What would break the Cheesecake Factory 81% rally comps → margin → multiple — the +81% rally rides the multiple rally intact much of the rally erased Sales drivers unit + comps · +5.8% Pricing vs. cost spread ~3% pricing vs. inflation Restaurant-level margin ~20% · decade-high EPS growth Forward multiple ~30x · 2.4x own 5-yr median peers ~20.6–20.8x Reversion path margin compresses, multiple reverts to peers Guide tripwire FY26 guide failure traffic +2.7 traffic negative check +3.1