Tearsheet

Restaurant Brands International (QSR)


Market Price (9/17/2025): $63.84 | Market Cap: $20.9 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Restaurant Brands International (QSR)


Market Price (9/17/2025): $63.84
Market Cap: $20.9 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.5%
Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -47%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
  
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
  
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
  
4 Low stock price volatility
Vol 12M is 23%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.5%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
4 Low stock price volatility
Vol 12M is 23%
5 Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -47%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%

Market Valuation

 9/17/252024202320222021
Share Price CYE$63.84$63.98$74.22$59.55$53.78
Market Cap CYE ($ Bil)20.920.823.218.117.0
Total Debt ($ Bil)16.016.014.514.514.6
Total Cash ($ Bil)1.01.31.11.21.1
Enterprise Value ($ Bil)35.936.837.732.631.6
Valuation Ratios     
P/S TTM2.32.53.53.03.3
P/EBIT TTM9.88.711.910.610.2
P/E TTM24.420.420.519.722.4
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.78.18.97.39.2
 9/17/2520242023
Share Price CYE$63.84$63.98$74.22
Market Cap CYE ($ Bil)20.920.823.2
Total Debt ($ Bil)16.016.014.5
Total Cash ($ Bil)1.01.31.1
Enterprise Value ($ Bil)35.936.837.7
Valuation Ratios   
P/S TTM2.32.53.5
P/EBIT TTM9.88.711.9
P/E TTM24.420.420.5
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.78.18.9

Business Description

Restaurant Brands International Inc. operates as quick service restaurant company in Canada and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
QSR Return-0%3%11%25%-14%-0%20%
Peers Return22%34%-9%19%4%-5%75%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MCD, SBUX, CMG, YUM, ACI. See QSR Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

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Financials

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Mkt Price63.85303.2984.3739.30148.0118.4574.11
Mkt Cap20.9216.795.952.941.310.647.1
Rev LTM9,10626,06036,68911,5787,90781,00618,819
Op Inc LTM2,34812,0233,8361,9992,4391,5942,394
FCF LTM1,3546,8972,2541,4661,5345011,500
FCF 3Y Avg1,2406,8773,0211,3391,3946231,367
CFO LTM1,5889,7934,9012,0921,8342,4742,283
CFO 3Y Avg1,4059,3735,5231,9201,6822,6522,286

Growth & Margins

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Rev Chg LTM21.8%1.2%0.6%8.6%11.3%2.0%5.3%
Rev Chg 3Y Avg14.2%3.4%4.7%12.5%5.9%3.1%5.3%
Rev Chg Q15.9%5.4%3.8%3.0%9.6%2.5%4.6%
QoQ Delta Rev Chg LTM3.8%1.4%0.9%0.8%2.2%0.8%1.2%
Op Mgn LTM25.8%46.1%10.5%17.3%30.8%2.0%21.5%
Op Mgn 3Y Avg28.8%45.9%13.3%16.9%31.7%2.4%22.9%
QoQ Delta Op Mgn LTM-0.6%0.3%-1.6%-0.4%-0.5%-0.1%-0.4%
CFO/Rev LTM17.4%37.6%13.4%18.1%23.2%3.1%17.8%
CFO/Rev 3Y Avg18.1%37.0%15.3%18.3%22.9%3.3%18.2%
FCF/Rev LTM14.9%26.5%6.1%12.7%19.4%0.6%13.8%
FCF/Rev 3Y Avg16.0%27.2%8.4%12.8%19.0%0.8%14.4%

Valuation

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Mkt Cap20.9216.795.952.941.310.647.1
P/S2.38.32.64.65.20.13.6
P/EBIT9.817.923.526.416.86.717.4
P/E24.425.836.434.328.811.127.3
P/CFO13.222.119.625.322.54.320.8
Total Yield9.2%6.2%5.6%2.9%5.3%12.0%5.9%
Dividend Yield5.1%2.3%2.8%0.0%1.9%2.9%2.6%
FCF Yield 3Y Avg5.5%3.4%3.0%1.9%3.6%5.2%3.5%
D/E0.80.30.30.10.31.40.3
Net D/E0.70.20.20.10.31.30.3

Returns

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
1M Rtn-2.2%-1.3%-6.9%-10.8%0.4%-3.9%-3.0%
3M Rtn-4.4%4.3%-7.3%-23.5%6.2%-12.1%-5.8%
6M Rtn-4.1%1.0%-13.0%-17.8%-5.0%-15.0%-9.0%
12M Rtn-5.4%4.6%-10.2%-31.8%12.1%0.6%-2.4%
3Y Rtn19.1%27.5%-0.2%16.0%35.5%-3.3%17.6%
1M Excs Rtn-4.6%-3.7%-9.3%-13.2%-2.1%-6.3%-5.5%
3M Excs Rtn-13.5%-6.6%-18.7%-34.7%-4.7%-23.1%-16.1%
6M Excs Rtn-20.1%-15.5%-30.1%-37.3%-21.3%-31.1%-25.7%
12M Excs Rtn-22.4%-11.9%-30.9%-48.3%-5.0%-18.2%-20.3%
3Y Excs Rtn-46.5%-37.2%-59.7%-48.4%-27.4%-73.4%-47.5%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Tim Hortons (TH)3,9723,8013,3312,8103,344
Burger King (BK)1,2971,1961,1561,6021,777
International (INTL)874751688  
Popeyes Louisiana Kitchen (PLK)692619559556482
Firehouse Subs (FHS)187138500
Total7,0226,5055,7394,9685,603


Operating Income by Segment
$ Mil20242023202220212020
Tim Hortons (TH)9589258457041,010
International (INTL)597525511  
Burger King (BK)386396421761932
Popeyes Louisiana Kitchen (PLK)221205198210177
Firehouse Subs (FHS)3833200
Restaurant Holdings (RH) Transaction costs00   
Impact of equity method investments-6-59-25-48-11
Firehouse Subs (FHS) Transaction costs-19-24-1800
Franchise agreement and reacquired franchise rights amortization-31-32-32  
Corporate restructuring and advisory fees-38-46-16-16-31
Other operating expenses (income), net-55-25-7-10510
Office centralization and relocation costs   0-6
Share-based compensation and non-cash incentive compensation expense   -84-74
Total2,0511,8981,8791,4222,007


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity12,007,837
Short Interest: % Change Since 8152025-11.1%
Average Daily Volume2,412,836
Days-to-Cover Short Interest4.98
Basic Shares Quantity328,000,000
Short % of Basic Shares3.7%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2025-5.1%-4.5%-8.0%
5/8/2025-0.5%0.2%5.0%
2/12/2025-1.6%-5.5%-1.7%
11/5/2024-2.6%-3.1%1.5%
8/8/20242.0%0.1%-4.1%
4/30/20242.7%2.0%-10.2%
2/13/2024-4.5%-2.5%5.7%
11/3/2023-1.9%-0.7%6.0%
...
SUMMARY STATS   
# Positive91012
# Negative151412
Median Positive2.7%2.1%5.7%
Median Negative-2.7%-3.8%-7.2%
Max Positive7.4%9.0%14.3%
Max Negative-5.1%-10.8%-17.7%

SEC Filings

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Report DateFiling DateFiling
6302025807202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241105202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023502202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022503202210-Q 3/31/2022
12312021223202210-K 12/31/2021
93020211025202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0CURTIS THOMAS BENJAMINPres., BK US & CA3212025Sell68.3823,0001,572,7405,053,120Form
1Siddiqui Sami A.Chief Financial Officer3122025Sell70.152,571180,3566,444,841Form
2Granat JillSee Remarks12102024Sell69.7422,0001,534,26927,111,883Form