Forensic Analysis · Restaurants · as of Nov 11, 2026
Dine Brands Global, Inc. (DIN)
A forensic read on Dine Brands Global, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
3
Forensic signals
8.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dine Brands Global, Inc. earns a B (Sound & dependable) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.4%
FY2025
Return on invested capital.Return on invested capital is 1.4% in the latest fiscal year and slipping across FY2023–FY2025 from 13.1%. After-tax operating profit was $162M in FY2023 and $17M in FY2025. The capital base behind it went from $1.2B in FY2023 to $1.3B in FY2025 (+1%), while the revenue it carried went from $831M to $879M. FY2025's operating profit carried a $32M asset write-down and a $5M restructuring charge that alone took about 2.0 points off that year's return, so about 2.0 of the 11.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
172% of FCF
FY2025
Shareholder returns.Returned $92M to shareholders (buybacks + dividends) in FY2025 — 172% of free cash flow. That is $38M (72%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $58M and total debt rose $2M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $13M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 196%.
$7M
FY2024
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2024 ($7M)) — about 11% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$879.3M
Revenue Growth YoY+8.2%
Revenue CAGR (2yr)+2.9%
Net Margin1.9%
Free Cash Flow$53.4M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dine Brands Global, Inc.'s actual 10-K/10-Q/8-K filings?