RESTAURANT BRANDS INTERNATIONAL INC. (QSR): what the price assumes
boothcheck covers RESTAURANT BRANDS INTERNATIONAL INC. (QSR) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-06-28.
Generated: 2026-09-07 · Exported: 2026-09-09 · Source: https://boothcheck.com/report/QSR
Headline
| Field | Value |
|---|---|
| Ticker | QSR |
| Company | RESTAURANT BRANDS INTERNATIONAL INC. |
| Current price | $80.17/sh |
| Composition | Supply chain sales 31% / Company restaurant sales 25% / Royalties 21% / Property revenues 9% / Franchise fees and other revenue 2% / Advertising revenues and other services 13% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 8.0% |
| Operating margin today | 26.9% |
| Margin compression (value-band) | -18.9pp |
| Multiple paid | 16x operating income |
The operating-margin figure is value-band context at year 11: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 7% cost of capital with 4% terminal growth over a 5-year stage (computed at the 7% minimum rate; the CAPM rate 6.8% sits below it).
How unusual the bet is: within-range (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | -0.70σ |
| cohort percentile (of 212 peers) | 45 |
Valuation X-Ray
The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 1.52x | 5 | expensive |
| Earnings | 3.18x | 4 | expensive |
| Relative | 0.60x | 2 | justifies |
| Growth | 0.99x | 4 | justifies |
Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.4%); the inversion above states its own rate.
Per-Model Detail (n=15)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $92.28 | 0.87x | yes | FCF base $1.7B, growth 7% (input: historical growth), terminal g 4.0%, WACC 7.4%, 5yr projection |
| DCF Exit Multiple | Growth | $71.83 | 1.12x | yes | Exit EV/EBITDA: 12.9x / 14.9x / 16.9x (bear / base = today's held flat / bull), 5yr |
| Relative Valuation | Relative | — | — | no | P/E 28x (static sector reference · 2026-04), scenarios: 23.5x / 28.0x / 32.5x (bear / base = reference held flat / bull), EV/EBITDA 18x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | $120.24 | 0.67x | yes | Stage 1: 20% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $52.66 | 1.52x | yes | BV/sh $11.03, ROE (TTM) 44.2%, ke 9.3% |
| Two-Stage Excess Return | Asset | $132.76 | 0.60x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $52.58 | 1.52x | yes | Rev $9.7B, growth 7% (input: historical growth; tapered), Terminal P/S: 2.4x / 2.9x / 3.4x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $129.85 | 0.62x | yes | EPS $3.71, growth 35% (input: historical EPS growth), PEG=0.47 (Undervalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $18.38 | 4.36x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $2.17B × (1−21%) / WACC 7.4% → EPV (no growth) |
| Residual Income | Asset | $84.25 | 0.95x | yes | BV $11.03 + 5yr PV of (ROE (TTM) 44.2% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $30.34 | 2.64x | yes | √(22.5 × EPS $3.71 × BVPS $11.03) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $2.91B × sector EV/EBITDA 18.0x |
| FCF Yield | Earnings | $6.36 | 12.61x | yes | FCF $1632.0M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | $2.03 | 39.49x | yes | SBC-adj FCF $1.49B (FCF $1.63B − SBC $0.14B) capitalized at Kₑ (excluded from median) |
| Ben Graham Formula | Earnings | $119.71 | 0.67x | yes | EPS $3.71 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $4.39 | 18.26x | yes | BV $11.03 × (ROIC 2.9% / WACC 7.4%) |
| P/Sales Sector | Relative | — | — | no | Revenue $9.70B × sector P/S 4.5x |
| PEG Fair Value | Relative | $139.13 | 0.58x | yes | EPS $3.71 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $40.11 | 2.00x | yes | EPS $3.71 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Tim Hortons (TH) | operating | enterprise | $4.2b | $1.1b operating-income | withheld | unresolved no unit value |
| Burger King (BK) | operating | enterprise | $1.5b | $468.0m operating-income | withheld | unresolved no unit value |
| Popeyes Louisiana Kitchen (PLK) | operating | enterprise | $800.0m | $250.0m operating-income | withheld | unresolved no unit value |
| Firehouse Subs (FHS) | operating | enterprise | $232.0m | $56.0m operating-income | withheld | unresolved no unit value |
| Restaurant Holdings (RH) | operating | enterprise | $1.8b | $44.0m operating-income | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $12.5b |
| Net debt / NOPAT (after-tax) | 6.06x |
| Net debt / operating income (pre-tax) | 4.79x |
| Share count CAGR (dilution) | 0.3% |
| Burning cash | no |
Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.
Bullet Takeaways
At $73.45 the price pays roughly 18 times company-wide operating income, and inverted it asks for essentially no growth at all (about minus 3% a year). For a franchisor targeting 8%-plus organic operating-income growth, the bar the price sets is undemanding.
The single number that frames everything is leverage. Net debt sits near $13.6 billion, close to six times trailing operating income. That is the financial reality behind a thin book value and an asset-light royalty model, and it is what makes the equity a leveraged claim on the brands rather than a clean compounder.
The brand portfolio is mixed but improving at the top. Q1 2026 comparable sales grew 3.2%, with Burger King US up 5.8% and Tim Hortons posting a 20th straight positive quarter, while Popeyes fell 6.5%. Relative and growth methods support the price; the asset and pure earnings-floor methods, distorted by the leveraged structure, do not.
Bull Case
The single most decisive metric here is organic adjusted operating-income growth, because for an asset-light franchisor that one number, more than comparable sales or unit count, drives the cash that services the debt and funds the buyback. In the first quarter of 2026 it ran at about 10.7%, and management reaffirmed it remains on track for 8%-plus organic operating-income growth for the full year. If that holds, the price is cheap: inverted, the $73.45 (June 28, 2026) quote asks for roughly minus 3% operating growth a year, so any positive compounding at all is upside against what the market is paying for.
The operating momentum is real where it matters most. Consolidated system-wide sales grew 6.2% in the first quarter of 2026, with comparable sales accelerating to 3.2%. Burger King US comparable sales surged 5.8%, a sharp reversal from a 1.1% decline a year earlier, and Tim Hortons delivered its 20th consecutive quarter of positive comparable sales. Those are the two largest profit engines in the portfolio, and both are working. The franchised, royalty-based model means that system-sales growth converts to high-margin royalty and supply-chain revenue without the company funding the restaurants directly.
The capital return underlines management's confidence. RBI resumed share repurchases in March 2026 and expects to buy back $500 million during the year. A franchisor that is growing operating income high-single-digits, accelerating comparable sales at its biggest brands, and returning cash, while the price embeds no growth, is the kind of mismatch the bull case is built on. The relative and forward methods agree: relative valuation lands near $79, EV/EBITDA near $72, and two-stage excess return near $63, all in the zip code of the price or above it, supporting the multiple a steady franchisor deserves.
Bear Case
Before any ratio, the qualitative problem is that this is a roll-up of four brands at very different points in their lifecycles, and the weak one is getting weaker fast. Popeyes same-store sales fell 6.5% in the first quarter of 2026, far worse than the roughly 1.5% decline analysts expected. A brand losing customers at that pace is not a rounding error inside a portfolio; it is a drag that the Burger King recovery has to carry, and it raises the question of whether the company's playbook travels across all four banners or only the ones currently in favor. A franchisor's value is the durability of its royalty stream, and a brand in a 6.5% comparable-sales decline is eroding exactly that.
Now the ratio that the qualitative picture points to: leverage. Net debt sits near $13.6 billion, roughly 5.7 times trailing operating income, financed through a term-loan structure whose covenants restrict the company's ability to incur liens, sell assets, pay dividends, and make investments, with pricing tied to a net first-lien leverage grid (FY2024 10-K, accession 0001618756-25-000087). That debt load is the reason the asset-based and earnings-floor methods produce values far below the price (the book-anchored simple excess return near $31, the Graham number near $23): the equity is a thin, levered slice on top of a large fixed claim. In a downturn, or a higher-for-longer rate environment that lifts refinancing costs, the leverage amplifies any operating disappointment.
The price-to-fundamentals disconnect is therefore two-sided. Strip the growth assumption back toward the Popeyes reality, or stress the cost of the $13.6 billion in debt, and the support thins. The price embeds steady franchisor compounding with manageable leverage; the bear case is simply that one of those two pillars, brand durability or balance-sheet headroom, cracks before the other compensates.
Valuation
Inverted, the price is undemanding. At $73.45 RBI trades at roughly 18 times company-wide operating income, which solves to operating growth of about minus 3% a year for five years at a 7% cost of capital (the model floors the rate at 7%, slightly above the CAPM rate). Each one-point change in the cost of capital moves the implied growth rate about 7.5 points. A price that asks for slightly negative growth from a franchisor guiding to 8%-plus organic operating-income growth is the definition of a within-range, even conservative, embedded assumption.
The methods split by family, and the split is structural to the business model. The relative family supports the price: relative valuation near $79, EV/EBITDA near $72. The growth family lands a bit below: perpetual-growth DCF near $59, exit-multiple DCF near $64, discounted-future-market-cap near $47. The asset and pure earnings-floor methods produce values far below: simple excess return near $31, Graham number near $23. Several earnings-floor methods (the zero-growth FCF-yield and ROIC-justified book methods) print near-zero values and should be disregarded; they break down on a highly leveraged, asset-light franchisor where book value and unlevered returns are not meaningful anchors. The blended central estimate that survives the screen is about $59.
The reconciliation: the price is justified by the relative multiple while the asset and earnings-power methods say it looks expensive on a static, leverage-distorted view. The decisive overlay is the balance sheet: net debt near $13.6 billion at about 5.7 times operating income means the equity is a leveraged claim, so the valuation is more sensitive to both operating growth and refinancing cost than the headline multiple suggests.
Catalysts
The most recent catalyst was the first-quarter 2026 report. Consolidated system-wide sales grew 6.2%, comparable sales accelerated to 3.2%, organic adjusted operating income grew about 10.7%, and adjusted EPS grew about 14.6%. Management reaffirmed it remains on track for 8%-plus organic operating-income growth for 2026, the single most important metric for the thesis, so each quarter's read on that figure is the key marker.
The brand-level catalysts cut both ways. Burger King US comparable sales surged 5.8%, reversing a prior-year decline, and Tim Hortons posted its 20th consecutive positive quarter. Against that, Popeyes same-store sales fell 6.5%, well below expectations, so the pace of any Popeyes turnaround is a swing factor worth watching closely. The durability of the Burger King US recovery is the other.
On capital return, RBI resumed share repurchases in March 2026 and expects to buy back $500 million during the year, a positive to track. The overriding risk is the balance sheet: with net debt near $13.6 billion, the cost and timing of refinancing, and any move in interest rates, are catalysts in their own right for a leveraged franchisor.
Sources: RBI Q1 2026 results (rbi.com, Yahoo Finance, kalkine.com, The Motley Fool).
Peer Cohorts (Per Segment, With Filing Citations)
Tim Hortons (TH) (reported)
- SBUX (Starbucks Corporation)
- FY2025 10-K: …price. We continue to experience direct competition from large competitors in the quick-service restaurant sector and the ready-to-drink coffee beverage market, in addition to both well-established and start-up companies in many international markets. We also compete with restaurants and other specialty retailers for…
- FY2025 10-K: …sales of packaged coffee, tea, and a variety of ready-to-drink beverages and single-serve coffee and tea products to customers outside of our company-operated and licensed stores. Sales of these products are generally recognized upon shipment to customers, depending on contract terms. Other revenues also include…
- BROS (DUTCH BROS INC.)
- FY2025 10-K: …including coffee bean sales, Dutch Bros Rebel energy drink sales, and other sales, are recognized when shipped. Other Revenue Other revenue includes retail coffee and other food and beverage sales, recognized at the date of sale, as well as sales of products through our website, recognized at the point in time of…
- FY2025 10-K: …packaged goods, are introduced. We may not be successful in introducing new products or new features to our mobile app that are adopted by our customers. Experimentation with and implementation of innovations in products and technologies, including hot food, may result in inefficiencies, such as a slowdown in our…
- MCD (McDONALD’S CORPORATION)
- FY2025 10-K: …and hotcakes. In addition to these menu items, restaurants sell a variety of other products during limited-time promotions. Taste, quality, choice, value and nutrition are important to customers, and the Company is continuously evolving its menu to meet its customers' needs, including testing new products on an…
- FY2025 10-K: …appeal and capturing additional market share. Whether these strategies are successful depends mainly on our System's continued ability to: • capitalize on our global scale, iconic brand and local market presence to build upon our historic strengths and competitive advantages, including by maximizing our marketing,…
- YUM (YUM! BRANDS, INC.)
- FY2025 10-K: 2025-01-01 2025-12-31 0001041061 yum:OtherOutsidetheU.S.andChinaMember us-gaap:ProductMember yum:PizzaHutGlobalDivisionMember 2025-01-01 2025-12-31 0001041061 yum:OtherOutsidetheU.S.andChinaMember us-gaap:ProductMember yum:TheHabitBurgerGrillGlobalDivisionMember 2025-01-01 2025-12-31 0001041061…
- FY2025 10-K: …yum:FranchiseSegmentMemberMember yum:TacoBellGlobalDivisionMember 2023-01-01 2023-12-31 0001041061 country:US yum:FranchiseSegmentMemberMember yum:PizzaHutGlobalDivisionMember 2023-01-01 2023-12-31 0001041061 country:US yum:FranchiseSegmentMemberMember yum:TheHabitBurgerGrillGlobalDivisionMember 2023-01-01 2023-12-31…
- WEN (Wendy's Co)
- FY2025 10-K: …company in the hamburger sandwich segment in the U.S. based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. The Company is comprised of the following segments: (1) Wendy's U.S., (2) Wendy's…
- FY2025 10-K: …competitors. Wendy's competes with other restaurant companies and food outlets, primarily through the quality, variety, convenience, price and value perception of food and beverage products offered. The number and location of restaurants, quality and speed of service, attractiveness of facilities, effectiveness of…
Burger King (BK) (reported)
- MCD (McDONALD’S CORPORATION)
- FY2025 10-K: …on the Company's competitive advantages. The Company's guiding purpose, mission and values are discussed in a dedicated section on page 4 of this Form 10-K. GROWTH PILLARS The following growth pillars, M-C-D, build on historic strengths and articulate areas of further opportunity. Under our Strategy, the Company…
- FY2025 10-K: …and hotcakes. In addition to these menu items, restaurants sell a variety of other products during limited-time promotions. Taste, quality, choice, value and nutrition are important to customers, and the Company is continuously evolving its menu to meet its customers' needs, including testing new products on an…
- WEN (Wendy's Co)
- FY2025 10-K: …competitors. Wendy's competes with other restaurant companies and food outlets, primarily through the quality, variety, convenience, price and value perception of food and beverage products offered. The number and location of restaurants, quality and speed of service, attractiveness of facilities, effectiveness of…
- FY2025 10-K: …company in the hamburger sandwich segment in the U.S. based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. The Company is comprised of the following segments: (1) Wendy's U.S., (2) Wendy's…
- YUM (YUM! BRANDS, INC.)
- FY2025 10-K: …yum:FranchiseSegmentMemberMember yum:TacoBellGlobalDivisionMember 2023-01-01 2023-12-31 0001041061 country:US yum:FranchiseSegmentMemberMember yum:PizzaHutGlobalDivisionMember 2023-01-01 2023-12-31 0001041061 country:US yum:FranchiseSegmentMemberMember yum:TheHabitBurgerGrillGlobalDivisionMember 2023-01-01 2023-12-31…
- FY2025 10-K: …us-gaap:AdvertisingMember yum:KFCGlobalDivisionMember 2025-01-01 2025-12-31 0001041061 yum:OtherOutsidetheU.S.andChinaMember us-gaap:AdvertisingMember yum:TacoBellGlobalDivisionMember 2025-01-01 2025-12-31 0001041061 yum:OtherOutsidetheU.S.andChinaMember us-gaap:AdvertisingMember yum:PizzaHutGlobalDivisionMember…
- SHAK (SHAKE SHACK INC.)
- FY2025 10-K: …We also face increasing pressures from certain competitors who have announced initiatives to offer better quality ingredients relative to their previous offerings, such as antibiotic-free meat or plant-based meat alternatives. For more information regarding the risks we face from our competitors, see "Risks Related…
- FY2025 10-K: …and new companies that compete directly and indirectly with us with respect to taste, menu, price, food quality, service, value, design, and location. We compete in the restaurant industry with multi-unit national, regional and locally-owned and/or operated limited-service restaurants, and full-service restaurants.…
- CAKE (THE CHEESECAKE FACTORY INCORPORATED)
- FY2025 10-K: …experience at moderate prices by offering an extensive, innovative and evolving menu in an upscale casual, high-energy setting with attentive, efficient and friendly service. As a result, The Cheesecake Factory restaurants appeal to a diverse customer base across a broad demographic range. Our extensive menu and…
- FY2025 10-K: …below.) Distinctive Restaurant Design and Decor. We place significant emphasis on the contemporary interior design and decor of our restaurants, which create a high-energy ambiance in a casual setting and contribute to the distinctive dining experience enjoyed by our customers. We have evolved our restaurants' design…
Popeyes Louisiana Kitchen (PLK) (reported)
- WING (WINGSTOP INC.)
- FY2025 10-K: …of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately. Revenue During fiscal year 2025, total revenue was $696.9 million, an increase of $71.0 million, or 11.4%, compared to $625.8 million in the prior fiscal year. Royalty revenue,…
- FY2025 10-K: …and are recognized as franchised restaurant sales occur, payable weekly. Additionally, initial and renewal franchise fees are recognized as revenue on a straight-line basis over the term of the respective agreement. The Company's performance obligation under development agreements and international territory…
- YUM (YUM! BRANDS, INC.)
- FY2025 10-K: …(loss) (c) 48 Unallocated Other income (expense) ( 3 ) Consolidated Operating Profit 2,574 Investment income (expense), net 1 Other pension income (expense) 2 Interest expense, net ( 501 ) Income before income taxes $ 2,077 103 Other Segment Disclosures KFC Division Taco Bell Division Pizza Hut Division Habit Burger…
- FY2025 10-K: …economics made possible by the scale of YUM all with a goal of unlocking new insights and driving profitable sales growth. 5 Digital sales include transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology. In 2025, our system restaurants…
- CMG (CHIPOTLE MEXICAN GRILL, INC.)
- FY2025 10-K: …We may experience shortages, delays or interruptions in the supply of ingredients and other supplies to our restaurants due to higher or more lucrative demand from other sources; inclement weather or natural disasters; animal disease outbreaks (such as avian flu); social or labor unrest; shortages of agricultural…
- FY2025 10-K: …the Middle East, Mexico and Asia. We believe guests expect the same high quality food and excellent customer service at partner-operated restaurants as they receive in Chipotle-owned and operated restaurants. We provide extensive training to our business partners and we require compliance with specific food quality…
- SHAK (SHAKE SHACK INC.)
- FY2025 10-K: …of 45 new Company-operated Shacks during fiscal 2025, which contributed $218.5 million, partially offset by a decline in guest traffic. Excluding the 53rd week, Shack sales for fiscal year 2025 increased 12.9% versus the prior year. Licensing Revenue Licensing revenue is comprised of license fees and opening fees,…
- FY2025 10-K: …we launched the French Onion Burger, 'Shroom, and ShackStack along with accompanying sides including Onion Rings and Parmesan Garlic Fries, bringing rich, fine-dining-inspired flavors to our LTO offerings. Onion Rings were so well received by our guests that they will join the core menu permanently in 2026. ▪ Big…
Firehouse Subs (FHS) (reported)
- CAVA (CAVA Group, Inc.)
- FY2025 10-K: …0001639438 2025 FY false http://fasb.org/us-gaap/2025#IntangibleAssetsNetExcludingGoodwill http://fasb.org/us-gaap/2025#IntangibleAssetsNetExcludingGoodwill iso4217:USD xbrli:shares iso4217:USD xbrli:shares cava:restaurant cava:state xbrli:pure cava:lease cava:letterOfCredit cava:segment 0001639438 2024-12-30…
- FY2025 10-K: 1, 2023, the Company borrowed $ 6.0 million under the Delayed Draw Facility, which was repaid on July 6, 2023 (amounts repaid under the Delayed Draw Facility cannot be reborrowed). The Delayed Draw Facility terminated on August 15, 2024. As of December 28, 2025, available borrowing capacity under the 2022 Credit…
- CMG (CHIPOTLE MEXICAN GRILL, INC.)
- FY2025 10-K: …0001058090 2025 FY false P1M 2 50 3 50 2 50 3 50 P1Y P2Y iso4217:USD xbrli:shares iso4217:USD xbrli:shares cmg:restaurant cmg:region cmg:segment xbrli:pure cmg:legalAction 0001058090 2025-01-01 2025-12-31 0001058090 2025-06-30 0001058090 2026-01-30 0001058090 2025-12-31 0001058090 2024-12-31 0001058090…
- FY2025 10-K: …2024-12-31 0001058090 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001058090 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001058090 cmg:NoteReceivableMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001058090 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001058090…
- SHAK (SHAKE SHACK INC.)
- FY2025 10-K: …Shack Inc. Amended and Restated 2025 Incentive Award Plan 8-K 10.10 6/13/2024 10.7.4 † Form of Employee Option Agreement under the Shake Shack Inc. 2015 Incentive Award Plan, as amended S-1/A 10.19 1/20/2015 10.7.5 † Form of Director Option Agreement under the Shake Shack Inc. 2015 Incentive Award Plan, as amended…
- FY2025 10-K: …2021-03-01 2021-03-31 0001620533 shak:A0ConvertibleSeniorNotesDue2028Member us-gaap:SeniorNotesMember us-gaap:PrivatePlacementMember 2024-12-26 2025-12-31 0001620533 shak:A0ConvertibleSeniorNotesDue2028Member us-gaap:SeniorNotesMember us-gaap:PrivatePlacementMember 2023-12-28 2024-12-25 0001620533…
- WING (WINGSTOP INC.)
- FY2025 10-K: …0001636222 2025 FY FALSE P2M iso4217:USD xbrli:shares iso4217:USD xbrli:shares wing:restaurant xbrli:pure wing:segment wing:territory 0001636222 2024-12-29 2025-12-27 0001636222 2025-06-27 0001636222 2026-02-17 0001636222 2025-09-28 2025-12-27 0001636222 2025-12-27 0001636222 2024-12-28 0001636222…
- FY2025 10-K: …separately. See accompanying notes to consolidated financial statements. F-5 WINGSTOP INC. AND SUBSIDIARIES Consolidated Statements of Stockholders' Deficit (amounts in thousands, except share data) Common Stock Shares Amount Additional Paid-In Capital Retained Deficit Accumulated Other Comprehensive Loss Total…
Restaurant Holdings (RH) (reported)
- YUM (YUM! BRANDS, INC.)
- FY2025 10-K: …and finance lease right-of-use assets, respectively, acquired as part of the KFC U.K. and Ireland restaurant acquisition (see Note 3). 85 Supplemental Balance Sheet Information 2025 2024 Consolidated Balance Sheet Assets Operating lease right-of-use assets $ 1,213 $ 881 Other assets Finance lease right-of-use assets…
- FY2025 10-K: …in the quarter ended June 30, 2025, were as follows: Total Current Assets $ 2 Property, plant and equipment, net 99 Reacquired franchise rights (included in Intangible assets, net) 48 Operating lease right-of-use assets (included in Other assets) 124 Total Identifiable Assets 273 Total Current Liabilities ( 30 )…
- MCD (McDONALD’S CORPORATION)
- FY2025 10-K: …Software" ("ASU 2025-06"). The pronouncement modernizes the accounting guidance for internal-use software costs by removing the various stages of a software development project to accommodate different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and…
- FY2025 10-K: …greater portion of future periods' earnings from foreign jurisdictions. The Company has significant operations outside the U.S. where it earns approximately 68% of its operating income. A significant portion of these historical earnings have been reinvested in foreign jurisdictions where the Company has made, and…
- WEN (Wendy's Co)
- FY2025 10-K: …company in the hamburger sandwich segment in the U.S. based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. The Company is comprised of the following segments: (1) Wendy's U.S., (2) Wendy's…
- FY2025 10-K: 687 (3) Revenue Nature of Goods and Services The Company generates revenues from sales at Company-operated restaurants and earns royalties, fees and rental income from franchised restaurants. Revenues are recognized upon delivery of food to the customer at Company-operated restaurants or upon the fulfillment of terms…
- YUMC (Yum China Holdings, Inc.)
- FY2025 10-K: …to our business. Our policy is to pursue registration of our important intellectual property rights whenever feasible and to oppose vigorously any infringement of our rights. 16 2025 Form 10-K Competition Data from the National Bureau of Statistics of China indicates that sales in the restaurant industry in China…
- FY2025 10-K: …a similar restaurant and the related long-lived assets. Estimates of the price market participants would pay to sub-lease the operating lease ROU assets are based on comparable market rental information that could be reasonably obtained for the property. In situations where the highest and best use of the…
- CMG (CHIPOTLE MEXICAN GRILL, INC.)
- FY2025 10-K: …operating segment is comprised of all 11 operating segments located in the United States, which we have aggregated to a single operating segment in consideration of the aggregation criteria set forth in ASC 280. All other operating segments, which comprise our operations in Canada, Europe and international…
- FY2025 10-K: …destruction or ransom of guest or employee personal or confidential information stored on our network or the network of third-party providers; the impact of competition, including from sources outside the restaurant industry; the impact of laws and regulations governing employment practices, restaurant design and…
- SBUX (Starbucks Corporation)
- FY2025 10-K: …sales of packaged coffee, tea, and a variety of ready-to-drink beverages and single-serve coffee and tea products to customers outside of our company-operated and licensed stores. Sales of these products are generally recognized upon shipment to customers, depending on contract terms. Other revenues also include…
- FY2025 10-K: …$ 200.4 million, $ 187.6 million, and $ 196.1 million in company-operated store revenues, respectively, and $ 22.0 million, $ 20.0 million, and $ 18.9 million in licensed store revenues, respectively. Loyalty Program Customers in the U.S., Canada, and certain other countries who register their stored value card are…
- BROS (DUTCH BROS INC.)
- FY2025 10-K: …including coffee bean sales, Dutch Bros Rebel energy drink sales, and other sales, are recognized when shipped. Other Revenue Other revenue includes retail coffee and other food and beverage sales, recognized at the date of sale, as well as sales of products through our website, recognized at the point in time of…
- FY2025 10-K: …redeemed and are recognized as breakage. Gift Card Program We maintain a contract liability for physical gift cards sold at Company-owned shops, digital gift cards, and retail gift cards purchased at third party retails stores, recognizing revenue when a gift card is redeemed. Gift cards do not have an expiration…
- TXRH (Texas Roadhouse, Inc.)
- FY2025 10-K: …Subsidiaries Consolidated Statements of Income (in thousands, except per share data) Fiscal Year Ended December 30, December 31, December 26, 2025 2024 2023 Revenue: Restaurant and other sales $ 5,847,234 $ 5,341,853 $…
- FY2025 10-K: …company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. The Company maintains three restaurant concepts operating as Texas Roadhouse, Bubba's 33, and Jaggers. As of…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.