Shake Shack Inc. (SHAK)

NYSE · Common Stock · Retail-Eating & Drinking Places

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

9 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of Shake Shack Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
SSE Holdings, LLC	Delaware
Shake Shack Enterprises, LLC	New York
Shake Shack Enterprises International, LLC	New York
SSE IP, LLC	Delaware
Shake Shack Domestic Licensing LLC	Delaware
Shake Shack Mobile LLC	Delaware
Shake Shack Texas Management Company LLC	Texas
Shake Shack Texas Holding Company LLC	Texas
Shake Shack Texas Beverage Company LLC	Texas

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 2.4%
PASSOperating cash flow positiveOCF 222M
PASSReturn on assets improving0.6% → 2.4%
PASSCash flow exceeds earningsOCF 222M vs NI 46M
PASSLong-term debt ratio falling14.5% → 13.1% of assets
FAILCurrent ratio improving1.97 → 1.76
PASSNo share dilution44M → 42M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.74× → 0.76×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2023	—	—	—	—	—
FY2023	—	—	—	—	—
FY2023	—	—	—	—	—
FY2023	$1.1B	$20.3M	−$14.0M	—	43,899,000
FY2024	$1.3B	$10.2M	$35.7M	—	44,203,000
FY2025	$1.4B	$45.7M	$56.5M	—	41,847,000

Ownership flow

12 institutions tracked — 9 added, 2 reduced, 1 opened a new position, 1 sold out.

Institutional holders of Shake Shack Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BANK OF AMERICA CORP /DE/	Active fund	276,452	−622,561	$15.5M
CITADEL ADVISORS LLC	Hedge fund	815,238	−615,877	$45.7M
MORGAN STANLEY	Active fund	1,078,044	+613,431	$60.4M
BlackRock, Inc.	Index	6,178,269	+423,960	$346.1M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	395,325	+316,223	$22.1M
JPMORGAN CHASE & CO	Active fund	910,546	+176,205	$50.0M
STATE STREET CORP	Index	1,570,690	+85,021	$88.0M
FMR LLC	Active fund	516,204	+73,949	$28.9M
Point72 Asset Management, L.P.	Hedge fund	109,464	+70,864	$6.1M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,005,086	+57,606	$56.3M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	52,131	+8,488	$2.9M

NORGES BANK holds a position with no prior filing to compare against, so its change is unknown rather than zero — and it is left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001620533
LEI: 529900J74GJAHYP80N79
FIGI: BBG0063GCHH8
SIC: 5810 · Retail-Eating & Drinking Places
Headquarters: NEW YORK, NY

Ownership

Institutional: 91.6%
Institutions: 433
Insiders: 4.4%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other retail-eating & drinking places companies

Shake Shack Inc. files under SIC 5810 — all 3 retail-eating & drinking places companies compared on assets and F-score.

Wendy's CoWEN Cannae Holdings, Inc.CNNE

Questions about Shake Shack Inc.

How many subsidiaries does Shake Shack Inc. file with the SEC?: 9, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, New York, Texas). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Shake Shack Inc. financially healthy?: Shake Shack Inc. scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Shake Shack Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

9 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-26 — see the exhibit.

Which other public companies file entities in the same places:

Delaware4 Texas3 New York2

Entity

Jurisdiction

Note

SSE Holdings, LLC

Delaware

Shake Shack Enterprises, LLC

New York

Shake Shack Enterprises International, LLC

New York

SSE IP, LLC

Delaware

Shake Shack Domestic Licensing LLC

Delaware

Shake Shack Mobile LLC

Delaware

Shake Shack Texas Management Company LLC

Texas

Shake Shack Texas Holding Company LLC

Texas

Shake Shack Texas Beverage Company LLC

Texas

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 2.4%
PASSOperating cash flow positiveOCF 222M
PASSReturn on assets improving0.6% → 2.4%
PASSCash flow exceeds earningsOCF 222M vs NI 46M
PASSLong-term debt ratio falling14.5% → 13.1% of assets
FAILCurrent ratio improving1.97 → 1.76
PASSNo share dilution44M → 42M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.74× → 0.76×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2023

—

FY2023

—

FY2023

—

FY2023

$1.1B

$20.3M

−$14.0M

—

43,899,000

FY2024

$1.3B

$10.2M

$35.7M

—

44,203,000

FY2025

$1.4B

$45.7M

$56.5M

—

41,847,000

Ownership flow

12 institutions tracked — 9 added, 2 reduced, 1 opened a new position, 1 sold out.

Institutional holders of Shake Shack Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BANK OF AMERICA CORP /DE/	Active fund	276,452	−622,561	$15.5M
CITADEL ADVISORS LLC	Hedge fund	815,238	−615,877	$45.7M
MORGAN STANLEY	Active fund	1,078,044	+613,431	$60.4M
BlackRock, Inc.	Index	6,178,269	+423,960	$346.1M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	395,325	+316,223	$22.1M
JPMORGAN CHASE & CO	Active fund	910,546	+176,205	$50.0M
STATE STREET CORP	Index	1,570,690	+85,021	$88.0M
FMR LLC	Active fund	516,204	+73,949	$28.9M
Point72 Asset Management, L.P.	Hedge fund	109,464	+70,864	$6.1M
GEODE CAPITAL MANAGEMENT, LLC	Index	1,005,086	+57,606	$56.3M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	52,131	+8,488	$2.9M

NORGES BANK holds a position with no prior filing to compare against, so its change is unknown rather than zero — and it is left out of the totals above.

Questions about Shake Shack Inc.

How many subsidiaries does Shake Shack Inc. file with the SEC?

9, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, New York, Texas). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Shake Shack Inc. financially healthy?

Shake Shack Inc. scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Shake Shack Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.