Restaurant Brands International Inc.

Consumer Discretionary
Restaurants
www.rbi.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $21.81B
PE 17
Debt $13.79B
Cash $1.18B
EV $34.43B
FCF $1.25B

Earnings

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Sales & Net Margins

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Earnings	$1.27B
EBIT	$2.25B
ROE	25%
ROA	9%
FCF	$1.25B
Equity	$5.04B
Growth Stability	78%
PE	17.18
PEG	0.84
PB	4.33
P/FCF	17.4
P/S	2.75
Price/Cash	0.05
Debt/Equity	2.74
Debt/FCF	11
Net Margins	12%
Op. Margins	28%
Earnings CAGR	20%
Sales Growth YoY	25%
Sales Growth QoQ	10%
Sales CAGR	7%
FCF CAGR	2%
Equity CAGR	3%
Earnings Stability	0.73
Earnings Growth YoY	0%
Earnings Growth QoQ	-10%
Earnings CAGR 5Y	21%

Sales CAGR 5Y	9%
FCF CAGR 5Y	1%
Equity CAGR 5Y	6%
Earnings CAGR 3Y	11%
Sales CAGR 3Y	11%
FCF CAGR 3Y	-11%
Equity CAGR 3Y	11%
Market Cap	$21.81B
Revenue	$7.93B
Dividend Yield	5%
Payout Ratio	80%
Assets	$25.07B
Total Debt	$13.79B
Cash	$1.18B
Shares Outstanding	316.18M
EV	34.43B
Earnings Score	92%
Moat Score	92%
Safety Score	67%
Final Score	84%
Working Capital	47M
Current Ratio	1.02
Shares Growth 3y	1%
Equity Growth QoQ	2%
Equity Growth YoY	8%

Assets & ROA

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Stockholders Equity & ROE

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Restaurant Brands International is one of the largest restaurant companies in the world, with more than $35 billion in 2021 systemwide sales across a footprint that spans more than 28,000 restaurants and 100 countries. The firm generates revenue primarily from retail sales at its company-owned restaurants, royalty fees and lease income from franchised stores, and from its Tim Horton's supply chain operations. Formed in 2014 after 3G Capital's acquisition of Tim Horton's International, the Restaurant Brands portfolio now includes Burger King (19,250 units), Tim Horton's (5,300 units), and Popeyes Louisiana Kitchen (3,700 units). The 2021 acquisition of Firehouse Subs brings another 1,200 units and $1.1 billion in systemwide sales in-house.

SEC Filings

Direct access to Restaurant Brands International Inc. (QSR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Restaurant Brands International Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Restaurant Brands International Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 20%

Stability 73%

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Restaurant Brands International Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Restaurant Brands International Inc..

Years

Calculation mode

= $14B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.5B	$1.5B	$15B
DCF		$1.2B	$1.1B	$991M	$916M	$847M	$783M	$724M	$669M	$618M	$572M	$5.7B
Value	$14B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-34%	3%	8%	14%	11%	11%	10%	15%	15%	17%	12%
ROA	-	6%	9%	8%	10%	9%	6%	8%	8%	9%	9%
ROE	-	4%	10%	14%	17%	15%	13%	22%	24%	25%	25%

Good Net Margins (12.47%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	8.06	7.1	9	11.24	8.54	15.85	8.16	9.48	10.93	11
Debt over Equity	2.58	3.01	2.51	2.65	3.35	2.84	3.42	3.43	3.09	2.78	2.74
Growth Stability	-	-	-	100%	100%	100%	78%	100%	100%	100%	78%

Bad Debt/FCF ratio (11)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (2.74)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (78%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	238%	2%	10%	17%	5%	-11%	16%	13%	8%	9%
Earnings YoY growth	-	-126%	233%	81%	-2%	5%	-24%	72%	20%	18%	21%
Equity YoY growth	-	-33%	20%	31%	-21%	18%	-13%	4%	11%	11%	6%
FCF YoY growth	-	377%	13%	9%	-20%	31%	-43%	101%	-14%	-13%	1%