MeritValue

CHEESECAKE FACTORY INC

CAKEdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2023FY 2024FY 2024FY 2025
Revenue$2.93B1$3.3B2$3.44B3$3.58B3$3.75B3
Net income$72.4M4$43.1M5$101.4M6$156.8M6$148.4M6
Operating cash flow$213M7$161.9M8$218.4M9$268.3M9$301.3M9
Capital expenditure$66.9M10$112.5M11$151.6M12$160.4M12$146.2M12
Free cash flow (derived)$146.1M7$49.5M8$66.8M9$108M9$155.1M9
Total debt$466M13$468M14$470M15$452.1M16$630.1M16
Cash & equivalents$189.6M17$114.8M18$56.3M19$84.2M20$215.7M20
Diluted shares48.5M50.4M49.0M49.0M48.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000021%
of the whole company
Your share of last year’s profit
$30.57
Your share of its debt
$129.78
Your share of free cash flow
$31.94
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$128.12
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$108M
DCF · Growth Exit 5Y
$65.87
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$108M
Earnings Power Value
$22
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$101.4M
  • growthAssumed0.0%
Graham Number
$24.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $65.87

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-28 · accession 0001104659-24-027565 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-01-03 · accession 0001410578-25-000195 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-02 · accession 0001104659-26-018643 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-28 · accession 0001104659-24-027565 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-03 · accession 0001410578-25-000195 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-02 · accession 0001104659-26-018643 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-28 · accession 0001104659-24-027565 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-03 · accession 0001410578-25-000195 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-02 · accession 0001104659-26-018643 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-28 · accession 0001104659-24-027565 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-03 · accession 0001410578-25-000195 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-02 · accession 0001104659-26-018643 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-28 · accession 0001104659-23-026072 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-03 · accession 0001104659-24-027565 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-01-02 · accession 0001410578-25-000195 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-018643 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-28 · accession 0001104659-23-026072 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-03 · accession 0001104659-24-027565 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-02 · accession 0001410578-25-000195 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-018643 (CashAndCashEquivalentsAtCarryingValue)