Buffalo Wild Wings Inc.

Financial Anal
2005 2006 2007 2008
Sales $ 209,700,000.00 $ 278,200,000.00 $ 329,700,000.00 $ 422,400,000.00
Difference 68,500,000.0 51,500,000.0 92,700,000.0
Diff/prev 0.3267 0.1851 0.2812
Sales Growth 32.67% 18.51% 28.12%
Net Income $ 8,880,000.00 $ 16,270,000.00 $ 19,650,000.00 $ 24,440,000.00
Difference 7,390,000.0 3,380,000.0 4,790,000.0
Diff/prev 0.8322 0.2077 0.2438
Net Income Growth 83.22% 20.77% 24.38%
Free Cash Flow $ 2,520,000.00 $ (1,310,000.00)
Difference $ (3,830,000.00)
Diff/2012 -1.520
Free CF Growth -151.98%

D
Total Debt $ 45,000,000.00 $ 55,400,000.00 $ 72,200,000.00
Total Equity $ 116,200,000.00 $ 141,700,000.00 $ 171,600,000.00
Debt Equity Ratio 0.387 0.391 0.421

Long Term Debt

Change in Debt

Net Income $ 8,880,000.00 $ 16,270,000.00 $ 19,650,000.00 $ 24,440,000.00

Sales $ 209,700,000.00 $ 278,200,000.00 $ 329,700,000.00 $ 422,400,000.00
Net Profit Margin 4.23% 5.85% 5.96% 5.79%

Gross Profit $ 139,200,000.00 $ 56,000,000.00 $ 66,900,000.00 $ 85,600,000.00

Sales $ 209,700,000.00 $ 278,200,000.00 $ 329,700,000.00 $ 422,400,000.00
Gross Profit Margin 66.38% 20.13% 20.29% 20.27%

Net Income $ 8,880,000.00 $ 16,270,000.00 $ 19,650,000.00 $ 24,440,000.00

Total Assets $ 161,200,000.00 $ 197,100,000.00 $ 243,800,000.00
ROA 10.09% 9.97% 10.02%

Net Income $ 8,880,000.00 $ 16,270,000.00 $ 19,650,000.00 $ 24,440,000.00

Total Equity $ 116,200,000.00 $ 141,700,000.00 $ 171,600,000.00
ROE 14.00% 13.87% 14.24%
Profit Margin 4.23% 5.85% 5.96% 5.79%
Total Sales $ 209,700,000.00 $ 278,200,000.00 $ 329,700,000.00 $ 422,400,000.00
Total Assets $ - $ 161,200,000.00 $ 197,100,000.00 $ 243,800,000.00
Total Asset Turnover 1.73 1.67 1.73
Total Assets $ - $ 161,200,000.00 $ 197,100,000.00 $ 243,800,000.00
Total Equity $ - $ 116,200,000.00 $ 141,700,000.00 $ 171,600,000.00
Equity Multiplier 1.39 1.39 1.42
ROE 14.00% 13.87% 14.24%

2005 2006 2007 2008

Current assets $ 75,000,000.00 $ 84,500,000.00 $ 60,900,000.00
Current liabilities $ 25,800,000.00 $ 32,500,000.00 $ 40,500,000.00
Current ratio 2.91 2.60 1.50
Financial Analysis
2009 2010 2011 2012 2013
$ 538,900,000.00 $ 613,300,000.00 $ 784,500,000.00 1,040,500,000.0 1,226,719,000.0
116,500,000.0 74,400,000.0 171,200,000.0 256,000,000.0 186,219,000.0
0.2758 0.1381 0.2791 0.3263 0.1790
27.58% 13.81% 27.91% 32.63% 17.90%
$ 30,670,000.00 $ 38,400,000.00 $ 50,430,000.00 $ 57,280,000.00 $ 71,550,000.00
6,230,000.0 7,730,000.0 12,030,000.0 6,850,000.0 14,270,000.0
0.2549 0.2520 0.3133 0.1358 0.2491
25.49% 25.20% 31.33% 13.58% 24.91%
$ 7,590,000.00 $ 17,670,000.00 $ 18,450,000.00 $ 15,640,000.00 $ 41,910,000.00
$ 8,900,000.00 $ 10,080,000.00 $ 780,000.00 $ (2,810,000.00) $ 26,270,000.00
-6.794 1.328 0.044 -0.152 1.680
-679.39% 132.81% 4.41% -15.23% 167.97%

Debt and Leverage analysis

$ 99,200,000.00 $ 123,500,000.00 $ 177,400,000.00 $ 207,700,000.00 $ 239,900,000.00
$ 209,800,000.00 $ 256,800,000.00 $ 31,800,000.00 $ 38,340,000.00 $ 46,580,000.00
0.473 0.481 5.579 5.417 5.150

70954
70954

Profitability Analysis
$ 30,670,000.00 $ 38,400,000.00 $ 50,430,000.00 $ 57,280,000.00 $ 71,550,000.00
$ 538,900,000.00 $ 613,300,000.00 $ 784,500,000.00 $ 1,040,500,000.00 $ 1,226,719,000.00
5.69% 6.26% 6.43% 5.51% 5.83%

$ 103,800,000.00 $ 121,000,000.00 $ 162,000,000.00 $ 1,847,000,000.00 $ 215,000,000.00

$ 538,900,000.00 $ 613,300,000.00 $ 784,500,000.00 $ 1,040,500,000.00 $ 1,226,719,000.00
19.26% 19.73% 20.65% 177.51% 17.53%

$ 30,670,000.00 $ 38,400,000.00 $ 50,430,000.00 $ 57,280,000.00 $ 71,550,000.00

$ 309,100,000.00 $ 380,400,000.00 $ 495,400,000.00 $ 591,000,000.00 $ 705,728,000.00
9.92% 10.09% 10.18% 9.69% 10.14%

$ 30,670,000.00 $ 38,400,000.00 $ 50,430,000.00 $ 57,280,000.00 $ 71,550,000.00

$ 209,800,000.00 $ 256,800,000.00 $ 31,800,000.00 $ 38,340,000.00 $ 46,580,000.00
14.62% 14.95% 158.58% 149.40% 153.61%
 DUPONT BREAKDOWN
5.69% 6.26% 6.43% 5.51% 5.83%
$ 538,900,000.00 $ 613,300,000.00 $ 784,500,000.00 $ 1,040,500,000.00 $ 1,226,719,000.00
$ 309,100,000.00 $ 380,400,000.00 $ 495,400,000.00 $ 591,000,000.00 $ 705,728,000.00
1.74 1.61 1.58 1.76 1.74
$ 309,100,000.00 $ 380,400,000.00 $ 495,400,000.00 $ 591,000,000.00 $ 705,728,000.00
$ 209,800,000.00 $ 256,800,000.00 $ 31,800,000.00 $ 38,340,000.00 $ 46,580,000.00
1.47 1.48 15.58 15.41 15.15
14.62% 14.95% 158.58% 149.40% 153.61%

2009 2010 2011 2012 2013

$ 98,500,000.00 $ 134,200,000.00 $ 139,200,000.00 $ 125,500,000.00 $ 182,800,000.00
$ 66,700,000.00 $ 79,100,000.00 $ 114,300,000.00 $ 140,800,000.00 $ 166,500,000.00
1.48 1.70 1.22 0.89 1.10
 2014 2015 average
1,516,223,000.0 1,812,722,000.0
289,504,000.0 296,499,000.0
0.2360 0.1956
23.60% 19.56% 24.23%
$ 94,094,000.00 $ 95,069,000.00
22,544,000.0 975,000.0
0.3151 0.0104
31.51% 1.04% 28.14%
$ 81,370,000.00 $ 65,210,000.00 $ 109,730,000.00
$ 39,460,000.00 $ (16,160,000.00) $ 44,520,000.00
0.942 -0.199 0.683
94.15% -19.86% 68.27% -44.32% avg

$ 279,200,000.00 $ 416,600,000.00
$ 574,300,000.00 $ 655,700,000.00
0.486 0.635

70954 70954
0 0

$ 94,094,000.00 $ 95,069,000.00
$ 1,516,223,000.00 $ 1,812,722,000.00
6.21% 5.24% 5.73%

$ 271,100,000.00 $ 289,200,000.00
$ 1,516,223,000.00 $ 1,812,722,000.00
17.88% 15.95% 37.78% consistenncy is key

$ 94,094,000.00 $ 95,069,000.00
$ 853,466,000.00 $ 1,072,382,000.00
11.02% 8.87% 10.00%

$ 94,094,000.00 $ 95,069,000.00
$ 574,300,000.00 $ 655,700,000.00
16.38% 14.50%
 6.21% 5.24%
$ 1,516,223,000.00 $ 1,812,722,000.00
$ 853,466,000.00 $ 1,072,382,000.00
1.78 1.69
$ 853,466,000.00 $ 1,072,382,000.00
$ 574,300,000.00 $ 655,700,000.00
1.49 1.64
16.38% 14.50%

2014 2015
$ 263,900,000.00 $ 197,800,000.00
$ 195,500,000.00 $ 263,600,000.00
1.35 0.75 1.55 industry average current ratio 1.13
rrent ratio 1.13