A Business at a Glance
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Portillo’s Inc. (the “Company") was incorporated as a Delaware corporation on June 8, 2021, for the purpose of facilitating an initial public offering ("IPO") and other related transactions in order to carry on the business of PHD Group Holdings LLC and its subsidiaries (“Portillo’s OpCo”). The Company became the sole managing member of Portillo’s OpCo and operates and controls all of the business and affairs of Portillo's OpCo. As a result, the Company consolidates the financial results of Portillo's OpCo and reports a non-controlling interest representing the economic interest in Portillo's OpCo held by the other members of Portillo's OpCo (the "pre-IPO LLC Members"). Portillo’s Inc. Class A common stock trades on the Nasdaq under the symbol "PTLO." Unless the context otherwise requires, references to "we," "us," "our," "Portillo's," the "Company" and other similar references refer to Portillo's Inc. and its subsidiaries, including Portillo’s OpCo.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 732M | 732M | 711M | 680M | 587M | 535M |
| Net Income | 19M | 19M | 30M | 18M | 11M | -15M |
| EPS | $0.27 | $0.27 | $0.46 | $0.32 | $0.25 | $-0.42 |
| Free Cash Flow | -19M | -19M | 9.8M | -17M | 9.8M | 6.7M |
| ROIC | 4.8% | 5.2% | 7.0% | 7.9% | 7.0% | 6.6% |
| Gross Margin | 65.6% | 65.6% | 66.0% | 66.0% | 65.2% | 68.8% |
| Debt/Equity | 0.71 | 0.71 | 0.78 | 0.95 | 1.24 | 1.88 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 44M | 44M | 58M | 55M | 41M | 30M |
| Operating Margin | 6.0% | 6.0% | 8.2% | 8.2% | 7.0% | 5.6% |
| ROE | 4.1% | 4.5% | 7.4% | 5.7% | 4.2% | -8.9% |
| Shares Outstanding | 72M | 72M | 64M | 58M | 43M | 36M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 455M | 535M | 587M | 680M | 711M | 732M | 732M |
| Gross Margin | 68.7% | 68.8% | 65.2% | 66.0% | 66.0% | 65.6% | 65.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 40M | 87M | 67M | 79M | 75M | 77M | 77M |
| EBIT | 57M | 30M | 41M | 55M | 58M | 44M | 44M |
| Op. Margin | 12.6% | 5.6% | 7.0% | 8.2% | 8.2% | 6.0% | 6.0% |
| Net Income | -8.3M | -15M | 11M | 18M | 30M | 19M | 19M |
| Net Margin | -1.8% | -2.8% | 1.8% | 2.7% | 4.2% | 2.6% | 2.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | 10.0% | 6.6% | 7.0% | 7.9% | 7.0% | 5.2% | 4.8% |
| ROE | -5.9% | -8.9% | 4.2% | 5.7% | 7.4% | 4.5% | 4.1% |
| ROA | -0.9% | -1.5% | 0.8% | 1.3% | 2.0% | 1.2% | 1.2% |
| Cash Flow | |||||||
| Op. Cash Flow | 58M | 43M | 57M | 71M | 98M | 72M | 72M |
| Free Cash Flow | 37M | 6.7M | 9.8M | -17M | 9.8M | -19M | -19M |
| Owner Earnings | 33M | -9.8M | 20M | 31M | 60M | 36M | 36M |
| CapEx | 21M | 36M | 47M | 88M | 88M | 90M | 90M |
| Maint. CapEx | 25M | 23M | 21M | 24M | 27M | 29M | 29M |
| Growth CapEx | 0 | 13M | 26M | 64M | 61M | 61M | 61M |
| D&A | 25M | 23M | 21M | 24M | 27M | 29M | 29M |
| CapEx/OCF | N/A | 84.4% | 82.7% | 124.2% | 90.0% | 125.8% | 125.8% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 57M | 365M | 179M | 115M | 0 | 0 |
| Buyback Yield | N/A | 4.3% | 52.3% | 19.1% | 20.0% | N/A | 0.0% |
| Stock-Based Comp | 960K | 29M | 16M | 16M | 11M | 6.5M | 6.5M |
| Debt Repayment | 13M | 158M | 3.3M | 328M | 5.6M | 42M | 42M |
| Balance Sheet | |||||||
| Net Debt | 432M | 283M | 274M | 296M | 289M | 314M | 314M |
| Cash & Equiv. | 41M | 39M | 44M | 10M | 23M | 20M | 20M |
| Long-Term Debt | 466M | 316M | 314M | 284M | 275M | 238M | 238M |
| Debt/Equity | 3.36 | 1.88 | 1.24 | 0.95 | 0.78 | 0.71 | 0.71 |
| Interest Coverage | 1.3 | 0.8 | 1.5 | 2.0 | 2.3 | 1.9 | 1.9 |
| Equity | 141M | 171M | 256M | 322M | 401M | 468M | 468M |
| Total Assets | 910M | 1000M | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| Total Liabilities | 569M | 576M | 847M | 925M | 1.0B | 1.1B | 1.1B |
| Intangibles | 437M | 430M | 426M | 423M | 420M | 418M | 418M |
| Retained Earnings | 0 | -16M | -4.8M | 14M | 43M | 62M | 62M |
| Working Capital | -12M | -7.9M | -12M | -63M | -83M | -142M | -142M |
| Current Assets | 55M | 59M | 65M | 42M | 53M | 52M | 52M |
| Current Liabilities | 66M | 67M | 77M | 105M | 136M | 194M | 194M |
| Per Share Data | |||||||
| EPS | -0.16 | -0.42 | 0.25 | 0.32 | 0.46 | 0.27 | 0.27 |
| Owner EPS | 0.63 | -0.27 | 0.46 | 0.54 | 0.93 | 0.51 | 0.51 |
| Book Value | 2.73 | 4.74 | 5.91 | 5.60 | 6.25 | 6.53 | 6.53 |
| Cash Flow/Share | 1.13 | 1.19 | 1.31 | 1.23 | 1.53 | 1.00 | 0.68 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 51.6M | 36.2M | 43.4M | 57.6M | 64.2M | 71.6M | 71.6M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 64.4 | 51.1 | 19.5 | 17.4 | 20.6 |
| P/FCF | N/A | 198.8 | 71.1 | N/A | 58.5 | N/A | N/A |
| EV/EBIT | N/A | 53.8 | 23.6 | 22.3 | 14.9 | 14.9 | 16.3 |
| Price/Book | N/A | 7.8 | 2.7 | 2.9 | 1.4 | 0.7 | 0.9 |
| Price/Sales | N/A | 2.7 | 1.6 | 1.6 | 1.1 | 0.9 | 0.5 |
| FCF Yield | N/A | 0.5% | 1.4% | -1.8% | 1.7% | -5.5% | -4.7% |
| Market Cap | N/A | 1.3B | 698M | 941M | 576M | 337M | 398M |
| Avg. Price | N/A | 40.27 | 22.23 | 19.17 | 11.92 | 9.54 | 5.56 |
| Year-End Price | N/A | 36.79 | 16.09 | 16.34 | 8.98 | 4.71 | 5.56 |
Portillo's Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Portillo's Inc. trades at 20.6x trailing earnings, compared to its 15-year median P/E of 35.3x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 6.8% with a gross margin of 66.3%. At current prices, the estimated annualized return to fair value is -31.5%.
Portillo's Inc. (PTLO) has a current P/E ratio of 20.6, compared to its historical median P/E of 35.3. The stock is currently considered Fair based on its historical valuation range.
Portillo's Inc. (PTLO) has a 5-year average return on invested capital (ROIC) of 6.8%. This is below average and may indicate limited pricing power.
Portillo's Inc. (PTLO) has a market capitalization of $398M. It is classified as a small-cap stock.
Portillo's Inc. (PTLO) does not currently pay a regular dividend.
Based on historical P/E analysis, Portillo's Inc. (PTLO) appears fair. The current P/E of 20.6 is 42% below its historical median of 35.3. The estimated fair value CAGR (P/E method) is 18.2%.
Portillo's Inc. (PTLO) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
Portillo's Inc. (PTLO) reported annual revenue of $732 million in its most recent fiscal year, based on SEC EDGAR filings.
Portillo's Inc. (PTLO) has a net profit margin of 2.6%. This is a modest margin.
Portillo's Inc. (PTLO) generated $-19 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Portillo's Inc. (PTLO) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
Portillo's Inc. (PTLO) reported earnings per share (EPS) of $0.27 in its most recent fiscal year.
Portillo's Inc. (PTLO) has a return on equity (ROE) of 4.5%. This indicates moderate shareholder returns.
Portillo's Inc. (PTLO) has a 5-year average gross margin of 66.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Portillo's Inc. (PTLO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Portillo's Inc. (PTLO) has a book value per share of $6.53, based on its most recent annual SEC filing.