A Business at a Glance
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Texas Roadhouse, Inc.
TXRH
$12.8B
Mkt Cap
$193.27
+1.26%
Texas Roadhouse, Inc. (TXRH) has a current P/E ratio of 31.7, compared to its historical median P/E of 25.6. The stock is currently considered Expensive based on its historical valuation range.
Texas Roadhouse, Inc. (TXRH) has a 5-year average return on invested capital (ROIC) of 24.2%. This indicates strong capital allocation and a potential competitive advantage.
Texas Roadhouse, Inc. (TXRH) has a market capitalization of $12.8B. It is classified as a large-cap stock.
Yes, Texas Roadhouse, Inc. (TXRH) pays a dividend with a trailing twelve-month yield of 1.40%. The company also returns capital through share buybacks, with a buyback yield of 1.17%.
Based on historical P/E analysis, Texas Roadhouse, Inc. (TXRH) appears expensive. The current P/E of 31.7 is 24% above its historical median of 25.6. The estimated fair value CAGR (P/E method) is 26.8%.
Texas Roadhouse, Inc. (TXRH) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
Texas Roadhouse, Inc. (TXRH) reported annual revenue of $5.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Texas Roadhouse, Inc. operates three casual dining restaurant concepts across 816 locations in 49 U.S. states, one territory, and ten foreign countries, comprising 714 company-operated restaurants and 102 franchised units. The flagship Texas Roadhouse concept features moderately priced, full-service casual dining centered on hand-cut steaks cooked to order over open grills, complemented by ribs, seafood, chicken, and made-from-scratch sides and rolls; Bubba's 33 offers burgers, pizza, wings, and craft beverages in a sports-themed environment with delivery capabilities; and Jaggers provides fast-casual burgers, hand-breaded chicken, and salads with drive-thru, carry-out, and delivery options. The company's business model emphasizes high-quality, freshly prepared food with proprietary recipes, low server-to-table ratios for personalized service, and an owner-operator partnership structure where managing partners and market partners make refundable deposits and receive performance-based compensation designed to foster an ownership mentality. Unit economics vary by concept, with Texas Roadhouse averaging over $166,000 in weekly sales, Bubba's 33 at approximately $122,000, and Jaggers near $73,000; the company targets mid-teen internal rates of return on new restaurant investments. Distribution is primarily company-operated with selective franchising domestically and internationally, supported by a centralized supply chain and product coaching teams ensuring consistency across all locations. The competitive moat rests on brand recognition, operational consistency through proprietary systems and training, community engagement through fundraising initiatives, and a differentiated casual dining positioning that balances quality and affordability for broad consumer segments seeking high-quality meals with friendly service.
【Selective growth with cost management】 Management expects approximately 35 company-owned restaurant openings in 2026 weighted toward the back half of the year, with franchise partners opening up to six international Texas Roadhouse locations and four domestic Jaggers units, reflecting continued momentum in international expansion. Commodity inflation guidance has been refined to 6%-7% for full year 2026 from the prior 7% estimate, with beef representing nearly all expected inflation and peak pressure anticipated in the second quarter at 7%-8%, moderating in the second half; wage and other labor inflation is expected to remain in the 3%-4% range with productivity improvements continuing. Capital expenditure guidance remains at approximately $400 million for 2026, supporting new development and maintenance of existing locations while maintaining flexibility for shareholder returns; the company forecasts low double-digit percentage increases in G&A dollar expenses and low teen percentage increases in depreciation expense, with an effective tax rate between 14%-15%.
| Metric | Target | Period |
|---|---|---|
| Company-owned restaurant openings | approximately 35 | FY2026 |
| Commodity inflation | 6%-7% | FY2026 |
| Wage and other labor inflation | 3%-4% | FY2026 |
| Capital expenditures | approximately $400 million | FY2026 |
| Depreciation expense | low teen percentage increase | FY2026 |
| Effective tax rate | 14%-15% | FY2026 |
| International Texas Roadhouse franchise openings | as many as 6 | FY2026 |
| Domestic Jaggers franchise openings | 3 | FY2026 |
Company-owned restaurant openings (FY2026): “we continue to expect approximately 35 company restaurant openings across the three brands”
Commodity inflation (FY2026): “we are reducing our full year 2026 commodity inflation guidance from approximately 7% to between 6%-7%”
Wage and other labor inflation (FY2026): “we are maintaining our full year 2026 wage and other labor inflation guidance of 3%-4%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.9B | 5.9B | 5.4B | 4.6B | 4.0B | 3.5B |
| Net Income | 406M | 406M | 434M | 305M | 270M | 245M |
| EPS | $6.10 | $6.10 | $6.47 | $4.54 | $3.97 | $3.50 |
| Free Cash Flow | 342M | 342M | 399M | 218M | 266M | 268M |
| ROIC | 17.7% | 24.0% | 29.1% | 23.0% | 22.9% | 22.1% |
| Gross Margin | 15.5% | 15.5% | 17.1% | 15.9% | 16.3% | 17.5% |
| Debt/Equity | 0.67 | 0.67 | 0.63 | 0.68 | 0.74 | 0.70 |
| Dividends/Share | $2.71 | $2.72 | $2.44 | $2.20 | $1.84 | $1.20 |
| Operating Income | 475M | 475M | 517M | 354M | 320M | 297M |
| Operating Margin | 8.1% | 8.1% | 9.6% | 7.6% | 8.0% | 8.6% |
| ROE | 27.8% | 28.8% | 34.7% | 28.3% | 26.1% | 24.7% |
| Shares Outstanding | 66M | 66M | 67M | 67M | 68M | 70M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.8B | 2.0B | 2.2B | 2.5B | 2.8B | 2.4B | 3.5B | 4.0B | 4.6B | 5.4B | 5.9B | 5.9B |
| Gross Margin | 71.0% | 71.0% | 66.4% | 67.5% | 67.6% | 18.0% | 11.8% | 17.5% | 16.3% | 15.9% | 17.1% | 15.5% | 15.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 82M | 92M | 111M | 123M | 136M | 149M | 120M | 157M | 173M | 198M | 223M | 227M | 227M |
| EBIT | 130M | 145M | 172M | 186M | 188M | 212M | 24M | 297M | 320M | 354M | 517M | 475M | 475M |
| Op. Margin | 8.2% | 8.0% | 8.6% | 8.4% | 7.6% | 7.7% | 1.0% | 8.6% | 8.0% | 7.6% | 9.6% | 8.1% | 8.1% |
| Net Income | 87M | 97M | 116M | 132M | 158M | 174M | 31M | 245M | 270M | 305M | 434M | 406M | 406M |
| Net Margin | 5.5% | 5.4% | 5.8% | 5.9% | 6.4% | 6.3% | 1.3% | 7.1% | 6.7% | 6.6% | 8.1% | 6.9% | 6.9% |
| Non-Recurring | -3.8M | -4.5M | -4.9M | -4.3M | -5.7M | -5.0M | 219K | -2.4M | -3.6M | -3.5M | -2.3M | -4.5M | -4.5M |
| Returns on Capital | |||||||||||||
| ROIC | 16.4% | 16.8% | 18.2% | 19.2% | 22.1% | 23.3% | 2.1% | 22.1% | 22.9% | 23.0% | 29.1% | 24.0% | 17.7% |
| ROE | 14.6% | 15.2% | 16.3% | 16.6% | 17.7% | 18.7% | 3.4% | 24.7% | 26.1% | 28.3% | 34.7% | 28.8% | 27.8% |
| ROA | 9.6% | 9.8% | 10.4% | 10.5% | 11.3% | 10.1% | 1.5% | 10.1% | 10.7% | 11.5% | 14.5% | 12.0% | 11.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 192M | 228M | 257M | 286M | 353M | 374M | 230M | 469M | 512M | 565M | 754M | 730M | 730M |
| Free Cash Flow | 66M | 54M | 92M | 125M | 197M | 160M | 76M | 268M | 266M | 218M | 399M | 342M | 342M |
| Owner Earnings | 118M | 135M | 148M | 166M | 218M | 223M | 83M | 304M | 338M | 378M | 528M | 476M | 476M |
| CapEx | 125M | 173M | 165M | 162M | 156M | 214M | 154M | 201M | 246M | 347M | 354M | 388M | 388M |
| Maint. CapEx | 59M | 70M | 83M | 93M | 101M | 116M | 118M | 127M | 137M | 153M | 178M | 207M | 207M |
| Growth CapEx | 66M | 104M | 82M | 68M | 55M | 99M | 37M | 74M | 109M | 194M | 176M | 181M | 181M |
| D&A | 59M | 70M | 83M | 93M | 101M | 116M | 118M | 127M | 137M | 153M | 178M | 207M | 207M |
| CapEx/OCF | 65.4% | 76.1% | 64.1% | 56.4% | 44.2% | 57.3% | 67.0% | 42.8% | 48.1% | 61.4% | 47.0% | 53.1% | 53.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 31M | 46M | 52M | 58M | 69M | 102M | 25M | 84M | 124M | 147M | 163M | 180M | 180M |
| Dividend Yield | 2.0% | 2.2% | 2.0% | 1.9% | 1.7% | 2.8% | 0.7% | 1.4% | 2.2% | 2.2% | 1.5% | 1.6% | 1.4% |
| Share Buybacks | 43M | 11M | 4.1M | 0 | 0 | 140M | 13M | 52M | 213M | 50M | 80M | 150M | 150M |
| Buyback Yield | 2.1% | 0.5% | 0.1% | N/A | N/A | 3.9% | 0.2% | 0.9% | 3.6% | 0.6% | 0.7% | 1.3% | 1.2% |
| Stock-Based Comp | 15M | 23M | 26M | 27M | 34M | 36M | 29M | 38M | 37M | 34M | 47M | 48M | 48M |
| Debt Repayment | 411K | 128K | 145K | 558K | 50M | 0 | 641K | 708K | 0 | 0 | 0 | 1.5M | 1.5M |
| Balance Sheet | |||||||||||||
| Net Debt | -35M | -34M | -60M | -99M | -208M | N/A | 518M | 409M | 580M | 667M | 609M | 839M | 839M |
| Cash & Equiv. | 86M | 59M | 113M | 151M | 210M | 108M | 363M | 336M | 174M | 104M | 245M | 135M | 135M |
| Long-Term Debt | 51M | 26M | 52M | 52M | 2.1M | N/A | 190M | 100M | 50M | 0 | N/A | N/A | 974M |
| Debt/Equity | 0.08 | 0.04 | 0.07 | 0.06 | 0.00 | 1.15 | 0.95 | 0.70 | 0.74 | 0.68 | 0.63 | 0.67 | 0.67 |
| Interest Coverage | 62.6 | 73.8 | 137.0 | 118.1 | 209.6 | 287.3 | 6.1 | 93.3 | 207.0 | 316.3 | 579.7 | 483.9 | 483.9 |
| Equity | 608M | 670M | 750M | 839M | 946M | 916M | 928M | 1.1B | 1.0B | 1.1B | 1.4B | 1.5B | 1.5B |
| Total Assets | 943M | 1.0B | 1.2B | 1.3B | 1.5B | 2.0B | 2.3B | 2.5B | 2.5B | 2.8B | 3.2B | 3.5B | 3.5B |
| Total Liabilities | 328M | 356M | 422M | 479M | 509M | 1.1B | 1.4B | 1.4B | 1.5B | 1.6B | 1.8B | 2.1B | 2.1B |
| Intangibles | 6.2M | 4.8M | 3.6M | 2.7M | 2.0M | 1.2M | 2.3M | 1.5M | 5.6M | 3.5M | 1.3M | 18M | 18M |
| Retained Earnings | 419M | 469M | 531M | 602M | 688M | 776M | 782M | 944M | 999M | 1.1B | 1.4B | 1.5B | 1.5B |
| Working Capital | -68M | -123M | -79M | -73M | -40M | -169M | 4.3M | -39M | -255M | -389M | -312M | -457M | -457M |
| Current Assets | 148M | 134M | 200M | 257M | 345M | 248M | 511M | 564M | 397M | 356M | 517M | 451M | 451M |
| Current Liabilities | 216M | 257M | 280M | 330M | 385M | 417M | 506M | 602M | 652M | 745M | 828M | 909M | 909M |
| Per Share Data | |||||||||||||
| EPS | 1.23 | 1.37 | 1.63 | 1.84 | 2.20 | 2.46 | 0.45 | 3.50 | 3.97 | 4.54 | 6.47 | 6.10 | 6.10 |
| Owner EPS | 1.66 | 1.91 | 2.09 | 2.32 | 3.03 | 3.15 | 1.20 | 4.34 | 4.97 | 5.62 | 7.88 | 7.15 | 7.15 |
| Book Value | 8.59 | 9.47 | 10.58 | 11.74 | 13.15 | 12.92 | 13.35 | 15.10 | 14.90 | 17.00 | 20.27 | 21.97 | 21.97 |
| Cash Flow/Share | 2.71 | 3.22 | 3.62 | 4.01 | 4.91 | 5.28 | 3.32 | 6.69 | 7.53 | 8.41 | 11.25 | 10.98 | 9.21 |
| Dividends/Share | 0.60 | 0.68 | 0.76 | 0.84 | 1.00 | 1.20 | 0.36 | 1.20 | 1.84 | 2.20 | 2.44 | 2.72 | 2.71 |
| Shares Out. | 70.7M | 70.7M | 70.9M | 71.5M | 71.9M | 70.9M | 69.5M | 70.1M | 68.0M | 67.2M | 67.0M | 66.5M | 66.5M |
| Valuation | |||||||||||||
| P/E Ratio | 22.9 | 22.2 | 25.7 | 25.6 | 24.0 | 20.4 | 163.2 | 23.8 | 22.1 | 26.2 | 27.7 | 28.0 | 31.7 |
| P/FCF | 30.0 | 39.5 | 32.2 | 27.0 | 19.3 | 22.2 | 67.1 | 21.8 | 22.5 | 36.7 | 30.1 | 33.2 | 37.6 |
| EV/EBIT | 14.3 | 14.2 | 16.3 | 16.8 | N/A | N/A | 195.7 | 17.9 | 17.7 | 22.0 | N/A | N/A | 28.8 |
| Price/Book | 3.3 | 3.2 | 4.0 | 4.0 | 4.0 | 3.9 | 5.5 | 5.5 | 5.9 | 7.0 | 8.8 | 7.8 | 8.8 |
| Price/Sales | 1.0 | 1.2 | 1.3 | 1.3 | 1.6 | 1.3 | 1.6 | 1.7 | 1.4 | 1.5 | 2.0 | 2.0 | 2.2 |
| FCF Yield | 3.3% | 2.5% | 3.1% | 3.7% | 5.2% | 4.5% | 1.5% | 4.6% | 4.5% | 2.7% | 3.3% | 3.0% | 2.7% |
| Market Cap | 2.0B | 2.1B | 3.0B | 3.4B | 3.8B | 3.6B | 5.1B | 5.8B | 6.0B | 8.0B | 12.0B | 11.4B | 12.8B |
| Avg. Price | 22.14 | 30.28 | 36.63 | 41.86 | 55.76 | 50.98 | 54.17 | 84.71 | 81.73 | 101.91 | 160.58 | 174.01 | 193.27 |
| Year-End Price | 28.11 | 30.39 | 41.94 | 47.15 | 52.85 | 50.16 | 73.45 | 83.35 | 87.77 | 118.96 | 179.08 | 170.75 | 193.27 |
Texas Roadhouse, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Texas Roadhouse, Inc. trades at 31.7x trailing earnings, compared to its 15-year median P/E of 25.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 37.2x vs a median of 28.5x. The company's 5-year average ROIC is 24.2% with a gross margin of 16.4%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +17.0%.
Texas Roadhouse, Inc. (TXRH) has a net profit margin of 6.9%. This is a modest margin.
Texas Roadhouse, Inc. (TXRH) generated $342 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Texas Roadhouse, Inc. (TXRH) has a debt-to-equity ratio of 0.67. This indicates moderate leverage.
Texas Roadhouse, Inc. (TXRH) reported earnings per share (EPS) of $6.10 in its most recent fiscal year.
Texas Roadhouse, Inc. (TXRH) has a return on equity (ROE) of 28.8%. This indicates the company generates strong returns for shareholders.
Texas Roadhouse, Inc. (TXRH) has a 5-year average gross margin of 16.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Texas Roadhouse, Inc. (TXRH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Texas Roadhouse, Inc. (TXRH) has a book value per share of $21.97, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects approximately 35 company-owned restaurant openings in 2026 weighted toward the back half of the year, with franchise partners opening up to six international Texas Roadhouse locations and four domestic Jaggers units, reflecting continued momentum in international expansion. Commodity inflation guidance has been refined to 6%-7% for full year 2026 from the prior 7% estimate, with beef representing nearly all expected inflation and peak pressure anticipated in the second quarter at 7%-8%, moderating in the second half; wage and other labor inflation is expected to remain in the 3%-4% range with productivity improvements continuing. Capital expenditure guidance remains at approximately $400 million for 2026, supporting new development and maintenance of existing locations while maintaining flexibility for shareholder returns; the company forecasts low double-digit percentage increases in G&A dollar expenses and low teen percentage increases in depreciation expense, with an effective tax rate between 14%-15%.
Based on recent SEC filings and earnings calls, Texas Roadhouse, Inc. (TXRH) has provided the following forward guidance: Company-owned restaurant openings: approximately 35 (FY2026); Commodity inflation: 6%-7% (FY2026); Wage and other labor inflation: 3%-4% (FY2026); Capital expenditures: approximately $400 million (FY2026); Depreciation expense: low teen percentage increase (FY2026), plus 3 additional metrics.
Capital expenditures (FY2026): “Our guidance for 2026 capital expenditures remains unchanged at approximately $400 million”
Depreciation expense (FY2026): “For full year 2026, we expect a low teen percentage increase in our total depreciation dollar expense”
Effective tax rate (FY2026): “Our forecast for the full year 2026 income tax rate remains unchanged at between 14% and 15%”
International Texas Roadhouse franchise openings (FY2026): “we expect they will open as many as six more throughout the rest of the year”
Domestic Jaggers franchise openings (FY2026): “we expect they will open an additional three locations over the remainder of the year”