The Wendy's Company (WEN) 10-Year Financial Performance & Capital Metrics

WEN • • Industrial / General

Consumer CyclicalRestaurantsQuick Service Restaurants (QSR)Burger & Sandwich QSR

AboutThe Wendy's Company, together with its subsidiaries, operates as a quick-service restaurant company. It operates through three segments: Wendy's U.S., Wendy's International, and Global Real Estate & Development. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of January 2, 2022, it operated approximately 403 company-operated restaurants; 5,535 franchised restaurants in the United States; and 1,006 franchised restaurants internationally. The company also owns and leases real estate properties. It owns 485 and leases 1,235 properties, which are leased or subleased to franchisees. The company was formerly known as Wendy's/Arby's Group, Inc. and changed its name to The Wendy's Company in July 2011. The Wendy's Company was founded in 1969 and is headquartered in Dublin, Ohio.Show more

Revenue $2.25B +3.0%
EBITDA $529M -0.2%
Net Income $194M -4.9%
EPS (Diluted) 0.95 -2.1%
Gross Margin 35.17% -1.2%
EBITDA Margin 23.56% -3.1%
Operating Margin 16.53% -5.6%
Net Margin 8.65% -7.7%
ROE 68.3% +29.5%
ROIC 7.11% -1.5%
Debt/Equity 15.78 +18.1%
Interest Coverage 3.00 -2.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 53.4%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.8% through buybacks

✗Weaknesses

✗High debt to equity ratio of 15.8x
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.18%

5Y5.62%

3Y5.8%

TTM-0.21%

Profit (Net Income) CAGR

10Y4.82%

5Y7.25%

3Y-1.01%

TTM-3.98%

EPS CAGR

10Y11.5%

5Y10.37%

3Y2.2%

TTM-1.05%

ROCE

10Y Avg7.01%

5Y Avg7.3%

3Y Avg7.6%

Latest7.87%

Peer Comparison

Burger & Sandwich QSR

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHAKShake Shack Inc.	4.06B	100.77	419.88	15.18%	3.1%	7.96%	0.88%	1.75
NATHNathan's Famous, Inc.	386.13M	94.42	16.09	6.91%	15.74%		6.48%
PTLOPortillo's Inc.	396.35M	5.51	11.98	4.51%	3.35%	5.02%	2.48%	1.22
WENThe Wendy's Company	1.63B	8.54	8.99	2.98%	8.43%	170.42%	16.05%	15.78
GTIMGood Times Restaurants Inc.	12.35M	1.17	8.36	3.01%	0.88%	3.72%	16.09%	1.34
RRGBRed Robin Gourmet Burgers, Inc.	75.99M	4.23	-0.86	-4.18%	-4.32%
BTBDBT Brands, Inc.	9.29M	1.51	-4.08	5.31%	-6.67%	-12.12%		0.58
JACKJack in the Box Inc.	444.45M	23.52	-5.59	-6.75%	-4.34%		16.68%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.87B	1.44B	1.22B	1.59B	1.71B	1.73B	1.9B	2.1B	2.18B	2.25B
Revenue Growth %	-0.06%	-0.23%	-0.15%	0.3%	0.07%	0.01%	0.09%	0.1%	0.04%	0.03%
Cost of Goods Sold+	1.23B	826.72M	622.27M	986.76M	1.1B	1.11B	1.36B	1.37B	1.41B	1.46B
COGS % of Revenue	0.66%	0.58%	0.51%	0.62%	0.65%	0.64%	0.72%	0.66%	0.64%	0.65%
Gross Profit+	638.45M	608.69M	601.13M	603.17M	605.74M	621.48M	536.66M	720.76M	776.47M	790.01M
Gross Margin %	0.34%	0.42%	0.49%	0.38%	0.35%	0.36%	0.28%	0.34%	0.36%	0.35%
Gross Profit Growth %	0.05%	-0.05%	-0.01%	0%	0%	0.03%	-0.14%	0.34%	0.08%	0.02%
Operating Expenses+	363.98M	293.91M	386.38M	339.98M	343.16M	352.17M	169.7M	367.44M	394.48M	418.65M
OpEx % of Revenue	0.19%	0.2%	0.32%	0.21%	0.2%	0.2%	0.09%	0.18%	0.18%	0.19%
Selling, General & Admin	256.55M	236.79M	203.59M	217.49M	200.21M	206.88M	81.4M	254.98M	249.96M	255.21M
SG&A % of Revenue	0.14%	0.16%	0.17%	0.14%	0.12%	0.12%	0.04%	0.12%	0.11%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	107.42M	57.13M	182.78M	122.49M	142.96M	145.3M	88.3M	112.46M	144.52M	163.44M
Operating Income+	274.47M	314.78M	214.76M	249.89M	262.58M	269.31M	366.96M	353.31M	381.98M	371.36M
Operating Margin %	0.15%	0.22%	0.18%	0.16%	0.15%	0.16%	0.19%	0.17%	0.18%	0.17%
Operating Income Growth %	0.13%	0.15%	-0.32%	0.16%	0.05%	0.03%	0.36%	-0.04%	0.08%	-0.03%
EBITDA+	428.2M	439.08M	340.44M	378.77M	394.27M	402.08M	492.5M	489.12M	530.55M	529.29M
EBITDA Margin %	0.23%	0.31%	0.28%	0.24%	0.23%	0.23%	0.26%	0.23%	0.24%	0.24%
EBITDA Growth %	0.06%	0.03%	-0.22%	0.11%	0.04%	0.02%	0.22%	-0.01%	0.08%	-0%
D&A (Non-Cash Add-back)	153.73M	124.3M	125.69M	128.88M	131.69M	132.78M	125.54M	135.81M	148.57M	157.94M
EBIT	320.19M	316.49M	219.08M	694.53M	287.45M	270.53M	349.76M	365.82M	403.48M	396.29M
Net Interest Income+	-86.07M	-114.8M	-118.06M	-118.88M	-114.87M	-117.74M	-109.19M	-122.32M	-124.06M	-123.88M
Interest Income	0	0	0	736K	1.1M	0	0	0	0	0
Interest Expense	86.07M	114.8M	118.06M	119.62M	115.97M	117.74M	109.19M	122.32M	124.06M	123.88M
Other Income/Expense	-40.34M	-113.09M	-113.74M	325.02M	-91.1M	-116.51M	-126.38M	-109.81M	-102.57M	-98.95M
Pretax Income+	234.13M	201.69M	101.02M	574.92M	171.48M	152.79M	240.58M	243.5M	279.42M	272.41M
Pretax Margin %	0.13%	0.14%	0.08%	0.36%	0.1%	0.09%	0.13%	0.12%	0.13%	0.12%
Income Tax+	94.15M	72.07M	-93.01M	114.8M	34.54M	34.96M	40.19M	66.14M	74.98M	78.06M
Effective Tax Rate %	0.69%	0.64%	1.92%	0.8%	0.8%	0.77%	0.83%	0.73%	0.73%	0.71%
Net Income+	161.14M	129.62M	194.03M	460.12M	136.94M	117.83M	200.39M	177.37M	204.44M	194.36M
Net Margin %	0.09%	0.09%	0.16%	0.29%	0.08%	0.07%	0.11%	0.08%	0.09%	0.09%
Net Income Growth %	0.33%	-0.2%	0.5%	1.37%	-0.7%	-0.14%	0.7%	-0.11%	0.15%	-0.05%
Net Income (Continuing)	139.98M	129.62M	194.03M	460.12M	136.94M	117.83M	200.39M	177.37M	204.44M	194.36M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.49	0.49	0.77	1.88	0.58	0.52	0.89	0.82	0.97	0.95
EPS Growth %	0.53%	0%	0.57%	1.44%	-0.69%	-0.1%	0.71%	-0.08%	0.18%	-0.02%
EPS (Basic)	0.50	0.49	0.79	1.93	0.60	0.53	0.91	0.83	0.98	0.95
Diluted Shares Outstanding	328.73M	266.71M	252.29M	244.96M	235.07M	228.01M	224.41M	215.84M	211.53M	205.61M
Basic Shares Outstanding	323.02M	262.21M	244.18M	237.8M	229.94M	223.68M	221.38M	213.77M	209.49M	204.35M
Dividend Payout Ratio	0.45%	0.49%	0.35%	0.18%	0.7%	0.55%	0.47%	0.6%	1.02%	1.05%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	616.57M	452.53M	404.35M	665.72M	554.05M	687.62M	592.85M	1.06B	837.65M	736.14M
Cash & Short-Term Investments	327.22M	198.24M	171.45M	431.4M	300.19M	306.99M	249.44M	745.89M	516.04M	450.51M
Cash Only	327.22M	198.24M	171.45M	431.4M	300.19M	306.99M	249.44M	745.89M	516.04M	450.51M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	104.85M	98.83M	114.39M	109.81M	117.46M	173.14M	119.54M	186.85M	121.68M	99.93M
Days Sales Outstanding	20.46	25.13	34.13	25.21	25.09	36.45	23	32.55	20.36	16.24
Inventory	4.31M	2.85M	3.16M	3.69M	3.89M	4.73M	5.93M	7.13M	6.69M	6.53M
Days Inventory Outstanding	1.28	1.26	1.85	1.36	1.29	1.55	1.59	1.89	1.74	1.64
Other Current Assets	110.27M	133.37M	95.23M	106.37M	116.92M	113.03M	187.35M	188.84M	193.24M	179.17M
Total Non-Current Assets+	3.49B	3.49B	3.69B	3.63B	4.44B	4.35B	4.51B	4.44B	4.35B	4.3B
Property, Plant & Equipment	1.23B	1.19B	1.26B	1.21B	2.03B	1.94B	1.96B	1.88B	1.83B	1.83B
Fixed Asset Turnover	1.52x	1.20x	0.97x	1.31x	0.84x	0.89x	0.97x	1.11x	1.19x	1.23x
Goodwill	770.78M	741.41M	743.33M	747.88M	755.91M	751.05M	775.28M	773.09M	773.73M	771.47M
Intangible Assets	1.34B	1.32B	1.32B	1.29B	1.25B	1.22B	1.28B	1.25B	1.22B	1.19B
Long-Term Investments	58.37M	56.98M	285.09M	274.14M	302.56M	312.8M	349.58M	363.37M	348.11M	317.05M
Other Non-Current Assets	-364.24M	-272.99M	-219.54M	-172.25M	-170.3M	-160.7M	139.13M	-99.46M	178.58M	-235.48M
Total Assets+	4.11B	3.94B	4.1B	4.29B	4.99B	5.04B	5.1B	5.5B	5.18B	5.03B
Asset Turnover	0.46x	0.36x	0.30x	0.37x	0.34x	0.34x	0.37x	0.38x	0.42x	0.45x
Asset Growth %	-0.01%	-0.04%	0.04%	0.05%	0.16%	0.01%	0.01%	0.08%	-0.06%	-0.03%
Total Current Liabilities+	268.77M	230.08M	227.16M	284.19M	349.7M	413.31M	426.93M	388M	381.93M	397.63M
Accounts Payable	53.68M	27.64M	22.76M	21.74M	22.7M	31.06M	41.16M	44M	27.37M	28.45M
Days Payables Outstanding	15.91	12.2	13.35	8.04	7.51	10.19	11.04	11.68	7.11	7.13
Short-Term Debt	23.29M	24.65M	30.17M	23.25M	22.75M	28.96M	24.25M	29.25M	29.25M	78.16M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0	1000K
Other Current Liabilities	30.82M	40.22M	-6.86M	21.7M	-45.22M	69.08M	270.54M	169.93M	227.57M	133.6M
Current Ratio	2.29x	1.97x	1.78x	2.34x	1.58x	1.66x	1.39x	2.73x	2.19x	1.85x
Quick Ratio	2.28x	1.95x	1.77x	2.33x	1.57x	1.65x	1.37x	2.71x	2.18x	1.83x
Cash Conversion Cycle	5.83	14.19	22.63	18.53	18.86	27.81	13.55	22.76	14.99	10.74
Total Non-Current Liabilities+	3.09B	3.18B	3.3B	3.36B	4.13B	4.08B	4.24B	4.65B	4.49B	4.38B
Long-Term Debt	2.4B	2.49B	2.72B	2.31B	2.26B	2.22B	2.36B	2.82B	2.73B	2.66B
Capital Lease Obligations	0	0	0	447.23M	1.38B	1.37B	1.41B	1.36B	1.31B	1.28B
Deferred Tax Liabilities	459.71M	446.51M	299.05M	269.16M	270.76M	280.75M	267.71M	270.42M	270.35M	263.42M
Other Non-Current Liabilities	224.5M	247.35M	262.41M	245.23M	129.78M	117.69M	201.02M	98.85M	89.71M	84.23M
Total Liabilities	3.36B	3.41B	3.52B	3.64B	4.48B	4.49B	4.66B	5.03B	4.87B	4.78B
Total Debt+	2.43B	2.51B	2.75B	2.78B	3.71B	3.68B	3.86B	4.28B	4.14B	4.09B
Net Debt	2.1B	2.31B	2.58B	2.35B	3.41B	3.37B	3.61B	3.54B	3.62B	3.64B
Debt / Equity	3.22x	4.76x	4.81x	4.29x	7.19x	6.69x	8.84x	9.19x	13.36x	15.78x
Debt / EBITDA	5.67x	5.72x	8.09x	7.35x	9.42x	9.14x	7.83x	8.75x	7.80x	7.73x
Net Debt / EBITDA	4.90x	5.27x	7.59x	6.21x	8.66x	8.38x	7.32x	7.23x	6.83x	6.88x
Interest Coverage	3.19x	2.74x	1.82x	2.09x	2.26x	2.29x	3.36x	2.89x	3.08x	3.00x
Total Equity+	752.91M	527.74M	573.2M	648.45M	516.36M	549.6M	436.4M	465.72M	309.78M	259.35M
Equity Growth %	-0.56%	-0.3%	0.09%	0.13%	-0.2%	0.06%	-0.21%	0.07%	-0.33%	-0.16%
Book Value per Share	2.29	1.98	2.27	2.65	2.20	2.41	1.94	2.16	1.46	1.26
Total Shareholders' Equity	752.91M	527.74M	573.2M	648.45M	516.36M	549.6M	436.4M	465.72M	309.78M	259.35M
Common Stock	47.04M	47.04M	47.04M	47.04M	47.04M	47.04M	47.04M	47.04M	47.04M	47.04M
Retained Earnings	-356.63M	-290.86M	-163.29M	146.28M	185.72M	238.67M	344.2M	414.75M	409.86M	399.7M
Treasury Stock	-1.74B	-2.04B	-2.15B	-2.37B	-2.54B	-2.59B	-2.81B	-2.87B	-3.05B	-3.09B
Accumulated OCI	-70.82M	-63.24M	-46.2M	-61.67M	-53.83M	-49.64M	-48.2M	-64.18M	-58.38M	-74.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	274.31M	193.82M	238.79M	224.23M	288.93M	284.36M	345.77M	259.9M	345.42M	355.31M
Operating CF Margin %	0.15%	0.14%	0.2%	0.14%	0.17%	0.16%	0.18%	0.12%	0.16%	0.16%
Operating CF Growth %	0.08%	-0.29%	0.23%	-0.06%	0.29%	-0.02%	0.22%	-0.25%	0.33%	0.03%
Net Income	161.14M	129.62M	194.03M	460.12M	136.94M	117.83M	200.39M	177.37M	204.44M	194.36M
Depreciation & Amortization	153.73M	124.3M	125.69M	128.88M	131.69M	132.78M	125.54M	135.81M	148.57M	157.94M
Stock-Based Compensation	23.23M	18.14M	20.93M	17.92M	18.68M	18.93M	22.02M	24.54M	23.75M	23.02M
Deferred Taxes	89.03M	-14.21M	-119.33M	-6.57M	837K	10.27M	-13.78M	4.3M	-807K	-5.53M
Other Non-Cash Items	-67.1M	-44.21M	48.15M	-433.5M	-17.78M	-2.02M	-19M	-37.01M	-7.65M	6.91M
Working Capital Changes	-85.72M	-19.82M	-30.67M	57.39M	18.57M	6.58M	30.6M	-45.11M	-22.88M	-21.38M
Change in Receivables	-40.4M	-34.21M	-17.34M	13.23M	16.93M	-16.24M	-5.61M	-5.86M	430K	-5.16M
Change in Inventory	-62K	34K	-305K	-434K	-163K	-841K	-872K	-1.2M	439K	138K
Change in Payables	-7.79M	-6.63M	-2.29M	-145K	1.05M	1.62M	7.59M	-1.53M	-8.83M	1.03M
Cash from Investing+	35.38M	107.08M	-92.25M	362.91M	-54.93M	-68.25M	-154.67M	-77.78M	-86.55M	-129.31M
Capital Expenditures	-251.62M	-150.02M	-81.71M	-69.86M	-74.45M	-68.97M	-77.98M	-85.54M	-85.02M	-94.39M
CapEx % of Revenue	0.13%	0.1%	0.07%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.92M	-3.58M	-9M	959K	-77.82M	-69.63M	1.2M	3.14M	-3.67M	-34.92M
Cash from Financing+	-237.56M	-412.06M	-215.8M	-305.76M	-365.3M	-157.91M	-242.74M	288.67M	-504.3M	-303.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-71.84M	-63.83M	-68.32M	-80.53M	-96.36M	-64.87M	-94.85M	-106.78M	-209.25M	-204.44M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-33.77M	13.35M	5.74M	9.81M	5.5M	-7.7M	4.62M	-8.54M	10.79M	28.37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	22.69M	43.8M	157.08M	154.37M	214.48M	215.39M	267.79M	174.36M	260.39M	260.92M
FCF Margin %	0.01%	0.03%	0.13%	0.1%	0.13%	0.12%	0.14%	0.08%	0.12%	0.12%
FCF Growth %	1.52%	0.93%	2.59%	-0.02%	0.39%	0%	0.24%	-0.35%	0.49%	0%
FCF per Share	0.07	0.16	0.62	0.63	0.91	0.94	1.19	0.81	1.23	1.27
FCF Conversion (FCF/Net Income)	1.70x	1.50x	1.23x	0.49x	2.11x	2.41x	1.73x	1.47x	1.69x	1.83x
Interest Paid	84.33M	117.58M	128.99M	137.61M	138.27M	136.23M	133.28M	144.42M	146.88M	145.25M
Taxes Paid	41.27M	77.62M	29.31M	102.83M	34.8M	16.2M	54.78M	47.77M	75.19M	73.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.05%	20.24%	35.25%	75.33%	23.51%	22.11%	40.65%	39.32%	52.72%	68.3%
Return on Invested Capital (ROIC)	7.17%	8.29%	5.37%	6.09%	5.68%	5.15%	6.91%	6.59%	7.22%	7.11%
Gross Margin	34.14%	42.41%	49.14%	37.94%	35.44%	35.84%	28.29%	34.4%	35.59%	35.17%
Net Margin	8.62%	9.03%	15.86%	28.94%	8.01%	6.8%	10.56%	8.46%	9.37%	8.65%
Debt / Equity	3.22x	4.76x	4.81x	4.29x	7.19x	6.69x	8.84x	9.19x	13.36x	15.78x
Interest Coverage	3.19x	2.74x	1.82x	2.09x	2.26x	2.29x	3.36x	2.89x	3.08x	3.00x
FCF Conversion	1.70x	1.50x	1.23x	0.49x	2.11x	2.41x	1.73x	1.47x	1.69x	1.83x
Revenue Growth	-6.42%	-23.25%	-14.77%	29.96%	7.49%	1.45%	9.41%	10.46%	4.11%	2.98%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	-	-	-	930.08M	925.9M
Product Growth	-	-	-	-	-	-	-	-	-	-0.45%
Royalty	-	-	-	-	-	-	-	-	512.16M	528.39M
Royalty Growth	-	-	-	-	-	-	-	-	-	3.17%
Advertising	-	-	-	-	-	-	-	-	429M	458.09M
Advertising Growth	-	-	-	-	-	-	-	-	-	6.78%
Real Estate	-	-	-	-	-	-	-	-	230.17M	236.49M
Real Estate Growth	-	-	-	-	-	-	-	-	-	2.75%
Franchise	-	-	-	-	-	-	-	-	80.17M	97.61M
Franchise Growth	-	-	-	-	-	-	-	-	-	21.76%
Franchise Royalty Revenue and Fees	-	-	-	-	429M	444.75M	536.75M	558.24M	-	-
Franchise Royalty Revenue and Fees Growth	-	-	-	-	-	3.67%	20.69%	4.00%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.75B	1.37B	1.15B	651.58M	1.61B	1.64B	1.77B	1.95B	2.01B	2.06B
UNITED STATES Growth	-	-21.48%	-15.91%	-43.58%	146.57%	1.81%	8.33%	9.82%	3.17%	2.42%
Non-US	-	-	-	-	-	98.13M	125M	149.5M	173.85M	190.16M
Non-US Growth	-	-	-	-	-	-	27.38%	19.60%	16.29%	9.38%
CANADA	104M	45.96M	50.43M	-	80.9M	-	-	-	-	-
CANADA Growth	-	-55.81%	9.73%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The Wendy's Company (WEN) has a price-to-earnings (P/E) ratio of 9.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The Wendy's Company (WEN) reported $2.21B in revenue for fiscal year 2024. This represents a 9% decrease from $2.43B in 2011.

The Wendy's Company (WEN) grew revenue by 3.0% over the past year. Growth has been modest.

Yes, The Wendy's Company (WEN) is profitable, generating $186.1M in net income for fiscal year 2024 (8.7% net margin).

Dividend & Returns

Yes, The Wendy's Company (WEN) pays a dividend with a yield of 11.64%. This makes it attractive for income-focused investors.

The Wendy's Company (WEN) has a return on equity (ROE) of 68.3%. This is excellent, indicating efficient use of shareholder capital.

The Wendy's Company (WEN) generated $237.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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