Jack in the Box Inc. (JACK)

Executive Summary

Jack in the Box is, in our view at T&T Capital Management, a deep-value franchised QSR situation — operating two regional-to-national quick-service brands (Jack in the Box + Del Taco) totaling approximately 2,200 locations, with approximately 95 percent of the system franchised. At $32.40 per share the stock trades at approximately 6.5 times consensus FY2026 EPS and approximately 8 times EV/EBITDA — meaningfully compressed versus franchised-QSR peers (typically 15-25x EBITDA). The compressed multiple reflects (a) leveraged balance sheet, (b) near-term-traffic pressure, and (c) Del Taco integration execution concerns. Lance Tucker became CEO in November 2024 — succeeding Darin Harris who exited after several quarters of underperformance.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers