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TSX-listed exchangeable partnership units economically equivalent to Restaurant Brands International common stock.
TSX-listed exchangeable partnership units economically equivalent to Restaurant Brands International common stock.
Franchises nearly all its restaurants, so it earns royalties as a share of franchisees' sales plus rent and supply income, rather than restaurant sales themselves. In 2024 it bought Carrols, its largest US Burger King franchisee, to rebuild and refurbish those restaurants.
Moat: none. A pass-through unit class, not a separate business; economics identical to Restaurant Brands International.
Headquarters: Toronto, Canada · Founded: 2014 · Employees: 53,500
Size Restaurant Brands International LP (QSP-UN.TO) is a Canada Consumer Discretionary company (Restaurants) with a market value of $35.9B, the 32nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$105.67 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against +6.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th highest of 12 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +8.1%); the operating margin is 27.8% (peer median 12.2%).
Valuation It trades at 5.2× enterprise value to sales against a peer median of 2.5× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points above its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$13.6B | C$13.2B | C$11.5B | C$9.48B | C$8.47B |
| Revenue growth | — | +14% | +22% | +12% | — |
| Gross profit | C$6.61B | C$6.35B | C$5.96B | C$5.49B | C$4.74B |
| EBITDA | C$4.19B | C$4.00B | C$3.60B | C$3.17B | C$2.86B |
| Net income | C$2.67B | C$1.50B | C$1.98B | C$2.31B | C$1.93B |
| Free cash flow | C$2.19B | C$2.02B | C$1.78B | C$1.62B | C$1.81B |
| Capital expenditure | C$393M | C$370M | C$275M | C$162M | C$130M |
| Total debt | C$22.3B | C$21.5B | C$22.9B | C$19.1B | C$19.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Restaurant Brands International LP QSP-UN.TO | $35.9B | +12% | +5% | 28% | 5.2× | 1.0% |
| Restaurant Brands International QSR | $35.1B | -3% | +6% | 27% | 5.2× | 6.3% |
| McDonald's MCD | $196B | 0% | +6% | 46% | 7.0× | 4.1% |
| Wendy's WEN | $1.55B | +12% | -1% | 13% | 2.3× | 2.4% |
| Yum! Brands YUM | $44.0B | +7% | +9% | 32% | 6.1× | -0.2% |
| Starbucks SBUX | $120B | +1% | +2% | 11% | 3.7× | 18.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | QSP-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | +10.9% | 2nd lowest of 12 |
| 6-month return | +11.9% | +6.5% | 5th highest of 12 |
| Distance from 52-week high | -4.0% | -7.0% | 3rd highest of 12 |
| Revenue growth (TTM) | +4.8% | +8.1% | 4th lowest of 12 |
| Operating margin | 27.8% | 12.2% | 2nd highest of 12 |
| EV / Sales | 5.2× | 2.5× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | 6.3% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +14.6% | +7.8% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -13.6 pp | -5.4 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +4.3 pp | +7.6 pp | 4th lowest of 12 |
| EV / EBITDA | 17.0× | 15.5× | 6th most expensive of 12 |
| Net debt / EBITDA | 5.0× | 3.1× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Restaurant Brands International LP QSP-UN.TO | Canada | $35.9B | +12% | +5% | 28% | 5.2× | 1.0% | +14.6% |
| Restaurant Brands International QSR | United States | $35.1B | -3% | +6% | 27% | 5.2× | 6.3% | +13.7% |
| Chipotle Mexican Grill CMG | United States | $43.6B | +6% | +8% | 15% | 3.8× | 15.1% | +14.8% |
| Yum! Brands YUM | United States | $44.0B | +7% | +9% | 32% | 6.1× | -0.2% | +7.8% |
| Darden Restaurants DRI | United States | $25.6B | +15% | +8% | 12% | 2.5× | 7.5% | +12.9% |
| Yum China YUMC | United States | $17.1B | +6% | +10% | 13% | 1.5× | -7.5% | +7.4% |
| Aramark ARMK | United States | $13.9B | +17% | +11% | 4% | 1.0× | 16.1% | +7.6% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 1.6× | 6.1% | +16.3% |
| Texas Roadhouse TXRH | United States | $12.1B | +4% | +10% | 8% | 2.1× | 13.8% | +19.6% |
| Domino's DPZ | United States | $11.0B | +4% | +4% | 20% | 3.1× | 1.8% | +3.7% |
| Starbucks SBUX | United States | $120B | +1% | +2% | 11% | 3.7× | 18.5% | +5.5% |
| Sodexo SW.PA | France | $9.91B | +28% | 0% | 3% | 0.5× | 6.0% | +6.6% |