Restaurant Brands International Inc. (QSR) 10-Year Financial Performance & Capital Metrics

QSR • • Industrial / General

Consumer CyclicalRestaurantsMulti-Brand FranchisorsMulti-Concept Operators

AboutRestaurant Brands International Inc. operates as quick service restaurant company in Canada and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). The company owns and franchises TH chain of donut/coffee/tea restaurants that offer blend coffee, tea, and espresso-based hot and cold specialty drinks; and fresh baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, soups, and others. It is also involved in owning and franchising BK, a fast food hamburger restaurant chain, which offers flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks, and other food items; and PLK quick service restaurants that provide Louisiana style fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other regional items. In addition, the company owns and franchises FHS restaurants quick service restaurants that offer subs, soft drinks, and local specialties. As of February 15, 2022, the company had approximately 29,000 restaurants in 100 countries under the Tim Hortons, Burger King, Popeyes, And Firehouse Subs brands. Restaurant Brands International Inc. was founded in 1954 and is headquartered in Toronto, Canada.Show more

Revenue $8.41B +19.7%
EBITDA $2.68B +19.7%
Net Income $1.02B -14.2%
EPS (Diluted) 3.18 -15.4%
Gross Margin 35.97% -9.8%
EBITDA Margin 31.92%
Operating Margin 28.78% -1.5%
Net Margin 12.15% -28.3%
ROE 21.33% -19.4%
ROIC 9.66% +12.0%
Debt/Equity 3.29 +7.4%
Interest Coverage 3.01 +12.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.2%
✓FCF machine: 15.5% free cash flow margin
✓13 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.3%
✓Healthy 5Y average net margin of 13.8%

✗Weaknesses

✗High debt to equity ratio of 3.3x
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.5%

5Y8.45%

3Y13.57%

TTM16.82%

Profit (Net Income) CAGR

10Y20.26%

5Y9.69%

3Y6.81%

TTM-27.4%

EPS CAGR

10Y-

5Y6.06%

3Y5.74%

TTM-29.65%

ROCE

10Y Avg9.1%

5Y Avg9.12%

3Y Avg9.98%

Latest11.12%

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+	4.05B	4.15B	4.58B	5.36B	5.6B	4.97B	5.74B	6.5B	7.02B	8.41B
Revenue Growth %	2.38%	0.02%	0.1%	0.17%	0.05%	-0.11%	0.16%	0.13%	0.08%	0.2%
Cost of Goods Sold+	2.31B	2.18B	2.33B	2.24B	3.21B	3B	3.37B	3.91B	4.22B	5.38B
COGS % of Revenue	0.57%	0.53%	0.51%	0.42%	0.57%	0.6%	0.59%	0.6%	0.6%	0.64%
Gross Profit+	1.74B	1.97B	2.25B	3.12B	2.39B	1.97B	2.37B	2.6B	2.8B	3.02B
Gross Margin %	0.43%	0.47%	0.49%	0.58%	0.43%	0.4%	0.41%	0.4%	0.4%	0.36%
Gross Profit Growth %	1.01%	0.13%	0.14%	0.39%	-0.23%	-0.18%	0.2%	0.09%	0.08%	0.08%
Operating Expenses+	547.3M	298M	513M	1.2B	385M	551M	495M	700M	751M	605M
OpEx % of Revenue	0.14%	0.07%	0.11%	0.22%	0.07%	0.11%	0.09%	0.11%	0.11%	0.07%
Selling, General & Admin	304M	281M	329M	1.14B	387M	388M	450M	561M	647M	691M
SG&A % of Revenue	0.08%	0.07%	0.07%	0.21%	0.07%	0.08%	0.08%	0.09%	0.09%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	243.3M	17M	184M	61M	-2M	163M	45M	139M	104M	-86M
Operating Income+	1.19B	1.67B	1.74B	1.92B	2.01B	1.42B	1.88B	1.9B	2.05B	2.42B
Operating Margin %	0.29%	0.4%	0.38%	0.36%	0.36%	0.29%	0.33%	0.29%	0.29%	0.29%
Operating Income Growth %	5.58%	0.4%	0.04%	0.1%	0.05%	-0.29%	0.32%	0.01%	0.08%	0.18%
EBITDA+	1.37B	1.84B	1.92B	2.1B	2.19B	1.61B	2.08B	2.09B	2.24B	2.68B
EBITDA Margin %	0.34%	0.44%	0.42%	0.39%	0.39%	0.32%	0.36%	0.32%	0.32%	0.32%
EBITDA Growth %	4.5%	0.34%	0.04%	0.09%	0.05%	-0.27%	0.29%	0%	0.07%	0.2%
D&A (Non-Cash Add-back)	182M	172M	182M	180M	185M	189M	201M	190M	191M	264M
EBIT	1.12B	1.63B	1.61B	1.9B	1.98B	1.31B	1.84B	1.88B	2.05B	2.4B
Net Interest Income+	-466.3M	-445.6M	-481.2M	-576M	-576M	-475M	-425M	-535M	-726M	-765M
Interest Income	4.2M	4.1M	26.4M	15M	20M	9M	3M	7M	40M	39M
Interest Expense	470.5M	449.7M	507.6M	591M	596M	484M	428M	542M	766M	804M
Other Income/Expense	-518.3M	-467M	-634M	-535M	-555M	-606M	-516M	-533M	-598M	-610M
Pretax Income+	673.9M	1.2B	1.1B	1.38B	1.45B	816M	1.36B	1.36B	1.45B	1.81B
Pretax Margin %	0.17%	0.29%	0.24%	0.26%	0.26%	0.16%	0.24%	0.21%	0.21%	0.22%
Income Tax+	162.2M	244M	-134M	238M	341M	66M	110M	-117M	-265M	364M
Effective Tax Rate %	0.56%	0.51%	0.59%	0.44%	0.44%	0.6%	0.61%	0.74%	0.82%	0.56%
Net Income+	375.1M	616M	648M	612M	643M	486M	838M	1.01B	1.19B	1.02B
Net Margin %	0.09%	0.15%	0.14%	0.11%	0.11%	0.1%	0.15%	0.15%	0.17%	0.12%
Net Income Growth %	1.32%	0.64%	0.05%	-0.06%	0.05%	-0.24%	0.72%	0.2%	0.18%	-0.14%
Net Income (Continuing)	511.7M	956M	1.24B	1.14B	1.11B	750M	1.25B	1.48B	1.72B	1.45B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.58B	1.79B	2.33B	2.01B	1.77B	1.55B	1.62B	1.77B	1.86B	1.73B
EPS (Diluted)+	0.50	1.45	2.54	2.42	2.37	1.60	2.69	3.25	3.76	3.18
EPS Growth %	1.22%	1.9%	0.75%	-0.05%	-0.02%	-0.32%	0.68%	0.21%	0.16%	-0.15%
EPS (Basic)	0.51	1.48	2.64	2.46	2.40	1.61	2.71	3.28	3.82	3.21
Diluted Shares Outstanding	476M	470M	477.4M	473M	469M	468M	464M	455M	456M	454M
Basic Shares Outstanding	203.5M	232.9M	237M	249M	268M	302M	310M	307M	312M	319M
Dividend Payout Ratio	0.97%	0.87%	1.02%	1.19%	1.4%	1.97%	1.16%	0.96%	0.83%	1.01%

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+	1.37B	2.1B	1.75B	1.5B	2.2B	2.26B	1.82B	2.05B	2.17B	2.28B
Cash & Short-Term Investments	757.8M	1.46B	1.1B	913M	1.53B	1.56B	1.09B	1.18B	1.14B	1.33B
Cash Only	757.8M	1.46B	1.1B	913M	1.53B	1.56B	1.09B	1.18B	1.14B	1.33B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	422M	403.5M	489M	452M	527M	536M	547M	614M	749M	698M
Days Sales Outstanding	38.01	35.52	39	30.8	34.33	39.38	34.79	34.45	38.93	30.31
Inventory	81.3M	71.8M	78M	75M	84M	96M	96M	133M	166M	142M
Days Inventory Outstanding	12.83	12.02	12.23	12.22	9.55	11.7	10.41	12.43	14.36	9.63
Other Current Assets	57.5M	57.7M	0	0	0	0	0	123M	119M	108M
Total Non-Current Assets+	17.04B	17.03B	19.47B	18.64B	20.16B	20.51B	21.43B	20.7B	21.22B	22.35B
Property, Plant & Equipment	2.15B	2.05B	2.13B	2B	3.18B	3.18B	3.17B	3.03B	3.07B	4.09B
Fixed Asset Turnover	1.88x	2.02x	2.15x	2.68x	1.76x	1.56x	1.81x	2.15x	2.28x	2.06x
Goodwill	4.57B	4.68B	5.78B	5.49B	5.65B	5.74B	6.01B	5.69B	5.78B	5.99B
Intangible Assets	9.15B	9.23B	11.06B	10.46B	10.56B	10.7B	11.42B	10.99B	11.11B	10.92B
Long-Term Investments	139M	0	0	0	0	271M	324M	607M	360M	390M
Other Non-Current Assets	1.03B	1.07B	497M	696M	767M	619M	518M	380M	902M	964M
Total Assets+	18.41B	19.12B	21.22B	20.14B	22.36B	22.78B	23.25B	22.75B	23.39B	24.63B
Asset Turnover	0.22x	0.22x	0.22x	0.27x	0.25x	0.22x	0.25x	0.29x	0.30x	0.34x
Asset Growth %	-0.14%	0.04%	0.11%	-0.05%	0.11%	0.02%	0.02%	-0.02%	0.03%	0.05%
Total Current Liabilities+	1.12B	1.21B	1.66B	1.41B	1.7B	1.6B	1.88B	2.12B	2.14B	2.36B
Accounts Payable	361.5M	369.8M	496M	513M	644M	464M	614M	758M	790M	765M
Days Payables Outstanding	57.05	61.89	77.77	83.59	73.2	56.55	66.6	70.81	68.33	51.88
Short-Term Debt	56.1M	93.9M	78M	91M	101M	79M	96M	127M	101M	222M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	170.1M	163.9M	90M	80M	65M	90M	189M	153M	165M	159M
Current Ratio	1.22x	1.73x	1.06x	1.07x	1.29x	1.41x	0.97x	0.97x	1.01x	0.97x
Quick Ratio	1.15x	1.67x	1.01x	1.01x	1.24x	1.35x	0.92x	0.91x	0.94x	0.91x
Cash Conversion Cycle	-6.21	-14.35	-26.53	-40.57	-29.33	-5.47	-21.4	-23.94	-15.04	-11.94
Total Non-Current Liabilities+	11.08B	11.13B	15.01B	15.12B	16.4B	17.45B	17.52B	16.36B	16.52B	17.43B
Long-Term Debt	8.46B	8.41B	11.8B	11.82B	11.76B	12.4B	12.92B	12.84B	12.85B	13.46B
Capital Lease Obligations	554.9M	494.2M	496M	418M	1.48B	1.48B	1.47B	1.39B	1.41B	2.09B
Deferred Tax Liabilities	1.62B	1.72B	1.51B	1.52B	1.56B	1.43B	1.37B	1.31B	1.3B	1.21B
Other Non-Current Liabilities	420.7M	482M	1.17B	847M	1.03B	1.6B	1.19B	238M	342M	105M
Total Liabilities	12.2B	12.34B	16.66B	16.52B	18.1B	19.06B	19.39B	18.48B	18.66B	19.79B
Total Debt+	9.07B	9B	12.38B	12.33B	13.47B	14.12B	14.62B	14.49B	14.52B	15.96B
Net Debt	8.32B	7.54B	11.28B	11.42B	11.93B	12.56B	13.53B	13.31B	13.38B	14.62B
Debt / Equity	1.46x	1.33x	2.71x	3.41x	3.16x	3.80x	3.79x	3.40x	3.07x	3.29x
Debt / EBITDA	6.60x	4.89x	6.46x	5.88x	6.14x	8.77x	7.03x	6.94x	6.47x	5.95x
Net Debt / EBITDA	6.05x	4.10x	5.88x	5.45x	5.44x	7.80x	6.51x	6.38x	5.97x	5.45x
Interest Coverage	2.53x	3.71x	3.42x	3.24x	3.37x	2.94x	4.39x	3.50x	2.68x	3.01x
Total Equity+	6.21B	6.79B	4.56B	3.62B	4.26B	3.72B	3.85B	4.27B	4.73B	4.84B
Equity Growth %	-0.19%	0.09%	-0.33%	-0.21%	0.18%	-0.13%	0.04%	0.11%	0.11%	0.02%
Book Value per Share	13.05	14.44	9.55	7.65	9.08	7.95	8.30	9.38	10.37	10.67
Total Shareholders' Equity	4.63B	5B	2.23B	1.61B	2.49B	2.17B	2.24B	2.5B	2.87B	3.11B
Common Stock	1.82B	1.96B	2.05B	1.74B	2.48B	2.4B	2.16B	2.06B	1.97B	2.36B
Retained Earnings	245.8M	445.7M	651M	674M	775M	622M	791M	1.12B	1.6B	1.86B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-733.7M	-698.3M	-476M	-800M	-763M	-854M	-710M	-679M	-706M	-1.11B
Minority Interest	1.58B	1.79B	2.33B	2.01B	1.77B	1.55B	1.62B	1.77B	1.86B	1.73B

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+	1.2B	1.27B	1.38B	1.17B	1.48B	921M	1.73B	1.49B	1.32B	1.5B
Operating CF Margin %	0.3%	0.31%	0.3%	0.22%	0.26%	0.19%	0.3%	0.23%	0.19%	0.18%
Operating CF Growth %	3.65%	0.05%	0.09%	-0.16%	0.27%	-0.38%	0.87%	-0.14%	-0.11%	0.14%
Net Income	511.7M	955.9M	1.24B	1.14B	1.11B	750M	1.25B	1.48B	1.19B	1.02B
Depreciation & Amortization	182M	172.1M	181.1M	180M	185M	189M	201M	190M	194.5M	264M
Stock-Based Compensation	50.8M	35.1M	48.3M	48M	68M	84M	102M	136M	194M	172M
Deferred Taxes	-32.3M	80.1M	-742.4M	29M	58M	-208M	-5M	-60M	-437.89M	-5M
Other Non-Cash Items	179.2M	23.4M	265.7M	-113M	-77M	300M	17M	52M	451.38M	160M
Working Capital Changes	313.4M	2.4M	394M	-123M	131M	-194M	158M	-310M	-269M	-109M
Change in Receivables	62.6M	-27.1M	331M	-200M	-54.23M	-30M	7.93M	-105.64M	-147M	7M
Change in Inventory	9.2M	7.7M	2.9M	-7M	-15M	-10M	12M	-61M	-43M	30M
Change in Payables	191.2M	27.5M	19.9M	41M	114.6M	0	147.69M	169M	22M	-30M
Cash from Investing+	-61.5M	26.9M	-857.8M	-44M	-30M	-79M	-1.1B	-64M	11M	-660M
Capital Expenditures	-115.3M	-33.7M	-36.7M	-86M	-62M	-117M	-106M	-100M	-120M	-201M
CapEx % of Revenue	0.03%	0.01%	0.01%	0.02%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	275.75M	2.6M	26.6M	1M	8M	5M	2M	48M	19M	7M
Cash from Financing+	-2.12B	-590.9M	-935.2M	-1.28B	-842M	-821M	-1.09B	-1.31B	-1.37B	-625M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-362.4M	-538.1M	-663.5M	-728M	-901M	-1.01B	-974M	-971M	-990M	-1.03B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-380.1M	3.5M	-3.08B	2M	-27M	-40.34M	-74M	31M	93M	66M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.09B	1.24B	1.35B	1.08B	1.41B	804M	1.62B	1.39B	1.2B	1.3B
FCF Margin %	0.27%	0.3%	0.29%	0.2%	0.25%	0.16%	0.28%	0.21%	0.17%	0.15%
FCF Growth %	3.77%	0.13%	0.09%	-0.2%	0.31%	-0.43%	1.01%	-0.14%	-0.13%	0.08%
FCF per Share	2.29	2.63	2.82	2.28	3.01	1.72	3.49	3.05	2.64	2.87
FCF Conversion (FCF/Net Income)	3.21x	2.06x	2.13x	1.90x	2.30x	1.90x	2.06x	1.48x	1.11x	1.47x
Interest Paid	408.3M	407M	447M	561M	584M	463M	404M	487M	761M	785M
Taxes Paid	208.3M	159M	200M	433M	248M	267M	256M	275M	290M	293M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.42%	9.48%	11.42%	14.97%	16.33%	12.18%	22.13%	24.82%	26.45%	21.33%
Return on Invested Capital (ROIC)	5.77%	8.67%	8.63%	9.31%	9.64%	6.57%	8.37%	8.14%	8.62%	9.66%
Gross Margin	42.93%	47.4%	49.13%	58.19%	42.69%	39.71%	41.37%	39.94%	39.9%	35.97%
Net Margin	9.26%	14.86%	14.16%	11.42%	11.48%	9.78%	14.6%	15.5%	16.95%	12.15%
Debt / Equity	1.46x	1.33x	2.71x	3.41x	3.16x	3.80x	3.79x	3.40x	3.07x	3.29x
Interest Coverage	2.53x	3.71x	3.42x	3.24x	3.37x	2.94x	4.39x	3.50x	2.68x	3.01x
FCF Conversion	3.21x	2.06x	2.13x	1.90x	2.30x	1.90x	2.06x	1.48x	1.11x	1.47x
Revenue Growth	238.02%	2.31%	10.37%	17.07%	4.59%	-11.33%	15.52%	13.35%	7.95%	19.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Tim Hortons	2.96B	3B	3.15B	3.29B	3.34B	2.81B	3.34B	3.82B	3.97B	4.04B
Tim Hortons Growth	-	1.50%	5.10%	4.36%	1.58%	-15.97%	18.93%	14.39%	3.90%	1.71%
Burger King	1.1B	1.14B	1.22B	1.65B	1.78B	1.6B	1.81B	1.9B	1.3B	1.45B
Burger King Growth	-	4.48%	6.54%	35.42%	7.63%	-9.85%	13.17%	4.63%	-31.63%	11.80%
Advertising	-	-	-	-	-	-	-	-	-	1.12B
Advertising Growth	-	-	-	-	-	-	-	-	-	-
International	-	-	-	-	-	-	-	-	874M	935M
International Growth	-	-	-	-	-	-	-	-	-	6.98%
Popeyes Louisiana Kitchen	-	-	-	414M	482M	556M	579M	647M	692M	768M
Popeyes Louisiana Kitchen Growth	-	-	-	-	16.43%	15.35%	4.14%	11.74%	6.96%	10.98%
Firehouse Subs	-	-	-	-	-	-	5M	138M	187M	214M
Firehouse Subs Growth	-	-	-	-	-	-	-	2660.00%	35.51%	14.44%
Popeyes	-	-	202.3M	-	-	-	-	-	-	-
Popeyes Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	1B	1.19B	1.78B	1.93B	1.89B	2B	2.27B	2.52B	3.78B
UNITED STATES Growth	-	-	18.48%	50.00%	8.12%	-2.12%	6.14%	13.37%	10.78%	50.24%
CANADA	-	2.67B	2.83B	2.98B	3.04B	2.55B	3.04B	3.46B	3.63B	3.68B
CANADA Growth	-	-	6.01%	5.36%	1.78%	-16.17%	19.21%	13.94%	4.97%	1.49%
Others	-	469.8M	553.9M	588M	636M	533M	699M	774M	874M	939M
Others Growth	-	-	17.90%	6.16%	8.16%	-16.19%	31.14%	10.73%	12.92%	7.44%

Frequently Asked Questions

Valuation & Price

Restaurant Brands International Inc. (QSR) has a price-to-earnings (P/E) ratio of 21.9x. This is roughly in line with market averages.

Growth & Financials

Restaurant Brands International Inc. (QSR) reported $9.26B in revenue for fiscal year 2024. This represents a 370% increase from $1.97B in 2012.

Restaurant Brands International Inc. (QSR) grew revenue by 19.7% over the past year. This is strong growth.

Yes, Restaurant Brands International Inc. (QSR) is profitable, generating $922.0M in net income for fiscal year 2024 (12.1% net margin).

Dividend & Returns

Yes, Restaurant Brands International Inc. (QSR) pays a dividend with a yield of 3.26%. This makes it attractive for income-focused investors.

Restaurant Brands International Inc. (QSR) has a return on equity (ROE) of 21.3%. This is excellent, indicating efficient use of shareholder capital.

Restaurant Brands International Inc. (QSR) generated $1.36B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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