The Cheesecake Factory Incorporated (CAKE) Key Metrics
CAKE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.72B
- Enterprise value
- $7.08B
- P/E (TTM)
- 31.1 10-yr median 16.9
- Forward P/E
- 22.6
- PEG ratio
- 1.88
- Price / sales
- 1.5 10-yr median 0.7
- Price / book
- 10.0 10-yr median 5.1
- EV / EBITDA
- 22.2 10-yr median 14.7
- Dividend yield
- 1.04% $1.20 a year
- Beta
- 1.04
CAKE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCAKE valuation Price multiples at each fiscal year-end price.
CAKE returns How much profit the business earns on the capital it uses.
CAKE per-share figures Results divided by the shares outstanding at year-end.
CAKE financial health Debt, liquidity and how easily interest is covered.
CAKE efficiency & capital use Working capital cycle and where the cash goes.
CAKE valuation history
CAKE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CAKE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CAKE cash returned to shareholders
CAKE price vs earnings per share
CAKE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.44B | $2.32B | $1.72B | $1.60B | $1.90B | $1.63B | $1.73B | $2.01B | $2.32B | $2.96B |
| Enterprise value | $5.69B | $4.15B | $3.52B | $3.32B | $3.53B | $3.11B | $3.28B | $2.02B | $2.34B | $3.00B |
| P/E ratio | 16.4 | 14.8 | 16.9 | 37.1 | 26.2 | — | 13.6 | 20.3 | 14.7 | 21.2 |
| Price / sales | 0.7 | 0.6 | 0.5 | 0.5 | 0.6 | 0.8 | 0.7 | 0.9 | 1.0 | 1.3 |
| Price / book | 5.6 | 5.2 | 5.4 | 5.5 | 5.8 | 3.2 | 3.0 | 3.5 | 3.8 | 4.9 |
| Price / free cash flow | 15.7 | 21.5 | 26.3 | 32.8 | 13.1 | — | 12.1 | 10.8 | 19.9 | 16.0 |
| Price / operating cash flow | 8.1 | 8.7 | 7.9 | 9.9 | 8.9 | 559.1 | 7.9 | 6.9 | 9.7 | 9.8 |
| EV / sales | 1.5 | 1.2 | 1.0 | 1.0 | 1.2 | 1.6 | 1.3 | 0.9 | 1.0 | 1.3 |
| EV / EBITDA | 20.1 | 14.7 | 17.5 | 25.0 | 20.5 | — | 14.2 | 9.6 | 9.6 | 10.5 |
| EV / free cash flow | 36.7 | 38.4 | 54.0 | 68.1 | 24.2 | — | 23.0 | 10.9 | 20.1 | 16.2 |
| Earnings yield | 6.1% | 6.7% | 5.9% | 2.7% | 3.8% | −15.6% | 7.4% | 4.9% | 6.8% | 4.7% |
| Free cash flow yield | 6.4% | 4.6% | 3.8% | 3.1% | 7.7% | −3.0% | 8.3% | 9.2% | 5.0% | 6.3% |
| Dividend yield | 2.1% | 2.3% | 3.1% | 2.6% | 1.0% | 1.0% | 3.5% | 2.8% | 2.2% | 1.4% |
| Shareholder yield (dividends + buybacks) | 8.4% | 3.1% | 5.8% | 6.6% | 1.3% | 1.2% | 6.5% | 8.2% | 7.5% | 6.4% |
| Share price at fiscal year-end | $50.48 | $47.44 | $35.01 | $31.71 | $39.15 | $37.06 | $38.86 | $43.51 | $48.18 | $59.88 |
| Per share | ||||||||||
| Revenue per share | $77.60 | $73.13 | $70.12 | $65.52 | $60.35 | $45.21 | $55.73 | $50.47 | $46.95 | $46.09 |
| Earnings per share | $3.07 | $3.20 | $2.07 | $0.86 | $1.49 | −$5.78 | $2.86 | $2.14 | $3.27 | $2.83 |
| Operating cash flow per share | $6.23 | $5.48 | $4.45 | $3.21 | $4.39 | $0.07 | $4.91 | $6.30 | $4.96 | $6.13 |
| Free cash flow per share | $3.21 | $2.20 | $1.33 | $0.97 | $3.00 | −$1.09 | $3.21 | $4.01 | $2.42 | $3.75 |
| Cash per share | $4.46 | $1.72 | $1.15 | $2.28 | $3.91 | $3.51 | $1.31 | $0.58 | $0.12 | $1.09 |
| Book value per share | $9.03 | $9.05 | $6.48 | $5.79 | $6.81 | $11.56 | $12.84 | $12.36 | $12.74 | $12.22 |
| Tangible book value per share | $3.82 | $3.91 | $1.35 | $0.80 | $1.62 | $5.78 | $3.02 | $11.79 | $12.24 | $11.75 |
| Dividends per share | $1.08 | $1.08 | $1.08 | $0.84 | $0.39 | $0.36 | $1.36 | $1.22 | $1.04 | $0.86 |
| Capex per share | $3.02 | $3.27 | $3.12 | $2.24 | $1.39 | $1.16 | $1.70 | $2.29 | $2.54 | $2.38 |
| Debt per share | $71.61 | $38.96 | $37.92 | $36.51 | $37.44 | $37.31 | $36.10 | $0.71 | $0.60 | $2.04 |
| Shares outstanding | 48.3M | 49.0M | 49.0M | 50.4M | 48.5M | 43.9M | 44.5M | 46.2M | 48.2M | 49.4M |
| Change in shares outstanding | −1.3% | −0.2% | −2.7% | +3.9% | +10.6% | −1.5% | −3.6% | −4.0% | −2.5% | −2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 33.7% | 41.2% | 33.2% | 13.9% | 17.3% | −47.0% | 22.3% | 16.7% | 25.9% | 23.4% |
| Return on invested capital (ROIC) | 5.7% | 7.4% | 5.2% | 2.0% | 4.2% | −13.4% | 7.0% | 18.1% | 23.8% | 22.8% |
| Return on assets (ROA) | 4.7% | 5.3% | 3.6% | 1.5% | 2.6% | −9.1% | 6.1% | 7.5% | 12.0% | 11.0% |
| Return on tangible assets | 4.9% | 5.6% | 3.9% | 1.7% | 2.8% | −10.2% | 5.3% | 7.7% | 12.0% | 11.0% |
| Free cash flow margin | 4.1% | 3.0% | 1.9% | 1.5% | 5.0% | −2.4% | 5.8% | 7.9% | 5.1% | 8.1% |
| Income quality (OCF / net income) | 2.03 | 1.71 | 2.15 | 3.75 | 2.94 | — | 1.72 | 2.94 | 1.52 | 2.17 |
| Financial health | ||||||||||
| Total debt | $3.46B | $1.91B | $1.86B | $1.84B | $1.82B | $1.64B | $1.61B | $32.8M | $29.1M | $100.6M |
| Cash & short-term investments | $215.7M | $84.2M | $56.3M | $114.8M | $189.6M | $154.1M | $58.4M | $26.6M | $6.0M | $53.8M |
| Net debt | $3.25B | $1.82B | $1.80B | $1.73B | $1.63B | $1.48B | $1.55B | $6.2M | $23.1M | $46.7M |
| Debt / equity | 7.93 | 4.30 | 5.85 | 6.30 | 5.50 | 3.23 | 2.81 | 0.06 | 0.05 | 0.17 |
| Debt / assets | 1.06 | 0.63 | 0.65 | 0.66 | 0.65 | 0.60 | 0.57 | 0.02 | 0.02 | 0.08 |
| Net debt / EBITDA | 11.50 | 6.45 | 8.94 | 13.00 | 9.46 | — | 6.71 | 0.03 | 0.09 | 0.16 |
| Current ratio | 0.59 | 0.47 | 0.46 | 0.53 | 0.64 | 0.58 | 0.40 | 0.47 | 0.52 | 0.59 |
| Quick ratio | 0.52 | 0.38 | 0.37 | 0.44 | 0.57 | 0.52 | 0.32 | 0.38 | 0.42 | 0.50 |
| Interest coverage | 17.9 | 17.6 | 12.7 | 6.4 | 7.7 | -40.4 | 41.5 | 17.5 | 24.0 | 21.8 |
| Working capital | −$322.2M | −$378.1M | −$359.9M | −$310.9M | −$230.7M | −$244.7M | −$370.1M | −$221.3M | −$189.3M | −$155.1M |
| Invested capital | $3.68B | $2.27B | $2.12B | $2.02B | $1.96B | $1.99B | $2.12B | $577.2M | $636.6M | $649.9M |
| Tangible asset value | $184.6M | $191.7M | $66.3M | $40.5M | $78.5M | $253.8M | $134.5M | $544.9M | $589.5M | $580.2M |
| Net current asset value | −$2.37B | −$2.26B | −$2.22B | −$2.14B | −$2.06B | −$1.90B | −$2.02B | −$547.8M | −$510.9M | −$468.7M |
| Graham number | $24.97 | $25.54 | $17.36 | $10.56 | $15.12 | — | $28.73 | $24.41 | $30.61 | $27.87 |
| Graham net-net per share | −$51.12 | −$49.31 | −$47.50 | −$44.24 | −$44.13 | −$44.87 | −$47.10 | −$13.64 | −$12.78 | −$11.31 |
| Capital allocation | ||||||||||
| Dividends paid | $52.2M | $53.0M | $53.2M | $42.3M | $19.0M | $15.8M | $60.7M | $56.3M | $49.9M | $42.4M |
| Share buybacks (net) | $153.9M | $18.2M | $46.1M | $63.1M | $5.8M | $3.6M | $51.0M | $109.3M | $123.0M | $146.5M |
| Dividend payout ratio | 35.2% | 33.8% | 52.5% | 98.0% | 26.3% | — | 47.7% | 56.8% | 31.7% | 30.4% |
| Dividends + buybacks / free cash flow | 132.9% | 66.0% | 152.3% | 216.1% | 17.0% | — | 78.2% | 89.3% | 148.6% | 102.0% |
| Capex / revenue | 3.9% | 4.5% | 4.5% | 3.4% | 2.3% | 2.6% | 3.1% | 4.5% | 5.4% | 5.2% |
| Capex / operating cash flow | 48.5% | 59.8% | 70.2% | 69.9% | 31.7% | 1,750.8% | 34.7% | 36.4% | 51.3% | 38.8% |
| Capex / depreciation | 1.34 | 1.58 | 1.65 | 1.22 | 0.75 | 0.56 | 0.86 | 1.10 | 1.32 | 1.33 |
| Stock-based compensation / revenue | 0.7% | 0.8% | 0.7% | 0.7% | 0.8% | 1.1% | 0.8% | 0.9% | 0.7% | 0.9% |
| SG&A / revenue | 6.5% | 6.4% | 13.8% | 6.2% | 6.4% | 7.9% | 6.5% | 6.6% | 6.3% | 6.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 11.6 | 11.8 | 15.4 | 16.7 | 17.8 | 22.9 | 15.2 | 15.0 | 14.7 | 14.9 |
| Days of inventory on hand | 26.6 | 27.7 | 10.2 | 8.9 | 8.7 | 12.8 | 10.8 | 10.9 | 10.9 | 9.8 |
| Days payables outstanding | 28.0 | 28.4 | 11.7 | 10.9 | 11.9 | 17.8 | 13.9 | 13.4 | 13.0 | 12.7 |
| Cash conversion cycle (days) | 10.2 | 11.1 | 13.9 | 14.7 | 14.6 | 17.9 | 12.1 | 12.5 | 12.6 | 12.0 |
| Receivables turnover | 31.55 | 30.84 | 23.74 | 21.87 | 20.49 | 15.95 | 23.96 | 24.36 | 24.76 | 24.50 |
| Payables turnover | 13.03 | 12.87 | 31.30 | 33.51 | 30.68 | 20.55 | 26.33 | 27.33 | 28.03 | 28.80 |
| Inventory turnover | 13.72 | 13.19 | 35.89 | 41.12 | 42.03 | 28.59 | 33.94 | 33.57 | 33.48 | 37.33 |
| Asset turnover | 1.19 | 1.22 | 1.22 | 1.19 | 1.06 | 0.71 | 1.20 | 1.76 | 1.72 | 1.80 |
| Average receivables | $118.9M | $116.1M | $144.9M | $151.0M | $142.9M | $124.4M | $103.6M | $95.8M | $91.3M | $92.9M |
| Average payables | $62.4M | $62.6M | $64.9M | $60.4M | $56.3M | $60.2M | $55.5M | $50.0M | $46.3M | $44.7M |
| Average inventory | $59.2M | $61.1M | $56.6M | $49.2M | $41.1M | $43.3M | $43.1M | $40.7M | $38.7M | $34.5M |
| Intangibles / total assets | 7.7% | 8.3% | 8.9% | 9.1% | 9.0% | 9.2% | 15.4% | 2.0% | 1.8% | 1.8% |
Computed from CAKE's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CAKE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cheesecake Factory traded at 16.4 times earnings, against a 10-year median of 16.9. Based on the latest twelve months, the trailing P/E is 31.1 and the forward P/E is 22.6. Cheesecake Factory earned a return on equity of 33.7% and a return on invested capital of 5.7% in fiscal 2025. It ended the year with $3.5 billion of debt and $215.7 million in cash and short-term investments, net debt of $3.2 billion. It returned $206.1 million to shareholders: $52.2 million in dividends and $153.9 million in share buybacks, 133% of free cash flow.
See the CAKE income statement, the CAKE chart for price history, or the CAKE stock overview for the latest quote and news.
CAKE key metrics FAQ
What is Cheesecake Factory's P/E ratio?
Cheesecake Factory's trailing P/E ratio is 31.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.6. At the end of fiscal 2025 it was 16.4, compared with a 10-year median of 16.9.
What is Cheesecake Factory's EV/EBITDA?
Cheesecake Factory's enterprise value was 20.1 times EBITDA at the end of fiscal 2025 (enterprise value $5.7 billion, EBITDA $282.4 million); the current EV/EBITDA is 22.2.
What is Cheesecake Factory's return on equity?
Cheesecake Factory's return on equity (ROE) was 33.7% in fiscal 2025: net income of $148.4 million on average shareholders' equity of $439.9 million.
What is Cheesecake Factory's ROIC?
Cheesecake Factory's return on invested capital was 5.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cheesecake Factory have?
Cheesecake Factory had total debt of $3.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 7.93 and $3.2 billion of net debt (11.50 times EBITDA).
What is Cheesecake Factory's dividend yield?
Cheesecake Factory's forward dividend yield is 1.04%. Cheesecake Factory paid $52.2 million in dividends in fiscal 2025 ($1.08 per share), a payout ratio of 35.2%.
Does Cheesecake Factory buy back its shares?
Yes. Cheesecake Factory spent $153.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.3% over the year, to 48.3M..
What is Cheesecake Factory's free cash flow yield?
Cheesecake Factory generated $155.1 million of free cash flow in fiscal 2025, a free cash flow yield of 6.4% on its market value at year-end ($2.4 billion).
What is Cheesecake Factory's current ratio?
Cheesecake Factory's current ratio was 0.59 at the end of fiscal 2025: current assets were 0.59 times current liabilities.