We’re not convinced that Cava has a durable competitive edge rooted in robust scale advantages or enduring brand clout. We think the operator faces an onslaught of competition from entrenched peers and a rising tide of smaller concepts, all using price, hospitality, and menu innovation to duel for the same dining occasions. That said, Cava appears well positioned to deliver outsize near-term growth. We think the banner’s better-for-you Mediterranean fare has piqued consumers’ interest, manifesting in attractive returns on new builds that are allowing management to keep pressing the accelerator on unit growth.