$CAVA · The Motley Fool · 2026-11-05
CAVA 的定价过于激进：市盈率约 100 倍，即便到 2032 年餐厅数量翻倍，估值仍相当昂贵；同店销售增速从 9% 放缓至 3%，客流量停滞，提价空间已见天花板，餐厅层面利润率也在下滑，不过营收仍以 20-30% 增长。
逐段跳播
截至我们录制时，Cababa 的股价下跌了约10%。这两家都是增长相对较快的快餐服务餐厅，规模也不错。这两家各自的商业模式，经济效益看起来都相当不错。
shares of Cababa are down about 10% as we're uh recording Now these are both relatively fast growing quickserve restaurants. uh good scale. The the the economics of this particular business model are for both of them look pretty good.
那么，看到我们今天看到的这些股价下跌，这是不是又一个两家公司都没能真正达到各自股票被寄予的高预期的例子？过去一年，Cabba 的同店销售额增速从9%降到了3%。
And so seeing these stock uh drops that we're seeing today, is this another case of both of these companies not necessarily meeting lofty expectations for their respective stocks?
Cabba's same store sales went from 9% to 3% uh in terms of growth over the past year.
当我可以直接在楼下做午饭的时候，开车去 Cava 吃午饭就没那么有吸引力了，因为油价都到每加仑5美元了。
it's less tempting to drive to Cava for lunch when I can just make my lunch downstairs because gas prices are you know $5 a gallon.
平心而论，考虑到当前的环境，这两家公司都还做得很好。两家公司的营收仍然在以20%到30%的区间增长。只是相对于我们眼下在经济中看到的不确定性，它们的定价稍微过于激进了。
to be fair, both of these companies are still doing great considering the environment. Both are still growing revenue in the 20 to 30% range. They were just priced a little bit too aggressively for the uncertainty we're seeing in the in the economy right now.
两家公司的同店销售额仍在增长。然而，两家的客流量基本已经停滞。增长来自提价，而提价是有上限的，尤其是在当前环境下。
same store sales still up at both companies. However, the guest traffic has pretty much flatlined for both. the gains are coming from price increases that does have a ceiling especially in this environment
投资者正在关注这件事：Cabba 刚刚达成了一个里程碑，开出了第500家餐厅，增长主要来自这些新门店，这很好；但 Cabba 的餐厅层面利润率略有下滑，这有点令人担忧。
investors are looking at this thing Cabba just hitting a milestone opening its 500th restaurant this is where the growth is mostly coming from these new locations that's good restaurant level profit margin down a little bit for Cabba that's a little bit troubling
我要说的是，现在看 Cava，市盈率仍在100倍左右，而且从现在到2032年，它的餐厅规模可能还会翻倍。这相当贵。
I will say right now you look at Cava still trading at around a 100 times earnings, maybe doubling the size of its restaurant base between now and 2032. That's pretty pricey.
Cabba 也一样。它们仍在增长同店销售额，只是不像以前那样了。在艰难的环境下，它们的营收仍在增长。我假设它们会保持机会主义，直到有真正的理由不这么做。而我目前还没看到这样的理由。
Same with Cabba. I mean, they're still growing same store sales, not not like they once were. They're still growing revenue in a tough environment. I assume they're going to be opportunistic until they have a real reason not to be. And I don't see it yet.
我想说，Dutch Bros 经营起来比 Cabba 这类业务要简单，因为它做的是饮品，是一家饮品公司。那份菜单执行起来相当容易。所以我认为，优势在 Dutch Bros 这边。
I would say that Dutch Bros has a less complex business to run than something such as a Cabba because I mean it's a beverage. It's a beverage company. That's a pretty easy menu to execute.
So I would say that the advantage goes to Dutch Bros here.