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EWCZ

European Wax Center, Inc.

EWCZ

European Wax Center, Inc. • NASDAQ
$3.87 ▼ -0.26% (-0.01)
Market Cap $214.99 M
52w High $7.60
52w Low $2.72
Dividend Yield 0%
P/E 14.88
Volume 1.23M
Outstanding Shares 55.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $54.185M ▼ $20.646M ▼ $3.782M ▲ 6.98% ▲ $0.09 ▲ $18.95M ▼
Q2-2025 $55.911M ▲ $22.664M ▼ $3.752M ▲ 6.711% ▲ $0.087 ▲ $19.05M ▲
Q1-2025 $51.427M ▲ $27.569M ▲ $1.735M ▼ 3.374% ▼ $0.04 ▼ $15.565M ▲
Q4-2024 $49.741M ▼ $24.154M ▼ $1.968M ▲ 3.956% ▲ $0.043 ▲ $12.994M ▼
Q3-2024 $55.43M $30.954M $1.48M 2.67% $0.032 $14.449M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $73.6M ▲ $720.697M ▲ $615.888M ▲ $78.109M ▲
Q2-2025 $63.891M ▲ $716.376M ▲ $610.514M ▼ $76.521M ▲
Q1-2025 $58.326M ▲ $713.795M ▲ $615.283M ▼ $70.453M ▲
Q4-2024 $49.725M ▲ $707.067M ▼ $615.475M ▲ $64.047M ▼
Q3-2024 $48.017M $707.965M $610.065M $69.084M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.367M ▼ $17.304M ▲ $-810K ▼ $-6.8M ▲ $9.694M ▲ $16.494M ▲
Q2-2025 $5.393M ▲ $15.197M ▲ $-703K ▼ $-8.944M ▼ $5.55M ▼ $14.494M ▲
Q1-2025 $2.57M ▼ $12.707M ▼ $-660K ▼ $-3.461M ▲ $8.586M ▲ $12.047M ▼
Q4-2024 $3.073M ▲ $16.556M ▲ $-245K ▼ $-14.621M ▲ $1.69M ▲ $16.311M ▲
Q3-2024 $2.03M $14.819M $-61K $-22.403M $-7.645M $14.758M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Marketing
Marketing
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Other Revenue
Other Revenue
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Product
Product
 $30.00M ▲$60.00M ▲$30.00M ▼$30.00M ▲
Royalty
Royalty
 $10.00M ▲$30.00M ▲$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years but has recently leveled off, suggesting the business has moved from a rapid build-out phase into a more mature growth stage. Profitability has steadily improved: gross and operating profits are healthy for a service concept, and the company has been consistently profitable after early losses around the IPO. That said, net profit margins remain fairly thin, so earnings are more sensitive to changes in traffic, pricing, or cost control. Overall, the income statement points to a scaled concept that is now solidly profitable but still working to turn strong brand presence into more robust bottom-line results.

Balance Sheet

Balance Sheet The balance sheet shows a business with relatively stable total assets and only a modest cash cushion, which means there is not a huge buffer for major shocks. Debt levels are quite high compared with the size of the company’s equity, reflecting a fairly leveraged capital structure. Equity has improved from negative to positive over the last few years, which is a clear sign of repair and value creation, but it remains small relative to debt. In simple terms, the company has made progress strengthening its financial foundation, yet leverage is still a key risk area to watch.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been positive and has grown over time, indicating that the underlying franchise and service model converts sales into cash reasonably well. Because the company’s expansion is largely franchise-driven, capital spending needs are low, so free cash flow is also consistently positive. This light-investment, cash-generative profile is attractive, but continued stability in guest traffic and franchise health is essential to sustain it.

Competitive Edge

Competitive Edge European Wax Center operates from a position of strength in a niche category, with a recognizable brand and a large national footprint compared with mostly local salon competitors. Its franchise model gives it scale and presence while keeping the corporate balance sheet lighter, and loyalty programs like Wax Pass and rewards create recurring visits and predictable revenue for both centers and the company. Proprietary wax, strict hygiene standards, and specialist training help differentiate the experience and support premium positioning. Main risks come from competition with lower-cost local providers, alternative hair removal methods, and the need to keep franchisees profitable and engaged as the system matures.

Innovation and R&D

Innovation and R&D Innovation here is less about lab research and more about service, product, and data. The proprietary Comfort Wax and a growing line of pre- and post-care products are key differentiators that support both guest experience and higher-margin product sales. The company has invested in digital tools, booking platforms, and customer data systems to personalize marketing, streamline operations, and deepen loyalty. Experiments such as laser hair removal pilots show openness to adjacent services, even though expansion has been paused to refocus on the core waxing business. The current strategy emphasizes using data, technology, and new products to get more value from the existing guest base rather than chasing aggressive new concepts.

Summary

Putting it all together, European Wax Center looks like a scaled, niche consumer services brand that has moved from an early build-out phase into a period of operational refinement. Revenue and profits have improved meaningfully, and the business now generates solid free cash flow, aided by a franchise-heavy, low-capex model. The main financial watch point is leverage: debt remains high relative to equity and cash, which makes consistent performance and careful capital management important. On the strategic side, a strong brand, proprietary products, loyalty programs, and data-driven operations provide a real competitive edge, but the company’s next test is reigniting sustainable, center-level growth while keeping franchisees healthy and managing its balance-sheet risk in a shifting consumer environment.

NEWS

November 12, 2025 · 6:00 AM UTC

European Wax Center, Inc. Reports Third Quarter Fiscal Year 2025 Results

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October 29, 2025 · 4:30 PM UTC

European Wax Center, Inc. to Report Third Quarter Fiscal Year 2025 Financial Results on November 12th

Read more