Owner Scorecard


← The groupings

An industry chapter · Restaurants

Restaurants

38 members, ARCO to YUMC, A to Z by ticker.

Gross profitability
median 57% — gross profit as a share of total assets, each member's median across its readable years; read on 18 of 38 members
Capital intensity
median 5.7% — capital expenditure as a share of revenue, each member's median across its readable years; read on 38 of 38 members
Net cash
14 of the 38 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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ARCO Arcos Dorados Holdings Inc.

We are the world's largest independent McDonald's franchisee in terms of systemwide sales and number of restaurants, according to McDonald's, representing 4.4% of McDonald's global sales in 2025.

Owner earnings 2016–2025 $72M$156M$74M$100M($70M)$143M$226M$233M$89M$99M

Retained capital Retained $621M of earnings over 2016–2025; annual owner earnings grew $40M, $0.06 per $1 retained.

Balance sheet Modest net debt, $715M · dividend paid 8 of 10 yrs, cut at least once

ARMK Aramark

Aramark is a leading global provider of food and facilities services to education, healthcare, business & industry, and sports, leisure & corrections clients.

Owner earnings 2016–2025 $355M$500M$423M$481M($242M)$249M$383M$383M$299M$432M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings fell $55M, $-0.05 per $1 retained.

Balance sheet Heavy net debt, $7.6B · dividend paid 10 of 10 yrs, cut at least once

BH Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.

Owner earnings 2018–2025 $5M$76M$97M$164M$98M$50M$19M$77M

Retained capital Retained $44M of earnings over 2018–2025; annual owner earnings fell $11M, $-0.25 per $1 retained.

Balance sheet Net cash, +$22M

BJRI BJ's Restaurants Inc.

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2017–2025 $74M$36M$34M($3M)$22M($27M)$35M$41M

Retained capital Paid out $201M more than it earned over 2017–2025; annual owner earnings fell $32M.

Balance sheet Modest net debt, $53M · buybacks at an average near $34.26 · dividend paid 6 of 8 yrs, cut at least once

BLMN Bloomin' Brands Inc.

Bloomin' Brands Inc. is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts.

Owner earnings 2016–2025 $80M$148M$80M$156M$51M$280M$198M$250M$7M$97M

Retained capital Paid out $988M more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Heavy net debt, $774M · buybacks at an average near $19.62 · dividend paid 9 of 10 yrs, cut at least once

BRCB Black Rock Coffee Bar Inc.

Black Rock is a platform to do well by our baristas, guests, and the communities we serve.

Owner earnings 2023–2025 ($3M)$3M($10M)

Retained capital not read

Balance sheet Net cash, +$2M

BROS Dutch Bros Inc.

Revenue is Company-operated shops (92%) and Franchising and other (8%).

Owner earnings 2019–2025 $47M$38M$55M$15M$71M$153M$180M

Retained capital Retained $99M of earnings over 2019–2025; annual owner earnings grew $88M, $0.89 per $1 retained.

Balance sheet Net cash, +$67M

CAKE Cheesecake Factory Incorporated (The)

Cheesecake Factory Incorporated is a leader in experiential dining.

Owner earnings 2017–2025 $228M$146M$145M($47M)$146M$49M$125M$192M

Retained capital Paid out $374M more than it earned over 2017–2025; annual owner earnings fell $51M.

Balance sheet Meaningful net debt, $414M · buybacks at an average near $53.07 · dividend paid 8 of 8 yrs, cut at least once

CAVA CAVA Group

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2021–2025 ($41M)($37M)$50M$101M$111M

Retained capital Retained $99M of earnings over 2021–2025; annual owner earnings grew $97M, $0.97 per $1 retained.

Balance sheet Net cash, debt-free, +$283M

CBRL Cracker Barrel Old Country Store Inc

Old country-store design offering a full-service restaurant menu that features home-style country food and a wide variety of decorative and functional items such as rocking chairs, holiday and seasonal gifts, toys, apparel, cookware and foods.

Owner earnings 2016–2025 $193M$234M$237M$255M$43M$230M$107M$123M$41M$97M

Retained capital Paid out $215M more than it earned over 2016–2025; annual owner earnings fell $135M.

Balance sheet Heavy net debt, $445M · buybacks at an average near $120 · dividend paid 10 of 10 yrs, cut at least once

CHA Chagee Holdings Limited

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2023–2025 CN¥1.9BCN¥2.8BCN¥1.5B

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥7.7B

CMG Chipotle Mexican Grill Inc.

Chipotle runs a chain of fast-casual restaurants serving Mexican-style food — burritos, bowls, tacos — assembled to order along a service line. It owns and operates its restaurants rather than selling franchises, so it keeps the full economics of each one. The money comes from the spread between what diners pay for a meal and what it costs to make and serve, store by store, across the whole chain.

Owner earnings 2016–2025 $209M$305M$420M$509M$425M$1.0B$1.0B$1.5B$1.8B$1.8B

Retained capital Retained $88M of earnings over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Net cash, debt-free, +$1.0B · buybacks at an average near $9.24

DIN Dine Brands Global Inc.

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2016–2025 $112M$52M$126M$136M$86M$179M$54M$94M$94M$53M

Retained capital Paid out $649M more than it earned over 2016–2025; annual owner earnings fell $16M.

Balance sheet Heavy net debt, $1.1B · dividend paid 9 of 10 yrs, cut at least once

DNUT Krispy Kreme Inc.

Krispy Kreme Inc. is one of the most beloved and well-known sweet treat brands in the world.

Owner earnings 2019–2025 $4M($69M)$22M($76M)($75M)($64M)

Retained capital Paid out $935M more than it earned over 2019–2025; annual owner earnings fell $57M.

Balance sheet Net debt against an operating loss, $935M · dividend paid 6 of 6 yrs, cut at least once

DPZ Domino's Pizza Inc.

Domino's is the largest pizza company in the world with more than 22,100 locations in over 90 markets around the world as of December 28, 2025, and operates two distinct service models within its stores, with a significant business in both delivery and carryout.

Owner earnings 2014–2025 $157M$259M$297M$341M$437M$528M$560M$510M$537M$703M

Retained capital Paid out $2.9B more than it earned over 2014–2025; annual owner earnings grew $346M.

Balance sheet Heavy net debt, $4.7B · buybacks at an average near $241 · dividend paid 10 of 10 yrs, never cut

DRI Darden Restaurants Inc.

Restaurants will be franchise-owned and will operate as members of our Olive Garden International family.

Owner earnings 2016–2025 $592M$623M$707M$931M$362M$939M$888M$1.2B$1.2B$1.1B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $489M.

Balance sheet Modest net debt, $1.9B · buybacks at an average near $83.05 · dividend paid 10 of 10 yrs, cut at least once

EAT Brinker Intl

We own, develop, operate and franchise the Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.

Owner earnings 2016–2025 $287M$213M$183M$45M$141M$276M$102M$71M$223M$472M

Retained capital Paid out $174M more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $44.99 · dividend paid 9 of 10 yrs, cut at least once

FWRG First Watch Restaurant Group Inc.

Watch Restaurant Group, Inc. is a Delaware holding company.

Owner earnings 2019–2025 ($7M)($45M)$28M$29M$54M$58M$51M

Retained capital Paid out $27M more than it earned over 2019–2025; annual owner earnings grew $62M.

Balance sheet Heavy net debt, $261M

HDL SUPER HI INTERNATIONAL HOLDING LTD.

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2022–2024 $8M$81M$85M

Retained capital not read

Balance sheet Net cash, debt-free, +$255M

JACK Jack in the Box

Jack in the Box is a restaurant company that operates and franchises Jack in the Box , one of the nation's largest hamburger chains with 2,136 restaurants across 22 states, and Del Taco , one of the nation's largest Mexican-American quick service restaurants chains with 576 restaurants across 18 states.

Owner earnings 2016–2025 $61M$95M$66M$121M$124M$160M$116M$155M$9M$104M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Net debt against an operating loss, $1.7B · buybacks at an average near $87.12 · dividend paid 10 of 10 yrs, cut at least once

KRUS Kura Sushi USA Inc.

Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which we refer to as the "Kura Experience."

Owner earnings 2018–2025 $4M$4M($16M)($12M)$18M$10M$4M$11M

Retained capital Paid out $34M more than it earned over 2018–2025; annual owner earnings grew $11M.

Balance sheet Net cash, debt-free, +$62M

LOCO El Pollo Loco Holdings Inc.

Our Loco Rewards loyalty program offers rewards that incentivize customers to visit our restaurants more often each month.

Owner earnings 2016–2025 $33M$36M$28M$21M$34M$35M$24M$25M$28M$32M

Retained capital Retained $8M of earnings over 2016–2025; annual owner earnings fell $4M.

Balance sheet Heavy net debt, $181M · dividend paid 1 of 10 yrs, never cut

MB MasterBeef Group

We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue.

Owner earnings 2022–2024 HK$109MHK$39MHK$48M

Retained capital not read

Balance sheet Net cash, debt-free, +HK$130M

MCD McDonald's Corporation

McDonald's sells fast food — burgers, fries, chicken, drinks and breakfast — to ordinary people walking up to a counter or pulling through a drive-thru, in the United States and around the world. Most of its restaurants are run not by the company but by franchisees and licensees, who pay it royalties on their sales and, in many cases, rent on the land and buildings the company owns or leases to them. So it earns money two ways: from the meals it sells at the stores it operates itself, and, as the larger engine, as a brand-and-property landlord collecting a cut off restaurants that other people staff and manage.

Owner earnings 2016–2025 $4.2B$4.2B$6.8B$7.9B$6.0B$8.8B$7.0B$9.2B$9.0B$10.1B

Retained capital Paid out $13.4B more than it earned over 2016–2025; annual owner earnings grew $4.4B.

Balance sheet Meaningful net debt, $39.9B · dividend paid 10 of 10 yrs, never cut

NATH Nathan's Famous Inc.

We are a leading branded licensor, wholesaler and retailer of products marketed under our Nathan's Famous brand, including our popular Nathan's World Famous Beef Hot Dogs.

Owner earnings 2017–2026 $9M$18M$11M$11M$11M$16M$19M$20M$25M$18M

Retained capital Retained $101M of earnings over 2017–2026; annual owner earnings grew $8M, $0.08 per $1 retained.

Balance sheet Modest net debt, $24M · buybacks at an average near $50.48 · dividend paid 5 of 10 yrs, cut at least once

PLAY Dave & Buster's Entertainment Inc.

Dave & Buster's Entertainment Inc. is the owner and operator of 243 venues in North America that offer premier entertainment and dining experiences for both adults and families under the Dave & Buster's and Main Event brands.

Owner earnings 2017–2026 $143M$162M$219M$156M($132M)$191M$275M$156M$74M$11M

Retained capital Paid out $576M more than it earned over 2017–2026; annual owner earnings fell $94M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $56.42 · dividend paid 3 of 10 yrs, cut at least once

PTLO Portillo's Inc.

We have implemented this roadmap to our entry into the Atlanta, Georgia market.

Owner earnings 2019–2025 $21M$37M$20M$36M$46M$71M$43M

Retained capital Retained $42M of earnings over 2019–2025; annual owner earnings grew $27M, $0.66 per $1 retained.

Balance sheet Heavy net debt, $224M

PZZA Papa John's International Inc.

Papa John's International, Inc., a Delaware corporation, operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark "Papa Johns."

Owner earnings 2016–2025 $109M$82M$50M$24M$151M$136M$66M$116M$34M$61M

Retained capital Paid out $669M more than it earned over 2016–2025; annual owner earnings fell $10M.

Balance sheet Heavy net debt, $681M · buybacks at an average near $79.06 · dividend paid 10 of 10 yrs, never cut

QSR Restaurant Brands International Inc.

We are one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025.

Owner earnings 2016–2025 $1.2B$1.4B$1.1B$1.4B$804M$1.6B$1.4B$1.2B$1.3B$1.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $102M.

Balance sheet Heavy net debt, $12.1B · buybacks at an average near $59.90 · dividend paid 10 of 10 yrs, never cut

SBUX Starbucks Corporation

Starbucks sells coffee, tea, and other drinks, along with food and packaged goods, through stores it runs itself and stores that other operators license to carry its brands. It buys green coffee beans, roasts them, and sells the finished cup for well above what the beans cost. The money arrives as a great many small daily purchases across a wide store base spread across much of the world.

Owner earnings 2016–2025 $3.7B$3.2B$10.6B$3.2B$114M$4.5B$2.6B$4.6B$4.5B$3.0B

Retained capital Paid out $17.6B more than it earned over 2016–2025; annual owner earnings fell $1.8B.

Balance sheet Heavy net debt, $12.6B · buybacks at an average near $62.28 · dividend paid 10 of 10 yrs, never cut

SG Sweetgreen Inc.

Sweetgreen, Inc. is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale.

Owner earnings 2020–2025 ($117M)($100M)($90M)($33M)($24M)($84M)

Retained capital not read

Balance sheet Net cash, debt-free, +$89M

SHAK Shake Shack

Shake Shack Inc. is the sole managing member of SSE Holdings and, as sole managing member, it operates and controls all of the business and affairs of SSE Holdings.

Owner earnings 2016–2025 $40M$49M$56M$49M($11M)($587K)$4M$41M$69M$116M

Retained capital Retained $55M of earnings over 2016–2025; annual owner earnings grew $27M, $0.48 per $1 retained.

Balance sheet Net cash, +$112M

THCH TH International Limited

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2020–2025 (CN¥174M)(CN¥319M)(CN¥406M)(CN¥335M)(CN¥143M)(CN¥78M)

Retained capital not read

Balance sheet Net cash, +CN¥478M

TXRH Texas Roadhouse

Texas Roadhouse is a growing restaurant company operating predominantly in the casual dining segment.

Owner earnings 2016–2025 $174M$193M$252M$259M$113M$342M$374M$412M$575M$523M

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $297M, $0.53 per $1 retained.

Balance sheet Net cash, +$85M · buybacks at an average near $86.64 · dividend paid 10 of 10 yrs, cut at least once

WEN Wendy's

Wendy's is the second largest quick-service restaurant company in the hamburger sandwich segment in the United States based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025.

Owner earnings 2014–2025 $95M$121M$157M$154M$214M$215M$268M$260M$261M$243M

Retained capital Paid out $2.0B more than it earned over 2014–2025; annual owner earnings grew $130M.

Balance sheet Heavy net debt, $2.5B · dividend paid 10 of 10 yrs, cut at least once

WING Wingstop

Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide.

Owner earnings 2016–2025 $20M$25M$35M$33M$59M$41M$65M$108M$138M$128M

Retained capital Paid out $811M more than it earned over 2016–2025; annual owner earnings grew $98M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $256 · dividend paid 10 of 10 yrs, cut at least once

YUM Yum! Brands Inc.

We operate responsibly with consistency and efficiency in our restaurants, across our system and in our communities.

Owner earnings 2017–2025 $777M$1.0B$1.2B$1.1B$1.5B$1.3B$1.4B$1.5B$1.8B

Retained capital Paid out $2.0B more than it earned over 2017–2025; annual owner earnings grew $583M.

Balance sheet Heavy net debt, $11.3B · buybacks at an average near $96.75 · dividend paid 9 of 9 yrs, never cut

YUMC Yum China Holdings Inc.

Yum China is the largest restaurant company in China in terms of 2025 system sales.

Owner earnings 2016–2025 $430M$469M$863M$750M$695M$615M$734M$1.0B$943M$1.0B

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $406M, $0.33 per $1 retained.

Balance sheet Net cash, debt-free, +$1.4B · buybacks at an average near $43.30 · dividend paid 9 of 10 yrs, cut at least once

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.