WING
Wingstop Inc.
WING's fundamentals are mixed, but it looks cheap: trading at 37x earnings, about a third of its usual 104x. Analysts expect earnings growth, though they disagree widely on how much.
WING Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Weak |
WING's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
WING PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 35x | $159 | — |
| Current | 37x | $159 | — |
| Cheap | 45x | $192 | +20% |
| Fair | 104x | $445 | +180% |
| Expensive | 156x | $670 | +321% |
Historical ranges are pointers, not guarantees.
WING's PE is in its cheap range at 37x. If earnings grow as analysts expect, today's price would be 35x next year's earnings.
WING Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for WING, with profitability improving. However, they disagree widely on these estimates.
WING Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.59 | +7.1% |
| Q3 2026 | $4.29 | -30% |
| Q2 2026 | $4.24 | -29% |
| Q1 2026 | $4.05 | -32% |
| Q4 2025 | $6.21 | +68% |
| Q3 2025 | $6.13 | +79% |
| Q2 2025 | $5.99 | +87% |
| Q1 2025 | $5.96 | +112% |
| Q4 2024 | $3.70 | +57% |
WING earned $4.29 per share over the past year, down 30% from the year before.
WING Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $185.1M | +5.3% |
| Q2 2026 | $185.6M | +6.4% |
| Q1 2026 | $183.7M | +7.4% |
| Q4 2025 | $175.7M | +8.6% |
| Q3 2025 | $175.7M | +8.1% |
| Q2 2025 | $174.3M | +12% |
| Q1 2025 | $171.1M | +17% |
| Q4 2024 | $161.8M | +27% |
WING's revenue has grown year over year every quarter since late 2020: $185M last quarter, up 5.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | -0.5 points |
| Q2 2026 | 29% | +3.5 points |
| Q1 2026 | 27% | +5.1 points |
| Q4 2025 | 27% | +0.8 points |
| Q3 2025 | 28% | +3.4 points |
| Q2 2025 | 26% | -0.5 points |
| Q1 2025 | 22% | -6.9 points |
| Q4 2024 | 26% | +2.4 points |
WING's operating margin was 27% last quarter, about level with the same quarter a year ago.
WING Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $49.7M | -19% |
| Q2 2026 | -$11.3M | -$3.5M |
| Q1 2026 | $43.7M | +153% |
| Q4 2025 | $34.5M | +$43.1M |
| Q3 2025 | $61.7M | +12% |
| Q2 2025 | -$7.8M | -130% |
| Q1 2025 | $17.3M | -48% |
| Q4 2024 | -$8.6M | -134% |
WING generated $117M in free cash flow over the past year, up 86% from the year before.
WING Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -115K shares |
| 1 year | -3.1% | -854K shares |
| 3 years | -9% | -2.7M shares |
| 5 years | -9.4% | -2.8M shares |
| Available history | -8.7% | -2.6M shares |
WING has 27M diluted shares, down 3.1% from a year ago, with $165M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $25.2M |
| Q2 2026 | — |
| Q1 2026 | $78.5M |
| Q4 2025 | $61.1M |
| Q3 2025 | $40M |
| Q2 2025 | — |
| Q1 2025 | $120.8M |
| Q4 2024 | $250.5M |
WING spent $165M buying back its own shares over the past year, down 60% from the year before.
WING Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.8x | High |
| Q2 2026 | 4.8x | High |
| Q1 2026 | 5.0x | High |
| Q4 2025 | 5.0x | High |
| Q3 2025 | 4.9x | High |
| Q2 2025 | 5.2x | High |
| Q1 2025 | 5.2x | High |
| Q4 2024 | 4.8x | High |
WING's net debt is about 4.8 years of its operating earnings (EBITDA), about the same as a year ago.
WING Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 87.0 | Overbought |
WING's weekly RSI is 55 (neutral) and its Stochastic is 87 (overbought).
WING PE vs Consumer Cyclical Sector
| Metric | WING | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 18x | 106% above |
| PE % | 8 | 47 | 39 pts below |
WING is trading at 37x earnings, a 106% premium to the Consumer Cyclical sector's median of 18x.
WING Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $131.5 | 21% above |
| 20 week MA | $129.6 | 23% above |
| 50 week MA | $175.9 | 9.5% below |
| 100 week MA | $228.6 | 30% below |
| 200 week MA | $251.2 | 37% below |
WING has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 37% below its 200-week average.
WING Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $86.2 | $140.8 | +63% |
| 2021 | $140.8 | $173.0 | +23% |
| 2022 | $173.0 | $145.7 | -16% |
| 2023 | $145.7 | $256.6 | +76% |
| 2024 | $256.6 | $285.4 | +11% |
| 2025 | $285.4 | $256.2 | -10% |
| 2026 YTD | $256.2 | $159.3 | -38% |
WING is down 38% so far in 2026, after finishing higher in four of the previous six years.