Latest Ratios: P/E Ratio 23.7x · EV/EBITDA 14.7x · ROE 15.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.0B | $31.2B | $29.6B | $35.6B | $29.4B | $28.2B | $28.6B | $29.9B | $24.7B | $29.4B | $22.4B |
| Enterprise Value | $43.4B | $47.6B | $44.2B | $49.0B | $42.7B | $41.7B | $41.2B | $41.8B | $36.2B | $40.6B | $29.9B |
| P/E Ratio → | 23.67 | 29.03 | 20.50 | 20.78 | 19.90 | 22.56 | 38.19 | 26.91 | 21.61 | 24.20 | 32.87 |
| P/S Ratio | 2.76 | 3.31 | 3.52 | 5.07 | 4.52 | 4.91 | 5.76 | 5.34 | 4.62 | 6.41 | 5.40 |
| P/B Ratio | 6.88 | 6.04 | 6.11 | 7.53 | 6.89 | 7.31 | 7.69 | 7.02 | 6.84 | 6.44 | 3.30 |
| P/FCF | 17.19 | 21.52 | 22.73 | 29.62 | 21.17 | 17.38 | 35.57 | 21.15 | 22.93 | 21.82 | 18.13 |
| P/OCF | 15.73 | 18.19 | 19.69 | 26.93 | 19.75 | 16.31 | 31.05 | 20.26 | 21.23 | 21.24 | 17.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.05 | 5.26 | 6.98 | 6.57 | 7.26 | 8.29 | 7.47 | 6.75 | 8.88 | 7.22 |
| EV / EBITDA | 14.69 | 18.75 | 16.48 | 21.86 | 20.47 | 20.04 | 25.55 | 19.09 | 17.24 | 21.19 | 16.28 |
| EV / EBIT | 19.38 | 21.64 | 18.42 | 23.93 | 22.77 | 22.61 | 31.49 | 21.19 | 19.00 | 25.30 | 18.34 |
| EV / FCF | — | 32.85 | 33.96 | 40.73 | 30.75 | 25.73 | 51.20 | 29.59 | 33.51 | 30.20 | 24.24 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 36.0% | 39.9% | 39.9% | 41.4% | 39.7% | 42.7% | 58.2% | 49.1% | 47.4% |
| Operating Margin | 23.7% | 23.7% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% | 35.8% | 35.8% | 37.9% | 40.2% |
| Net Profit Margin | 8.2% | 8.2% | 12.1% | 16.9% | 15.5% | 14.6% | 9.8% | 11.5% | 11.4% | 14.2% | 14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 21.3% | 26.5% | 24.8% | 22.1% | 12.2% | 16.3% | 15.0% | 11.4% | 9.5% |
| ROA | 3.1% | 3.1% | 4.3% | 5.2% | 4.4% | 3.6% | 2.2% | 3.0% | 3.0% | 3.2% | 3.3% |
| ROIC | 8.2% | 8.2% | 9.7% | 8.6% | 8.1% | 8.4% | 6.6% | 9.6% | 9.3% | 8.6% | 8.7% |
| ROCE | 9.9% | 9.9% | 11.1% | 9.8% | 9.0% | 8.8% | 6.8% | 10.2% | 10.0% | 9.3% | 9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.41 | 3.41 | 3.29 | 3.07 | 3.40 | 3.79 | 3.80 | 3.16 | 3.41 | 2.71 | 1.33 |
| Debt / EBITDA | 6.92 | 6.92 | 5.95 | 6.47 | 6.94 | 7.03 | 8.77 | 6.14 | 5.88 | 6.46 | 4.89 |
| Net Debt / Equity | — | 3.18 | 3.02 | 2.83 | 3.12 | 3.51 | 3.38 | 2.80 | 3.16 | 2.47 | 1.11 |
| Net Debt / EBITDA | 6.47 | 6.47 | 5.45 | 5.97 | 6.38 | 6.51 | 7.80 | 5.44 | 5.45 | 5.88 | 4.10 |
| Debt / FCF | — | 11.33 | 11.23 | 11.12 | 9.58 | 8.35 | 15.63 | 8.44 | 10.58 | 8.38 | 6.10 |
| Interest Coverage | 4.26 | 4.26 | 2.99 | 2.67 | 3.46 | 4.31 | 2.70 | 3.31 | 3.22 | 3.16 | 3.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 0.97 | 1.01 | 0.97 | 0.97 | 1.41 | 1.29 | 1.07 | 1.06 | 1.73 |
| Quick Ratio | 0.91 | 0.91 | 0.91 | 0.94 | 0.91 | 0.92 | 1.35 | 1.24 | 1.01 | 1.01 | 1.67 |
| Cash Ratio | 0.40 | 0.40 | 0.56 | 0.53 | 0.56 | 0.58 | 0.97 | 0.90 | 0.65 | 0.66 | 1.21 |
| Asset Turnover | — | 0.37 | 0.34 | 0.30 | 0.29 | 0.25 | 0.22 | 0.25 | 0.27 | 0.22 | 0.22 |
| Inventory Turnover | 27.11 | 27.11 | 37.90 | 25.42 | 29.38 | 35.05 | 31.20 | 38.23 | 29.87 | 29.85 | 30.38 |
| Days Sales Outstanding | — | 30.72 | 30.31 | 38.93 | 34.45 | 34.79 | 39.38 | 34.33 | 30.80 | 39.00 | 35.52 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.6% | 3.5% | 2.8% | 3.3% | 3.5% | 3.4% | 3.0% | 2.9% | 2.3% | 2.4% |
| Payout Ratio | 142.8% | 142.8% | 100.8% | 83.2% | 96.3% | 116.2% | 197.3% | 140.1% | 119.0% | 102.5% | 87.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 3.4% | 4.9% | 4.8% | 5.0% | 4.4% | 2.6% | 3.7% | 4.6% | 4.1% | 3.0% |
| FCF Yield | 5.8% | 4.6% | 4.4% | 3.4% | 4.7% | 5.8% | 2.8% | 4.7% | 4.4% | 4.6% | 5.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.4% | 1.1% | 2.0% | 1.3% | 0.0% | 2.5% | 1.1% | 0.0% |
| Total Shareholder Yield | 3.1% | 3.6% | 3.5% | 4.2% | 4.4% | 5.4% | 4.7% | 3.0% | 5.5% | 3.4% | 2.4% |
| Shares Outstanding | — | $457M | $454M | $456M | $455M | $464M | $468M | $469M | $473M | $477M | $470M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying QSR stock.
Restaurant Brands International Inc.'s current P/E ratio is 23.7x. The historical average is 30.1x. This places it at the 45th percentile of its historical range.
Restaurant Brands International Inc.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.6x.
Restaurant Brands International Inc.'s return on equity (ROE) is 15.5%. The historical average is 15.1%.
Based on historical data, Restaurant Brands International Inc. is trading at a P/E of 23.7x. This is at the 45th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Restaurant Brands International Inc.'s current dividend yield is 3.12% with a payout ratio of 142.8%.
Restaurant Brands International Inc. has 41.1% gross margin and 23.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Restaurant Brands International Inc.'s Debt/EBITDA ratio is 6.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage amid EPS miss
Metrics are mathematically derived from official filings.
Premium Multiples Price in Franchise Durability
Based on the reported multiples, QSR trades at a trailing P/E of 33.43 against a forward P/E of 19.40, a gap that suggests the market is pricing a meaningful earnings recovery while the forward EV/EBITDA of 11.22 sits well below the trailing 17.74 level.
The compression from trailing to forward multiples implies that consensus expects earnings to rebound materially, which the recent EPS shortfall makes less certain. Relative to McDonald's at 23.27 trailing P/E and Yum! Brands at 29.87, QSR carries a premium on trailing earnings, and a PEG of 4.18 suggests the growth embedded in the price may be demanding relative to the reported trajectory. Investors should monitor whether margin recovery materializes, since the valuation appears to rest more on forward expectations than on current reported earnings.
Deleveraging Driven by Equity, Not Debt
According to reported figures, QSR's debt-to-equity ratio fell from 3.18 in 2024Q3 to 2.80 in 2026Q3, yet debt-to-EBITDA of 20.23 and interest coverage of 4.08 indicate that debt service remains tight relative to operating earnings.
The improvement in leverage appears to stem from retained earnings growth rather than meaningful debt paydown, which leaves the absolute debt burden largely intact. Interest coverage of 4.08 in 2026Q3 is well below the 28.56 to 31.51 range seen in mid-2025, suggesting interest costs have absorbed a larger share of operating profit over that period. This warrants further investigation into refinancing terms and maturity profile, as the current coverage cushion offers limited room for an earnings shortfall.
Volatile Margins Obscure Underlying Earning Power
As reported in financial statements, QSR's operating margin held within a 20% to 28% band, with 27.3% in 2026Q3, while net margin swung from 4.6% in 2025Q4 to 21.5% in 2026Q3, indicating that net profitability is far less stable than operating performance.
The stability of operating margin relative to the sharp swings in net margin suggests that below-the-line items such as interest expense and tax effects are driving much of the earnings volatility. The gross margin pattern, moving from roughly 33% in early 2025 to 49.6% in 2026Q1 before settling at 35.4%, points to mix shifts rather than a clean structural expansion. Operating margin is therefore the more reliable gauge of earning power, though the EPS miss in the latest quarter indicates that cost pressure may be emerging beneath the top line.
Low ROIC Caps Compounding Potential
Based on the reported ratios, QSR's ROIC of 2.6% in 2026Q3 sits near the low end of its ten-quarter range of 1.7% to 2.6%, while ROE of 9.9% is supported largely by leverage rather than by strong returns on operating capital.
A return on invested capital in the low single digits implies that incremental capital deployed into the business earns little above its cost, which challenges the compounding narrative. The gap between ROE of 9.9% and ROIC of 2.6% suggests that the equity return is substantially amplified by a debt-funded capital structure with a debt-to-equity ratio near 2.80. Investors should monitor whether the Burger King reinvestment initiative can lift ROIC meaningfully, as the current level appears insufficient to justify premium multiples on a returns basis.
Asset-Light Model Masks Financial Strain
Analysts often apply P/E to QSR, yet with a debt-to-EBITDA of 20.23 and net debt of roughly $14.5B, the enterprise value framework and leverage-adjusted metrics reveal risks that headline earnings multiples obscure.
The P/E ratio is frequently misapplied to franchisors with heavy debt because net income is depressed by interest expense and is volatile as reported in quarterly figures, making the multiple unstable. EV/EBITDA or free cash flow yield offers a cleaner read on franchise economics, though even these require adjustment for advertising fund consolidation that may distort reported revenue. Investors should weight leverage-adjusted cash generation over headline P/E when evaluating whether the current premium is warranted.