Yum! Brands, Inc. (YUM) 10-Year Financial Performance & Capital Metrics

YUM • • Industrial / General

Consumer CyclicalRestaurantsMulti-Brand FranchisorsMulti-Concept Operators

AboutYUM! Brands, Inc., together with its subsidiaries, develops, operates, and franchises quick service restaurants worldwide. It operates through four segments: the KFC Division, the Taco Bell Division, the Pizza Hut Division, and the Habit Burger Grill Division. The company operates restaurants under the KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill brands, which specialize in chicken, pizza, made-to-order chargrilled burgers, sandwiches, Mexican-style food categories, and other food products. As of December 31, 2021, it had 26,934 KFC units; 18,381 Pizza Hut units; 7,791 Taco Bell units; and 318 The Habit Burger Grill units in approximately 157 countries and territories. The company was formerly known as TRICON Global Restaurants, Inc. and changed its name to YUM! Brands, Inc. in May 2002. YUM! Brands, Inc. was incorporated in 1997 and is headquartered in Louisville, Kentucky.Show more

Revenue $7.55B +6.7%
EBITDA $2.58B +4.3%
Net Income $1.49B -7.0%
EPS (Diluted) 5.22 -6.8%
Gross Margin 47.48% -3.9%
EBITDA Margin 34.15% -2.2%
Operating Margin 31.83% -2.8%
Net Margin 19.68% -12.8%
ROE -
ROIC 46.92% -4.5%
Debt/Equity -
Interest Coverage 4.91 +8.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 19.0% free cash flow margin
✓Healthy 5Y average net margin of 20.3%
✓Trading near 52-week high
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-5.49%

5Y6.17%

3Y4.66%

TTM9.48%

Profit (Net Income) CAGR

10Y3.52%

5Y2.81%

3Y-1.92%

TTM-6.16%

EPS CAGR

10Y8.45%

5Y4.8%

3Y0%

TTM-5.23%

ROCE

10Y Avg49.58%

5Y Avg46.84%

3Y Avg49%

Latest46.16%

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+	6.42B	6.36B	5.88B	5.69B	5.6B	5.65B	6.58B	6.84B	7.08B	7.55B
Revenue Growth %	-0.52%	-0.01%	-0.08%	-0.03%	-0.02%	0.01%	0.16%	0.04%	0.03%	0.07%
Cost of Goods Sold+	3.87B	3.69B	3.19B	3.03B	2.78B	2.96B	3.42B	3.54B	3.58B	3.96B
COGS % of Revenue	0.6%	0.58%	0.54%	0.53%	0.5%	0.52%	0.52%	0.52%	0.51%	0.53%
Gross Profit+	2.55B	2.67B	2.69B	2.66B	2.81B	2.69B	3.17B	3.31B	3.5B	3.58B
Gross Margin %	0.4%	0.42%	0.46%	0.47%	0.5%	0.48%	0.48%	0.48%	0.49%	0.47%
Gross Profit Growth %	-0.26%	0.05%	0.01%	-0.01%	0.06%	-0.05%	0.18%	0.04%	0.06%	0.03%
Operating Expenses+	1.12B	984M	-74M	362M	884M	1.18B	1.03B	1.12B	1.18B	1.18B
OpEx % of Revenue	0.17%	0.15%	-0.01%	0.06%	0.16%	0.21%	0.16%	0.16%	0.17%	0.16%
Selling, General & Admin	1.06B	1.13B	999M	895M	917M	1.06B	1.06B	1.14B	1.19B	1.18B
SG&A % of Revenue	0.16%	0.18%	0.17%	0.16%	0.16%	0.19%	0.16%	0.17%	0.17%	0.16%
Research & Development	24M	24M	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	0%	-	-	-	-	-	-	-	-
Other Operating Expenses	59M	-145M	-1.07B	-533M	-33M	120M	-33M	-20M	-15M	0
Operating Income+	1.43B	1.68B	2.76B	2.3B	1.93B	1.5B	2.14B	2.19B	2.32B	2.4B
Operating Margin %	0.22%	0.26%	0.47%	0.4%	0.34%	0.27%	0.32%	0.32%	0.33%	0.32%
Operating Income Growth %	-0.05%	0.17%	0.64%	-0.17%	-0.16%	-0.22%	0.42%	0.02%	0.06%	0.04%
EBITDA+	1.75B	1.99B	3.01B	2.43B	2.04B	1.65B	2.3B	2.33B	2.47B	2.58B
EBITDA Margin %	0.27%	0.31%	0.51%	0.43%	0.36%	0.29%	0.35%	0.34%	0.35%	0.34%
EBITDA Growth %	-0.05%	0.14%	0.51%	-0.19%	-0.16%	-0.19%	0.4%	0.01%	0.06%	0.04%
D&A (Non-Cash Add-back)	319M	310M	253M	137M	112M	146M	164M	146M	153M	175M
EBIT	1.39B	1.65B	2.72B	2.29B	1.86B	1.56B	2.22B	2.19B	2.33B	2.39B
Net Interest Income+	-141M	-305M	-445M	-452M	-486M	-543M	-544M	-527M	-513M	-489M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	141M	305M	445M	452M	486M	543M	544M	527M	513M	489M
Other Income/Expense	-181M	-337M	-487M	-457M	-557M	-483M	-465M	-525M	-500M	-503M
Pretax Income+	1.25B	1.34B	2.27B	1.84B	1.37B	1.02B	1.67B	1.66B	1.82B	1.9B
Pretax Margin %	0.2%	0.21%	0.39%	0.32%	0.25%	0.18%	0.25%	0.24%	0.26%	0.25%
Income Tax+	327M	327M	934M	297M	79M	116M	99M	337M	221M	414M
Effective Tax Rate %	1.03%	1.22%	0.59%	0.84%	0.94%	0.89%	0.94%	0.8%	0.88%	0.78%
Net Income+	1.29B	1.64B	1.34B	1.54B	1.29B	904M	1.57B	1.32B	1.6B	1.49B
Net Margin %	0.2%	0.26%	0.23%	0.27%	0.23%	0.16%	0.24%	0.19%	0.23%	0.2%
Net Income Growth %	0.23%	0.27%	-0.18%	0.15%	-0.16%	-0.3%	0.74%	-0.16%	0.21%	-0.07%
Net Income (Continuing)	926M	1.02B	1.34B	1.54B	1.29B	904M	1.57B	1.32B	1.6B	1.49B
Discontinued Operations	357M	625M	0	0	0	0	0	0	0	0
Minority Interest	58M	5.48B	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.90	4.10	3.77	4.69	4.13	2.94	5.22	4.57	5.60	5.22
EPS Growth %	0.25%	0.41%	-0.08%	0.24%	-0.12%	-0.29%	0.78%	-0.12%	0.23%	-0.07%
EPS (Basic)	2.95	4.17	3.86	4.79	4.23	2.99	5.30	4.63	5.68	5.28
Diluted Shares Outstanding	443M	400M	355M	329M	313M	307M	302M	290M	285M	285M
Basic Shares Outstanding	435M	394M	347M	322M	306M	302M	297M	286M	281M	282M
Dividend Payout Ratio	0.56%	0.45%	0.31%	0.3%	0.39%	0.63%	0.38%	0.49%	0.42%	0.51%

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+	1.69B	1.48B	2.51B	1.21B	1.53B	1.69B	1.53B	1.61B	1.61B	1.87B
Cash & Short-Term Investments	737M	704M	1.52B	292M	605M	730M	486M	367M	512M	707M
Cash Only	737M	704M	1.52B	292M	605M	730M	486M	367M	512M	616M
Short-Term Investments	0	0	0	0	0	0	0	0	0	91M
Accounts Receivable	363M	414M	575M	597M	623M	569M	646M	680M	757M	830M
Days Sales Outstanding	20.64	23.77	35.71	38.31	40.63	36.75	35.81	36.28	39.05	40.13
Inventory	40M	37M	13M	0	0	0	0	0	0	0
Days Inventory Outstanding	3.78	3.66	1.49	-	-	-	-	-	-	-
Other Current Assets	887M	194M	285M	175M	163M	265M	262M	410M	340M	334M
Total Non-Current Assets+	6.39B	4B	2.8B	2.92B	3.7B	4.16B	4.43B	4.24B	4.62B	4.86B
Property, Plant & Equipment	2.35B	2.11B	1.59B	1.24B	1.81B	2.09B	2.02B	1.91B	1.96B	2.19B
Fixed Asset Turnover	2.73x	3.01x	3.69x	4.60x	3.09x	2.71x	3.27x	3.58x	3.61x	3.45x
Goodwill	656M	541M	512M	525M	530M	597M	657M	638M	642M	736M
Intangible Assets	271M	151M	110M	242M	244M	343M	359M	354M	377M	416M
Long-Term Investments	61M	0	0	214M	137M	31M	118M	116M	124M	44M
Other Non-Current Assets	2.64B	376M	345M	510M	534M	553M	560M	466M	473M	404M
Total Assets+	8.07B	5.48B	5.31B	4.13B	5.23B	5.85B	5.97B	5.85B	6.23B	6.73B
Asset Turnover	0.79x	1.16x	1.11x	1.38x	1.07x	0.97x	1.10x	1.17x	1.14x	1.12x
Asset Growth %	-0.03%	-0.32%	-0.03%	-0.22%	0.27%	0.12%	0.02%	-0.02%	0.07%	0.08%
Total Current Liabilities+	3.09B	1.37B	1.51B	1.3B	1.54B	1.68B	1.42B	1.67B	1.28B	1.27B
Accounts Payable	181M	142M	119M	202M	173M	215M	227M	243M	231M	249M
Days Payables Outstanding	17.08	14.05	13.61	24.33	22.69	26.47	24.24	25.09	23.55	22.92
Short-Term Debt	921M	66M	375M	321M	431M	453M	68M	390M	45M	19M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.61B	851M	796M	553M	572M	608M	712M	671M	631M	661M
Current Ratio	0.55x	1.08x	1.66x	0.93x	0.99x	1.01x	1.08x	0.97x	1.26x	1.47x
Quick Ratio	0.53x	1.06x	1.65x	0.93x	0.99x	1.01x	1.08x	0.97x	1.26x	1.47x
Cash Conversion Cycle	7.34	13.39	23.58	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.02B	9.77B	10.13B	10.76B	11.71B	12.07B	12.92B	13.06B	12.81B	13.11B
Long-Term Debt	3.01B	9.06B	9.43B	9.75B	10.06B	10.21B	11.12B	11.4B	11.1B	11.25B
Capital Lease Obligations	0	0	0	0	710M	888M	850M	780M	799M	921M
Deferred Tax Liabilities	8M	7M	6M	0	0	0	0	0	0	0
Other Non-Current Liabilities	998M	703M	704M	1B	935M	973M	953M	873M	913M	938M
Total Liabilities	7.11B	11.13B	11.64B	12.06B	13.25B	13.74B	14.34B	14.72B	14.09B	14.38B
Total Debt+	3.93B	9.13B	9.8B	10.07B	11.27B	11.64B	12.13B	12.66B	12.03B	12.29B
Net Debt	3.62B	8.4B	8.28B	9.78B	10.66B	10.91B	11.64B	12.29B	11.52B	11.67B
Debt / Equity	4.05x	-	-	-	-	-	-	-	-	-
Debt / EBITDA	2.24x	4.58x	3.25x	4.14x	5.52x	7.06x	5.27x	5.43x	4.87x	4.77x
Net Debt / EBITDA	2.06x	4.22x	2.75x	4.02x	5.22x	6.62x	5.05x	5.27x	4.66x	4.53x
Interest Coverage	10.17x	5.51x	6.20x	5.08x	3.97x	2.77x	3.93x	4.15x	4.52x	4.91x
Total Equity+	969M	-178M	-6.33B	-7.93B	-8.02B	-7.89B	-8.37B	-8.88B	-7.86B	-7.65B
Equity Growth %	-0.4%	-1.18%	-34.58%	-0.25%	-0.01%	0.02%	-0.06%	-0.06%	0.11%	0.03%
Book Value per Share	2.19	-0.45	-17.84	-24.09	-25.61	-25.70	-27.73	-30.61	-27.57	-26.84
Total Shareholders' Equity	911M	-5.66B	-6.33B	-7.93B	-8.02B	-7.89B	-8.37B	-8.88B	-7.86B	-7.65B
Common Stock	0	0	0	0	0	0	0	0	60M	0
Retained Earnings	1.15B	-5.22B	-6.06B	-7.59B	-7.63B	-7.48B	-8.05B	-8.51B	-7.62B	-7.26B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-239M	-433M	-271M	-334M	-388M	-411M	-325M	-369M	-302M	-392M
Minority Interest	58M	5.48B	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+	2.14B	1.25B	1.03B	1.18B	1.31B	1.3B	1.71B	1.43B	1.6B	1.69B
Operating CF Margin %	0.33%	0.2%	0.18%	0.21%	0.23%	0.23%	0.26%	0.21%	0.23%	0.22%
Operating CF Growth %	0.04%	-0.42%	-0.17%	0.14%	0.12%	-0.01%	0.31%	-0.16%	0.12%	0.05%
Net Income	1.3B	994M	1.34B	1.54B	1.29B	904M	1.57B	1.32B	1.6B	1.49B
Depreciation & Amortization	747M	309M	253M	137M	112M	146M	164M	146M	153M	175M
Stock-Based Compensation	57M	80M	65M	50M	59M	97M	75M	84M	95M	69M
Deferred Taxes	-89M	27M	634M	-11M	-232M	-65M	-200M	-55M	-290M	-30M
Other Non-Cash Items	72M	-163M	-1.14B	-565M	159M	135M	90M	32M	-23M	-1M
Working Capital Changes	54M	1M	-127M	23M	-77M	88M	2M	-105M	71M	-10M
Change in Receivables	-35M	-23M	-19M	-66M	-56M	62M	-46M	-84M	-89M	-53M
Change in Inventory	-4M	1M	3M	0	56M	0	46M	84M	0	0
Change in Payables	93M	-40M	-173M	-68M	-36M	128M	122M	-39M	-30M	8M
Cash from Investing+	-682M	-4M	1.47B	313M	-88M	-335M	-173M	-202M	-107M	-422M
Capital Expenditures	-973M	-422M	-318M	-234M	-196M	-160M	-230M	-279M	-285M	-257M
CapEx % of Revenue	0.15%	0.07%	0.05%	0.04%	0.04%	0.03%	0.03%	0.04%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	54M	72M	17M	-12M	-2M	8M	-28M	4M	57M	-144M
Cash from Financing+	-1.29B	-744M	-1.79B	-2.62B	-938M	-738M	-1.77B	-1.32B	-1.43B	-1.16B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-730M	-744M	-416M	-462M	-511M	-566M	-592M	-649M	-678M	-752M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7M	111M	-122M	-60M	-85M	-61M	-77M	226M	-25M	-73M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.17B	782M	712M	942M	1.12B	1.15B	1.48B	1.15B	1.32B	1.43B
FCF Margin %	0.18%	0.12%	0.12%	0.17%	0.2%	0.2%	0.22%	0.17%	0.19%	0.19%
FCF Growth %	0.15%	-0.33%	-0.09%	0.32%	0.19%	0.02%	0.29%	-0.22%	0.15%	0.09%
FCF per Share	2.63	1.96	2.01	2.86	3.58	3.73	4.89	3.96	4.62	5.02
FCF Conversion (FCF/Net Income)	1.65x	0.76x	0.77x	0.76x	1.02x	1.44x	1.08x	1.08x	1.00x	1.14x
Interest Paid	0	0	0	0	0	0	0	486M	526M	510M
Taxes Paid	0	0	0	0	0	0	0	371M	432M	494M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	100.51%	415.42%	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC)	25.22%	20.34%	40.64%	90.58%	64.3%	39.75%	50.99%	49.07%	49.12%	46.92%
Gross Margin	39.75%	41.94%	45.71%	46.73%	50.28%	47.54%	48.09%	48.33%	49.41%	47.48%
Net Margin	20.15%	25.85%	22.8%	27.11%	23.12%	15.99%	23.92%	19.37%	22.57%	19.68%
Debt / Equity	4.05x	-	-	-	-	-	-	-	-	-
Interest Coverage	10.17x	5.51x	6.20x	5.08x	3.97x	2.77x	3.93x	4.15x	4.52x	4.91x
FCF Conversion	1.65x	0.76x	0.77x	0.76x	1.02x	1.44x	1.08x	1.08x	1.00x	1.14x
Revenue Growth	-51.67%	-0.97%	-7.52%	-3.23%	-1.6%	0.98%	16.49%	3.92%	3.42%	6.68%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
KFC Global Division	2.95B	-	-	2.64B	2.49B	2.27B	2.79B	2.83B	2.83B	3.1B
KFC Global Division Growth	-	-	-	-	-5.79%	-8.79%	22.93%	1.47%	-0.14%	9.51%
Taco Bell Global Division	1.99B	-	-	2.06B	2.08B	2.03B	2.24B	2.44B	2.64B	2.86B
Taco Bell Global Division Growth	-	-	-	-	1.12%	-2.31%	10.19%	8.89%	8.37%	8.29%
Pizza Hut Global Division	1.15B	-	-	988M	1.03B	1B	1.03B	1B	1.02B	1.01B
Pizza Hut Global Division Growth	-	-	-	-	3.95%	-2.43%	2.59%	-2.33%	1.49%	-1.08%
The Habit Burger Grill Global Division	-	-	-	-	-	347M	525M	567M	586M	600M
The Habit Burger Grill Global Division Growth	-	-	-	-	-	-	51.30%	8.00%	3.35%	2.39%
US	-	3.1B	2.8B	-	-	-	-	-	-	-
US Growth	-	-	-9.68%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Yum! Brands, Inc. (YUM) has a price-to-earnings (P/E) ratio of 30.9x. This suggests investors expect higher future growth.

Growth & Financials

Yum! Brands, Inc. (YUM) reported $7.91B in revenue for fiscal year 2024. This represents a 37% decrease from $12.63B in 2011.

Yum! Brands, Inc. (YUM) grew revenue by 6.7% over the past year. This is steady growth.

Yes, Yum! Brands, Inc. (YUM) is profitable, generating $1.43B in net income for fiscal year 2024 (19.7% net margin).

Dividend & Returns

Yes, Yum! Brands, Inc. (YUM) pays a dividend with a yield of 1.64%. This makes it attractive for income-focused investors.

Yum! Brands, Inc. (YUM) generated $1.57B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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