Restaurant Brands International

L'entreprise

Owns and franchises four brands — Tim Hortons, Burger King, Popeyes and Firehouse Subs — with tens of thousands of restaurants worldwide.

Primarily a royalty/franchise model: revenue scales with system-wide sales and net new units rather than owning most stores.

Reports in USD; dual-listed on TSX (QSR) and NYSE (QSR).

Les avantages concurrentiels

Global brand portfolio with durable, high-margin royalty economics and long franchise agreements.

Master-franchise and development-partner model drives capital-light international expansion.

Scale in advertising, supply chain and real estate that independent operators can't match.

Aperçu financier

Période déclarée la plus récente : Fiscal 2025 (year ended Dec 31, 2025); TTM to Mar 31, 2026; Q2 2026 due Aug 6, 2026. Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈4.6%TTM operating cash flow US$1.82B − capex US$0.26B = US$1.56B free cash flow ÷ ~US$33.7B market cap ≈ 4.6%.

Low capex (~US$0.26B) against ~US$1.8B operating cash flow gives a high FCF-conversion, capital-light profile.

Growth driven by net new restaurant openings (especially international) and same-store sales rather than heavy reinvestment.

Burger King US turnaround and Tim Hortons momentum are the key swing factors for system-wide sales.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

Simple FCF yield ~4.6% — a reasonable yield for a growing, asset-light franchisor.

P/E ~26x; the multiple reflects steady system-wide sales growth and the durability of royalty cash flows.

Dividend yield ~3.5% adds to total shareholder return alongside unit growth.

Dividende

US$2.60/share annually, ~3.5% yield; the franchise model's steady free cash flow supports a growing dividend, though the balance sheet carries meaningful leverage.

Risques et scénario baissier

• Consumer spending softness and value-seeking pressuring traffic and franchisee profitability.
• Execution risk on the Burger King US turnaround.
• Elevated leverage and a complex partnership/noncontrolling-interest structure that complicates GAAP earnings-to-common.
• FX translation (USD reporting) and intensifying QSR competition.

Faits récents

FY2025 revenue rose ~12% to US$9.43B on system-wide sales growth and unit expansion.

Q2 2026 results scheduled for August 6, 2026; TTM revenue reached ~US$9.6B.

Verdict

Restaurant Brands is a capital-light global franchisor whose royalty model converts revenue into strong free cash flow (~US$1.6B, a ~4.6% yield) and funds a ~3.5% dividend. The thesis leans on continued international unit growth and a successful Burger King US turnaround, against a backdrop of value-conscious consumers and notable leverage. A steady compounder rather than a bargain. CoinCompass is a publisher, not an investment adviser — do your own due diligence.