Cheesecake Factory Inc. (CAKE) intrinsic value & 10-year financials
Cheesecake Factory Inc. (CAKE) has a Graham intrinsic value of $37.75 per share. At $114.92 on Oct 17, 2026, the stock trades 204% above that value. Over the last 10 fiscal years revenue grew 7.4% a year to $3.8B, with an average return on invested capital of 10.4%.
- Graham intrinsic value
- $37.75
- Share price (Oct 17, 2026)
- $114.92
- Price vs Graham value
- 204% above
- Market cap
- $5.6B
- Revenue (FY2025)
- $3.8B
- Revenue growth (10-yr CAGR)
- 7.4%
- ROIC (10-yr avg)
- 10.4%
- Free cash flow (FY2025)
- $155.1M
CAKE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.8B | $148.4M | $3.06 | $155.1M | 5.0% | 8.2% |
| FY2024 | $3.4B | $101.4M | $2.07 | $66.8M | 3.2% | 5.6% |
| FY2023 | $3.3B | $43.1M | $0.86 | $49.5M | 1.2% | 2.1% |
| FY2021 | $2.9B | $72.4M | $1.01 | $146.1M | 2.8% | 4.8% |
| FY2020 | $2.0B | -$253.4M | -$6.32 | -$47.4M | -17.5% | -13.6% |
| FY2019 | $2.5B | $127.3M | $2.86 | $145.0M | 4.2% | 7.2% |
| FY2018 | $2.3B | $157.4M | $3.27 | $118.0M | 6.8% | 24.8% |
| FY2017 | $2.3B | $139.5M | $2.83 | $200.6M | 8.8% | 24.5% |
| FY2015 | $2.1B | $116.5M | $2.30 | $93.8M | 7.9% | 21.1% |
| FY2014 | $2.0B | $101.3M | $1.96 | $125.7M | 7.3% | 19.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CHEESECAKE FACTORY INC has demonstrated mature, steady growth, with revenue compounding at 7.4% annually over the past decade.
CHEESECAKE FACTORY INC has historically struggled to out-earn its cost of capital, averaging just 5.6% ROIC.
CHEESECAKE FACTORY INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CHEESECAKE FACTORY INC is modeled at 2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $37.75 per share.