European Wax Center

EWCZ

Household & Personal Products · Consumer Defensive

Price

$5.82

+0.00 (+0.00%)

Market Cap

$319.1M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+17.7% over 5y

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

Diluted shares outstanding: 36.9M (2021) → 43.5M (2026)

European Wax Center, Inc. operates as the franchisor and operator of out-of-home waxing services in the United States. The company offers body and facial waxing services; and pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers, and skin treatments. As of March 26, 2022, it had a portfolio of centers operating in 874 locations across 44 states, including 868 franchised centers and six corporate-owned centers. European Wax Center, Inc. was founded in 2004

Winston Score History

Score breakdown

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Quality

Gross Margin

73.6%

Premium pricing power — 73.6% gross margin

Operating Margin

9.9%

Modest — 9.9% operating margin

ROCE

1.0%

Weak — 1.0% 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 YoY

-10.1%

Shrinking sales (-10.1% YoY)

EPS YoY

-39.6%

Earnings shrinking (-39.6% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

690%

Turns 690% of profit into real cash

FCF Margin

19.4%

Converts sales into free cash efficiently (19.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

4.79

Heavy debt load (4.79)

Interest Cover

1.54x

Dangerous — barely covers interest (1.5x)

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

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Valuation

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+30.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.8 → 8.8)

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Dividends

Not applicable for this business.

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