THE CHEESECAKE FACTORY INCORPORATED

CAKE · Consumer Discretionary · $4.2B mkt cap · FY2025 filings · Wide moat

On the watchlist

Wide moat

The four filters

Pricing power100

Median gross margin 77.1% over 6y, very stable.

Returns on capital81

Median ROIC 17.3%, above the 9% hurdle in 80% of years.

Balance-sheet safety81

Net debt/EBITDA 1.4x, no material interest expense disclosed.

Capital discipline65

Owner earnings +6.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

133% above value

Owner earnings (normalized): $101.4M
Est. intrinsic value / share: $36.75
Recent price: $85.61
Discount to value: 133% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CAKE. See the disclaimer.