/
Our Company We opened our first location on Alvarado Street in Los Angeles, California, in 1980, and have grown our restaurant system to 503 domestic restaurants, comprised of 175 company-operated and 328 franchised restaurants as of December 31, 2025. Our restaurants are located principally in California, but also in Arizona, Nevada, Texas, Utah, Colorado, Washington and Louisiana.
Operating margin is thin at 8.58%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.6%, steady but not accelerating.
Net debt of $235M represents 9.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$497M
▲ +3.6% YoY
Net Income (TTM)
$29M
▲ +3.1% YoY
Op. Margin
9.11%
▼ -0.1pp YoY
ROIC
6.22%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▼ -8.2% YoY
Op. Cash Flow (TTM)
$56M
▲ +2.8% YoY
Net Debt
$229M
Cash & Equiv.
$4M
5Y CAGR: +2.8%
5Y CAGR: -5.6%
Continue Research