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Franchisor of Burger King, Tim Hortons, Popeyes and Firehouse Subs, operating an asset-light global restaurant network.
Franchisor of Burger King, Tim Hortons, Popeyes and Firehouse Subs, operating an asset-light global restaurant network.
Collects royalties as a share of franchisees' sales, plus rent and supply sales, so it earns from system sales rather than restaurant profits. Abroad it relies on master franchisees, who develop whole countries. In 2024 it bought Carrols, its largest US Burger King franchisee, to rebuild and refurbish stores.
Moat: narrow (brand, scale). Recognized multi-brand portfolio with franchised, asset-light royalty economics; Burger King has lagged McDonald's in the US.
Headquarters: Toronto, Canada · Founded: 1954 · Employees: 53,500
Size Restaurant Brands International (QSR) is a United States Consumer Discretionary company (Restaurants) with a market value of $35.1B, the 326th largest of 3,117 United States companies the cockpit tracks. Shares closed at $77.69 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +6.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 12 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +8.1%); the operating margin is 27.3% (peer median 12.2%).
Valuation It trades at 18.1× forward earnings against a peer median of 22.3× (4th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (7.1% WACC).
Backlog Backlog (remaining performance obligations) was $494M at 30 Sep 2026, down 3% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.78B | $9.43B | $8.41B | $7.02B | $6.50B |
| Revenue growth | — | +12% | +20% | +8% | — |
| Gross profit | $4.78B | $4.55B | $4.35B | $4.07B | $3.64B |
| EBITDA | $2.98B | $2.80B | $2.59B | $2.34B | $2.22B |
| Net income | $1.50B | $776M | $1.02B | $1.19B | $1.01B |
| Free cash flow | $1.46B | $1.35B | $1.30B | $1.16B | $1.39B |
| Capital expenditure | $279M | $265M | $201M | $120M | $100M |
| Total debt | $15.7B | $15.7B | $15.9B | $14.5B | $14.4B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Restaurant Brands International QSR | $35.1B | -3% | +6% | 27% | 18.1× | 6.3% |
| McDonald's MCD | $196B | 0% | +6% | 46% | 20.7× | 4.1% |
| Yum! Brands YUM | $44.0B | +7% | +9% | 32% | 24.8× | -0.2% |
| Wendy's WEN | $1.55B | +12% | -1% | 13% | 17.9× | 2.4% |
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 | QSR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +10.9% | 5th lowest of 12 |
| 6-month return | -2.5% | +6.6% | lowest of 12 |
| Distance from 52-week high | -5.2% | -7.0% | 4th highest of 12 |
| Revenue growth (TTM) | +5.5% | +8.1% | 5th lowest of 12 |
| Operating margin | 27.3% | 12.2% | 3rd highest of 12 |
| Forward P/E | 18.1× | 22.3× | 4th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | 6.1% | 6th most demanding of 12 |
| Growth delivered (Del g) | +13.7% | +7.8% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -7.4 pp | -5.4 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +2.9 pp | +7.6 pp | 3rd lowest of 12 |
| EV / EBITDA | 17.2× | 15.5× | 5th most expensive of 12 |
| Net debt / EBITDA | 4.9× | 3.1× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Restaurant Brands International QSR | United States | $35.1B | -3% | +6% | 27% | 18.1× | 6.3% | +13.7% |
| Restaurant Brands International LP QSP-UN.TO | Canada | $35.9B | +12% | +5% | 28% | n/a | 1.0% | +14.6% |
| Chipotle Mexican Grill CMG | United States | $43.6B | +6% | +8% | 15% | 27.1× | 15.1% | +14.8% |
| Yum! Brands YUM | United States | $44.0B | +7% | +9% | 32% | 24.8× | -0.2% | +7.8% |
| Darden Restaurants DRI | United States | $25.6B | +15% | +8% | 12% | 19.7× | 7.5% | +12.9% |
| Yum China YUMC | United States | $17.1B | +6% | +10% | 13% | 15.3× | -7.5% | +7.4% |
| Aramark ARMK | United States | $13.9B | +17% | +11% | 4% | 19.8× | 16.1% | +7.6% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 34.3× | 6.1% | +16.3% |
| Texas Roadhouse TXRH | United States | $12.1B | +4% | +10% | 8% | 26.8× | 13.8% | +19.6% |
| Domino's DPZ | United States | $11.0B | +4% | +4% | 20% | 16.3× | 1.8% | +3.7% |
| Starbucks SBUX | United States | $120B | +1% | +2% | 11% | 32.6× | 18.5% | +5.5% |
| Sodexo SW.PA | France | $9.91B | +28% | 0% | 3% | 17.7× | 6.0% | +6.6% |
Restaurant Brands International reported $494M of remaining performance obligations at 30 Sep 2026, down 3% from a year earlier and down 0% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.