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Twin Hospitality Group Inc. is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. As of December 29, 2024, our total restaurant footprint consists of 170 restaurants, of which 74 are domestic franchised Twin Peaks restaurants operated by our franchisee partners, seven are international franchised Twin Peaks restaurants operated by a franch…
The business is unprofitable at the operating level (-2.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 53.2%, still solid. Margins contracted 8.0pp, which offsets some of the top-line progress.
Negative free cash flow of -$40M. The business is consuming cash, not generating it. Operating margin contracted 8.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$344M
▲ +53.2% YoY
Net Income (TTM)
-$69M
▼ -248.0% YoY
Op. Margin
-9.74%
▼ -8.0pp YoY
ROIC
-4.67%
Cash Flow & Balance Sheet
FCF (TTM)
-$40M
▼ -125.3% YoY
Op. Cash Flow (TTM)
-$28M
▼ -348.7% YoY
Net Debt
$553M
Cash & Equiv.
$5M
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