Good Times Restaurants Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Good Times Restaurants Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	64.4	79.1	99.6	111	110	124	138	138	142	142
Cost of revenue	56.8	71.5	88.9	99.6
Gross profit	7.61	7.58	10.6	11.1
Selling and marketing	0.38	0.37	0.33	0.31	0.24	0.28	0.27	0.26	0.18	0.07
General and administrative	6.29	7	7.86	9.07	6.78	9.44	10.5	9.17	10.6	9.73
Operating income	-0.3	-1.42	0.37	-3.5	-12	6.9	-0.88	0.96	1.38	0.33
Interest expense	0.13	0.19	0.39	0.76	0.76	0.27	0.05	0.08	0.13	0.2
Interest income	0.02	0.01	0	0	0
Other non-operating income	-0.17	-0.18	-0.39	-0.75	-0.75	11.5	-0.05		-0.13	-0.06
Pre-tax income					-12.8	18.4	-0.93	0.89	1.26	0.27
Income tax	0	0	0			0.01	-0.01	-10.8	-0.62	-0.82
Income from continuing operations							-0.93	0.89
Net income to minority interests	0.86	0.65	1.02	0.89	1.12	1.61	1.71	0.59	0.27	0.07
Net income	-1.32	-2.26	-1.03	-5.14	-13.9	16.8	-2.64	11.1	1.61	1.02
EBITDA	2.04	1.68	4.32	1.1	-7.73	10.9	3.18	4.72	5.23	4.38
EPS, basic	-0.11	-0.18	-0.08	-0.41	-1.10	1.32	-0.21	0.94	0.15	0.10
EPS, diluted	-0.11	-0.18	-0.08	-0.41	-1.10	1.31	-0.21	0.94	0.14	0.10
Shares, basic (weighted)	12.3	12.3	12.5	12.5	12.6	12.7	12.5	11.8	11	10.6
Shares, diluted (weighted)	12.3	12.3	12.5	12.5	12.6	12.8	12.5	11.8	11.1	10.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.33	4.34	3.48	2.75	11.5	8.86	8.91	4.18	3.85	2.61
Receivables	0.43	0.57	1.74	0.81	0.66	0.64	0.69	0.77	0.89	0.8
Inventory	0.63	0.85	1	1.13	1.09	1.3	1.39	1.41	1.42	1.39
Other current assets	0.35	0.3	0.15	0.22	0.28	0.64	0.89	0.16	0.4	0.47
Total current assets	7.79	6.07	6.38	4.92	13.5	11.4	11.9	6.52	6.56	5.25
Property, plant and equipment	19.6	28.5	35.2	35.7	27.7	27.2	22.3	23	22.8	21.9
Lease right-of-use assets					49.3	45.7	42.5	40	35.7	33.6
Goodwill	15.1	15.2	15.2	15.2	5.15	5.15	5.71	5.71	5.71	5.71
Intangible assets	3.99	3.96	3.94	3.95	3.92	3.9	3.92	3.95
Other non-current assets	19.4	19.4	19.3	19.3	58.5	55	52.3	61.5
Total assets	46.9	55.2	61	59.9	99.7	93.7	86.4	91.1	87.1	83.8
Accounts payable	1.92	3.31	3.77	3.77	2.58	1.5	0.63	2.59	3.06	2.61
Accrued liabilities	3.16	3.55	4.45	5.38	5.06	6.39	6.79	6.45	2.68	2.09
Deferred revenue	0.02	0.04	0.09	0.08	0.07	0.06	0.05	0.07
Short-term debt	0.02	0.02	0.02		6.24				0.03	0.03
Total current liabilities	5.12	6.92	8.34	9.23	18.6	12.9	12.9	14.9	15.7	14.4
Long-term debt	0.02	5.34	7.47	12.9	10.9		0	0.75	0.84	2.31
Lease liabilities					53.7	49.7	45.5	42.3	37.4	33.2
Other non-current liabilities	0.02	0.01	0.01	0.01
Total liabilities	9.08	17.9	23.7	31	84.7	62.8	58.6	58.1	54	50
Total debt	0.04	5.36	7.49	12.9	17.1		0	0.75	0.87	2.34
Paid-in capital	58.2	58.9	59.4	57.9	58.2	59	59.4	56.7	56.8	56.9
Retained earnings	-22.1	-24.4	-25.4	-30.6	-44.5	-27.7	-30.3	-19.2	-17.6	-16.6
Treasury stock					-0.08	-1.61	-2.63	-4.91	-6.86	-7.25
Shareholders' equity	36.1	34.6	34	27.4	13.7	29.7	26.5	32.6	32.4	33.1
Minority interests	1.72	2.71	3.24	1.52	1.29	1.12	1.3	0.42	0.72	0.75
Total equity	37.8	37.3	37.2	28.9	15	30.9	27.8	33	33.1	33.8
Total liabilities and equity	46.9	55.2	61	59.9	99.7	93.7	86.4	91.1	87.1	83.8
Shares outstanding	12.3	12.4	12.5	12.5	12.6	12.5	12.3	11.4	10.7	10.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.47	-1.61	-0.02	-4.25	-12.8	18.4	-0.93	11.7	1.88	1.1
Depreciation and amortization	2.34	3.1	3.95	4.59	4.31	3.99	4.06	3.75	3.85	4.05
Stock-based compensation	0.72	0.75	0.42	0.72	0.28	0.36	0.25	0.13	0.13	0.11
Deferred income tax							0	-10.8	-0.62	-0.82
Change in inventory	-0.12	-0.22	-0.16	-0.12	0.04	-0.21	-0.06	-0.01		0.05
Change in payables	-0.09	0.78	0.19	0.32	-0.5	-1.39	-0.65	1.87	0.45	-0.4
Cash from operations	5.4	4.98	6.5	6.77	8.37	9.15	5.29	7.97	5.13	1.61
Capital expenditures	-8.5	-14.5	-10.4	-8.08	-2.6	-3.2	-2.64	-4.77	-3.14	-3.07
Acquisitions	0						-0.73	-1.33	-0.53	-0.5
Cash from investing	-8.48	-12.6	-9.03	-11.1	-2.53	-3.19	-2.62	-10.4	-3.66	-3.84
Debt issued	0	5.3	3.75	8.35	16.9			0.75	1.38	2.25
Debt repaid						-5.5			-1.26	-0.78
Stock issued	0.04	0	0.03	0		0.44	0.16	0.01
Share buybacks							-1.03	-2.27	-1.95	-0.39
Cash from financing	-4.4	5.65	1.67	3.56	2.87	-8.56	-2.62	-2.25	-1.8	0.98
Net change in cash	-7.48	-1.99	-0.86	-0.73	8.71	-2.6	0.05	-4.72	-0.33	-1.25
Free cash flow	-3.1	-9.53	-3.94	-1.31	5.77	5.95	2.65	3.19	1.99	-1.45
Interest paid	0.16	0.12	0.32	0.67	0.69	0.15	0.02	0.03	0.1	0.21

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.3%	Operating income / revenue.
EBITDA margin	4.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.2%	Pre-tax income / revenue.
Net margin	1.7%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	-43.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	16.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-76.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-16.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-36.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-28.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-68.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-32.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-28.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-173.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.47x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.4%	Total debt / total assets.
Liabilities / assets	54.9%	Total liabilities / total assets.
Net debt	-$3.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	11.5x	Operating income / interest expense.
Working capital	-$7.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$29.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.68x	Revenue / average total assets.
Fixed asset turnover	6.86x	Revenue / average property, plant and equipment.
Receivables turnover	162x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
FCF conversion	117.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.68	Revenue / diluted weighted shares.
FCF per share	$0.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.36	Cash from operations / diluted weighted shares.
Book value per share	$3.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.81	Tangible book value / shares outstanding.
Cash per share	$0.34	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$15.9M	Share price x shares outstanding.
Enterprise value	$12.7M	Market cap + total debt - cash - short-term investments.
P/E	7.14x	Market cap / net income. Only when net income is positive.
P/S	0.12x	Market cap / revenue.
P/B	0.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.54x	Market cap / tangible book value, when positive.
P/FCF	6.08x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.14x	Market cap / cash from operations, when positive.
EV/Sales	0.09x	Enterprise value / revenue.
EV/EBIT	7.14x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.29x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.83x	Enterprise value / free cash flow, when both are positive.
FCF yield	16.5%	Free cash flow / market cap.
Earnings yield	14.0%	Net income / market cap (the inverse of P/E).

What was Good Times Restaurants Inc.'s revenue in fiscal 2025?

Good Times Restaurants Inc. reported revenue of $141.6M for fiscal 2025, 0.5% lower than the year before.

Was Good Times Restaurants Inc. profitable in fiscal 2025?

Yes. Net income was $1.0M, a net margin of 0.7%.

How much free cash flow did Good Times Restaurants Inc. generate in fiscal 2025?

Cash from operations of $1.6M minus capital expenditures of $3.1M left free cash flow of -$1.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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