Portillo's

PTLO

Restaurants · Consumer Cyclical

Price

$4.97

+0.20 (+4.19%)

Market Cap

$359.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 28, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Mixed

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Share count rising — dilution

+98.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.8M (2021) → 71.1M (2025)

Winston Score History

The full picture

Portillo's is a fast-casual restaurant chain best known for its Chicago-style hot dogs, Italian beef sandwiches, and cheese fries. It serves everyday diners looking for affordable, casual meals with a Midwest comfort-food feel. The chain has a cult-like following, especially in the Chicago area where it was founded in 1963.

Portillo's makes money by selling food directly to customers at its restaurant locations. As of recent periods, it operates roughly 80+ locations, concentrated heavily in Illinois but expanding into states like Arizona, Florida, and Texas. Its moat comes from strong brand loyalty and a menu that is hard to replicate at scale, but the chain is still small compared to national fast-casual competitors. The key growth driver is geographic expansion outside the Midwest, though opening new restaurants is expensive and slow, and the company's low ROIC suggests it has not yet proven that new markets can match the profitability of its home turf.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-23.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

6.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Portillo's is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

68.4%

Premium pricing power — 68.4% gross margin

Profit after running costs

Operating Margin

6.9%

Modest — 6.9% operating margin

Return on the money invested

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

-58.5%

Earnings shrinking (-58.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

447%

Turns 447% of profit into real cash

Spare cash per sale

FCF Margin

-1.8%

Burning cash (-1.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.75

Moderate — manageable debt (0.75)

Covers its interest

Interest Cover

1.81x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.8x

Growth-priced — P/E 24.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-1.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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