In a step closer to its ultimate goal of over 10,000 restaurants worldwide, Wingstop (WING) announced the opening of its 3,000th restaurant, expanding its global footprint with 1,000 more restaurants in just two years.
The company now operates in 47 U.S. states and 15 countries, entering six new markets since 2023 including Australia, Bahrain, Kuwait, Puerto Rico, Saudi Arabia, and The Netherlands.
“With a record pipeline of sold restaurant commitments, Wingstop shows no sign of slowing down,” CEO Michael Skipworth said.
During the company’s most recent earnings call, Skipworth reiterated Wingstop’s (WING) goal of accelerating its global footprint. During the first three quarters of 2025, Wingstop (WING) opened 369 net new restaurants, representing a 19%-unit growth rate.
“We are now opening more than 1 Wingstop per day,” Skipworth said on the call. “The demand from our brand partners is as strong as it’s ever been. In our most recent quarter, over 70 unique brand partners opened a Wingstop in over 100 different markets across the U.S.”
The explosive growth of the brand is a testament to the success of its AI-powered Smart Kitchen technology, effective marketing campaign to create viral TikTok content, and unique flavors that continue to draw in loyal customers over competitors like Buffalo Wild Wings. With a refined recipe and a singular focus on chicken wings, Wingstop (WING) regularly earns a top place in consumer rankings for best wings.
This was reflected in the company’s most recent quarterly results in which a 72.8% surge in digital sales powered a 10% increase in revenue.
Shares, however, have been beaten down over the past four months, losing as much as 43% in value since August, a result many analysts blame on the soft macro-economic environment that disproportionally weighs on restaurants.
“Being a part of the consumer discretionary sector, WING is not immune to the macro environment,” writes Seeking Alpha analyst Pure Analytics.
Adds Seeking Alpha analyst Gary Alexander, “wings are fairly easy to find in grocery stores and make at home, so it’s not a major surprise that macro trends are pushing Wingstop’s [comparable store] sales down.”
While Wall Street analysts maintain a Buy rating on Wingstop (WING), Seeking Alpha authors are more cautious—rating it a Hold, with SA’s Quant rating even listing it as a Sell due to a weak valuation score. Pure Analytics underscores this concern, noting that the company trades at 36.3x EV/EBITDA, well above the peer median of 28.74x and its own FY22 multiple of 32.54x, and suggests a fair price range of ~$216-$235 given expected margin pressure.
Reflecting this caution, Gary Alexander says he’d like to see valuation multiples drop further into the mid-to-high teens—more in line with McDonald’s (MCD) and Domino’s (DPZ)—or a clear path to accelerating same-store sales before considering an investment.