Yum China Holdings, Inc. (YUMC) 10-Year Financial Performance & Capital Metrics

YUMC • • Industrial / General

Consumer CyclicalRestaurantsMulti-Brand FranchisorsMulti-Concept Operators

AboutYum China Holdings, Inc. owns, operates, and franchises restaurants in China. The company operates through two segments, KFC and Pizza Hut. It operates restaurants under the KFC, Pizza Hut, Little Sheep, Huang Ji Huang, Lavazza, COFFii & JOY, Taco Bell, and East Dawning brands, which specialize in chicken, pizza, hot pot cooking, simmer pot, Italian coffee, specialty coffee, Mexican-style food, and Chinese food categories. The company also operates V-Gold Mall, a mobile e-commerce platform, which sells electronics, home and kitchen accessories, and other general merchandise, as well as fried rice, steak, pasta and other ready meals, and coffee capsules. In addition, it operates franchise restaurants under the KFC, Pizza Hut, Huang Ji Huang, Taco Bell, Little Sheep, East Dawning, Lavazza, and COFFii & JOY names. As of March 31, 2022, the company operated 12,117 restaurants in approximately 1,700 cities. Yum China Holdings, Inc. was incorporated in 2016 and is headquartered in Shanghai, China.Show more

Revenue $11.3B +3.0%
EBITDA $1.64B +5.1%
Net Income $911M +10.2%
EPS (Diluted) 2.34 +18.8%
Gross Margin 16.72% -2.6%
EBITDA Margin 14.49% +2.0%
Operating Margin 10.28% +2.0%
Net Margin 8.06% +7.0%
ROE 13.45% +16.1%
ROIC 10.47% +7.1%
Debt/Equity 0.37 +5.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 7.1% through buybacks
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.01%

5Y5.19%

3Y4.68%

TTM3.29%

Profit (Net Income) CAGR

10Y-

5Y5.02%

3Y-2.73%

TTM1.23%

EPS CAGR

10Y-

5Y4.93%

3Y0.87%

TTM6.67%

ROCE

10Y Avg18.08%

5Y Avg11.61%

3Y Avg10.07%

Latest12.6%

Peer Comparison

Multi-Concept Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
YUMYum! Brands, Inc.	44.72B	161.05	30.85	6.68%	18.11%		3.2%
QSRRestaurant Brands International Inc.	24.02B	69.53	21.86	19.71%	9.95%	17.85%	5.42%	3.29
YUMCYum China Holdings, Inc.	17.07B	48.19	20.59	2.96%	7.81%	14.16%	4.18%	0.37
FATFAT Brands Inc.	6.92M	0.42	-0.04	23.35%	-36.77%
CNNECannae Holdings, Inc.	838.04M	16.21	-3.43	-20.61%	-108.39%	-39.43%		0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.91B	6.75B	7.77B	8.41B	8.78B	8.26B	9.85B	9.57B	10.98B	11.3B
Revenue Growth %	-0%	-0.02%	0.15%	0.08%	0.04%	-0.06%	0.19%	-0.03%	0.15%	0.03%
Cost of Goods Sold+	6B	5.68B	6.49B	7.1B	6.97B	7B	8.45B	8.14B	9.09B	9.41B
COGS % of Revenue	0.87%	0.84%	0.83%	0.84%	0.79%	0.85%	0.86%	0.85%	0.83%	0.83%
Gross Profit+	908M	1.1B	1.28B	1.31B	1.81B	1.27B	1.41B	1.43B	1.89B	1.89B
Gross Margin %	0.13%	0.16%	0.17%	0.16%	0.21%	0.15%	0.14%	0.15%	0.17%	0.17%
Gross Profit Growth %	0.08%	0.21%	0.17%	0.02%	0.38%	-0.3%	0.11%	0.01%	0.32%	0%
Operating Expenses+	397M	444M	523M	485M	909M	306M	20M	798M	779M	728M
OpEx % of Revenue	0.06%	0.07%	0.07%	0.06%	0.1%	0.04%	0%	0.08%	0.07%	0.06%
Selling, General & Admin	395M	429M	495M	456M	896M	479M	564M	594M	638M	568M
SG&A % of Revenue	0.06%	0.06%	0.06%	0.05%	0.1%	0.06%	0.06%	0.06%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	15M	28M	29M	9M	-173M	-544M	204M	141M	160M
Operating Income+	488M	634M	778M	941M	901M	961M	1.39B	629M	1.11B	1.16B
Operating Margin %	0.07%	0.09%	0.1%	0.11%	0.1%	0.12%	0.14%	0.07%	0.1%	0.1%
Operating Income Growth %	161.67%	0.3%	0.23%	0.21%	-0.04%	0.07%	0.44%	-0.55%	0.76%	0.05%
EBITDA+	913M	1.04B	1.19B	1.39B	1.33B	1.41B	1.9B	1.23B	1.56B	1.64B
EBITDA Margin %	0.13%	0.15%	0.15%	0.16%	0.15%	0.17%	0.19%	0.13%	0.14%	0.14%
EBITDA Growth %	1.21%	0.13%	0.15%	0.17%	-0.04%	0.06%	0.35%	-0.35%	0.27%	0.05%
D&A (Non-Cash Add-back)	425M	402M	409M	445M	428M	450M	516M	602M	453M	476M
EBIT	511M	652M	761M	830M	863M	709M	734M	658M	1.13B	1.2B
Net Interest Income+	8M	11M	25M	36M	39M	43M	60M	84M	169M	129M
Interest Income	8M	11M	25M	36M	39M	43M	60M	84M	169M	129M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	8M	32M	25M	9M	102M	147M	6M	56M	124M	174M
Pretax Income+	496M	666M	803M	950M	1B	1.11B	1.39B	685M	1.23B	1.34B
Pretax Margin %	0.07%	0.1%	0.1%	0.11%	0.11%	0.13%	0.14%	0.07%	0.11%	0.12%
Income Tax+	168M	156M	379M	214M	260M	295M	369M	207M	329M	356M
Effective Tax Rate %	0.65%	0.75%	0.5%	0.75%	0.71%	0.71%	0.71%	0.65%	0.67%	0.68%
Net Income+	323M	502M	398M	708M	713M	784M	990M	442M	827M	911M
Net Margin %	0.05%	0.07%	0.05%	0.08%	0.08%	0.09%	0.1%	0.05%	0.08%	0.08%
Net Income Growth %	47.14%	0.55%	-0.21%	0.78%	0.01%	0.1%	0.26%	-0.55%	0.87%	0.1%
Net Income (Continuing)	328M	510M	424M	736M	743M	813M	1.02B	478M	901M	980M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	64M	66M	82M	104M	98M	265M	866M	678M	714M	699M
EPS (Diluted)+	0.84	1.36	1.00	1.79	1.84	1.95	2.28	1.04	1.97	2.34
EPS Growth %	47.93%	0.62%	-0.26%	0.79%	0.03%	0.06%	0.17%	-0.54%	0.89%	0.19%
EPS (Basic)	0.84	1.37	1.03	1.84	1.89	2.01	2.35	1.05	1.99	2.35
Diluted Shares Outstanding	383.14M	369.14M	398M	395M	388M	402M	434M	425M	420M	390M
Basic Shares Outstanding	383.14M	367.74M	387M	384M	377M	390M	422M	421M	416M	388M
Dividend Payout Ratio	-	-	0.1%	0.23%	0.25%	0.12%	0.21%	0.46%	0.26%	0.27%

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+	799M	1.43B	1.8B	1.95B	2.26B	4.94B	4.72B	3.94B	3.43B	2.69B
Cash & Short-Term Investments	425M	964M	1.26B	1.39B	1.66B	4.26B	4B	3.15B	2.6B	1.84B
Cash Only	425M	885M	1.06B	1.27B	1.05B	1.16B	1.14B	1.13B	1.13B	723M
Short-Term Investments	0	79M	205M	122M	611M	3.1B	2.86B	2.02B	1.47B	1.12B
Accounts Receivable	76M	90M	140M	149M	137M	156M	112M	211M	283M	316M
Days Sales Outstanding	4.02	4.87	6.58	6.46	5.7	6.89	4.15	8.05	9.41	10.2
Inventory	189M	268M	297M	307M	380M	398M	432M	417M	424M	405M
Days Inventory Outstanding	11.5	17.22	16.72	15.78	19.91	20.76	18.67	18.69	17.02	15.7
Other Current Assets	56M	65M	60M	66M	83M	119M	176M	160M	124M	129M
Total Non-Current Assets+	2.4B	2.3B	2.48B	2.66B	4.69B	5.94B	8.51B	7.89B	8.6B	8.43B
Property, Plant & Equipment	1.84B	1.65B	1.69B	1.61B	3.58B	3.93B	4.86B	4.34B	4.55B	4.58B
Fixed Asset Turnover	3.75x	4.10x	4.59x	5.21x	2.45x	2.10x	2.03x	2.20x	2.41x	2.47x
Goodwill	85M	79M	108M	266M	254M	832M	2.14B	1.99B	1.93B	1.88B
Intangible Assets	107M	88M	232M	254M	227M	386M	410M	282M	265M	251M
Long-Term Investments	61M	71M	95M	128M	199M	306M	504M	1.04B	1.6B	1.46B
Other Non-Current Assets	192M	254M	254M	306M	337M	388M	482M	119M	122M	122M
Total Assets+	3.2B	3.73B	4.29B	4.61B	6.95B	10.88B	13.22B	11.83B	12.03B	11.12B
Asset Turnover	2.16x	1.81x	1.81x	1.83x	1.26x	0.76x	0.75x	0.81x	0.91x	1.02x
Asset Growth %	-0.02%	0.16%	0.15%	0.08%	0.51%	0.56%	0.22%	-0.11%	0.02%	-0.08%
Total Current Liabilities+	948M	1B	1.02B	1.25B	1.74B	2.07B	2.38B	2.17B	2.42B	2.28B
Accounts Payable	438M	480M	420M	619M	623M	708M	830M	727M	786M	801M
Days Payables Outstanding	26.64	30.84	23.64	31.82	32.64	36.94	35.86	32.59	31.55	31.06
Short-Term Debt	0	0	0	0	0	0	0	2M	168M	127M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	293M	345M	323M	315M	337M	388M	472M	435M	439M	401M
Current Ratio	0.84x	1.42x	1.76x	1.56x	1.30x	2.39x	1.98x	1.82x	1.42x	1.18x
Quick Ratio	0.64x	1.15x	1.47x	1.31x	1.08x	2.20x	1.80x	1.63x	1.24x	1.00x
Cash Conversion Cycle	-11.13	-8.76	-0.35	-9.58	-7.03	-9.28	-13.05	-5.85	-5.12	-5.15
Total Non-Current Liabilities+	268M	280M	416M	380M	2.04B	2.34B	2.92B	2.5B	2.49B	2.41B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	34M	28M	28M	25M	1.83B	1.94B	2.33B	1.95B	1.94B	1.86B
Deferred Tax Liabilities	0	0	32M	65M	67M	227M	425M	390M	390M	389M
Other Non-Current Liabilities	234M	252M	323M	259M	110M	136M	141M	134M	125M	121M
Total Liabilities	1.22B	1.28B	1.44B	1.63B	3.77B	4.4B	5.3B	4.67B	4.91B	4.69B
Total Debt+	34M	28M	28M	25M	2.21B	2.39B	2.83B	2.4B	2.54B	2.41B
Net Debt	-391M	-857M	-1.03B	-1.24B	1.17B	1.23B	1.7B	1.27B	1.41B	1.69B
Debt / Equity	0.02x	0.01x	0.01x	0.01x	0.70x	0.37x	0.36x	0.33x	0.36x	0.37x
Debt / EBITDA	0.04x	0.03x	0.02x	0.02x	1.66x	1.69x	1.49x	1.95x	1.63x	1.47x
Net Debt / EBITDA	-0.43x	-0.83x	-0.87x	-0.90x	0.88x	0.87x	0.89x	1.03x	0.90x	1.03x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	1.99B	2.44B	2.85B	2.98B	3.17B	6.47B	7.92B	7.16B	7.12B	6.43B
Equity Growth %	0.02%	0.23%	0.17%	0.05%	0.07%	1.04%	0.22%	-0.1%	-0.01%	-0.1%
Book Value per Share	5.18	6.62	7.15	7.54	8.18	16.10	18.25	16.85	16.95	16.48
Total Shareholders' Equity	1.92B	2.38B	2.77B	2.87B	3.08B	6.21B	7.06B	6.48B	6.41B	5.73B
Common Stock	1.79B	4M	4M	4M	4M	4M	4M	4M	4M	4M
Retained Earnings	0	40M	397M	944M	1.42B	2.1B	2.89B	2.19B	2.31B	2.09B
Treasury Stock	0	-20M	-148M	-460M	-721M	-728M	-803M	0	0	-52M
Accumulated OCI	1.79B	1M	137M	-17M	-49M	167M	268M	-103M	-229M	-341M
Minority Interest	64M	66M	82M	104M	98M	265M	866M	678M	714M	699M

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+	913M	866M	884M	1.33B	1.19B	1.11B	1.13B	1.41B	1.47B	1.42B
Operating CF Margin %	0.13%	0.13%	0.11%	0.16%	0.14%	0.13%	0.11%	0.15%	0.13%	0.13%
Operating CF Growth %	0.18%	-0.05%	0.02%	0.51%	-0.11%	-0.06%	0.02%	0.25%	0.04%	-0.04%
Net Income	328M	510M	424M	736M	743M	813M	1.02B	478M	901M	980M
Depreciation & Amortization	425M	402M	409M	445M	428M	450M	516M	602M	453M	476M
Stock-Based Compensation	14M	16M	26M	24M	26M	36M	41M	42M	64M	41M
Deferred Taxes	29M	-42M	62M	33M	16M	111M	160M	-20M	-10M	-7M
Other Non-Cash Items	52M	-6M	41M	-118M	279M	31M	-147M	479M	423M	383M
Working Capital Changes	65M	-14M	-78M	213M	-307M	-327M	-462M	-168M	-358M	-454M
Change in Receivables	-5M	-54M	1M	-13M	-9M	-15M	-5M	-1M	-6M	-9M
Change in Inventory	61M	-96M	-11M	-23M	-77M	17M	-16M	-19M	-19M	8M
Change in Payables	31M	123M	-56M	254M	171M	65M	118M	16M	84M	-3M
Cash from Investing+	-493M	-471M	-557M	-552M	-910M	-3.11B	-855M	-522M	-743M	-178M
Capital Expenditures	-512M	-436M	-415M	-470M	-435M	-419M	-689M	-679M	-710M	-705M
CapEx % of Revenue	0.07%	0.06%	0.05%	0.06%	0.05%	0.05%	0.07%	0.07%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19M	48M	0	7M	15M	56M	5M	4M	5M	4M
Cash from Financing+	-216M	93M	-185M	-518M	-480M	2.06B	-313M	-844M	-716M	-1.64B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-38M	-161M	-181M	-95M	-203M	-202M	-216M	-248M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-214M	-364M	-17M	-50M	-34M	-34M	-35M	-178M	-51M	-100M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	401M	430M	469M	863M	750M	695M	442M	734M	763M	714M
FCF Margin %	0.06%	0.06%	0.06%	0.1%	0.09%	0.08%	0.04%	0.08%	0.07%	0.06%
FCF Growth %	0.6%	0.07%	0.09%	0.84%	-0.13%	-0.07%	-0.36%	0.66%	0.04%	-0.06%
FCF per Share	1.05	1.16	1.18	2.18	1.93	1.73	1.02	1.73	1.82	1.83
FCF Conversion (FCF/Net Income)	2.83x	1.73x	2.22x	1.88x	1.66x	1.42x	1.14x	3.20x	1.78x	1.56x
Interest Paid	0	0	0	0	0	0	0	0	3M	4M
Taxes Paid	143M	182M	232M	208M	255M	170M	255M	204M	324M	393M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.4%	22.67%	15.05%	24.31%	23.18%	16.26%	13.76%	5.86%	11.58%	13.45%
Return on Invested Capital (ROIC)	21.89%	29.91%	34.3%	39.74%	22.24%	11.97%	12%	5.23%	9.78%	10.47%
Gross Margin	13.14%	16.23%	16.53%	15.63%	20.62%	15.33%	14.27%	14.91%	17.17%	16.72%
Net Margin	4.68%	7.43%	5.12%	8.41%	8.12%	9.49%	10.05%	4.62%	7.53%	8.06%
Debt / Equity	0.02x	0.01x	0.01x	0.01x	0.70x	0.37x	0.36x	0.33x	0.36x	0.37x
FCF Conversion	2.83x	1.73x	2.22x	1.88x	1.66x	1.42x	1.14x	3.20x	1.78x	1.56x
Revenue Growth	-0.36%	-2.27%	15.06%	8.32%	4.29%	-5.85%	19.24%	-2.88%	14.72%	2.96%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Food And Non Food Revenues From Sales	-	-	7.63B	7.92B	7.4B	8.96B	9.11B	10.39B	10.65B
Food And Non Food Revenues From Sales Growth	-	-	-	3.83%	-6.68%	21.16%	1.66%	14.06%	2.50%
Other Revenue	-	-	46M	87M	130M	328M	625M	126M	138M
Other Revenue Growth	-	-	-	89.13%	49.43%	152.31%	90.55%	-79.84%	9.52%
Franchise Fees And Income	-	-	141M	148M	148M	153M	81M	89M	94M
Franchise Fees And Income Growth	-	-	-	4.96%	0.00%	3.38%	-47.06%	9.88%	5.62%
Transactions With Franchisees And Unconsolidated Affiliates	-	-	603M	654M	647M	663M	287M	-	-
Transactions With Franchisees And Unconsolidated Affiliates Growth	-	-	-	8.46%	-1.07%	2.47%	-56.71%	-	-
K F C	4.7B	5B	-	-	-	-	-	-	-
K F C Growth	-	6.43%	-	-	-	-	-	-	-
Pizza Hut	-	2.09B	-	-	-	-	-	-	-
Pizza Hut Growth	-	-	-	-	-	-	-	-	-
All Others	282M	54M	-	-	-	-	-	-	-
All Others Growth	-	-80.85%	-	-	-	-	-	-	-
Pizza Hut Casual Dining	1.77B	-	-	-	-	-	-	-	-
Pizza Hut Casual Dining Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Yum China Holdings, Inc. (YUMC) has a price-to-earnings (P/E) ratio of 20.6x. This is roughly in line with market averages.

Growth & Financials

Yum China Holdings, Inc. (YUMC) reported $11.57B in revenue for fiscal year 2024. This represents a 67% increase from $6.93B in 2014.

Yum China Holdings, Inc. (YUMC) grew revenue by 3.0% over the past year. Growth has been modest.

Yes, Yum China Holdings, Inc. (YUMC) is profitable, generating $904.0M in net income for fiscal year 2024 (8.1% net margin).

Dividend & Returns

Yes, Yum China Holdings, Inc. (YUMC) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Yum China Holdings, Inc. (YUMC) has a return on equity (ROE) of 13.5%. This is reasonable for most industries.

Yum China Holdings, Inc. (YUMC) generated $947.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Yum China Holdings, Inc. (YUMC) 10-Year Financial Performance & Capital Metrics

YUMC • • Industrial / General

Consumer CyclicalRestaurantsMulti-Brand FranchisorsMulti-Concept Operators

Revenue $11.3B +3.0%
EBITDA $1.64B +5.1%
Net Income $911M +10.2%
EPS (Diluted) 2.34 +18.8%
Gross Margin 16.72% -2.6%
EBITDA Margin 14.49% +2.0%
Operating Margin 10.28% +2.0%
Net Margin 8.06% +7.0%
ROE 13.45% +16.1%
ROIC 10.47% +7.1%
Debt/Equity 0.37 +5.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 7.1% through buybacks
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.01%

5Y5.19%

3Y4.68%

TTM3.29%

Profit (Net Income) CAGR

10Y-

5Y5.02%

3Y-2.73%

TTM1.23%

EPS CAGR

10Y-

5Y4.93%

3Y0.87%

TTM6.67%

ROCE

10Y Avg18.08%

5Y Avg11.61%

3Y Avg10.07%

Latest12.6%

Peer Comparison

Multi-Concept Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
YUMYum! Brands, Inc.	44.72B	161.05	30.85	6.68%	18.11%		3.2%
QSRRestaurant Brands International Inc.	24.02B	69.53	21.86	19.71%	9.95%	17.85%	5.42%	3.29
YUMCYum China Holdings, Inc.	17.07B	48.19	20.59	2.96%	7.81%	14.16%	4.18%	0.37
FATFAT Brands Inc.	6.92M	0.42	-0.04	23.35%	-36.77%
CNNECannae Holdings, Inc.	838.04M	16.21	-3.43	-20.61%	-108.39%	-39.43%		0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.91B	6.75B	7.77B	8.41B	8.78B	8.26B	9.85B	9.57B	10.98B	11.3B
Revenue Growth %	-0%	-0.02%	0.15%	0.08%	0.04%	-0.06%	0.19%	-0.03%	0.15%	0.03%
Cost of Goods Sold+	6B	5.68B	6.49B	7.1B	6.97B	7B	8.45B	8.14B	9.09B	9.41B
COGS % of Revenue	0.87%	0.84%	0.83%	0.84%	0.79%	0.85%	0.86%	0.85%	0.83%	0.83%
Gross Profit+	908M	1.1B	1.28B	1.31B	1.81B	1.27B	1.41B	1.43B	1.89B	1.89B
Gross Margin %	0.13%	0.16%	0.17%	0.16%	0.21%	0.15%	0.14%	0.15%	0.17%	0.17%
Gross Profit Growth %	0.08%	0.21%	0.17%	0.02%	0.38%	-0.3%	0.11%	0.01%	0.32%	0%
Operating Expenses+	397M	444M	523M	485M	909M	306M	20M	798M	779M	728M
OpEx % of Revenue	0.06%	0.07%	0.07%	0.06%	0.1%	0.04%	0%	0.08%	0.07%	0.06%
Selling, General & Admin	395M	429M	495M	456M	896M	479M	564M	594M	638M	568M
SG&A % of Revenue	0.06%	0.06%	0.06%	0.05%	0.1%	0.06%	0.06%	0.06%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	15M	28M	29M	9M	-173M	-544M	204M	141M	160M
Operating Income+	488M	634M	778M	941M	901M	961M	1.39B	629M	1.11B	1.16B
Operating Margin %	0.07%	0.09%	0.1%	0.11%	0.1%	0.12%	0.14%	0.07%	0.1%	0.1%
Operating Income Growth %	161.67%	0.3%	0.23%	0.21%	-0.04%	0.07%	0.44%	-0.55%	0.76%	0.05%
EBITDA+	913M	1.04B	1.19B	1.39B	1.33B	1.41B	1.9B	1.23B	1.56B	1.64B
EBITDA Margin %	0.13%	0.15%	0.15%	0.16%	0.15%	0.17%	0.19%	0.13%	0.14%	0.14%
EBITDA Growth %	1.21%	0.13%	0.15%	0.17%	-0.04%	0.06%	0.35%	-0.35%	0.27%	0.05%
D&A (Non-Cash Add-back)	425M	402M	409M	445M	428M	450M	516M	602M	453M	476M
EBIT	511M	652M	761M	830M	863M	709M	734M	658M	1.13B	1.2B
Net Interest Income+	8M	11M	25M	36M	39M	43M	60M	84M	169M	129M
Interest Income	8M	11M	25M	36M	39M	43M	60M	84M	169M	129M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	8M	32M	25M	9M	102M	147M	6M	56M	124M	174M
Pretax Income+	496M	666M	803M	950M	1B	1.11B	1.39B	685M	1.23B	1.34B
Pretax Margin %	0.07%	0.1%	0.1%	0.11%	0.11%	0.13%	0.14%	0.07%	0.11%	0.12%
Income Tax+	168M	156M	379M	214M	260M	295M	369M	207M	329M	356M
Effective Tax Rate %	0.65%	0.75%	0.5%	0.75%	0.71%	0.71%	0.71%	0.65%	0.67%	0.68%
Net Income+	323M	502M	398M	708M	713M	784M	990M	442M	827M	911M
Net Margin %	0.05%	0.07%	0.05%	0.08%	0.08%	0.09%	0.1%	0.05%	0.08%	0.08%
Net Income Growth %	47.14%	0.55%	-0.21%	0.78%	0.01%	0.1%	0.26%	-0.55%	0.87%	0.1%
Net Income (Continuing)	328M	510M	424M	736M	743M	813M	1.02B	478M	901M	980M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	64M	66M	82M	104M	98M	265M	866M	678M	714M	699M
EPS (Diluted)+	0.84	1.36	1.00	1.79	1.84	1.95	2.28	1.04	1.97	2.34
EPS Growth %	47.93%	0.62%	-0.26%	0.79%	0.03%	0.06%	0.17%	-0.54%	0.89%	0.19%
EPS (Basic)	0.84	1.37	1.03	1.84	1.89	2.01	2.35	1.05	1.99	2.35
Diluted Shares Outstanding	383.14M	369.14M	398M	395M	388M	402M	434M	425M	420M	390M
Basic Shares Outstanding	383.14M	367.74M	387M	384M	377M	390M	422M	421M	416M	388M
Dividend Payout Ratio	-	-	0.1%	0.23%	0.25%	0.12%	0.21%	0.46%	0.26%	0.27%

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+	799M	1.43B	1.8B	1.95B	2.26B	4.94B	4.72B	3.94B	3.43B	2.69B
Cash & Short-Term Investments	425M	964M	1.26B	1.39B	1.66B	4.26B	4B	3.15B	2.6B	1.84B
Cash Only	425M	885M	1.06B	1.27B	1.05B	1.16B	1.14B	1.13B	1.13B	723M
Short-Term Investments	0	79M	205M	122M	611M	3.1B	2.86B	2.02B	1.47B	1.12B
Accounts Receivable	76M	90M	140M	149M	137M	156M	112M	211M	283M	316M
Days Sales Outstanding	4.02	4.87	6.58	6.46	5.7	6.89	4.15	8.05	9.41	10.2
Inventory	189M	268M	297M	307M	380M	398M	432M	417M	424M	405M
Days Inventory Outstanding	11.5	17.22	16.72	15.78	19.91	20.76	18.67	18.69	17.02	15.7
Other Current Assets	56M	65M	60M	66M	83M	119M	176M	160M	124M	129M
Total Non-Current Assets+	2.4B	2.3B	2.48B	2.66B	4.69B	5.94B	8.51B	7.89B	8.6B	8.43B
Property, Plant & Equipment	1.84B	1.65B	1.69B	1.61B	3.58B	3.93B	4.86B	4.34B	4.55B	4.58B
Fixed Asset Turnover	3.75x	4.10x	4.59x	5.21x	2.45x	2.10x	2.03x	2.20x	2.41x	2.47x
Goodwill	85M	79M	108M	266M	254M	832M	2.14B	1.99B	1.93B	1.88B
Intangible Assets	107M	88M	232M	254M	227M	386M	410M	282M	265M	251M
Long-Term Investments	61M	71M	95M	128M	199M	306M	504M	1.04B	1.6B	1.46B
Other Non-Current Assets	192M	254M	254M	306M	337M	388M	482M	119M	122M	122M
Total Assets+	3.2B	3.73B	4.29B	4.61B	6.95B	10.88B	13.22B	11.83B	12.03B	11.12B
Asset Turnover	2.16x	1.81x	1.81x	1.83x	1.26x	0.76x	0.75x	0.81x	0.91x	1.02x
Asset Growth %	-0.02%	0.16%	0.15%	0.08%	0.51%	0.56%	0.22%	-0.11%	0.02%	-0.08%
Total Current Liabilities+	948M	1B	1.02B	1.25B	1.74B	2.07B	2.38B	2.17B	2.42B	2.28B
Accounts Payable	438M	480M	420M	619M	623M	708M	830M	727M	786M	801M
Days Payables Outstanding	26.64	30.84	23.64	31.82	32.64	36.94	35.86	32.59	31.55	31.06
Short-Term Debt	0	0	0	0	0	0	0	2M	168M	127M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	293M	345M	323M	315M	337M	388M	472M	435M	439M	401M
Current Ratio	0.84x	1.42x	1.76x	1.56x	1.30x	2.39x	1.98x	1.82x	1.42x	1.18x
Quick Ratio	0.64x	1.15x	1.47x	1.31x	1.08x	2.20x	1.80x	1.63x	1.24x	1.00x
Cash Conversion Cycle	-11.13	-8.76	-0.35	-9.58	-7.03	-9.28	-13.05	-5.85	-5.12	-5.15
Total Non-Current Liabilities+	268M	280M	416M	380M	2.04B	2.34B	2.92B	2.5B	2.49B	2.41B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	34M	28M	28M	25M	1.83B	1.94B	2.33B	1.95B	1.94B	1.86B
Deferred Tax Liabilities	0	0	32M	65M	67M	227M	425M	390M	390M	389M
Other Non-Current Liabilities	234M	252M	323M	259M	110M	136M	141M	134M	125M	121M
Total Liabilities	1.22B	1.28B	1.44B	1.63B	3.77B	4.4B	5.3B	4.67B	4.91B	4.69B
Total Debt+	34M	28M	28M	25M	2.21B	2.39B	2.83B	2.4B	2.54B	2.41B
Net Debt	-391M	-857M	-1.03B	-1.24B	1.17B	1.23B	1.7B	1.27B	1.41B	1.69B
Debt / Equity	0.02x	0.01x	0.01x	0.01x	0.70x	0.37x	0.36x	0.33x	0.36x	0.37x
Debt / EBITDA	0.04x	0.03x	0.02x	0.02x	1.66x	1.69x	1.49x	1.95x	1.63x	1.47x
Net Debt / EBITDA	-0.43x	-0.83x	-0.87x	-0.90x	0.88x	0.87x	0.89x	1.03x	0.90x	1.03x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	1.99B	2.44B	2.85B	2.98B	3.17B	6.47B	7.92B	7.16B	7.12B	6.43B
Equity Growth %	0.02%	0.23%	0.17%	0.05%	0.07%	1.04%	0.22%	-0.1%	-0.01%	-0.1%
Book Value per Share	5.18	6.62	7.15	7.54	8.18	16.10	18.25	16.85	16.95	16.48
Total Shareholders' Equity	1.92B	2.38B	2.77B	2.87B	3.08B	6.21B	7.06B	6.48B	6.41B	5.73B
Common Stock	1.79B	4M	4M	4M	4M	4M	4M	4M	4M	4M
Retained Earnings	0	40M	397M	944M	1.42B	2.1B	2.89B	2.19B	2.31B	2.09B
Treasury Stock	0	-20M	-148M	-460M	-721M	-728M	-803M	0	0	-52M
Accumulated OCI	1.79B	1M	137M	-17M	-49M	167M	268M	-103M	-229M	-341M
Minority Interest	64M	66M	82M	104M	98M	265M	866M	678M	714M	699M

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+	913M	866M	884M	1.33B	1.19B	1.11B	1.13B	1.41B	1.47B	1.42B
Operating CF Margin %	0.13%	0.13%	0.11%	0.16%	0.14%	0.13%	0.11%	0.15%	0.13%	0.13%
Operating CF Growth %	0.18%	-0.05%	0.02%	0.51%	-0.11%	-0.06%	0.02%	0.25%	0.04%	-0.04%
Net Income	328M	510M	424M	736M	743M	813M	1.02B	478M	901M	980M
Depreciation & Amortization	425M	402M	409M	445M	428M	450M	516M	602M	453M	476M
Stock-Based Compensation	14M	16M	26M	24M	26M	36M	41M	42M	64M	41M
Deferred Taxes	29M	-42M	62M	33M	16M	111M	160M	-20M	-10M	-7M
Other Non-Cash Items	52M	-6M	41M	-118M	279M	31M	-147M	479M	423M	383M
Working Capital Changes	65M	-14M	-78M	213M	-307M	-327M	-462M	-168M	-358M	-454M
Change in Receivables	-5M	-54M	1M	-13M	-9M	-15M	-5M	-1M	-6M	-9M
Change in Inventory	61M	-96M	-11M	-23M	-77M	17M	-16M	-19M	-19M	8M
Change in Payables	31M	123M	-56M	254M	171M	65M	118M	16M	84M	-3M
Cash from Investing+	-493M	-471M	-557M	-552M	-910M	-3.11B	-855M	-522M	-743M	-178M
Capital Expenditures	-512M	-436M	-415M	-470M	-435M	-419M	-689M	-679M	-710M	-705M
CapEx % of Revenue	0.07%	0.06%	0.05%	0.06%	0.05%	0.05%	0.07%	0.07%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19M	48M	0	7M	15M	56M	5M	4M	5M	4M
Cash from Financing+	-216M	93M	-185M	-518M	-480M	2.06B	-313M	-844M	-716M	-1.64B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-38M	-161M	-181M	-95M	-203M	-202M	-216M	-248M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-214M	-364M	-17M	-50M	-34M	-34M	-35M	-178M	-51M	-100M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	401M	430M	469M	863M	750M	695M	442M	734M	763M	714M
FCF Margin %	0.06%	0.06%	0.06%	0.1%	0.09%	0.08%	0.04%	0.08%	0.07%	0.06%
FCF Growth %	0.6%	0.07%	0.09%	0.84%	-0.13%	-0.07%	-0.36%	0.66%	0.04%	-0.06%
FCF per Share	1.05	1.16	1.18	2.18	1.93	1.73	1.02	1.73	1.82	1.83
FCF Conversion (FCF/Net Income)	2.83x	1.73x	2.22x	1.88x	1.66x	1.42x	1.14x	3.20x	1.78x	1.56x
Interest Paid	0	0	0	0	0	0	0	0	3M	4M
Taxes Paid	143M	182M	232M	208M	255M	170M	255M	204M	324M	393M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.4%	22.67%	15.05%	24.31%	23.18%	16.26%	13.76%	5.86%	11.58%	13.45%
Return on Invested Capital (ROIC)	21.89%	29.91%	34.3%	39.74%	22.24%	11.97%	12%	5.23%	9.78%	10.47%
Gross Margin	13.14%	16.23%	16.53%	15.63%	20.62%	15.33%	14.27%	14.91%	17.17%	16.72%
Net Margin	4.68%	7.43%	5.12%	8.41%	8.12%	9.49%	10.05%	4.62%	7.53%	8.06%
Debt / Equity	0.02x	0.01x	0.01x	0.01x	0.70x	0.37x	0.36x	0.33x	0.36x	0.37x
FCF Conversion	2.83x	1.73x	2.22x	1.88x	1.66x	1.42x	1.14x	3.20x	1.78x	1.56x
Revenue Growth	-0.36%	-2.27%	15.06%	8.32%	4.29%	-5.85%	19.24%	-2.88%	14.72%	2.96%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Food And Non Food Revenues From Sales	-	-	7.63B	7.92B	7.4B	8.96B	9.11B	10.39B	10.65B
Food And Non Food Revenues From Sales Growth	-	-	-	3.83%	-6.68%	21.16%	1.66%	14.06%	2.50%
Other Revenue	-	-	46M	87M	130M	328M	625M	126M	138M
Other Revenue Growth	-	-	-	89.13%	49.43%	152.31%	90.55%	-79.84%	9.52%
Franchise Fees And Income	-	-	141M	148M	148M	153M	81M	89M	94M
Franchise Fees And Income Growth	-	-	-	4.96%	0.00%	3.38%	-47.06%	9.88%	5.62%
Transactions With Franchisees And Unconsolidated Affiliates	-	-	603M	654M	647M	663M	287M	-	-
Transactions With Franchisees And Unconsolidated Affiliates Growth	-	-	-	8.46%	-1.07%	2.47%	-56.71%	-	-
K F C	4.7B	5B	-	-	-	-	-	-	-
K F C Growth	-	6.43%	-	-	-	-	-	-	-
Pizza Hut	-	2.09B	-	-	-	-	-	-	-
Pizza Hut Growth	-	-	-	-	-	-	-	-	-
All Others	282M	54M	-	-	-	-	-	-	-
All Others Growth	-	-80.85%	-	-	-	-	-	-	-
Pizza Hut Casual Dining	1.77B	-	-	-	-	-	-	-	-
Pizza Hut Casual Dining Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Yum China Holdings, Inc. (YUMC) has a price-to-earnings (P/E) ratio of 20.6x. This is roughly in line with market averages.

Growth & Financials

Yum China Holdings, Inc. (YUMC) reported $11.57B in revenue for fiscal year 2024. This represents a 67% increase from $6.93B in 2014.

Yum China Holdings, Inc. (YUMC) grew revenue by 3.0% over the past year. Growth has been modest.

Yes, Yum China Holdings, Inc. (YUMC) is profitable, generating $904.0M in net income for fiscal year 2024 (8.1% net margin).

Dividend & Returns

Yes, Yum China Holdings, Inc. (YUMC) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Yum China Holdings, Inc. (YUMC) has a return on equity (ROE) of 13.5%. This is reasonable for most industries.

Yum China Holdings, Inc. (YUMC) generated $947.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.