# Jersey Mike's Subs Inc. (JMKE)

> Source: Nexqual · https://nexqual.com/JMKE · data as of 2026-10-29 19:40 UTC · cite as "Nexqual, Jersey Mike's Subs Inc. (JMKE), nexqual.com/JMKE" · informational, not investment advice.

**Price:** USD 18.57 (+6.54% today) · US market open, as of October 29, 2026 at 19:40 UTC; quotes may be delayed. Prev close 17.43 · day 17.57–18.96 · 52w 15.96–24.99 · market cap $5.90B · NYQ

## Key facts
- Valuation: P/E 107.2x, net debt $1.54B.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.51B; 6 not under a Rule 10b5-1 plan ($1.51B); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (25 analysts), mean target USD 26.69 (range 14.9–40).
- Total return with dividends: 1Y -14.2% vs S&P 500 +13.0%; 5Y -19.3% vs S&P 500 +78.9%.
- Next earnings: 2026-10-28, EPS estimate USD 0.07, revenue estimate $192M.

## Valuation (price ÷ last four quarters, through Sep 27, 2026)
P/E 107.2x · P/B 1.8x · Earnings yield 0.93% · Net debt $1.54B · EV $7.44B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-25 | Abu Dhabi Investment Authority |  | 382,134 | $8.3M | 1.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Submarine Buyer Llc |  | 2,572,560 | $56.2M | 4.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Blackstone Holdings Ii L.P. |  | 2,572,560 | $56.2M | 4.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Submarine Buyer Llc |  | 29,695,652 | $649M | 35.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Blackstone Holdings Ii L.P. |  | 29,695,652 | $649M | 35.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Abu Dhabi Investment Authority |  | 4,411,064 | $96.4M | 10.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 25 analysts; mean target USD 26.69 (low 14.9, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-29 | Truist Securities | Target lowered | Buy | $30 → $27 |
| 2026-10-29 | Wells Fargo | Target lowered | Equal-Weight | $25 → $21 |
| 2026-10-29 | Stifel | Target lowered | Buy | $27 → $25 |
| 2026-10-28 | TD Cowen | Reiterated | Buy | $22 |
| 2026-10-23 | Evercore ISI Group | Target lowered | Outperform | $28 → $24 |
| 2026-10-16 | Raymond James | Target lowered | Outperform | $29 → $26 |
| 2026-10-07 | TD Cowen | Target lowered | Buy | $26 → $22 |
| 2026-09-29 | JP Morgan | Target lowered | Overweight | $26 → $24 |
| 2026-09-11 | Tigress Financial | Target raised | Buy | $29 → $30 |
| 2026-09-11 | Guggenheim | Target raised | Buy | $28 → $29 |
| 2026-09-10 | Mizuho | Target lowered | Outperform | $31 → $29 |
| 2026-09-10 | RBC Capital | Target raised | Outperform | $28 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-07-30) | 5Y (from 2026-07-27) |
|---|---|---|
| Total return | -14.2% | -19.3% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | — | — |
| Volatility (annualized) | 51.5% | 49.5% |
| Max drawdown | -34.3% (Aug 2026→Oct 2026) | -30.6% (Aug 2026→Sep 2026) |

## Peers (Restaurants)
CAKE (The Cheesecake Factory Incorpor) USD 113.08 +6.95% · CAVA (CAVA Group, Inc.) USD 59.12 +8.97% · BROS (Dutch Bros Inc.) USD 43.9 +2.25% · WING (Wingstop Inc.) USD 143.53 +3.58% · EAT (Brinker International, Inc.) USD 221.24 +0.23% · DPZ (Domino's Pizza Inc) USD 312.91 +1.12%

## More
Full page: https://nexqual.com/JMKE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Royalties and other revenues | $143.0M | 68.4% | +11.7% |
| — Royalties (part of Royalties and other revenues) | $76.0M | 36.4% | +10.1% |
| — System support revenue (part of Royalties and other revenues) | $60.0M | 28.7% | +13.2% |
| — Other revenues (part of Royalties and other revenues) | $7.0M | 3.3% | +16.7% |
| Advertising revenue | $57.0M | 27.3% | +7.5% |
| Company-owned stores sales | $9.0M | 4.3% | +0.0% |
| Gift Card | $6.0M | 2.9% | — |
| Total revenue | $209.0M | 100% | — |
The lines above cover 102.9% of total revenue.

## Company outlook (8-K filed 2026-10-28)

- "Jersey Mike's updated outlook for full-year fiscal 2026 is as follows: • Same-store sales growth of at least 2.5% • Net unit growth of at least 8% • Adjusted EBITDA growth of at least 20% Conference Call and Webcast Jersey Mike's will host a conference call today, October 28, to discuss the fiscal third quarter 2026 financial results and business updates at 8:30 AM Eastern Time."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.07 | $0.00 | +$0.07 | $192.4M | 6 |
| Next quarter (ends 2027-03-31) | $0.09 | $0.00 | +$0.09 | $201.6M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.15 | $0.00 | +$0.15 | $795.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.55 | $0.00 | +$0.55 | $868.1M | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | −$0.05 | $0.08 | Miss −$0.13 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 27, 2026 | https://www.sec.gov/Archives/edgar/data/2127043/000212704326000018/0002127043-26-000018-index.htm |
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/2127043/000212704326000015/0002127043-26-000015-index.htm |
| 2026-10-26 | Schedule 13G | Abu Dhabi Investment Authority, Platinum International Investment Holding RSC Limited: 15.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/2127043/000110465926118565/0001104659-26-118565-index.htm |
| 2026-09-22 | 8-K | Change in control; Other material event — “(b) Information required by Item 403(c) of Regulation S-K regarding arrangements known to the registrant which may at a subsequent date result in a change of control. The information set forth under Item 8.01 below is incorporated by reference into this Item 5.01.” | https://www.sec.gov/Archives/edgar/data/2127043/000119312526397249/0001193125-26-397249-index.htm |
| 2026-09-09 | 10-Q | Quarterly report · period ended Jun 28, 2026 | https://www.sec.gov/Archives/edgar/data/2127043/000212704326000010/0002127043-26-000010-index.htm |
| 2026-09-09 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/2127043/000212704326000008/0002127043-26-000008-index.htm |
| 2026-08-04 | 8-K | Entered a material agreement; Change to shareholder rights; Director or executive officer change, or pay arrangement; Bylaws or fiscal-year change; Other material event — “In connection with the initial public offering (the " Offering " or the " IPO ") by Jersey Mike's Subs Inc. (the " Company ") of its Class A common stock, par value $0.0001 per share (the " Class A Common Stock "), described in the prospectus (the " Prospectus "), dated July 29, 2026, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the " Securities Act "), which is deemed to be part of the Registration Statement on Form S-1 (File No. 333-297228)…” | https://www.sec.gov/Archives/edgar/data/2127043/000119312526331184/0001193125-26-331184-index.htm |
| 2026-07-20 | S-1/A | Registration of new shares | https://www.sec.gov/Archives/edgar/data/2127043/000119312526308260/0001193125-26-308260-index.htm |
| 2026-07-02 | S-1 | Registration of new shares | https://www.sec.gov/Archives/edgar/data/2127043/000119312526293830/0001193125-26-293830-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.