European Wax Center, Inc. (EWCZ)

Piotroski F-Score

• ✓Positive return on assets
• ✓Positive operating cash flow
• —ROA improving YoY— return on assets not reported for both years
• ✓Cash flow exceeds net income (low accruals)
• —Leverage falling (debt/assets)— total debt or assets not reported
• —Current ratio rising— current ratio not reported
• —No share dilution— share count not reported (e.g. multi-share-class filer)
• —Gross margin rising— no gross-profit line reported (e.g. banks / payment networks)
• —Asset turnover rising— revenue or total assets not reported

3/3 of the 9 checks — 6 couldn't be scored (see above), so the score is out of the 3 with data.

Altman Z-Score

Insufficient balance-sheet detail (needs retained earnings, working capital, equity).

Beneish M-Score

Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.

Earnings quality

Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).

Solvency

Coverage data unavailable.

Reinvest vs. return cash

A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).

Return on reinvestment

Insufficient data. Current ROIC on all capital: 8%. Rough measure (includes maintenance capex).

Net debt / EBITDA

Insufficient EBITDA/debt history.

Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).

Debt servicing

Interest expense isn't separately reported — often netted into “other income (expense), net.”

Liquidity

Cash vs short-term debt unavailable.

Short-term vs long-term debt

Short-term / long-term split not separately reported.