Brinker International (EAT)

The market is missing the capacity story - over 100 locations already doing $6M+ AUVs with existing infrastructure, suggesting massive systemwide upside without major capex. Everyone sees the obvious comp deceleration, but the binding constraint isn't demand - it's operational throughput, and they're solving it through best practice rollouts rather than expensive expansion. Kevin's admission on Maggiano's is refreshingly honest: 'We kind of fell in love with this idea of elevating the experience when actually guests want abundant portions and scratch-made Italian favorites' - classic overengineering that's now being corrected. With $570M in debt paid down and 1.7x leverage, they finally have balance sheet flexibility to play offense through remodels and new units starting fiscal '27. My view changes if the North of Six rollout fails to show measurable throughput improvements in the next two quarters.