Cracker Barrel Old Country Stor (CBRL) concentration risks

Cracker Barrel's revenue and supply base show two structurally distinct concentrations plus a smaller counterparty exposure. Restaurant revenue accounted for approximately 81% of total revenue, a structural reflection of the company's core business model. On the supply side, approximately one-third of 2025 retail items were purchased directly from vendors in China, a dependency-type exposure since disruption at those vendors — tariffs, trade restrictions, or supply-chain interruption — could directly affect retail merchandise availability independent of restaurant demand. Separately, the company discloses counterparty risk with respect to its convertible note hedge and capped call transactions, a financial-structure exposure tied to specific counterparties rather than the operating business. These three exposures net out differently: the restaurant-revenue concentration is simply what the company is, the China-sourced retail dependency is the one exposure most exposed to an idiosyncratic shock given its reliance on a specific vendor geography, and the hedge-counterparty risk is the smallest in scale and most disconnected from day-to-day operations. Overall, the retail supply chain is the concentration most capable of producing an unexpected disruption to results.

For the engine’s reasoning on CBRL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.