As the Q4 earnings season wraps, let's dig into this quarter's best and worst performers in the modern fast food industry, including Shake Shack (NYSE:SHAK) and its peers.

Modern fast food is a relatively newer category representing a middle ground between traditional fast food and sit-down restaurants. These establishments feature an expanded menu selection priced above traditional fast food options, often incorporating fresher and cleaner ingredients to serve customers prioritizing quality. These eateries are capitalizing on the perception that your drive-through burger and fries joint is detrimental to your health because of inferior ingredients.

The 6 modern fast food stocks we track reported a strong Q4; on average, revenues beat analyst consensus estimates by 1.6%. while next quarter's revenue guidance was 2.8% above consensus. Investors abandoned cash-burning companies to buy stocks with higher margins of safety, but modern fast food stocks held their ground better than others, with the share prices up 16.4% on average since the previous earnings results.

Best Q4: Shake Shack (NYSE:SHAK)

Started as a hot dog cart in New York City's Madison Square Park, Shake Shack (NYSE:SHAK) is a fast-food restaurant known for its burgers and milkshakes.

Shake Shack reported revenues of $286.2 million, up 20% year on year, topping analyst expectations by 2.2%. It was a stunning quarter for the company: Shake Shack beat across the board on all key metrics from sale-store sales to revenue to profits to EPS. FCF even came in higher than expected and was positive rather than the loss projected by Wall Street analysts.

The stock is up 29.1% since the results and currently trades at $100.68.

Is now the time to buy Shake Shack? Access our full analysis of the earnings results here, it's free.

Wingstop (NASDAQ:WING)

The passion project of two chicken wing aficionados in Texas, Wingstop (NASDAQ:WING) is a popular fast-food chain known for its flavorful and crispy chicken wings offered in a variety of sauces and seasonings.

Wingstop reported revenues of $127.1 million, up 21.2% year on year, outperforming analyst expectations by 5.7%. It was an exceptional quarter for the company, with revenue, EBITDA, and EPS topping Wall Street's estimates, driven by 21% same-store sales growth (estimates of 15%), 24.5% system-wide sales growth (estimates of 17.9%), and 115 net new restaurant openings (estimates of 105).

Wingstop delivered the biggest analyst estimates beat among its peers. The stock is up 9% since the results and currently trades at $354.

Is now the time to buy Wingstop? Access our full analysis of the earnings results here, it's free.

Weakest Q4: Noodles (NASDAQ:NDLS)

Offering pasta, mac and cheese, pad thai, and more, Noodles & Company (NASDAQ:NDLS) is a casual restaurant chain that serves all manner of noodles from around the world.

Noodles reported revenues of $124.3 million, down 8.9% year on year, falling short of analyst expectations by 0.8%. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and a miss of analysts' earnings estimates.

Noodles had the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. The stock is down 30.8% since the results and currently trades at $1.7.

Read our full analysis of Noodles's results here.

Sweetgreen (NYSE:SG)

Founded in 2007 by three Georgetown University alum, Sweetgreen (NYSE:SG) is a casual quick service chain known for its healthy salads and bowls.

Sweetgreen reported revenues of $153 million, up 29.1% year on year, in line with analyst expectations. It was a strong quarter for the company, with an impressive beat of analysts' gross margin estimates and revenue guidance for next quarter exceeding analysts' expectations.

Sweetgreen pulled off the fastest revenue growth and highest full-year guidance raise among its peers. The stock is up 92.4% since the results and currently trades at $24.55.

Read our full, actionable report on Sweetgreen here, it's free.

Potbelly (NASDAQ:PBPB)

With a unique origin story where the company actually started as an antique shop, Potbelly (NASDAQ:PBPB) today is a chain known for its toasty sandwiches.

Potbelly reported revenues of $125.7 million, up 4.7% year on year, in line with analyst expectations. It was a mixed quarter for the company, with an impressive beat of analysts' gross margin estimates but a miss of analysts' earnings estimates.

The stock is down 20.3% since the results and currently trades at $10.75.

Read our full, actionable report on Potbelly here, it's free.

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