The Cheesecake Factory Incorporated

CAKE

Consumer CyclicalMid CapUS Equities · NYSE / NASDAQ

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Company Profile

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. It operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors. The company operates restaurants under the brands comprising The Cheesecake Factory, North Italia, Flower Child, and Fox Restaurant Concepts. The Cheesecake Factory Incorporated was founded in 1972 and is headquartered in Calabasas, California.

Valuation

Market Cap$3.2B

Current Price$77.19as of Jun 23, 2026

P/E Ratio21.37

P/B Ratio7.27

EV / EBITDA18.01

EV / Sales1.36

Profitability

Operating Margin6.9%

Net Profit Margin4.0%

EBITDA Margin7.5%

Returns

ROE34.0%

ROCE10.4%

ROIC %-

ROA4.6%

Solvency

Current Ratio0.59

Debt / Equity4.88

Debt / Assets0.65

CFO / Net Profit2.03

Price History▲ 28.42% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.8B▲ 4.7%

EBITDA$282M▼ 0.1%

Net Profit$148M▼ 5.3%

Cash from Ops (CFO)$301M▲ 12.3%

Free Cash Flow (FCF)$154M▲ 44.1%

Revenue CAGR 3Y4.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y51.0%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$3.8B	$282M	$148M	$154M	34.0%	4.7%	-5.3%
2024	$3.6B	$283M	$157M	$107M	35.4%	4.1%	54.7%
2023	$3.4B	$203M	$101M	$65M	31.9%	4.1%	135.0%
2022	$3.3B	$133M	$43M	$49M	14.8%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	3,303.16	3,439.50	3,581.70	3,751.81
Operating Revenue	-	3,303.16	3,439.50	3,581.70	3,751.81
Cost Of Revenue	-	2,022.88	2,031.40	2,070.40	2,126.04
Gross Profit	-	1,280.28	1,408.11	1,511.30	1,625.76
Operating Expense	-	1,179.76	1,233.01	1,289.41	1,367.96
Selling General And Administration	-	205.75	217.45	228.74	244.92
Total Expenses	-	3,202.64	3,264.41	3,359.81	3,494
Operating Income	-	100.52	175.10	221.89	257.80
Total Operating Income As Reported	-	38.94	108.57	178.32	187.28
EBITDA	-	132.76	203.31	282.60	282.37
Normalized EBITDA	-	194.34	269.84	326.18	368.78
EBIT	-	40.38	110.17	181.15	173.34
Interest Expense	-	7.49	10.16	10.11	10.45
Net Interest Income	-	-7.49	-10.16	-10.11	-10.45
Other Non Operating Income Expenses	-	1.44	1.61	2.84	1.95
Other Income Expense	-	-60.14	-64.92	-40.73	-84.46
Interest Expense Non Operating	-	7.49	10.16	10.11	10.45
Net Non Operating Interest Income Expense	-	-7.49	-10.16	-10.11	-10.45
Pretax Income	-	32.89	100.01	171.05	162.90
Tax Provision	-	-10.23	-1.34	14.26	14.47
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-12.93	-13.97	-3.62	-7.69
Net Income Continuous Operations	-	43.12	101.35	156.78	148.43
Net Income From Continuing And Discontinued Operation	-	43.12	101.35	156.78	148.43
Net Income From Continuing Operation Net Minority Interest	-	43.12	101.35	156.78	148.43
Net Income	-	43.12	101.35	156.78	148.43
Net Income Common Stockholders	-	43.12	101.35	156.78	148.43
Net Income Including Noncontrolling Interests	-	43.12	101.35	156.78	148.43
Normalized Income	-	91.77	153.91	196.74	227.15
Diluted NI Availto Com Stockholders	-	43.12	101.35	156.78	148.43
Basic Average Shares	-	49.82	48.32	47.79	46.79
Diluted Average Shares	-	50.41	49.05	48.97	48.55
Reconciled Depreciation	-	92.38	93.14	101.45	109.03
Reconciled Cost Of Revenue	-	2,022.88	2,031.40	2,070.40	2,126.04
Total Unusual Items	-	-61.58	-66.53	-43.57	-86.41
Total Unusual Items Excluding Goodwill	-	-61.58	-66.53	-43.57	-86.41
Preferred Stock Dividends	18.66	-	-	-	-
Special Income Charges	-	-61.58	-66.53	-43.57	-86.41
Other Special Charges	-	16.83	25.38	27.50	48.97
Write Off	-	31.39	29.46	13.65	22.99
Restructuring And Mergern Acquisition	-	13.37	11.69	2.43	14.45
Depreciation Amortization Depletion Income Statement	-	92.38	93.14	101.45	109.03
Depreciation And Amortization In Income Statement	-	92.38	93.14	101.45	109.03
General And Administrative Expense	-	205.75	217.45	228.74	244.92
Other Gand A	-	205.75	217.45	228.74	244.92
Other Operating Expenses	-	881.63	922.43	959.22	1,014.02
Otherunder Preferred Stock Dividend	4.58	0	0	-	-
Earnings From Equity Interest	0	-	-	-	-
Average Dilution Earnings	0.08	0	0	-	-

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
The Cheesecake Factory Incorporatedthis co.	CAKE	$3.2B	21.37	7.27	34.0%	18.01
Signet Jewelers Limited	SIG	$3.4B	11.60	1.74	15.0%	5.67
Advance Auto Parts, Inc.	AAP	$3.4B	76.63	1.53	2.0%	17.10
Academy Sports and Outdoors, Inc.	ASO	$3.3B	8.75	1.52	17.4%	7.53
Steven Madden, Ltd.

Learn while you research

Hand-picked academy chapters to deepen your understanding of The Cheesecake Factory Incorporated and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$3.8B

$282M

$148M

$154M

34.0%

4.7%

-5.3%

2024

$3.6B

$283M

$157M

$107M

35.4%

4.1%

54.7%

2023

$3.4B

$203M

$101M

$65M

31.9%

4.1%

135.0%

2022

$3.3B

$133M

$43M

$49M

14.8%

Metric

2021

2022

2023

2024

2025

Total Revenue

3,303.16

3,439.50

3,581.70

3,751.81

Operating Revenue

3,303.16

3,439.50

3,581.70

3,751.81

Cost Of Revenue

2,022.88

2,031.40

2,070.40

2,126.04

Gross Profit

1,280.28

1,408.11

1,511.30

1,625.76

Operating Expense

1,179.76

1,233.01

1,289.41

1,367.96

Selling General And Administration

205.75

217.45

228.74

244.92

Total Expenses

3,202.64

3,264.41

3,359.81

3,494

Operating Income

100.52

175.10

221.89

257.80

Total Operating Income As Reported

38.94

108.57

178.32

187.28

EBITDA

132.76

203.31

282.60

282.37

Normalized EBITDA

194.34

269.84

326.18

368.78

EBIT

40.38

110.17

181.15

173.34

Interest Expense

7.49

10.16

10.11

10.45

Net Interest Income

-7.49

-10.16

-10.11

-10.45

Other Non Operating Income Expenses

1.44

1.61

2.84

1.95

Other Income Expense

-60.14

-64.92

-40.73

-84.46

Interest Expense Non Operating

7.49

10.16

10.11

10.45

Net Non Operating Interest Income Expense

-7.49

-10.16

-10.11

-10.45

Pretax Income

32.89

100.01

171.05

162.90

Tax Provision

-10.23

-1.34

14.26

14.47

Tax Rate For Calcs

Tax Effect Of Unusual Items

-12.93

-13.97

-3.62

-7.69

Net Income Continuous Operations

43.12

101.35

156.78

148.43

Net Income From Continuing And Discontinued Operation

43.12

101.35

156.78

148.43

Net Income From Continuing Operation Net Minority Interest

43.12

101.35

156.78

148.43

Net Income

43.12

101.35

156.78

148.43

Net Income Common Stockholders

43.12

101.35

156.78

148.43

Net Income Including Noncontrolling Interests

43.12

101.35

156.78

148.43

Normalized Income

91.77

153.91

196.74

227.15

Diluted NI Availto Com Stockholders

43.12

101.35

156.78

148.43

Basic Average Shares

49.82

48.32

47.79

46.79

Diluted Average Shares

50.41

49.05

48.97

48.55

Reconciled Depreciation

92.38

93.14

101.45

109.03

Reconciled Cost Of Revenue

2,022.88

2,031.40

2,070.40

2,126.04

Total Unusual Items

-61.58

-66.53

-43.57

-86.41

Total Unusual Items Excluding Goodwill

-61.58

-66.53

-43.57

-86.41

Preferred Stock Dividends

18.66

Special Income Charges

-61.58

-66.53

-43.57

-86.41

Other Special Charges

16.83

25.38

27.50

48.97

Write Off

31.39

29.46

13.65

22.99

Restructuring And Mergern Acquisition

13.37

11.69

2.43

14.45

Depreciation Amortization Depletion Income Statement

92.38

93.14

101.45

109.03

Depreciation And Amortization In Income Statement

92.38

93.14

101.45

109.03

General And Administrative Expense

205.75

217.45

228.74

244.92

Other Gand A

205.75

217.45

228.74

244.92

Other Operating Expenses

881.63

922.43

959.22

1,014.02

Otherunder Preferred Stock Dividend

4.58

Earnings From Equity Interest

Average Dilution Earnings

0.08

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

The Cheesecake Factory Incorporatedthis co.

CAKE

$3.2B

21.37

7.27

34.0%

18.01

Signet Jewelers Limited

SIG

$3.4B

11.60

1.74

15.0%

5.67

Advance Auto Parts, Inc.

AAP

$3.4B

76.63

1.53

2.0%

17.10

Academy Sports and Outdoors, Inc.

ASO

$3.3B

8.75

1.52

17.4%

7.53

Steven Madden, Ltd.

The Cheesecake Factory Incorporated

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

The Cheesecake Factory Incorporated

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on