BLMNBloomin' Brands, Inc.
Is the business good?
The checks split: earnings fully cash-backed (8.5×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BLMN?
Bloomin' Brands, Inc. earns 3.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.5 points below what the capital costs: growth destroys value
- Operating margin
- 1.2%
Operating margin · Restaurants median 7.8% · 12 months to Q2 2026
- Cash conversion
- 8.49×
Cash conversion · 2.66× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.3%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −5.5% |
| FY2021 | 7.5% |
| FY2022 | 7.6% |
| FY2023 | 6.8% |
| FY2024 | 3.5% |
| FY2025 | 0.94% |
Details›
- Gross margin12 months to Q2 2026
- 70%
- Operating margin12 months to Q2 2026
- 1.2%
- Net margin12 months to Q2 2026
- 0.70%
- Free cash flow margin
- 3.9%
- Revenue, trailing twelve months
- $3.98B
- Free cash flow, trailing twelve months
- $155M
- Net income, trailing twelve months
- $28M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.