Texas Roadhouse (TXRH) analysis
Texas Roadhouse, Inc.
Sector:Consumer Discretionary · Restaurants
Country:United States
Profile and moat
Texas Roadhouse runs steak restaurants. Outback, LongHorn and the local steakhouse sell in the same trade. It is not the most efficient by decree and it is not sales per restaurant already measured. This report does not state a return on capital.
Beef and wages move the cost. A full dining room one year is not normal earnings. The guest can eat somewhere else. Where there is a franchise, that fee is not the same book as the restaurant the company runs.
Cash is the check, minus that cost. The dividend has to fit. It is not a table turn that collects on its own.
Sustainable Competitive Advantage
"The advantage is the dining room the guest already chooses. They can eat somewhere else. The moat narrows if beef rises, or if the room stays empty."
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Radar axes
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- Health
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- Moat
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- Growth
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- Value
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- Return
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Health is the debt of the restaurants, not of a return already measured. Quality is the margin after beef and wages. Growth follows guests and restaurants, and they need not rise together. P/E is read against a year of a full room, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as the most efficient restaurant.
The P/E of a year of a full room is not the earnings if the guest does not come back. EV/EBITDA is read with beef and wages, which are costs. Do not use Chipotle's multiple, which is another format, as if the steakhouse and the fast restaurant were the same book. A dash if the TXRH cache is cold.
Limits of this report
Not advice on Texas Roadhouse. Vaultflake does not state sales per restaurant or a return on capital. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.
Questions from this report
What moat does Texas Roadhouse have?
The advantage is the dining room the guest already chooses. They can eat somewhere else. The moat narrows if beef rises, or if the room stays empty.
How do you read the Texas Roadhouse radar?
Health is the debt of the restaurants, not of a return already measured. Quality is the margin after beef and wages. Growth follows guests and restaurants, and they need not rise together. P/E is read against a year of a full room, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as the most efficient restaurant.
Which multiples matter for Texas Roadhouse?
The P/E of a year of a full room is not the earnings if the guest does not come back. EV/EBITDA is read with beef and wages, which are costs. Do not use Chipotle's multiple, which is another format, as if the steakhouse and the fast restaurant were the same book. A dash if the TXRH cache is cold.
What does this Texas Roadhouse analysis leave out?
Not advice on Texas Roadhouse. Vaultflake does not state sales per restaurant or a return on capital. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.
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