Restaurant Brands International Inc.
$75.41
−0.07 (−0.09%) · delayed · Nov 13, 2026
Five-year price
52w $65.43 to $81.96
- Market cap
- $34.5B
- Enterprise value
- $46.6B
- P/E
- 32.1×
- 24.4× on 3y avg EPS
- EV / EBIT
- 21.2×
- FCF yield
- 4.2%
- ROIC
- 10.0%
- Debt / equity
- 3.65
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 12.4%
- ●ROE > 15% (5y avg)5y avg ROE 50.3%
- ●Stable operating marginsMargin volatility 3.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 104% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.7%
- ●Shrinking share countDiluted shares -2.4% over 5y
Value
0
- ○P/E below 15P/E 32.1
- ○EV/EBIT below 12EV/EBIT 21.2
- ○FCF yield above 6%FCF yield 4.2%
- ○Price below Graham NumberGraham Number $20.50
- ○P/B below 3P/B 9.5
Safety
20
- ○Debt / equity below 0.5D/E 3.65
- ○Debt payable in < 4 yrs of earningsNet debt $12.1B
- ○Interest coverage > 8xCoverage 3.1x
- ○Current ratio > 1.5Current ratio 0.98
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $9.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.98
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 45%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 24.4
- ○P/E × P/B ≤ 22.5Product 230.9
Valuation lab
What do you have to believe?
At $75.41, the market is pricing in about 11.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $12.1B · 457M shares · 5y revenue CAGR 13.7%
Intrinsic value
$92.69
Price
$75.41
Margin of safety
19%
What the price implies
The market is paying for 11.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,146 | 4,576 | 5,357 | 5,603 | 4,968 | 5,739 | 6,505 | 7,022 | 8,406 | 9,434 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,667 | 1,735 | 1,917 | 2,007 | 1,422 | 1,879 | 1,898 | 2,051 | 2,419 | 2,202 |
| Operating margin | 40.2% | 37.9% | 35.8% | 35.8% | 28.6% | 32.7% | 29.2% | 29.2% | 28.8% | 23.3% |
| Pre-tax income | 1,200 | 1,101 | 1,382 | 1,452 | 816 | 1,363 | 1,365 | 1,453 | 1,809 | 1,684 |
| Income tax | 244 | (134) | 238 | 341 | 66 | 110 | (117) | (265) | 364 | 483 |
| Net income | 956 | 1,235 | 1,144 | 1,111 | 750 | 1,253 | 1,482 | 1,718 | 1,445 | 1,075 |
| EPS (diluted) | 1.45 | 2.54 | 2.42 | 2.37 | 1.60 | 2.69 | 3.25 | 3.76 | 3.18 | 2.35 |
| Diluted shares | 470 | 477 | 473 | 469 | 468 | 464 | 455 | 456 | 454 | 457 |
Who owns it