Flanigans Enterprises Inc (NYSE: BDL)

Sector: Consumer Cyclical Industry: Restaurants CIK: 0000012040
Market Cap 59.50 Mn
P/B 0.90
P/E 10.29
P/S 0.29
ROIC (Qtr) 6.77
Div Yield % 1.72
Rev 1y % (Qtr) 5.15
Total Debt (Qtr) 46.10 Mn
Debt/Equity (Qtr) 0.70
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About

Flanigan's Enterprises Inc., commonly known as BDL, operates in the hospitality industry with a focus on restaurants, package liquor stores, and sports bars. The company, which was incorporated in 1959, has its headquarters in Florida and has expanded its operations to various locations in South Florida. BDL's main business activities involve the operation of restaurants, package liquor stores, and sports bars. The company's restaurants, which operate under the brand name "Flanigan's Seafood Bar and Grill," offer a casual, nautical-themed dining...

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Investment thesis

Bull case

  • Healthy cash reserves of 22.97M provide 5.27x coverage of short-term debt 4.36M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 140.80M provides 3.05x coverage of total debt 46.10M, indicating robust asset backing and low credit risk.
  • Tangible assets of 140.80M provide exceptional 29.51x coverage of deferred revenue 4.77M, showing strong service capability backing.
  • Robust tangible asset base of 140.80M provides 10.85x coverage of working capital 12.98M, indicating strong operational backing.
  • Cash reserves of 22.97M provide ample 1435.44x coverage of acquisition spending 16000, enabling strategic growth opportunities.

Bear case

  • Operating cash flow of 7.75M barely covers its investment activities of (6.30M), with a coverage ratio of -1.23, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 7.75M provides thin coverage of dividend payments of (1.02M) with a -7.59 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of 1.44M provides weak coverage of capital expenditures of 6.32M, with a 0.23 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of 7.46M show weak coverage of depreciation charges of 7.41M, with a 1.01 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of 1.44M represents just -1.05x of debt issuance (1.36M), suggesting concerning reliance on leverage rather than internal cash generation for growth.

Segments Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Restaurants
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 MCD Mcdonalds Corp 346.46 Bn 68.40 14.10 55.82 Bn
2 SBUX Starbucks Corp 139.76 Bn 47.22 6.36 25.47 Bn
3 CMG Chipotle Mexican Grill Inc 50.59 Bn 32.94 4.24 5.08 Bn
4 YUM Yum Brands Inc 45.22 Bn 31.73 5.84 11.55 Bn
5 DRI Darden Restaurants Inc 28.92 Bn 43.38 4.50 6.41 Bn
6 QSR Restaurant Brands International Inc. 22.20 Bn 24.07 2.40 15.64 Bn
7 DPZ Dominos Pizza Inc 21.88 Bn 221.01 13.28 -
8 YUMC Yum China Holdings, Inc. 20.52 Bn 22.69 1.77 1.84 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.61 2.21
EV to Cash from Ops. EV/CFO 11.16 312.98
EV to Debt EV to Debt 1.88 5.62
EV to EBIT EV/EBIT 11.60 3.91
EV to EBITDA EV/EBITDA 5.34 21.20
EV to Free Cash Flow [EV/FCF] EV/FCF 60.21 45.95
EV to Market Cap EV to Market Cap 1.45 2.53
EV to Revenue EV/Rev 0.42 3.79
Price to Book Value [P/B] P/B 0.90 0.71
Price to Earnings [P/E] P/E 10.29 29.80
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 5.66 -9.75
Dividend Payout Ratio % Div Payout % (Qtr) 17.70 21.96
Dividend per Basic Share Div per Share (Qtr) 0.55 0.94
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 71.15 34.43
Interest Coverage Int. cover (Qtr) 7.77 -92.90
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -23.48 -26.40
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -15.94 32.62
Dividend Growth (1y) % Div 1y % (Qtr) 10.00 3.33
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 57.46 -129.85
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 34.52 -17.63
EBIT Growth (1y) % EBIT 1y % (Qtr) 60.46 6.64
EBT Growth (1y) % EBT 1y % (Qtr) 78.47 -48.75
EPS Growth (1y) % EPS 1y % (Qtr) 75.71 -142.91
FCF Growth (1y) % FCF 1y % (Qtr) -75.07 11.75
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 14.30 24.30
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.46 1.02
Cash Payout Ratio Cash Payout (Qtr) 0.07 0.09
Cash Ratio Cash Ratio (Qtr) 1.14 0.80
Current Ratio Curr Ratio (Qtr) 1.65 1.56
Debt to Equity Ratio Debt/Equity (Qtr) 0.70 0.61
Interest Cover Ratio Int Coverage (Qtr) 7.77 -92.90
Times Interest Earned Times Interest Earned (Qtr) 7.77 -92.90
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 7.20 8.16
EBIT Margin % EBIT Margin % (Qtr) 3.59 -2.09
EBT Margin % EBT Margin % (Qtr) 3.13 -0.93
Gross Margin % Gross Margin % (Qtr) 26.40 34.54
Net Profit Margin % Net Margin % (Qtr) 2.80 -2.80