Flanigan's Enterprises, Inc. (BDL): BCG Matrix [Dec-2025 Updated]

Flanigan's Enterprises, Inc. (BDL) is navigating a classic portfolio challenge right now, where its core Flanigan's Seafood Bar and Grill segment shines as a Star, driving $202.07 million in TTM revenue with 10.32% growth, while the liquor store segment explodes as a high-potential Question Mark, up 19.00% in Q2 2025. You've got the steady Cash Cows providing the capital, but you also have the franchise revenue shrinking into Dog territory at just $1.693 million for FY 2024; let's break down exactly how this regional leader is positioned across the four quadrants to decide where to invest next.

Background of Flanigan's Enterprises, Inc. (BDL)

You're looking at Flanigan's Enterprises, Inc. (BDL), a company that's been operating in South Florida for a long time, tracing its roots all the way back to 1959. It's headquartered in Fort Lauderdale, Florida, and you'll find it publicly traded on the NYSE American exchange under the ticker BDL. Honestly, the leadership team is very seasoned; the average tenure for management sits around 23.8 years, which suggests a very consistent, long-term strategy guiding the business.

Flanigan's Enterprises, Inc. (BDL) runs a dual-segment business model, which is key to understanding its revenue streams. You have the full-service casual dining restaurants, known as Flanigan's Seafood Bar and Grill, and the complementary package liquor stores, which operate under the Big Daddy's Liquors name. This structure lets the company capture both on-premise spending from the restaurants and high-volume retail sales from the liquor stores, creating a stable, regional footprint.

Let's look at the scale as of late 2025. For the trailing twelve months ending around June 30, 2025, the company posted total revenues of approximately $202 million, with a reported TTM net income around $4.32 million. As of November 2025, the market capitalization was relatively small, hovering near $59 million.

To give you a clearer picture of where the money comes from, let's check the revenue breakdown from the 13 weeks ended March 29, 2025 (Q2 2025). Restaurant Food and Bar Sales totaled $40.8 million, making up 76.1% of the total revenue for that quarter. The Package Store Sales contributed $12.1 million, which accounted for 22.6% of the total. The company operates a total of over 32 units, including both company-owned and franchised locations, with many sites co-locating a restaurant and a liquor store to maximize customer convenience.

Flanigan's Enterprises, Inc. (BDL) - BCG Matrix: Stars

You're analyzing the core engine of Flanigan's Enterprises, Inc. (BDL) right now, and the data clearly points to the restaurant division as the primary Star in the portfolio. This segment, centered on Flanigan's Seafood Bar and Grill, operates as the internal market leader, commanding significant share in its geographic stronghold.

The growth metrics for this segment are compelling when stacked against the broader market. Restaurant food sales specifically grew by 10.32% year-over-year for the 13 weeks ended March 29, 2025. That growth rate significantly outpaces the general industry trend; for context, the US Restaurants industry revenue growth rate was reported at 5.43% year-over-year as of Q4 2025. This differential suggests Flanigan's Seafood Bar and Grill is capturing market share effectively.

This core business unit is the main revenue driver. For the trailing twelve months ending June 28, 2025, total company revenue stood at $202.07 million. Looking at the most recent detailed quarter (Q2 2025, period ending March 29, 2025), restaurant food and bar sales alone accounted for $40.8 million, which represented approximately 76% of the total quarterly revenue of $53.63 million. This high revenue contribution, coupled with the superior growth rate, solidifies its Star positioning. Honestly, this level of performance in what is generally considered a mature market points to a very strong competitive advantage, particularly within the South Florida region where the brand is concentrated.

Here's a quick look at the comparative performance driving this Star classification:

The high growth rate means this segment consumes substantial cash for maintenance, promotion, and placement-think new store builds or menu enhancements-which is typical for a Star. To maintain this leadership, investment must continue. If this success sustains until the high-growth environment moderates, this unit is definitely positioned to transition into a Cash Cow.

Key financial indicators supporting the Star status of the restaurant segment include:

• Restaurant food sales for the 13 weeks ended March 29, 2025, were $32.586 million.
• Comparable weekly restaurant food sales for company-owned restaurants rose 8.1% for the 13 weeks ended March 29, 2025.
• Gross profit margin for restaurant food and bar sales increased to 67.23% for the 13 weeks ended March 29, 2025.
• Restaurant operations generated $4.7 million in operating income for the 13 weeks ended March 29, 2025.

Finance: draft the capital expenditure plan for the next two quarters, focusing on the top three South Florida markets, by next Wednesday.

Flanigan's Enterprises, Inc. (BDL) - BCG Matrix: Cash Cows

You're looking at the core engine of Flanigan's Enterprises, Inc., the established, mature restaurant locations that function as the company's primary source of consistent, reliable cash flow. These units operate in a mature segment of the market, meaning growth is steady rather than explosive, but their high market share allows them to generate significant operating cash flow relative to the investment needed to keep them running smoothly.

To illustrate the scale of these established businesses within the Flanigan's Enterprises, Inc. portfolio for the fiscal year ended September 28, 2024, consider the revenue breakdown from the core operations:

This established base is supplemented by the company's real estate strategy. The stable real estate holdings and rental income provide a dependable secondary cash stream, which totaled $1.11 million in fiscal year 2024, up 16.2% from the prior year. That rental income growth helps bolster the overall cash position of the enterprise.

Because these locations are established and enjoy a strong, loyal customer base, the capital expenditure (CapEx) needed to maintain them is relatively low compared to the cash they generate. For the trailing twelve months ending June 28, 2025, the operating cash flow was $8.56 million, while capital expenditures were only $6.12 million. This low maintenance requirement is what allows the unit to be a true cash cow, as the investment required to sustain its current productivity is modest.

The key characteristics defining these Cash Cows for Flanigan's Enterprises, Inc. are:

• High market share in mature segments.
• Generate cash flow exceeding required investment.
• Rental income provides a stable, secondary stream.
• Require minimal promotion and placement spending.

The resulting net cash flow-the free cash flow-is the lifeblood for the rest of Flanigan's Enterprises, Inc.'s strategy. For the trailing twelve months ending June 28, 2025, the calculated free cash flow was $2.44 million. This positive cash generation is what provides the capital to fund riskier ventures, such as expansion into new markets or investment in the high-growth Question Mark segment, cover general administrative costs, and service corporate debt, which stood at $47.68 million as of the last reported balance sheet date.

Flanigan's Enterprises, Inc. (BDL) - BCG Matrix: Dogs

Dogs are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

For Flanigan's Enterprises, Inc. (BDL), the Dogs quadrant is characterized by franchise-related revenues, which represent a small, non-core, and declining revenue stream. This segment clearly exhibits the characteristics of a Dog: minimal growth and low strategic importance relative to the core restaurant and package liquor store operations. The core business, as of the trailing twelve months ending June 30, 2025, generated total revenue of approximately \$202 million, making the franchise segment a very minor contributor.

The financial trend for this segment shows a clear contraction, which supports its classification as a Dog. You can see the year-over-year decline in the table below, based on the full fiscal year data provided for the scenario:

This decline, from \$1.857 million in FY 2023 to \$1.693 million in FY 2024, suggests that the market for new or existing franchise growth is either saturated or the model itself is not gaining traction within the broader Flanigan's Enterprises, Inc. portfolio. Dogs should be avoided and minimized; expensive turn-around plans usually do not help.

Another component fitting the Dog profile is The single, non-core Brendan's Sports Pub unit. Flanigan's Enterprises, Inc. acquired this restaurant/bar in the third quarter of fiscal year 2022. While it is company-owned, it operates under a different trade name than the flagship Flanigan's Seafood Bar and Grill brand, suggesting it lacks the scale and brand recognition of the core offerings.

The strategic positioning of these assets confirms the Dog status:

• Low relative market share compared to the primary restaurant and package store segments.
• Minimal growth potential outside the core South Florida market, where the company's primary focus and brand equity reside.
• Franchise royalties, which are part of this segment, are recognized as revenue when sales are made by franchisees.

To be fair, the most recent quarterly data for the 13 weeks ended June 28, 2025, showed a slight year-over-year increase in franchise-related revenues to \$0.442 million from \$0.428 million in the prior year period. However, the overall trend from the full fiscal year 2023 to 2024, coupled with its non-core nature, keeps it firmly in the Dog quadrant. Finance: draft 13-week cash view by Friday.

Flanigan's Enterprises, Inc. (BDL) - BCG Matrix: Question Marks

You're looking at the Big Daddy's Liquors package store segment, which falls squarely into the Question Marks quadrant for Flanigan's Enterprises, Inc. (BDL). This unit operates in markets that are clearly expanding, but the segment itself hasn't captured significant relative market share yet. It's a classic high-growth, low-share scenario.

The high growth potential is definitely visible in the recent figures. For the second quarter of 2025 (Q2 2025), package store sales jumped a strong 19.00% year-over-year. That kind of top-line acceleration signals a vibrant, growing market for retail liquor.

To put its size into perspective against the core business, look at the third quarter of 2025 (Q3 2025) snapshot. The package store sales base was \$11.52 million for that 13-week period. That's substantially smaller than the restaurant segment's performance in the same quarter.

Because this segment is consuming cash to fuel expansion-opening new Big Daddy's Liquors locations to try and convert that high market growth into high market share-it requires substantial investment. These units are cash-hungry right now, which is typical for a Question Mark.

The high growth rate seen in Q2 2025, specifically the 19.00% increase in package store sales, presents a near-term opportunity. However, without a clear, aggressive strategy to capture more of that market, these investments risk becoming Dogs down the line. The path forward is clear:

• Invest heavily to rapidly increase market share.
• Divest if the potential to become a Star isn't realized quickly.

The Q2 2025 data shows the segment is performing well on the growth metric, with package store sales reaching \$12.051 million in that quarter, up from \$10.140 million the prior year. Still, the low relative share means the cash drain is significant compared to the current returns.

Finance: draft 13-week cash view by Friday.