Tearsheet

Wendy's (WEN)

Market Price (12/28/2025): $8.34 | Market Cap: $1.6 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Wendy's (WEN)

Market Price (12/28/2025): $8.34
Market Cap: $1.6 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 15%	Weak multi-year price returns 2Y Excs Rtn is -99%, 3Y Excs Rtn is -138%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 240%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.0%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%		Key risks WEN key risks include [1] challenges related to its predominantly franchised business model, Show more.
3	Low stock price volatility Vol 12M is 34%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, and Last-Mile Delivery.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 17%, FCF Yield is 15%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
3	Low stock price volatility Vol 12M is 34%
4	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail. Themes include Online Marketplaces, and Last-Mile Delivery.
5	Weak multi-year price returns 2Y Excs Rtn is -99%, 3Y Excs Rtn is -138%
6	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
7	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 240%
8	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.0%
9	Key risks WEN key risks include [1] challenges related to its predominantly franchised business model, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$8.34	$15.37	$17.36	$19.21	$19.76
Market Cap CYE ($ Bil)	1.6	3.1	3.6	4.1	4.4
Total Debt ($ Bil)	4.1	4.1	4.1	4.3	3.9
Total Cash ($ Bil)	0.3	0.5	0.5	0.7	0.2
Enterprise Value ($ Bil)	5.4	7.2	7.7	8.4	8.3
Valuation Ratios
P/S TTM	0.7	1.5	1.9	2.3	2.6
P/EBIT TTM	4.1	8.4	10.1	13.2	14.3
P/E TTM	8.6	17.1	20.0	27.3	24.9
P/FCF TTM	6.7	12.8	15.7	27.7	18.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/28/25	2024	2023
Share Price CYE	$8.34	$15.37	$17.36
Market Cap CYE ($ Bil)	1.6	3.1	3.6
Total Debt ($ Bil)	4.1	4.1	4.1
Total Cash ($ Bil)	0.3	0.5	0.5
Enterprise Value ($ Bil)	5.4	7.2	7.7
Valuation Ratios
P/S TTM	0.7	1.5	1.9
P/EBIT TTM	4.1	8.4	10.1
P/E TTM	8.6	17.1	20.0
P/FCF TTM	6.7	12.8	15.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	WEN	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.2
Rev Chg Q	-3.0%	7.3%
Rev Chg LTM	-0.2%	6.1%
Rev Chg 3Y Avg	2.9%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	17.3%	18.8%
CFO/Rev LTM	15.6%	20.4%
Net Inc Mgn	8.4%	13.1%
VALUATION	LOW
P/S	0.7	3.3
P/CFO	4.6	15.8
P/FCF	6.7	20.7
P/E	8.6	23.7
STABILITY	POOR
Debt/Equity	2.59	0.21
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Global Systemwide Sales	3.5 billion USD	9282025	Link
U.S. Same-Restaurant Sales Growth	-4.7%	9282025	Link
International Same-Restaurant Sales Growth	3.0%	9282025	Link
International Systemwide Sales Growth	8.6%	9282025	Link
Total Restaurants	7363	9282025	Link
U.S. Restaurants	5979	9282025	Link
International Restaurants	1384	9282025	Link
Company-Owned Restaurants (Total)	435	9282025	Link
Franchise-Owned Restaurants (Total)	6928	9282025	Link
U.S. Digital Sales Mix	20.3%	9282025	Link

Upcoming
2/12/2026	Earnings Release	Rev: - EPS: -

WEN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the approximate -18.9% movement in Wendy's (WEN) stock from August 31, 2025, to December 28, 2025:

1. Decline in U.S. Same-Restaurant Sales: Wendy's reported a 2.6% decrease in global systemwide sales and a 4.7% decline in U.S. same-restaurant sales in its third-quarter 2025 results, announced on November 7, 2025. This decline was primarily driven by decreased traffic, despite a higher average check.

2. Plans for U.S. Restaurant Closures: The company announced plans to close a "mid-single-digit percentage" of its 6,011 U.S. restaurants, translating to an estimated 241 to 361 establishments. These closures, expected through 2026, are part of a strategic overhaul to revitalize the domestic business which has been grappling with declining sales.

3. Analyst Downgrades and Reduced Price Targets: Several financial firms lowered their ratings and price targets for Wendy's stock in late 2025. RBC Capital reduced its price target to $8.50 from $9.00 on December 22, 2025, citing concerns over future general and administrative expenses and potential pressure on restaurant-level margins. UBS also lowered its target to $9.50 due to U.S. sales challenges, and J.P. Morgan downgraded the stock from "Buy" to "Hold" on December 3, 2025, reducing its price target to $9.00 from $12.00.

4. Concerns over Future Profitability and Margins: Analysts expressed worries that consensus estimates for general and administrative (G&A) expenses were too low for 2026, and projected a decline in restaurant-level margins. This was attributed to expected low U.S. same-store sales growth (0-1%) combined with elevated beef inflation.

5. Heightened Industry Competition and Consumer Pressure: During the third-quarter earnings call, management acknowledged heightened industry competition and ongoing consumer pressure in the U.S. as contributing factors to the challenging sales environment. These macroeconomic factors continued to impact sales and analyst outlooks throughout the period.

Stock Movement Drivers

Fundamental Drivers

The -7.8% change in WEN stock from 9/27/2025 to 12/27/2025 was primarily driven by a -5.4% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	9.06	8.35	-7.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2225.41	2208.19	-0.77%
Net Income Margin (%)	8.63%	8.43%	-2.35%
P/E Multiple	9.05	8.56	-5.42%
Shares Outstanding (Mil)	191.95	190.79	0.60%
Cumulative Contribution			-7.81%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
WEN	-7.8%
Market (SPY)	4.3%	7.7%
Sector (XLY)	1.8%	25.5%

Fundamental Drivers

The -25.6% change in WEN stock from 6/28/2025 to 12/27/2025 was primarily driven by a -27.1% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	11.22	8.35	-25.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2235.21	2208.19	-1.21%
Net Income Margin (%)	8.57%	8.43%	-1.68%
P/E Multiple	11.75	8.56	-27.13%
Shares Outstanding (Mil)	200.64	190.79	4.91%
Cumulative Contribution			-25.75%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
WEN	-25.6%
Market (SPY)	12.6%	11.7%
Sector (XLY)	11.9%	31.3%

Fundamental Drivers

The -46.3% change in WEN stock from 12/27/2024 to 12/27/2025 was primarily driven by a -47.5% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	15.56	8.35	-46.34%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2212.87	2208.19	-0.21%
Net Income Margin (%)	8.76%	8.43%	-3.77%
P/E Multiple	16.32	8.56	-47.55%
Shares Outstanding (Mil)	203.26	190.79	6.13%
Cumulative Contribution			-46.54%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
WEN	-46.3%
Market (SPY)	17.0%	30.0%
Sector (XLY)	7.0%	34.9%

Fundamental Drivers

The -56.6% change in WEN stock from 12/28/2022 to 12/27/2025 was primarily driven by a -60.7% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	19.26	8.35	-56.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2032.20	2208.19	8.66%
Net Income Margin (%)	9.26%	8.43%	-9.01%
P/E Multiple	21.77	8.56	-60.67%
Shares Outstanding (Mil)	212.81	190.79	10.34%
Cumulative Contribution			-57.10%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
WEN	-52.0%
Market (SPY)	48.0%	26.9%
Sector (XLY)	37.7%	29.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WEN Return	0%	11%	-3%	-10%	-11%	-46%	-53%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
WEN Win Rate	50%	50%	42%	33%	33%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
WEN Max Drawdown	-66%	-11%	-32%	-16%	-16%	-50%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See WEN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	WEN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-44.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	79.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-68.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	220.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	205 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-18.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	22.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	109 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-86.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	655.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	3,955 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Wendy's's stock fell -44.3% during the 2022 Inflation Shock from a high on 6/8/2021. A -44.3% loss requires a 79.7% gain to breakeven.

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About Wendy's (WEN)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

The Wendy's Company, together with its subsidiaries, operates as a quick-service restaurant company. It operates through three segments: Wendy's U.S., Wendy's International, and Global Real Estate & Development. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of January 2, 2022, it operated approximately 403 company-operated restaurants; 5,535 franchised restaurants in the United States; and 1,006 franchised restaurants internationally. The company also owns and leases real estate properties. It owns 485 and leases 1,235 properties, which are leased or subleased to franchisees. The company was formerly known as Wendy's/Arby's Group, Inc. and changed its name to The Wendy's Company in July 2011. The Wendy's Company was founded in 1969 and is headquartered in Dublin, Ohio.

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Here are 1-3 brief analogies for Wendy's (WEN):

A major fast-food burger chain, similar to McDonald's.
One of the largest global fast-food chains, competing directly with McDonald's and Burger King.

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Hamburgers: Wendy's offers a variety of hamburgers featuring fresh, never-frozen beef patties in single, double, and triple configurations.
Chicken Sandwiches & Nuggets: The menu includes various chicken options such as grilled, crispy, and spicy sandwiches, along with chicken nuggets.
French Fries: Customers can purchase classic hot, crispy French fries seasoned with sea salt as a popular side item.
Frosty: This iconic frozen dairy dessert comes in chocolate and vanilla flavors, known for its thick, spoonable consistency.
Breakfast Menu Items: A dedicated morning menu offers a range of breakfast sandwiches, seasoned potatoes, and coffee to start the day.
Salads: Wendy's provides several entree salads with fresh ingredients as a lighter meal option.

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Company: Wendy's (WEN)

Wendy's sells primarily to individual consumers.

Here are up to three categories of customers that Wendy's serves:

Families and Groups: Customers looking for convenient, relatively quick, and affordable meal options for multiple people, often including children.
Young Adults and Commuters: Individuals seeking fast, accessible, and reasonably priced meals for lunch breaks, on-the-go dining, or casual dinners. This group often values speed and convenience.
Budget-Conscious Consumers: Customers who prioritize value and affordability, often seeking deals, combo meals, and competitive pricing compared to other dining options.

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The Coca-Cola Company (KO)

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Ken Cook, Interim Chief Executive Officer and Chief Financial Officer

Ken Cook became the Interim Chief Executive Officer for The Wendy's Company in July 2025. He has also served as the Chief Financial Officer since December 2024, playing a significant role in developing Wendy's long-term growth strategy. Prior to joining Wendy's, Cook spent 20 years at United Parcel Service (UPS), where he held various finance roles, including Head of Financial Planning and Analysis and Chief Financial Officer for the U.S. Domestic segment. He also held leadership positions in Investor Relations and Treasury, and served as CFO of South Asia at UPS.

Liliana M. Esposito, Chief Corporate Affairs & Sustainability Officer

Liliana M. Esposito is a member of Wendy's Senior Leadership Team, serving as the Chief Corporate Affairs & Sustainability Officer.

John Min, Chief Legal Officer and Secretary

John Min joined Wendy's as Chief Legal Officer and Secretary in September 2024. He brings two decades of corporate legal experience, previously serving as Senior Vice President, Chief Legal Officer and Secretary of Kellanova following the separation of Kellogg Company. His background also includes roles as General Counsel in Europe and General Counsel of the Asia Pacific, Middle East, and Africa region at Kellanova and Kellogg Company, and he practiced law at Jenner & Block LLP and Jones Day.

Lindsay Radkoski, Chief Marketing Officer, U.S.

Lindsay Radkoski joined The Wendy's Company Senior Leadership team in May 2024 and has served as Chief Marketing Officer, U.S., since March 2023. Before this role, she was Wendy's Vice President, National Marketing, a position she held since November 2019. She initially joined Wendy's in 2011 as a Manager in Investor Relations. Radkoski is responsible for all marketing efforts for the U.S. business and oversees the Global Marketing Centers of Excellence.

Pete Suerken, President, U.S.

Pete Suerken was appointed President, U.S. in July 2025. Prior to his current role at The Wendy's Company, he served as the President & CEO of Wendy's Quality Supply Chain Co-op (QSCC) since 2021. Suerken has more than two decades of experience in the food, beverage, and restaurant industries, with a proven track record in transforming operations, building profitability, and leading innovation, including expertise in supply chain, strategic sourcing, and business transformation.

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The Wendy's Company (WEN) faces several key risks to its business operations and financial performance. These risks include intense competition and evolving consumer preferences, challenges inherent in its predominantly franchised business model, and significant debt levels.

Intense Competition and Changing Consumer Preferences: Wendy's operates in a highly competitive fast-food industry, vying for market share against major players like McDonald's and Burger King, as well as a growing number of fast-casual entrants. This intense competition puts pressure on pricing, product innovation, and customer experience. Additionally, there is a growing trend among consumers towards healthier eating habits and demand for value, requiring Wendy's to constantly adapt its menu and offerings to meet these evolving preferences. Failure to effectively differentiate itself or respond to these changes could negatively impact its market position and sales.
Challenges Related to its Predominantly Franchised Business Model: Wendy's relies heavily on a franchised business model, with approximately 94% of its stores being franchised. While this model offers certain benefits, it also limits the company's direct control over day-to-day operations, service quality, and the financial health of its franchisees. Issues such as inconsistent service quality, a lack of participation in brand strategies, or financial hardship among franchisees can harm the overall brand reputation and impact royalty revenues. Recent plans to close a significant number of underperforming U.S. restaurants in 2024 and 2025 highlight concerns about franchisee profitability and the need to lift average unit volumes.
High Debt Levels: Wendy's has a significant amount of outstanding debt, with approximately $2.7 billion as of December 29, 2024, and a high debt-to-equity ratio. This substantial indebtedness could adversely affect the company's business, results of operations, and financial condition by limiting its financial flexibility and increasing its vulnerability to economic changes or rising interest rates. A high debt load could constrain the company's ability to invest in growth opportunities or navigate economic downturns effectively.

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The accelerating shift in consumer preferences towards plant-based and alternative protein options presents a clear emerging threat. While Wendy's has explored some plant-based items, their core business heavily relies on traditional beef products. Significant and sustained growth in the plant-based food market, driven by health, environmental, and ethical concerns, could erode demand for conventional meat-based offerings, potentially forcing substantial menu overhauls or leading to market share loss to competitors more focused on alternative proteins.
The proliferation of optimized delivery-only kitchens and virtual restaurant brands represents an emerging competitive threat. These "ghost kitchen" models operate with significantly lower overhead costs than traditional brick-and-mortar restaurants, allowing new competitors to enter the market with greater agility, offer more competitive pricing, or specialize in niche menus tailored for delivery. This model enables rapid market entry and expansion for new brands that can capture a growing share of the delivery market without the fixed costs associated with Wendy's extensive physical restaurant footprint.

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The addressable market for Wendy's main products and services, which primarily fall under the quick-service restaurant (QSR) and fast-food categories, is substantial globally and within the United States. Wendy's key offerings include hamburgers, chicken sandwiches, chicken nuggets, chili, French fries, baked potatoes, salads, and breakfast items.

Global Market

The global fast food market was valued at approximately USD 809.79 billion in 2024 and is projected to reach USD 1,244.46 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.89% during the forecast period (2025-2033). Another estimate places the global fast food market size at USD 797.14 billion in 2024, with a projection to reach around USD 1,286.14 billion by 2034, demonstrating a CAGR of 4.90% between 2025 and 2034. The global quick-service restaurant (QSR) market size was approximately USD 971.36 billion in 2024 and is projected to grow to USD 1,930.14 billion by 2032, exhibiting a CAGR of 9.01% during the forecast period.

Within the global fast food market, the burgers and sandwiches segment is a dominant category. In 2024, this segment accounted for a significant share, with estimates ranging from 38.1% to 51.2% of the market.

U.S. Market

The United States quick-service restaurants market is valued at approximately USD 447.20 billion in 2025 and is forecast to reach USD 731.60 billion by 2030, advancing at a 10.35% CAGR. Another report indicates that the U.S. fast food and quick services restaurants market size was valued at USD 254.11 billion in 2024 and is projected to grow at a CAGR of 3.4% from 2025 to 2030.

For specific product categories in the U.S., hamburgers emerged as the leading product segment in the fast food and quick services restaurants industry, holding a revenue share of 42.0% in 2024. Sales of burgers in the United States alone amounted to USD 69.9 billion in 2022.

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Wendy's (WEN) is focusing on several key drivers to fuel its future revenue growth over the next 2-3 years:

Accelerated International Expansion: Wendy's is heavily investing in expanding its global footprint, with a strong emphasis on international markets. The company anticipates over 9% international net unit growth in 2025 and aims to add 1,000 net new restaurants globally by 2028, with a significant majority of these openings projected outside the United States. This aggressive unit development strategy is expected to drive substantial revenue growth from new markets and increased market penetration.
"Project Fresh" for U.S. Turnaround and AUV Growth: Wendy's has initiated "Project Fresh," a comprehensive strategic plan designed to revitalize its U.S. business. This initiative focuses on brand revitalization, operational excellence, system optimization, and capital allocation, with the primary goal of driving Average Unit Volume (AUV) growth and enhancing franchisee profitability in the U.S. Key actions include optimizing labor and operating hours, and adopting a returns-based approach to franchisee investments.
Enhanced Technology and Digital Integration: Significant investments in technology and digital platforms are crucial for improving the customer experience and operational efficiency, thereby contributing to revenue growth. This includes deploying digital menu boards, leveraging Fresh AI, and utilizing advanced data analytics to refine marketing strategies and adapt to consumer behavior. U.S. digital sales accounted for an all-time high of 20.3% of total sales in Q3 2025, demonstrating the increasing importance of this channel.
Menu Innovation and Brand Revitalization: Wendy's plans to refresh its core menu items and introduce impactful new products, such as the recently launched chicken tenders, to attract new customers and meet evolving consumer preferences. Alongside product innovation, the company is focusing on compelling, data-driven marketing to strengthen its brand positioning as a provider of high-quality food in the quick-service restaurant (QSR) sector.

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Share Repurchases

A new $500 million share repurchase authorization was approved in January 2023, set to expire in February 2027.
The company repurchased $268.5 million in 2022 and $51.95 million in 2023.
Wendy's plans to repurchase up to $200 million of its shares in 2025, with approximately $228.1 million remaining under its existing authorization as of February 2025.

Share Issuance

Proceeds from stock option exercises amounted to $23.361 million in 2021, $30.003 million in 2022, and $4.865 million in 2023.
The number of common shares outstanding was approximately 212.6 million as of February 21, 2023, and approximately 200.5 million as of February 19, 2025.
Shares were issued to directors in October 2025 as compensation in lieu of cash retainers under the 2020 Omnibus Award Plan.

Inbound Investments

As of December 31, 2024, institutional investors collectively held a significant 74% stake in Wendy's.
In May 2022, Trian Fund Management, L.P., the largest shareholder, disclosed it was exploring a potential acquisition of the company, which could lead to Wendy's going private.

Capital Expenditures

Capital expenditures for Wendy's were $68.969 million in 2021, $77.984 million in 2022, $85.021 million in 2023, and $94.388 million in 2024.
For 2025, anticipated capital expenditures and franchise development fund investments are expected to range between $135 million and $145 million.
A primary focus of capital expenditures includes technology investments such as AI-driven order taking platforms, digital menu boards, and supporting the "build-to-suit" program for new unit development.

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MGM Resorts International

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WEN: 2.9% | 4.2x)

SAH (3.9% | 4.0x)

Sonic Automotive

VAC (3.3% | 4.0x)

Marriott Vacations Worldwide

PLAY (7.2% | 3.4x)

Dave & Buster's Entertainment

SABR (9.2% | 1.5x)

Sabre

JACK (6.2% | 1.9x)

Jack In The Box

Higher Rev Chg LTM (Value for WEN: -0.2%)

BKNG (13.0%)

Booking

AMZN (10.9%)

Amazon.com

HD (7.5%)

Home Depot

TJX (4.5%)

TJX Companies

MCD (1.2%)

McDonald's

Higher Rev Chg 3Y Avg (Value for WEN: 2.9%)

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

TJX (6.2%)

TJX Companies

MCD (4.2%)

McDonald's

Higher Op Mgn LTM (Value for WEN: 17.3%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

RCL (26.4%)

Royal Caribbean

ABNB (22.6%)

Airbnb

ORLY (19.3%)

O'Reilly Automotive

Higher CFO/Rev LTM (Value for WEN: 15.6%)

MCD (39.9%)

McDonald's

MELI (37.5%)

MercadoLibre

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for WEN: 10.8%)

ABNB (38.4%)

Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for WEN: 21.3%)

PRSU (37.6%)

Pursuit Attractions and Hospitality

BRSL (34.9%)

Brightstar Lottery

BYD (27.0%)

Boyd Gaming

HOG (23.3%)

Harley-Davidson

BBWI (21.4%)

Bath & Body Works

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WEN: 2.9% | 0.7x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WEN: 2.9% | 4.2x)

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

BIPC (30.2% | 2.5x)

Brookfield Infrastructure

MTDR (8.9% | 3.8x)

Matador Resources

Higher Rev Chg LTM (Value for WEN: -0.2%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for WEN: 2.9%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for WEN: 17.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for WEN: 15.6%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for WEN: 10.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for WEN: 21.3%)

BCE (41.2%)

BCE

RCI (37.5%)

Rogers Communications

FMCC (34.2%)

Federal Home Loan Mortgage

CMCSA (25.2%)

Comcast

FNMA (23.7%)

Federal National Mortgage Association Fannie Mae

		Best Bets In Consumer Discretionary Sector
	WEN	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	8.6	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	4.1	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	-3.0%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	-0.2%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	2.9%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	11.7%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Wendy's Earnings Notes
2	How Low Can Wendy's Stock Really Go?	Return
3	Wendy's (WEN) Debt Comparison	Financials
4	Wendy's (WEN) Operating Cash Flow Comparison	Financials
5	Wendy's (WEN) Net Income Comparison	Financials
6	Wendy's (WEN) EBITDA Comparison	Financials
7	Wendy's (WEN) Tax Expense Comparison	Financials
8	Wendy's (WEN) Operating Income Comparison	Financials
9	Wendy's (WEN) Revenue Comparison	Financials
10	WEN Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select ideas related to WEN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%
WEN_4302025_Dip_Buyer_ValueBuy	04302025	WEN	Wendy's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-29.2%	-30.3%	-35.4%
WEN_4302022_Dip_Buyer_ValueBuy	04302022	WEN	Wendy's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.5%	15.3%	-18.7%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Wendy's

Peers to compare with:

Financials

	WEN	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Wendy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	8.35	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	1.6	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,208	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	381	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	238	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	258	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	344	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	351	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	WEN	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Wendy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-0.2%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	2.9%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.7%
Rev Chg Q	-3.0%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-0.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	17.3%	6.6%	4.8%	17.7%	22.5%	31.9%	17.5%
Op Mgn 3Y Avg	17.5%	7.4%	7.2%	16.4%	24.2%	30.8%	16.9%
QoQ Delta Op Mgn LTM	0.0%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	15.6%	6.7%	8.5%	20.6%	23.8%	26.6%	18.1%
CFO/Rev 3Y Avg	16.0%	6.8%	12.7%	21.4%	26.1%	28.4%	18.7%
FCF/Rev LTM	10.8%	5.1%	1.8%	18.1%	22.1%	23.5%	14.4%
FCF/Rev 3Y Avg	11.7%	5.5%	4.6%	18.6%	24.6%	25.6%	15.2%

Valuation

	WEN	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Wendy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.6	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.7	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	4.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	8.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	4.6	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	21.3%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	9.7%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	9.2%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	2.6	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	2.4	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	WEN	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Wendy's	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-2.1%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-7.8%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-25.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-46.3%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-56.6%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-3.4%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-2.8%
3M Excs Rtn	-12.1%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-37.8%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-62.3%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-138.5%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	Wendy's vs. McDonald's: With Return Forecast Of -3.2%, McDonald's Is A Better Bet
1	With 18% Gains On The Table, YUM May Outshine WEN
2	Why CMG With 40% Upside May Beat WEN?
3	Wendy's vs. Domino's Pizza: Industry Competitors, But Domino's Pizza Is A Better Bet
4	Wendy's vs Veeva Systems: Similar Revenue; Which Stock Is A Better Bet?
5	Wendy's vs MSCI: Similar Revenue; Which Stock Is A Better Bet?
6	Wendy's vs DexCom: Similar Income; Which Stock Is A Better Bet?
7	Wendy's vs Marathon Digital Holdings: Similar Market Cap; Which Stock Is A Better Bet?
8	Wendy's vs Pinterest: Similar Income; Which Stock Is A Better Bet?
9	Wendy's vs Amkor Technology: Similar Market Cap; Which Stock Is A Better Bet?

FDIC Bank Data

$ Mil \| FY: 12/29	LTM	2024	2023	2022	2021	2020	2019
Period End	9/28/2025	12/29/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019
Filing Date	11/7/2025	2/21/2025	2/26/2024	3/1/2023	3/1/2022	3/3/2021	2/26/2020
Key Financials
Total Revenue	2,208	2,246	2,182	2,096	1,897	1,734	1,709
EBITDA	552	554	552	502	475	403	419
Operating Income	381	388	392	354	344	290	285
Net Income	186	194	204	177	200	118	137
EPS	0.95	0.95	0.98	0.83	0.91	0.53	0.60
Growth Rates
Total Revenue Growth	-0.2%	3.0%	4.1%	10.5%	9.4%	1.5%	7.5%
EBITDA Growth	-0.1%	0.4%	10.0%	5.5%	17.9%	-3.8%	-49.1%
Operating Income Growth	0.4%	-0.8%	10.8%	2.8%	18.6%	1.7%	8.4%
Net Income Growth	-4.0%	-4.9%	15.3%	-11.5%	70.1%	-14.0%	-70.2%
Margins
EBITDA Margin	25.0%	24.7%	25.3%	23.9%	25.1%	23.3%	24.5%
Operating Income Margin	17.3%	17.3%	18.0%	16.9%	18.1%	16.7%	16.7%
Net Income Margin	8.4%	8.7%	9.4%	8.5%	10.6%	6.8%	8.0%
Cash & Debt
Total Cash	291	451	516	746	249	307	300
Total Debt	4,118	4,093	4,140	4,282	3,856	3,676	3,714
Net Debt / (Cash)	3,827	3,642	3,624	3,536	3,607	3,369	3,413
Cash Flows
Net Cash from Operations	344	355	345	260	346	284	289
Free Cash from Operations	238	261	260	174	268	215	214
Returns to Shareholders
Dividends	154	204	209	107	95	65	96
Share Repurchases	218	77	190	52	269	62	218

$ Mil \| FY: 12/29	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/28/2025	6/29/2025	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	1/1/2023
Filing Date	11/7/2025	8/8/2025	5/2/2025	2/21/2025	10/31/2024	8/1/2024	5/2/2024	2/26/2024	11/2/2023	8/9/2023	5/10/2023	3/1/2023
Key Financials Quarterly
Total Revenue	550	561	523	574	567	571	535	541	551	562	529	537
Ebitda	138	148	127	139	141	147	127	137	147	146	122	124
Operating Income	91	106	80	105	93	102	89	95	99	107	90	96
Net Income	44	55	39	47	50	55	42	47	58	60	40	41
EPS	0.23	0.29	0.20	0.23	0.25	0.27	0.20	0.23	0.28	0.28	0.19	0.19
Key Financials TTM
Total Revenue TTM	2,208	2,225	2,235	2,246	2,213	2,197	2,188	2,182	2,177	2,159	2,136	2,096
Ebitda TTM	552	555	554	554	553	558	557	552	539	528	513	502
Operating Income TTM	381	384	380	389	379	386	391	392	392	382	370	350
Net Income TTM	186	192	192	194	194	202	207	204	199	191	180	177
Growth Rates Quarterly
Total Revenue Growth	-3.0%	-1.7%	-2.1%	6.2%	2.9%	1.6%	1.1%	0.8%	3.4%	4.4%	8.2%	13.4%
EBITDA Growth	-2.2%	0.7%	0.0%	1.2%	-3.8%	0.7%	4.1%	10.6%	8.0%	11.3%	10.5%	13.4%
Operating Income Growth	-2.6%	3.9%	-10.2%	9.6%	-6.3%	-4.8%	-0.9%	-0.5%	11.3%	12.6%	29.0%	8.5%
Net Income Growth	-11.9%	0.9%	-6.6%	1.2%	-13.5%	-8.4%	5.5%	13.7%	14.9%	23.8%	6.5%	-20.8%
Margins Quarterly
EBITDA Margin	25.2%	26.4%	24.3%	24.2%	25.0%	25.7%	23.8%	25.4%	26.7%	26.0%	23.1%	23.1%
Operating Income Margin	16.5%	18.9%	15.3%	18.2%	16.4%	17.9%	16.6%	17.6%	18.0%	19.1%	17.0%	17.9%
Net Income Margin	8.1%	9.8%	7.5%	8.3%	8.9%	9.6%	7.9%	8.7%	10.5%	10.6%	7.5%	7.7%
Cash & Debt
Total Cash	291	281	335	451	482	465	498	516	598	635	676	746
Total Debt	4,118	4,088	4,076	4,093	4,098	4,104	4,120	4,140	4,186	4,211	4,228	4,282
Net Debt / (Cash)	3,827	3,807	3,741	3,642	3,616	3,638	3,622	3,624	3,588	3,575	3,552	3,536
Cash Flows Quarterly
FCF from Operations	129	61	85	69	141	45	100	76	128	89	53	77
Cash Flows TTM
FCF from Operations TTM	344	356	341	355	363	349	392	345	347	303	292	260
Returns to Shareholders Quarterly
Dividends	27	27	49	51	51	51	51	51	52	53	53	27
Share Repurchases	14	64	123	17	26	27	7	47	55	50	37	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.6%	8.1%	6.1%	7.7%	7.4%	8.2%	7.2%	7.3%	8.2%	9.1%	7.3%	7.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.0%	7.1%	7.2%	7.6%	7.6%	7.7%	7.9%	7.9%	8.0%	7.8%	7.6%	7.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Wendy’s US	1,816	1,750	1,567	1,431	1,404
Global Real Estate & Development	235	239	243	237	236
Wendy’s International	131	107	86	66	68
Total	2,182	2,096	1,897	1,734	1,709

Price Behavior

Price Behavior

Market Price	$8.35
Market Cap ($ Bil)	1.6
First Trading Date	03/17/1992
Distance from 52W High	-46.3%
	50 Days	200 Days
DMA Price	$8.47	$10.39
DMA Trend	down	down
Distance from DMA	-1.4%	-19.6%
	3M	1YR
Volatility	37.3%	34.0%
Downside Capture	66.80	78.09
Upside Capture	14.06	4.30
Correlation (SPY)	7.7%	29.8%

WEN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.38	0.29	0.34	0.45	0.53	0.50
Up Beta	-1.33	-0.59	-0.03	0.56	0.51	0.48
Down Beta	-0.44	1.01	0.76	0.80	0.76	0.58
Up Capture	96%	-4%	-30%	-12%	-2%	7%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	15	23	54	99	347
Down Capture	90%	46%	79%	77%	83%	88%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	27	40	71	145	396

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of WEN With Other Asset Classes (Last 1Y)
	WEN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-46.8%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	33.7%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-1.82	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		35.0%	30.0%	-10.4%	5.8%	41.8%	6.8%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of WEN With Other Asset Classes (Last 5Y)
	WEN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.7%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	30.3%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.49	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		35.7%	34.9%	-2.0%	4.9%	37.2%	11.2%

Based On 10-Year Data

		Comparison of WEN With Other Asset Classes (Last 10Y)
	WEN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.8%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	36.0%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.13	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		44.9%	42.9%	-0.1%	15.9%	44.2%	12.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	26,533,500
Short Interest: % Change Since 11302025	-7.8%
Average Daily Volume	7,740,992
Days-to-Cover Short Interest	3.43
Basic Shares Quantity	190,794,000
Short % of Basic Shares	13.9%

Returns Analyses

	Title
0	How Low Can Wendy's Stock Really Go?
1	Wendy's Stock Return Comparison
2	[9/30/2021] Wendy's (WEN) Stock Price Forecast: AI Forecasts WEN Stock Price To Be Around $22.6 In A Month (Up 4.1%)
3	Wendy's (WEN) Stock Return: AI Predicts WEN Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2025	1.6%	-1.4%	-6.0%
8/8/2025	1.3%	5.9%	2.5%
5/2/2025	0.5%	-3.0%	-6.1%
2/13/2025	3.8%	7.2%	9.7%
10/31/2024	-5.9%	0.4%	-9.6%
8/1/2024	0.2%	0.2%	-1.7%
5/2/2024	1.5%	-1.2%	-11.1%
1/18/2024	-0.4%	-0.8%	-4.3%
...
SUMMARY STATS
# Positive	11	10	8
# Negative	13	14	16
Median Positive	1.5%	2.4%	5.9%
Median Negative	-4.7%	-2.4%	-5.7%
Max Positive	7.4%	10.5%	16.9%
Max Negative	-11.2%	-16.0%	-36.8%

	Forward Returns
11/7/2025	1.6%	-1.4%	-6.0%
8/8/2025	1.3%	5.9%	2.5%
5/2/2025	0.5%	-3.0%	-6.1%
2/13/2025	3.8%	7.2%	9.7%
10/31/2024	-5.9%	0.4%	-9.6%
8/1/2024	0.2%	0.2%	-1.7%
5/2/2024	1.5%	-1.2%	-11.1%
1/18/2024	-0.4%	-0.8%	-4.3%
11/2/2023	-1.5%	-1.3%	4.3%
8/9/2023	-2.0%	-1.4%	-7.4%
5/10/2023	1.0%	2.2%	-2.2%
3/1/2023	1.1%	-2.1%	-3.7%
11/9/2022	3.0%	1.9%	14.7%
8/10/2022	-1.8%	0.9%	-5.9%
5/11/2022	-11.2%	-2.7%	3.8%
3/1/2022	-0.1%	-7.4%	-1.0%
11/10/2021	-7.1%	-5.6%	-2.9%
8/11/2021	3.7%	7.4%	4.1%
5/12/2021	-1.4%	2.6%	7.6%
3/3/2021	-5.5%	-5.1%	-4.5%
11/4/2020	-5.8%	-1.7%	-5.4%
8/5/2020	-6.0%	-7.3%	-7.5%
5/6/2020	7.4%	10.5%	16.9%
2/26/2020	-4.7%	-16.0%	-36.8%
SUMMARY STATS
# Positive	11	10	8
# Negative	13	14	16
Median Positive	1.5%	2.4%	5.9%
Median Negative	-4.7%	-2.4%	-5.7%
Max Positive	7.4%	10.5%	16.9%
Max Negative	-11.2%	-16.0%	-36.8%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/28/2025
6302025	8082025	10-Q 6/29/2025
3312025	5022025	10-Q 3/30/2025
12312024	2212025	10-K 12/29/2024
9302024	10312024	10-Q 9/29/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	11022023	10-Q 10/1/2023
6302023	8092023	10-Q 7/2/2023
3312023	5102023	10-Q 4/2/2023
12312022	3012023	10-K 1/1/2023
9302022	11092022	10-Q 10/2/2022
6302022	8102022	10-Q 7/3/2022
3312022	5112022	10-Q 4/3/2022
12312021	3012022	10-K 1/2/2022

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Wendy's (WEN)

Market Price (12/28/2025): $8.34 | Market Cap: $1.6 BilSector: Consumer Discretionary | Industry: Restaurants

Wendy's (WEN)

Market Price (12/28/2025): $8.34Market Cap: $1.6 BilSector: Consumer DiscretionaryIndustry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

WEN Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Wendy's (WEN)

Global Market

U.S. Market

Interactive Breakdown

Better Bets than Wendy's (WEN)

INDUSTRY: Restaurants

Higher Rev Chg 3Y Avg | Lower P/S (Values for WEN: 2.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WEN: 2.9% | 4.2x)

Higher Rev Chg LTM (Value for WEN: -0.2%)

Higher Rev Chg 3Y Avg (Value for WEN: 2.9%)

Higher Op Mgn LTM (Value for WEN: 17.3%)

Higher CFO/Rev LTM (Value for WEN: 15.6%)

Higher FCF/Rev LTM (Value for WEN: 10.8%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for WEN: 2.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WEN: 2.9% | 4.2x)

Higher Rev Chg LTM (Value for WEN: -0.2%)

Higher Rev Chg 3Y Avg (Value for WEN: 2.9%)

Higher Op Mgn LTM (Value for WEN: 17.3%)

Higher CFO/Rev LTM (Value for WEN: 15.6%)

Higher FCF/Rev LTM (Value for WEN: 10.8%)

Higher Total Yield (Value for WEN: 21.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WEN: 2.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WEN: 2.9% | 4.2x)

Higher Rev Chg LTM (Value for WEN: -0.2%)

Higher Rev Chg 3Y Avg (Value for WEN: 2.9%)

Higher Op Mgn LTM (Value for WEN: 17.3%)

Higher CFO/Rev LTM (Value for WEN: 15.6%)

Higher FCF/Rev LTM (Value for WEN: 10.8%)

Higher Total Yield (Value for WEN: 21.3%)

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Market Price (12/28/2025): $8.34 | Market Cap: $1.6 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Market Price (12/28/2025): $8.34
Market Cap: $1.6 Bil
Sector: Consumer Discretionary
Industry: Restaurants