89	-	1.75	1.26	0.81	0.54
Prepaid Expenses	22	19	15	9.76	7.07	0.21	1.98	1.76	3.49	3.05
Plant, Property, & Equipment, net	552	531	467	389	337	0.00	262	187	136	93
Total Noncurrent Assets	777	740	701	659	606	534	248	190	318	208
Noncurrent Deferred & Refundable Income Taxes	342	326	318	299	287	280	243	186	313	202
Other Noncurrent Operating Assets	436	414	383	360	319	-	5.03	4.40	4.78	5.62
Total Liabilities & Shareholders' Equity	1,697	1,606	1,512	1,458	1,145	968	611	471	538	380
Total Liabilities	1,203	1,136	1,075	1,022	711	646	337	246	337	223
Total Current Liabilities	187	164	148	121	110	99	60	34	32	24
Accounts Payable	24	22	20	20	23	24	12	8.21	6.92	6.79
Accrued Expenses	63	55	48	37	26	24	23	12	8.54	6.80
Current Employee Benefit Liabilities	25	21	18	15	10	-	11	6.23	6.08	5.80
Other Current Liabilities	75	66	62	50	50	-	14	7.94	10	4.61
Total Noncurrent Liabilities	1,016	972	927	900	601	234	277	212	305	199
Long-Term Debt	247	246	245	244	0.00	-	-	-	-	0.31
Noncurrent Deferred & Payable Income Tax Liabilities	247	236	235	234	233	7.78	198	-	-	-
Other Noncurrent Operating Liabilities	522	491	448	423	368	227	10	176	274	175
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	494	469	437	436	434	322	273	224	201	157
Total Preferred & Common Equity	470	443	412	410	407	299	226	169	152	101
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	470	443	412	410	407	299	226	169	152	101
Common Stock	443	427	416	406	395	244	196	153	135	96
Retained Earnings	27	17	-3.49	3.55	12	54	30	16	17	4.27
Accumulated Other Comprehensive Income / (Loss)	-0.00	-0.00	0.00	0.00	0.00	-	0.00	-0.05	-0.02	-0.01
Noncontrolling Interest	24	26	25	26	27	-	47	55	49	56

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	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/26/2025	9/25/2024	6/26/2024	3/27/2024	9/27/2023	6/28/2023	3/29/2023	9/28/2022
Total Assets	1,727	1,675	1,662	1,619	1,565	1,533	1,507	1,502
Total Current Assets	365	354	346	326	323	330	330	367
Cash & Equivalents	313	311	302	260	190	204	293	257
Accounts Receivable	18	17	16	14	14	14	14	12
Inventories, net	5.31	5.15	5.19	5.07	4.61	4.67	4.39	4.00
Prepaid Expenses	28	21	20	22	20	15	18	14
Plant, Property, & Equipment, net	562	545	545	538	526	500	480	442
Total Noncurrent Assets	801	777	771	755	716	703	697	693
Noncurrent Deferred & Refundable Income Taxes	346	344	339	330	302	302	302	307
Other Noncurrent Operating Assets	455	432	432	425	414	401	396	386
Total Liabilities & Shareholders' Equity	1,727	1,675	1,662	1,619	1,565	1,533	1,507	1,502
Total Liabilities	1,230	1,196	1,175	1,147	1,123	1,101	1,087	1,074
Total Current Liabilities	191	176	168	161	152	150	143	145
Accounts Payable	21	16	19	15	21	17	16	17
Accrued Expenses	71	66	56	57	48	51	46	49
Current Employee Benefit Liabilities	21	22	23	19	18	18	19	18
Other Current Liabilities	79	72	71	69	65	64	63	60
Total Noncurrent Liabilities	1,039	1,021	1,007	985	971	951	944	929
Long-Term Debt	247	246	246	246	245	245	245	244
Noncurrent Deferred & Payable Income Tax Liabilities	247	248	247	237	236	235	235	235
Other Noncurrent Operating Liabilities	545	526	514	503	490	471	464	450
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	498	479	486	472	442	431	420	428
Total Preferred & Common Equity	473	456	462	446	416	406	395	403
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	473	456	462	446	416	406	395	403
Common Stock	442	438	434	428	424	421	417	413
Retained Earnings	31	18	28	19	-7.50	-15	-22	-9.82
Accumulated Other Comprehensive Income / (Loss)	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00
Noncontrolling Interest	24	23	24	26	26	25	24	25

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/25/2024	12/27/2023	12/28/2022	12/29/2021	12/30/2020	12/25/2019	12/26/2018	12/27/2017	12/28/2016	12/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.18%	20.77%	21.70%	41.51%	-12.05%	29.44%	28.01%	33.65%	40.86%	60.80%
EBITDA Growth	11.04%	60.46%	15.54%	1,609.79%	-91.79%	106.69%	-81.90%	321.19%	153.12%	88.70%
EBIT Growth	-12.88%	182.12%	-44.48%	64.72%	-259.80%	-15.88%	-79.48%	460.91%	327.07%	115.08%
NOPAT Growth	-68.47%	138.88%	-69.65%	63.87%	-236.36%	-0.29%	1,105.41%	-91.33%	558.42%	37.06%
Net Income Growth	-48.45%	190.85%	-284.00%	86.79%	-288.72%	9.93%	147.05%	-59.88%	608.90%	47.50%
EPS Growth	-50.00%	188.89%	-350.00%	89.47%	-286.89%	17.31%	5,300.00%	-101.89%	181.54%	-1,028.57%
Operating Cash Flow Growth	29.53%	72.19%	31.40%	56.37%	-58.43%	5.23%	20.48%	30.57%	31.57%	203.73%
Free Cash Flow Firm Growth	110.17%	52.02%	-61.62%	78.60%	-223.91%	579.52%	-333.68%	47.93%	51.12%	-2.13%
Invested Capital Growth	-0.52%	13.94%	24.76%	18.35%	1,617.47%	-92.96%	48.24%	9.58%	48.14%	104.11%
Revenue Q/Q Growth	3.51%	4.59%	4.08%	6.59%	1.18%	4.79%	6.52%	6.81%	9.02%	9.35%
EBITDA Q/Q Growth	72.00%	19.00%	14.68%	4,860.76%	-75.83%	16.14%	-82.51%	236.46%	9.38%	50.73%
EBIT Q/Q Growth	238.37%	46.04%	10.38%	30.09%	-49.71%	-6.01%	-79.65%	370.02%	9.06%	220.08%
NOPAT Q/Q Growth	108.75%	1,542.43%	0.66%	26.52%	-40.75%	-9.83%	814.01%	-92.56%	8.88%	298.48%
Net Income Q/Q Growth	23.80%	279.70%	-9.24%	70.03%	-66.83%	-5.94%	91.45%	-64.99%	12.22%	331.58%
EPS Q/Q Growth	26.32%	336.36%	-17.39%	77.36%	-67.65%	-4.69%	550.00%	-101.56%	-10.17%	30.11%
Operating Cash Flow Q/Q Growth	2.11%	16.94%	11.22%	11.05%	-17.57%	-6.06%	7.16%	4.64%	6.78%	24.67%
Free Cash Flow Firm Q/Q Growth	111.67%	33.30%	-32.86%	-26.44%	-577.86%	773.23%	-23.31%	-816.50%	32.31%	0.00%
Invested Capital Q/Q Growth	1.20%	4.82%	10.32%	4.10%	-1.67%	-93.85%	14.93%	-1.17%	8.37%	25.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.82%	43.97%	42.37%	41.43%	40.68%	44.66%	45.96%	72.59%	72.53%	48.15%
EBITDA Margin	15.87%	16.46%	12.39%	13.05%	1.08%	11.58%	7.25%	51.27%	16.27%	9.05%
Operating Margin	0.24%	0.54%	-2.99%	-2.14%	-8.39%	4.32%	6.90%	9.42%	10.36%	3.54%
EBIT Margin	1.30%	1.72%	-2.53%	-2.13%	-8.54%	4.70%	7.23%	45.13%	10.75%	3.55%
Profit (Net Income) Margin	0.86%	1.93%	-2.57%	-0.81%	-8.71%	4.06%	4.78%	2.48%	8.25%	1.64%
Tax Burden Percent	75.96%	123.62%	95.14%	34.71%	100.13%	87.69%	71.24%	5.54%	77.72%	48.60%
Interest Burden Percent	87.45%	90.82%	106.67%	110.01%	101.82%	98.45%	92.73%	98.99%	98.70%	95.09%
Effective Tax Rate	24.04%	-23.62%	0.00%	0.00%	0.00%	12.31%	28.76%	94.46%	22.28%	51.40%
Return on Invested Capital (ROIC)	0.55%	1.85%	-5.65%	-4.05%	-23.15%	20.29%	13.01%	1.40%	20.20%	5.11%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.45%	-22.09%	-1.48%	-7.20%	-17.12%	19.43%	13.86%	-7.46%	19.46%	5.88%
Return on Net Nonoperating Assets (RNNOA)	1.70%	2.78%	0.35%	2.67%	11.11%	-12.18%	-4.19%	2.77%	-7.84%	-1.43%
Return on Equity (ROE)	2.25%	4.63%	-5.30%	-1.38%	-12.04%	8.10%	8.82%	4.17%	12.36%	3.68%
Cash Return on Invested Capital (CROIC)	1.07%	-11.18%	-27.68%	-20.86%	-201.14%	193.99%	-25.86%	-7.74%	-18.60%	-63.36%
Operating Return on Assets (OROA)	0.99%	1.20%	-1.53%	-1.21%	-4.23%	3.54%	6.15%	32.10%	6.29%	2.92%
Return on Assets (ROA)	0.66%	1.35%	-1.56%	-0.46%	-4.31%	3.06%	4.06%	1.76%	4.83%	1.35%
Return on Common Equity (ROCE)	2.13%	4.37%	-4.99%	-1.30%	-11.24%	7.14%	7.00%	3.15%	8.72%	2.46%
Return on Equity Simple (ROE_SIMPLE)	2.30%	4.73%	-5.61%	-1.47%	-11.18%	8.07%	9.71%	5.24%	14.55%	3.10%
Net Operating Profit after Tax (NOPAT)	2.31	7.32	-19	-11	-31	23	23	1.87	22	3.28
NOPAT Margin	0.18%	0.67%	-2.09%	-1.50%	-5.87%	3.79%	4.92%	0.52%	8.05%	1.72%
Net Nonoperating Expense Percent (NNEP)	14.00%	23.94%	-4.16%	3.15%	-6.04%	0.86%	-0.85%	8.86%	0.74%	-0.77%
Return On Investment Capital (ROIC_SIMPLE)	0.31%	1.02%	-2.76%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	54.18%	56.03%	57.63%	58.57%	59.32%	55.34%	54.04%	27.41%	27.47%	51.85%
SG&A Expenses to Revenue	26.14%	25.65%	27.72%	25.58%	26.29%	22.68%	22.75%	20.85%	20.67%	28.40%
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	45.58%	43.43%	45.36%	43.57%	49.07%	40.34%	39.06%	63.17%	62.17%	44.60%
Earnings before Interest and Taxes (EBIT)	16	19	-23	-16	-45	28	33	162	29	6.76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	199	179	112	97	5.65	69	33	184	44	17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.93	7.24	4.35	7.20	8.63	7.53	7.08	9.61	8.80	14.40
Price to Tangible Book Value (P/TBV)	11.93	7.24	4.35	7.20	8.63	7.53	7.08	9.61	8.80	14.40
Price to Revenue (P/Rev)	4.48	2.95	1.99	3.99	6.73	3.78	3.49	4.54	4.99	7.60
Price to Earnings (P/E)	549.53	158.53	0.00	0.00	0.00	113.45	105.50	0.00	107.58	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.18%	0.63%	0.00%	0.00%	0.00%	0.88%	0.95%	0.00%	0.93%	0.00%
Enterprise Value to Invested Capital (EV/IC)	13.25	7.56	4.73	9.56	13.40	136.50	7.63	11.43	10.29	16.64
Enterprise Value to Revenue (EV/Rev)	4.44	2.93	1.95	3.83	6.43	3.35	3.45	4.46	4.90	7.52
Enterprise Value to EBITDA (EV/EBITDA)	27.96	17.82	15.69	29.36	594.82	28.96	47.53	8.69	30.10	83.11
Enterprise Value to EBIT (EV/EBIT)	341.25	170.66	0.00	0.00	0.00	71.30	47.64	9.87	45.53	212.15
Enterprise Value to NOPAT (EV/NOPAT)	2,408.73	435.95	0.00	0.00	0.00	88.47	70.06	853.28	60.83	436.98
Enterprise Value to Operating Cash Flow (EV/OCF)	32.48	24.15	22.82	48.56	89.96	22.18	18.53	22.56	24.21	34.76
Enterprise Value to Free Cash Flow (EV/FCFF)	1,233.97	0.00	0.00	0.00	0.00	9.25	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.52	0.56	0.56	0.00	0.00	0.08	0.00	0.00	0.00
Long-Term Debt to Equity	0.50	0.52	0.56	0.56	0.00	0.00	0.08	0.00	0.00	0.00
Financial Leverage	-0.13	-0.13	-0.24	-0.37	-0.65	-0.63	-0.30	-0.37	-0.40	-0.24
Leverage Ratio	3.43	3.44	3.40	2.99	2.79	2.65	2.17	2.37	2.56	2.73
Compound Leverage Factor	3.00	3.12	3.63	3.29	2.85	2.61	2.01	2.35	2.53	2.59
Debt to Total Capital	33.32%	34.35%	35.89%	35.86%	0.00%	0.00%	7.08%	0.00%	0.00%	0.20%
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	33.32%	34.35%	35.89%	35.86%	0.00%	0.00%	7.08%	0.00%	0.00%	0.20%
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	3.19%	3.63%	3.61%	3.84%	6.25%	0.00%	16.10%	24.50%	24.42%	35.85%
Common Equity to Total Capital	63.49%	62.02%	60.49%	60.30%	93.75%	92.82%	76.82%	75.49%	75.56%	63.93%
Debt to EBITDA	1.24	1.37	2.19	2.52	0.00	0.00	0.63	0.00	0.00	0.02
Net Debt to EBITDA	-0.37	-0.27	-0.60	-1.44	0.00	0.00	-1.98	0.00	0.00	-4.10
Long-Term Debt to EBITDA	1.24	1.37	2.19	2.52	0.00	0.00	0.63	0.00	0.00	0.02
Debt to NOPAT	106.89	33.56	-12.99	-21.95	0.00	0.00	0.92	0.00	0.00	0.10
Net Debt to NOPAT	-32.08	-6.50	3.54	12.51	0.00	0.00	-2.92	0.00	0.00	-21.58
Long-Term Debt to NOPAT	106.89	33.56	-12.99	-21.95	0.00	0.00	0.92	0.00	0.00	0.10
Altman Z-Score	3.72	2.55	1.70	2.44	3.41	2.86	3.93	6.07	3.22	4.66
Noncontrolling Interest Sharing Ratio	5.15%	5.58%	5.81%	6.12%	6.65%	11.84%	20.57%	24.48%	29.48%	33.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.97	2.04	2.33	3.37	1.85	0.88	1.69	2.74	2.65	3.29
Quick Ratio	1.82	1.89	2.20	3.26	1.76	0.19	1.62	2.65	2.51	3.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4.50	-44	-92	-57	-267	215	-45	-10	-20	-41
Operating Cash Flow to CapEx	126.31%	90.40%	53.83%	57.54%	54.10%	84.37%	0.00%	115.19%	99.73%	128.46%
Free Cash Flow to Firm to Interest Expense	2.20	-25.79	-60.80	-36.21	-327.42	496.23	-18.60	-6.30	-53.18	-122.56
Operating Cash Flow to Interest Expense	83.69	76.96	50.55	37.03	45.83	207.04	35.36	43.14	145.15	124.27
Operating Cash Flow Less CapEx to Interest Expense	17.44	-8.17	-43.36	-27.32	-38.88	-38.36	35.36	5.69	-0.40	27.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.70	0.61	0.57	0.49	0.75	0.85	0.71	0.59	0.82
Accounts Receivable Turnover	68.57	70.79	65.41	64.00	53.81	58.02	56.83	61.61	52.52	50.86
Inventory Turnover	118.88	127.10	129.19	128.64	0.00	0.00	165.07	95.29	109.34	184.39
Fixed Asset Turnover	2.31	2.18	2.10	2.04	0.00	0.00	2.05	2.22	2.34	2.34
Accounts Payable Turnover	29.58	28.55	25.72	19.96	13.08	18.07	24.01	13.00	10.76	14.95
Days Sales Outstanding (DSO)	5.32	5.16	5.58	5.70	6.78	6.29	6.42	5.92	6.95	7.18
Days Inventory Outstanding (DIO)	3.07	2.87	2.83	2.84	0.00	0.00	2.21	3.83	3.34	1.98
Days Payable Outstanding (DPO)	12.34	12.78	14.19	18.29	27.91	20.20	15.20	28.08	33.92	24.42
Cash Conversion Cycle (CCC)	-3.94	-4.76	-5.79	-9.75	-21.13	-13.91	-6.57	-18.33	-23.63	-15.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	420	422	370	297	251	15	207	140	128	86
Invested Capital Turnover	2.98	2.75	2.70	2.70	3.94	5.36	2.64	2.68	2.51	2.97
Increase / (Decrease) in Invested Capital	-2.20	52	73	46	236	-193	68	12	41	44
Enterprise Value (EV)	5,559	3,191	1,751	2,836	3,360	1,993	1,583	1,599	1,314	1,434
Market Capitalization	5,609	3,212	1,793	2,949	3,517	2,249	1,601	1,629	1,339	1,449
Book Value per Share	$11.06	$10.48	$9.78	$9.74	$9.83	$7.96	$6.10	$4.61	$4.19	$2.77
Tangible Book Value per Share	$11.06	$10.48	$9.78	$9.74	$9.83	$7.96	$6.10	$4.61	$4.19	$2.77
Total Capital	740	715	681	679	434	322	294	224	201	157
Total Debt	247	246	245	244	0.00	0.00	21	0.00	0.00	0.31
Total Long-Term Debt	247	246	245	244	0.00	0.00	21	0.00	0.00	0.31
Net Debt	-74	-48	-67	-139	-184	-257	-66	-85	-74	-71
Capital Expenditures (CapEx)	135	146	143	101	69	107	0.00	62	54	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-140	-123	-115	-94	-90	-21	-46	-25	-21	-16
Debt-free Net Working Capital (DFNWC)	181	170	196	288	93	-12	41	59	52	55
Net Working Capital (NWC)	181	170	196	288	93	-12	41	59	52	55
Net Nonoperating Expense (NNE)	-8.51	-14	4.28	-5.08	15	-1.60	0.64	-7.01	-0.54	0.16
Net Nonoperating Obligations (NNO)	-74	-48	-67	-139	-184	-307	-66	-85	-74	-71
Total Depreciation and Amortization (D&A)	183	160	134	112	50	41	0.07	22	15	10
Debt-free, Cash-free Net Working Capital to Revenue	-11.16%	-11.30%	-12.77%	-12.74%	-17.27%	-3.52%	-9.95%	-7.07%	-7.98%	-8.50%
Debt-free Net Working Capital to Revenue	14.44%	15.67%	21.80%	38.95%	17.88%	-1.97%	8.96%	16.49%	19.45%	28.82%
Net Working Capital to Revenue	14.44%	15.67%	21.80%	38.95%	17.88%	-1.97%	8.96%	16.49%	19.45%	28.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.51	($0.61)	($0.22)	($1.14)	$0.63	$0.54	($0.01)	$0.54	($0.65)
Adjusted Weighted Average Basic Shares Outstanding	39.83M	39.42M	39.24M	39.09M	37.13M	31.38M	28.30M	25.88M	22.96M	13.59M
Adjusted Diluted Earnings per Share	$0.24	$0.48	($0.61)	($0.22)	($1.14)	$0.61	$0.52	($0.01)	$0.53	($0.65)
Adjusted Weighted Average Diluted Shares Outstanding	44.20M	43.90M	39.24M	39.09M	37.13M	32.25M	29.18M	25.88M	23.45M	13.59M
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	42.53M	42.31M	42.16M	42.06M	41.97M	37.57M	37.08M	36.78M	36.41M	36.26M
Normalized Net Operating Profit after Tax (NOPAT)	39	20	-6.59	-0.65	-18	37	32	31	29	8.54
Normalized NOPAT Margin	3.09%	1.81%	-0.73%	-0.09%	-3.37%	6.18%	6.96%	8.59%	10.81%	4.48%
Pre Tax Income Margin	1.14%	1.56%	-2.70%	-2.34%	-8.70%	4.63%	6.71%	44.67%	10.61%	3.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.97	10.89	-15.00	-9.99	-54.80	64.40	13.76	98.56	77.19	20.36
NOPAT to Interest Expense	1.13	4.26	-12.40	-7.04	-37.68	51.90	9.35	1.14	57.78	9.89
EBIT Less CapEx to Interest Expense	-58.29	-74.24	-108.91	-74.35	-139.51	-181.01	13.76	61.11	-68.35	-76.38
NOPAT Less CapEx to Interest Expense	-65.13	-80.87	-106.31	-71.40	-122.39	-193.51	9.35	-36.31	-87.76	-86.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.45%	0.77%	-1.77%	-16.09%	-1.05%	7.08%	0.00%	26.78%	7.88%	356.11%
Augmented Payout Ratio	4.45%	0.77%	-1.77%	-33.95%	-1.05%	7.08%	0.00%	26.78%	7.88%	356.11%

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/26/2025	12/25/2024	9/25/2024	6/26/2024	3/27/2024	12/27/2023	9/27/2023	6/28/2023	3/29/2023	12/28/2022	9/28/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.46%	14.83%	14.74%	16.44%	14.70%	20.00%	21.24%	17.79%	24.53%	17.35%	17.49%
EBITDA Growth	86.44%	34.64%	-35.32%	64.53%	-23.48%	-40.38%	514.06%	2.05%	1,595.25%	23.61%	-190.60%
EBIT Growth	79.41%	580.72%	-259.20%	76.58%	1,020.45%	150.43%	372.07%	2,938.08%	97.69%	40.23%	-27.25%
NOPAT Growth	8,766.55%	217.61%	-337.06%	82.28%	101.23%	-41.68%	257.23%	890.22%	78.65%	2.76%	-82.39%
Net Income Growth	103.84%	28.68%	-236.54%	43.74%	236.50%	188.35%	452.06%	654.34%	85.62%	-31.24%	3.79%
EPS Growth	100.00%	29.41%	-236.84%	43.75%	225.00%	185.00%	480.00%	633.33%	84.62%	-66.67%	16.67%
Operating Cash Flow Growth	1.82%	8.51%	47.40%	26.37%	54.72%	85.42%	48.14%	55.81%	148.68%	52.80%	184.65%
Free Cash Flow Firm Growth	106.98%	116.53%	59.67%	38.67%	2.14%	25.71%	-14.16%	-31.24%	-18.15%	-54.07%	-68.89%
Invested Capital Growth	-0.44%	-0.52%	3.04%	12.30%	16.72%	13.94%	19.92%	21.51%	19.73%	24.76%	17.72%
Revenue Q/Q Growth	-2.37%	3.71%	0.14%	8.95%	1.49%	3.63%	1.62%	7.31%	6.18%	4.70%	-1.27%
EBITDA Q/Q Growth	-10.19%	88.50%	-59.16%	169.63%	8.77%	-9.45%	3.90%	25.40%	136.17%	728.90%	-125.61%
EBIT Q/Q Growth	-56.78%	192.87%	-202.85%	334.63%	63.97%	-78.28%	14.08%	2,365.63%	91.02%	-17.17%	-1,090.04%
NOPAT Q/Q Growth	-66.83%	158.49%	-252.48%	29,871.30%	100.44%	-217.89%	17.25%	302.95%	49.49%	-30.83%	-489.26%
Net Income Q/Q Growth	-51.64%	184.01%	-207.00%	368.93%	-69.47%	-10.85%	12.64%	545.31%	80.24%	-255.21%	-77.36%
EPS Q/Q Growth	-54.55%	184.62%	-213.04%	360.00%	-70.59%	-10.53%	18.75%	500.00%	80.00%	-300.00%	-66.67%
Operating Cash Flow Q/Q Growth	-30.75%	7.69%	-21.82%	74.61%	-26.19%	46.30%	-32.97%	113.78%	-11.55%	16.88%	-29.50%
Free Cash Flow Firm Q/Q Growth	-54.69%	138.54%	35.76%	37.78%	-7.27%	5.95%	2.30%	0.72%	18.56%	-44.52%	-12.33%
Invested Capital Q/Q Growth	2.84%	1.20%	-3.15%	-1.22%	2.76%	4.82%	5.55%	2.67%	0.31%	10.32%	6.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.18%	47.16%	45.86%	45.76%	44.32%	44.49%	44.46%	44.46%	42.34%	43.68%	41.88%
EBITDA Margin	16.81%	18.27%	10.05%	24.64%	9.96%	15.58%	17.83%	17.44%	14.93%	31.36%	-5.22%
Operating Margin	0.89%	3.11%	-5.68%	3.41%	0.01%	-0.45%	2.05%	1.75%	-1.26%	-2.65%	-2.12%
EBIT Margin	1.81%	4.09%	-4.57%	4.45%	1.12%	0.69%	3.29%	2.93%	-0.14%	-1.64%	-1.47%
Profit (Net Income) Margin	1.41%	2.84%	-3.51%	3.28%	0.76%	2.53%	2.95%	2.66%	-0.64%	-3.44%	-1.01%
Tax Burden Percent	85.96%	72.13%	74.15%	76.59%	81.04%	483.53%	93.90%	95.42%	214.83%	191.31%	60.51%
Interest Burden Percent	90.31%	96.19%	103.44%	96.26%	84.32%	75.91%	95.24%	94.92%	214.49%	109.52%	114.20%
Effective Tax Rate	14.04%	27.87%	0.00%	23.41%	18.96%	-383.53%	6.11%	4.58%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.26%	6.67%	-11.77%	7.54%	0.03%	-6.01%	5.42%	4.76%	-2.46%	-5.00%	-4.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.69%	3.43%	-14.62%	3.62%	-4.97%	-29.67%	1.15%	1.47%	-3.20%	-1.32%	-4.99%
Return on Net Nonoperating Assets (RNNOA)	0.18%	-0.43%	1.65%	-0.43%	0.49%	3.74%	-0.17%	-0.28%	0.62%	0.31%	1.44%
Return on Equity (ROE)	2.44%	6.24%	-10.12%	7.11%	0.51%	-2.27%	5.24%	4.47%	-1.84%	-4.69%	-2.70%
Cash Return on Invested Capital (CROIC)	1.49%	1.07%	-9.45%	-7.62%	-12.68%	-11.18%	-17.99%	-21.35%	-21.07%	-27.68%	-22.38%
Operating Return on Assets (OROA)	1.39%	3.10%	-3.41%	3.26%	0.80%	0.48%	2.23%	1.93%	-0.09%	-1.00%	-0.86%
Return on Assets (ROA)	1.08%	2.15%	-2.62%	2.40%	0.55%	1.77%	2.00%	1.75%	-0.41%	-2.09%	-0.60%
Return on Common Equity (ROCE)	2.32%	5.92%	-9.58%	6.73%	0.49%	-2.14%	4.94%	4.21%	-1.73%	-4.42%	-2.54%
Return on Equity Simple (ROE_SIMPLE)	2.77%	0.00%	1.92%	6.05%	5.56%	0.00%	1.33%	-1.21%	-3.40%	0.00%	-5.24%
Net Operating Profit after Tax (NOPAT)	2.44	7.36	-13	8.26	0.03	-6.26	5.31	4.53	-2.23	-4.42	-3.38
NOPAT Margin	0.76%	2.24%	-3.97%	2.61%	0.01%	-2.19%	1.92%	1.67%	-0.88%	-1.85%	-1.48%
Net Nonoperating Expense Percent (NNEP)	3.95%	3.24%	2.85%	3.92%	5.00%	23.67%	4.27%	3.28%	0.75%	-3.69%	0.85%
Return On Investment Capital (ROIC_SIMPLE)	0.33%	0.99%	-	-	-	-0.88%	-	-	-	-0.65%	-
Cost of Revenue to Revenue	53.82%	52.84%	54.14%	54.24%	55.68%	55.51%	55.54%	55.54%	57.66%	56.32%	58.12%
SG&A Expenses to Revenue	27.70%	26.81%	25.64%	25.36%	26.78%	26.87%	24.71%	24.87%	26.16%	27.61%	26.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	45.30%	44.05%	51.54%	42.35%	44.31%	44.94%	42.41%	42.71%	43.60%	46.33%	44.00%
Earnings before Interest and Taxes (EBIT)	5.81	13	-14	14	3.24	1.98	9.10	7.98	-0.35	-3.92	-3.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	54	60	32	78	29	45	49	47	38	75	-12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.39	11.93	9.85	8.19	9.88	7.24	5.79	7.99	5.74	4.35	5.07
Price to Tangible Book Value (P/TBV)	8.39	11.93	9.85	8.19	9.88	7.24	5.79	7.99	5.74	4.35	5.07
Price to Revenue (P/Rev)	3.09	4.48	3.71	3.24	3.92	2.95	2.32	3.28	2.39	1.99	2.37
Price to Earnings (P/E)	319.82	549.53	515.06	142.56	185.08	158.53	465.22	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.31%	0.18%	0.19%	0.70%	0.54%	0.63%	0.22%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	9.10	13.25	10.73	8.76	10.15	7.56	5.96	8.45	6.04	4.73	5.90
Enterprise Value to Revenue (EV/Rev)	3.06	4.44	3.68	3.21	3.91	2.93	2.31	3.25	2.36	1.95	2.29
Enterprise Value to EBITDA (EV/EBITDA)	17.55	27.96	38.49	28.21	42.96	17.82	15.94	36.08	25.40	15.69	20.33
Enterprise Value to EBIT (EV/EBIT)	208.24	341.25	924.34	132.13	197.36	170.66	187.35	8,927.12	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	858.45	2,408.73	0.00	233.65	396.61	435.95	5,382.52	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.87	32.48	26.55	24.34	30.77	24.15	21.23	31.06	25.33	22.82	28.68
Enterprise Value to Free Cash Flow (EV/FCFF)	607.60	1,233.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.50	0.51	0.51	0.52	0.52	0.56	0.57	0.58	0.56	0.57
Long-Term Debt to Equity	0.50	0.50	0.51	0.51	0.52	0.52	0.56	0.57	0.58	0.56	0.57
Financial Leverage	-0.11	-0.13	-0.11	-0.12	-0.10	-0.13	-0.15	-0.19	-0.19	-0.24	-0.29
Leverage Ratio	3.45	3.43	3.52	3.48	3.50	3.44	3.52	3.51	3.50	3.40	3.38
Compound Leverage Factor	3.12	3.30	3.64	3.35	2.95	2.61	3.36	3.33	7.50	3.73	3.86
Debt to Total Capital	33.17%	33.32%	33.97%	33.60%	34.24%	34.35%	35.70%	36.23%	36.83%	35.89%	36.33%
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%	0.00%
Long-Term Debt to Total Capital	33.17%	33.32%	33.97%	33.60%	34.24%	34.35%	35.70%	36.23%	36.83%	35.89%	36.33%
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%	0.00%
Noncontrolling Interests to Total Capital	3.25%	3.19%	3.16%	3.27%	3.61%	3.63%	3.73%	3.71%	3.68%	3.61%	3.68%
Common Equity to Total Capital	63.58%	63.49%	62.87%	63.12%	62.15%	62.02%	60.57%	60.06%	59.48%	60.49%	59.99%
Debt to EBITDA	1.10	1.24	2.13	1.85	2.40	1.37	1.63	2.74	2.77	2.19	2.51
Net Debt to EBITDA	-0.29	-0.37	-0.56	-0.44	-0.38	-0.27	-0.26	-0.56	-0.55	-0.60	-0.95
Long-Term Debt to EBITDA	1.10	1.24	2.13	1.85	2.40	1.37	1.63	2.74	2.77	2.19	2.51
Debt to NOPAT	53.97	106.89	-9.34	15.33	22.17	33.56	550.61	-36.55	-23.09	-12.99	-12.89
Net Debt to NOPAT	-14.42	-32.08	2.44	-3.63	-3.50	-6.50	-88.87	7.47	4.58	3.54	4.89
Long-Term Debt to NOPAT	53.97	106.89	-9.34	15.33	22.17	33.56	550.61	-36.55	-23.09	-12.99	-12.89
Altman Z-Score	2.84	3.71	3.09	2.82	3.15	2.52	2.10	2.56	2.01	1.74	1.88
Noncontrolling Interest Sharing Ratio	5.17%	5.15%	5.28%	5.35%	5.65%	5.58%	5.79%	5.82%	5.84%	5.81%	5.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	1.97	2.01	2.06	2.03	2.04	2.12	2.19	2.31	2.33	2.54
Quick Ratio	1.74	1.82	1.86	1.91	1.86	1.89	1.96	2.06	2.15	2.20	2.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4.33	9.56	-25	-39	-62	-58	-62	-63	-63	-78	-54
Operating Cash Flow to CapEx	106.37%	129.93%	120.26%	162.56%	92.77%	125.39%	74.19%	104.80%	57.74%	46.91%	48.50%
Free Cash Flow to Firm to Interest Expense	7.69	18.67	-49.81	-73.28	-122.17	-121.55	-142.07	-155.46	-157.38	-208.80	-113.45
Operating Cash Flow to Interest Expense	55.46	88.05	84.06	101.60	60.36	87.29	65.59	104.62	49.18	60.07	40.36
Operating Cash Flow Less CapEx to Interest Expense	3.32	20.28	14.16	39.10	-4.70	17.68	-22.81	4.80	-36.00	-67.98	-42.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.76	0.75	0.73	0.72	0.70	0.68	0.66	0.64	0.61	0.59
Accounts Receivable Turnover	78.37	68.57	79.01	77.33	78.56	70.79	80.95	75.49	73.30	65.41	74.87
Inventory Turnover	132.81	118.88	136.13	130.87	132.04	127.10	135.93	130.66	133.26	129.19	133.83
Fixed Asset Turnover	2.33	2.31	2.26	2.24	2.21	2.18	2.15	2.18	2.16	2.10	2.13
Accounts Payable Turnover	38.48	29.58	35.87	36.30	40.11	28.55	30.41	33.73	37.05	25.72	28.72
Days Sales Outstanding (DSO)	4.66	5.32	4.62	4.72	4.65	5.16	4.51	4.84	4.98	5.58	4.87
Days Inventory Outstanding (DIO)	2.75	3.07	2.68	2.79	2.76	2.87	2.69	2.79	2.74	2.83	2.73
Days Payable Outstanding (DPO)	9.48	12.34	10.18	10.06	9.10	12.78	12.00	10.82	9.85	14.19	12.71
Cash Conversion Cycle (CCC)	-2.08	-3.94	-2.87	-2.55	-1.69	-4.76	-4.81	-3.19	-2.13	-5.79	-5.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	432	420	415	428	433	422	402	381	371	370	336
Invested Capital Turnover	2.97	2.98	2.96	2.89	2.80	2.75	2.82	2.85	2.79	2.70	2.79
Increase / (Decrease) in Invested Capital	-1.89	-2.20	12	47	62	52	67	67	61	73	51
Enterprise Value (EV)	3,928	5,559	4,450	3,752	4,399	3,191	2,399	3,223	2,244	1,751	1,979
Market Capitalization	3,970	5,609	4,491	3,786	4,412	3,212	2,413	3,248	2,268	1,793	2,047
Book Value per Share	$11.13	$11.06	$10.74	$10.90	$10.55	$10.48	$9.84	$9.62	$9.38	$9.78	$9.57
Tangible Book Value per Share	$11.13	$11.06	$10.74	$10.90	$10.55	$10.48	$9.84	$9.62	$9.38	$9.78	$9.57
Total Capital	744	740	725	733	718	715	687	676	665	681	673
Total Debt	247	247	246	246	246	246	245	245	245	245	244
Total Long-Term Debt	247	247	246	246	246	246	245	245	245	245	244
Net Debt	-66	-74	-64	-58	-39	-48	-40	-50	-49	-67	-93
Capital Expenditures (CapEx)	29	35	35	33	33	33	38	40	34	48	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-139	-140	-133	-127	-120	-123	-114	-116	-106	-115	-115
Debt-free Net Working Capital (DFNWC)	174	181	178	178	165	170	171	179	187	196	223
Net Working Capital (NWC)	174	181	178	178	165	170	171	179	187	196	223
Net Nonoperating Expense (NNE)	-2.07	-1.97	-1.48	-2.12	-2.19	-14	-2.82	-2.69	-0.61	3.79	-1.07
Net Nonoperating Obligations (NNO)	-66	-74	-64	-58	-39	-48	-40	-50	-49	-67	-93
Total Depreciation and Amortization (D&A)	48	47	46	64	26	43	40	39	38	79	-8.55
Debt-free, Cash-free Net Working Capital to Revenue	-10.83%	-11.16%	-10.96%	-10.84%	-10.64%	-11.30%	-10.96%	-11.69%	-11.20%	-12.77%	-13.23%
Debt-free Net Working Capital to Revenue	13.56%	14.44%	14.72%	15.19%	14.68%	15.67%	16.45%	18.09%	19.68%	21.80%	25.72%
Net Working Capital to Revenue	13.56%	14.44%	14.72%	15.19%	14.68%	15.67%	16.45%	18.09%	19.68%	21.80%	25.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.11	$0.23	($0.26)	$0.24	$0.05	$0.18	$0.19	$0.18	($0.04)	($0.20)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	40.12M	39.83M	40.01M	39.75M	39.52M	39.42M	39.46M	39.42M	39.33M	39.24M	39.27M
Adjusted Diluted Earnings per Share	$0.10	$0.22	($0.26)	$0.23	$0.05	$0.17	$0.19	$0.16	($0.04)	($0.20)	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	41.86M	44.20M	40.01M	41.48M	41.26M	43.90M	43.98M	43.89M	39.33M	39.24M	39.27M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.67M	42.53M	42.48M	42.47M	42.44M	42.31M	42.30M	42.30M	42.25M	42.16M	42.15M
Normalized Net Operating Profit after Tax (NOPAT)	6.98	33	10	12	2.68	3.66	10	11	0.76	0.62	-0.84
Normalized NOPAT Margin	2.17%	10.12%	3.26%	3.83%	0.92%	1.28%	3.78%	3.93%	0.30%	0.26%	-0.37%
Pre Tax Income Margin	1.64%	3.94%	-4.73%	4.28%	0.94%	0.52%	3.14%	2.79%	-0.30%	-1.80%	-1.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.33	26.27	-29.08	26.72	6.38	4.15	21.01	19.69	-0.87	-10.50	-7.04
NOPAT to Interest Expense	4.34	14.38	-25.28	15.67	0.05	-13.16	12.27	11.19	-5.54	-11.85	-7.11
EBIT Less CapEx to Interest Expense	-41.81	-41.50	-98.98	-35.78	-58.69	-65.46	-67.39	-80.13	-86.05	-138.55	-90.26
NOPAT Less CapEx to Interest Expense	-47.80	-53.39	-95.18	-46.83	-65.01	-82.76	-76.13	-88.64	-90.72	-139.90	-90.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.73%	4.45%	2.73%	0.91%	1.04%	0.77%	2.75%	-2.81%	-1.17%	-1.77%	-2.26%
Augmented Payout Ratio	2.73%	4.45%	2.73%	0.91%	1.04%	0.77%	2.75%	-2.81%	-1.17%	-1.77%	-2.26%

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. See Shake Shack's forecast for analyst expectations on what’s next for the company.

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 5/20/2025 by MarketBeat.com Staff

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Shake Shack (SHAK) Financials

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