Restaurant Brands International (QSR)
Market Price (9/17/2025): $63.84 | Market Cap: $20.9 BilSector: Consumer Discretionary | Industry: Restaurants
Restaurant Brands International (QSR)
Market Price (9/17/2025): $63.84Market Cap: $20.9 BilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights
Attractive yieldTotal 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 returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -47% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% | ||
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% | ||
Attractive cash flow generationCFO/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% | ||
Low stock price volatilityVol 12M is 23% |
Attractive yieldTotal 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% |
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% |
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
Attractive cash flow generationCFO/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% |
Low stock price volatilityVol 12M is 23% |
Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -47% |
Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
Market Valuation
9/17/25 | 2024 | 2023 | 2022 | 2021 | |
---|---|---|---|---|---|
Share Price CYE | $63.84 | $63.98 | $74.22 | $59.55 | $53.78 |
Market Cap CYE ($ Bil) | 20.9 | 20.8 | 23.2 | 18.1 | 17.0 |
Total Debt ($ Bil) | 16.0 | 16.0 | 14.5 | 14.5 | 14.6 |
Total Cash ($ Bil) | 1.0 | 1.3 | 1.1 | 1.2 | 1.1 |
Enterprise Value ($ Bil) | 35.9 | 36.8 | 37.7 | 32.6 | 31.6 |
Valuation Ratios | |||||
P/S TTM | 2.3 | 2.5 | 3.5 | 3.0 | 3.3 |
P/EBIT TTM | 9.8 | 8.7 | 11.9 | 10.6 | 10.2 |
P/E TTM | 24.4 | 20.4 | 20.5 | 19.7 | 22.4 |
Sector Ratios | |||||
P/S TTM (Sector) | 0.8 | 0.8 | 0.9 | 0.8 | 1.3 |
P/EBIT TTM (Sector) | 7.2 | 6.9 | 7.0 | 5.5 | 7.4 |
P/E TTM (Sector) | 9.7 | 8.1 | 8.9 | 7.3 | 9.2 |
9/17/25 | 2024 | 2023 | |
---|---|---|---|
Share Price CYE | $63.84 | $63.98 | $74.22 |
Market Cap CYE ($ Bil) | 20.9 | 20.8 | 23.2 |
Total Debt ($ Bil) | 16.0 | 16.0 | 14.5 |
Total Cash ($ Bil) | 1.0 | 1.3 | 1.1 |
Enterprise Value ($ Bil) | 35.9 | 36.8 | 37.7 |
Valuation Ratios | |||
P/S TTM | 2.3 | 2.5 | 3.5 |
P/EBIT TTM | 9.8 | 8.7 | 11.9 |
P/E TTM | 24.4 | 20.4 | 20.5 |
Sector Ratios | |||
P/S TTM (Sector) | 0.8 | 0.8 | 0.9 |
P/EBIT TTM (Sector) | 7.2 | 6.9 | 7.0 |
P/E TTM (Sector) | 9.7 | 8.1 | 8.9 |
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).
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Price Returns Compared
Expand for Detailed View2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
QSR Return | -0% | 3% | 11% | 25% | -14% | -0% | 20% |
Peers Return | 22% | 34% | -9% | 19% | 4% | -5% | 75% |
S&P 500 Return | 16% | 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)
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Restaurant Brands International
Financials
Median | |
---|---|
Name | |
Mkt Price | 74.11 |
Mkt Cap | 47.1 |
Rev LTM | 18,819 |
Op Inc LTM | 2,394 |
FCF LTM | 1,500 |
FCF 3Y Avg | 1,367 |
CFO LTM | 2,283 |
CFO 3Y Avg | 2,286 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 5.3% |
Rev Chg 3Y Avg | 5.3% |
Rev Chg Q | 4.6% |
QoQ Delta Rev Chg LTM | 1.2% |
Op Mgn LTM | 21.5% |
Op Mgn 3Y Avg | 22.9% |
QoQ Delta Op Mgn LTM | -0.4% |
CFO/Rev LTM | 17.8% |
CFO/Rev 3Y Avg | 18.2% |
FCF/Rev LTM | 13.8% |
FCF/Rev 3Y Avg | 14.4% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 47.1 |
P/S | 3.6 |
P/EBIT | 17.4 |
P/E | 27.3 |
P/CFO | 20.8 |
Total Yield | 5.9% |
Dividend Yield | 2.6% |
FCF Yield 3Y Avg | 3.5% |
D/E | 0.3 |
Net D/E | 0.3 |
Returns
Median | |
---|---|
Name | |
1M Rtn | -3.0% |
3M Rtn | -5.8% |
6M Rtn | -9.0% |
12M Rtn | -2.4% |
3Y Rtn | 17.6% |
1M Excs Rtn | -5.5% |
3M Excs Rtn | -16.1% |
6M Excs Rtn | -25.7% |
12M Excs Rtn | -20.3% |
3Y Excs Rtn | -47.5% |
Comparison Analyses
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Tim Hortons (TH) | 3,972 | 3,801 | 3,331 | 2,810 | 3,344 |
Burger King (BK) | 1,297 | 1,196 | 1,156 | 1,602 | 1,777 |
International (INTL) | 874 | 751 | 688 | ||
Popeyes Louisiana Kitchen (PLK) | 692 | 619 | 559 | 556 | 482 |
Firehouse Subs (FHS) | 187 | 138 | 5 | 0 | 0 |
Total | 7,022 | 6,505 | 5,739 | 4,968 | 5,603 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Tim Hortons (TH) | 958 | 925 | 845 | 704 | 1,010 |
International (INTL) | 597 | 525 | 511 | ||
Burger King (BK) | 386 | 396 | 421 | 761 | 932 |
Popeyes Louisiana Kitchen (PLK) | 221 | 205 | 198 | 210 | 177 |
Firehouse Subs (FHS) | 38 | 33 | 2 | 0 | 0 |
Restaurant Holdings (RH) Transaction costs | 0 | 0 | |||
Impact of equity method investments | -6 | -59 | -25 | -48 | -11 |
Firehouse Subs (FHS) Transaction costs | -19 | -24 | -18 | 0 | 0 |
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 | -105 | 10 |
Office centralization and relocation costs | 0 | -6 | |||
Share-based compensation and non-cash incentive compensation expense | -84 | -74 | |||
Total | 2,051 | 1,898 | 1,879 | 1,422 | 2,007 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D 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% |
8/8/2024 | 2.0% | 0.1% | -4.1% |
4/30/2024 | 2.7% | 2.0% | -10.2% |
2/13/2024 | -4.5% | -2.5% | 5.7% |
11/3/2023 | -1.9% | -0.7% | 6.0% |
... | |||
SUMMARY STATS | |||
# Positive | 9 | 10 | 12 |
# Negative | 15 | 14 | 12 |
Median Positive | 2.7% | 2.1% | 5.7% |
Median Negative | -2.7% | -3.8% | -7.2% |
Max Positive | 7.4% | 9.0% | 14.3% |
Max Negative | -5.1% | -10.8% | -17.7% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 8072025 | 10-Q 6/30/2025 |
3312025 | 5082025 | 10-Q 3/31/2025 |
12312024 | 2212025 | 10-K 12/31/2024 |
9302024 | 11052024 | 10-Q 9/30/2024 |
6302024 | 8082024 | 10-Q 6/30/2024 |
3312024 | 4302024 | 10-Q 3/31/2024 |
12312023 | 2222024 | 10-K 12/31/2023 |
9302023 | 11032023 | 10-Q 9/30/2023 |
6302023 | 8082023 | 10-Q 6/30/2023 |
3312023 | 5022023 | 10-Q 3/31/2023 |
12312022 | 2222023 | 10-K 12/31/2022 |
9302022 | 11032022 | 10-Q 9/30/2022 |
6302022 | 8042022 | 10-Q 6/30/2022 |
3312022 | 5032022 | 10-Q 3/31/2022 |
12312021 | 2232022 | 10-K 12/31/2021 |
9302021 | 10252021 | 10-Q 9/30/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | 3212025 | Sell | 68.38 | 23,000 | 1,572,740 | 5,053,120 | Form |
1 | Siddiqui Sami A. | Chief Financial Officer | 3122025 | Sell | 70.15 | 2,571 | 180,356 | 6,444,841 | Form |
2 | Granat Jill | See Remarks | 12102024 | Sell | 69.74 | 22,000 | 1,534,269 | 27,111,883 | Form |
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