Jersey Mike's Subs is a leading fast-casual restaurant chain specializing in submarine sandwiches. Founded in 1956 and headquartered in New Jersey, the company has grown to over 3,300 locations primarily across the United States, with a growing international presence in Canada and planned expansions into the UK and Ireland. Jersey Mike's operates an asset-light, 99%-franchised business model. Its revenue is primarily generated through royalties and advertising fees tied to systemwide sales, which exceeded $4.2 billion in 2025. The company's corporate team oversees franchise relationships, brand standards, real estate development, and supply chain logistics, while independent franchise owners are responsible for staffing and running individual locations. Jersey Mike's differentiates itself through its commitment to high-quality ingredients, including fresh-sliced meats and cheeses, bread baked in-store daily, and produce prepared on-site. The brand boasts strong unit economics, with an average unit volume (AUV) of approximately $1.4 million in 2025. Backed by private equity firm Blackstone, which acquired a majority stake in 2024, Jersey Mike's filed for an initial public offering in July 2026 to further accelerate its domestic and international expansion.
Gross margin measures the amount of revenue that remains after subtracting costs directly associated with production.
The EBITDA margin is a measure of a company's operating profit desconsidering D&A costs as a percentage of its revenue.
The EBIT margin is a measure of a company's operating profit considering D&A costs as a percentage of its revenue.
The net profit margin, or simply net margin, measures how much net income or profit is generated as a percentage of revenue. It is the ratio of net profits to revenues for a company or business segment.
Many companies have a high D&A in relation to the company's operating profit (EBITDA) and although this indicator does not have an effective cash effect, it ends up influencing the accounting net income, so analyzing this relationship can help to understand when D&A has a relevant impact to the company's results.
Shows the amount spent on investments in research and development in relation to the Net Revenue for the period. The company can use these investments to try to increase its revenue in the future.
Shows the amount spent on investments in Capex in relation to Net Revenue for the period. The company can use these investments to try to increase its revenue in the future.
Indicates a comparison between investments in fixed/intangible assets and the depreciation and amortization of some company assets. It serves to let managers know that the company's assets are devaluing periodically, and whether CAPEX has followed the same pace or not.
It shows the percentage of operating cash flow that the company uses in Capex (investments in fixed and intangible assets). When your result is greater than 100%, it demonstrates that there are expenses greater than what the company produces in its operations.
It demonstrates the percentage cost of Stock-Based Compensation compared to the company's operating cash flow. In some companies, the OCF is positive because of the SBC, which can lead to an incorrect cash flow analysis.
If the company has a lot of D&A, it helps to see if most of it tends to come from fixed assets. The account can include machinery, equipment, vehicles, buildings, land, office equipment, and furnishings, among other things.
If the company has a lot of D&A, it helps to see if most of it tends to come from Goodwill, that is an intangible asset that accounts for the excess purchase price of another company.
Return on equity (ROE) is the measure of a company's net income divided by its shareholders' equity and is a gauge of a corporation's profitability and how efficiently it generates those profits.
Return on invested capital (ROIC) is a calculation used to assess a company's efficiency in allocating capital to profitable investments. The formula for calculating ROIC involves dividing Net Income by the average of invested capital.
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