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ZYBERNO

Stock Report

Updated Sep 1, 2026

KURA SUSHI USA, INC. (KRUS)

NASDAQ

$47.46

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

19.0/100

POOR BUSINESS

KURA SUSHI USA, INC. (KRUS) scores 19/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full KRUS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

⚠ Significant divergence between Owner Earnings and Free Cash Flow (1.22×). Intrinsic Value and Brina Gap are likely overstated — acquisition-related D&A is inflating Owner Earnings. Verify earnings quality before acting.

🎯 Expected Annual Return →

-43.5%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

8.8%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full KRUS valuation analysis · → View full KRUS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-3.0%)

Debt-to-Equity (Solvency Risk):POOR (1.45x)

Operating Margin (Operational Efficiency):CRITICAL (-3.3%)

Return on Capital (Capital Efficiency):CRITICAL (-2.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

KURA SUSHI USA, INC. (KRUS) stock report — Zyberno Score 19/100 (POOR BUSINESS), Margin of Safety -100.0%, -44% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, KURA SUSHI USA, INC. (KRUS) trades at $47.46 against an estimated intrinsic value per share of $4.05 — a -100.0% Margin of Safety based on Owner Earnings of $5.92M TTM, projected at -7.6% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -43.5% annually.

Over the trailing twelve months, KRUS generated $5.92M in Owner Earnings. Capital was deployed as follows: $48.42M invested in capital expenditures. Reinvestment rate: -339.7%. Owner Earnings have declined at 7.6% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:47.46

Market Cap:$576.45M

Valuation Multiples (3)

P/B Ratio:2.50x

P/S Ratio:1.81x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$760.03M

Ev Ebitda Ratio:126.48x

Price Action & Momentum (3)

12-1 Momentum:

-44.0% (15th pctile)

📈 Click to view full KRUS Momentum analysis →

Momentum Percentile:15 / 100

% of 52-Week High:53.9%

B. Profitability Assessment

Return Metrics (5)

ROE:

-3.0%

📊 Click to view full KRUS ROE analysis →

ROA:-1.5%

Roic:

-2.3%

📊 Click to view full KRUS ROIC analysis →

Reinvestment Rate:-339.7%

Fundamental Growth Rate (g):7.8%

Margin Analysis (3)

Operating Margin Ttm:-3.3%

Net Margin Ttm:-2.1%

Ebitda Margin:1.9%

TTM Performance (2)

Operating Margin Ttm:-3.3%

Net Margin Ttm:-2.1%

Yield Metrics (3)

Earnings Yield:-$1.20

Owner Earnings Yield:$1.03

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.48

📊 Click to view full KRUS Earnings Surprise analysis →

EPS Surprise vs Expected:-84.9%

Latest Earnings Filed:2026-07-07

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):24.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-12.5%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-8.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.26x

Quick Ratio:1.20x

Cash Ratio:0.52x

Leverage Analysis (3)

Debt To Equity Ttm:1.45x

Debt-to-Equity Ratio:1.45x

Debt To Ebitda:34.61x

Coverage Ratios (2)

Interest Coverage Ratio:-74.39x

Times Interest Earned:-74.39

Capital Structure (4)

Working Capital:12,008,000.00

Cash And Cash Equivalents:24,372,000.00

Long Term Debt:$192.26M

Net Debt:$183.58M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $318.84M

Linear Growth: 24.9%

📊 Click to view full KRUS Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$10.55M

Bottom Line Performance (3)

Net income TTM: -$6.82M

Linear Growth: -12.5%

📊 Click to view full KRUS Net Income analysis & methodology →

Income Before Tax:-$6.56M

Ebitda Ttm:6,009,000.00

Operating Expenses (5)

Operating Expenses:323,326,000.00

R And D Expense:0.00

Sga Expense:39,999,000.00

Income Tax Expense:$179.00K

Interest Expense:64,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:46.6%

Ebitda Margin:1.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$471.58M

Current Assets:$58.89M

Ppe Net:203,765,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:240,732,000.00

Current Liabilities:46,882,000.00

Long Term Debt:$192.26M

Short Term Debt:$15.69M

Equity & Capital (3)

Equity:$230.85M

Retained Earnings:-$39.24M

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:2,560,000.00

Accounts Payable:12,107,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,099,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $20.88M

Linear Growth: -8.7%

-$27.54M

Investment Activities (2)

Investing Cash Flow:-$12.66M

Capital Expenditures Ttm:48,421,000.00

Financing Activities (3)

Financing Cash Flow:$1.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:16,555,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.57

Eps diluted TTM: -$0.57

Linear Growth: -19.6%

📊 Click to view full KRUS EPS analysis & methodology →

Earnings Per Share Ttm:-$0.56

Revenue & Cash Per Share (2)

Sales Per Share Ttm:26.25

Operating Cash Flow Per Share:$2.03

Book Value & Capital (2)

Book Value Per Share:$19.01

Cash Per Share:2.01

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.71x

Working Capital Turnover Ttm:26.55x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:124.55x

Days Inventory Outstanding Ttm:2.93

Payables & Cash Cycle (2)

Days Payable Outstanding:13.86

Cash Conversion Cycle:-1,009.93

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $5.92M

Linear Growth: -7.6%

📊 Click to view full KRUS Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.49

Owner Earnings Yield:$1.03

Growth Assessment (1)

Owner Earnings Growth Rate:-$7.61

Damodaran Growth Analysis (2)

Reinvestment Rate:-339.7%

Fundamental Growth Rate (g):7.8%

Intrinsic Value Models (1)

Intrinsic Value:

$49.23M

📊 Click to view full KRUS DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full KRUS valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-43.5%

📊 Click to view full KRUS expected return analysis →

Forward Expected Return (Yield + Growth):

8.8%

📊 Click to view full KRUS expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):24.9%

Net Income Growth Rate (Linear):-12.5%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-8.7%

Other Growth Rates (2)

Book Value Growth Rate (Linear):30.3%

Owner Earnings Growth Rate:-$7.61

C. Company Profile & Context

Corporate Information (6)

Symbol:KRUS

Company Name:KURA SUSHI USA, INC.

Sector:Unknown

Industry:Retail-Eating Places

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:12.15M

Shares Outstanding Basic:12.15M

Shares Outstanding Diluted:12.36M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 21:53:11 UTC

Data Timestamp:2026-09-01T21:53:11.595646