Wendy's Co
In the published model solve dated 2026-Q2, anchored at $8.21, Wendy's Co (WEN) is priced for -3.2% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• Wendy's is mostly a royalty business, earning fees and rent from franchisees rather than running most restaurants itself [Source: FY2025 10-K, accession 0000030697-26-000009], a model that produces steady high-margin cash but is now fighting a demand problem at the store level. • The biggest risk is the one the low price is signaling: U.S. same-restaurant sales fell 7.8% on a traffic decline in the first quarter of 2026, and the stock is cheap because the core market is shrinking, not because
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395 institutional managers reported holding WEN in 13F filings for the quarter ended 2026-03-31. 64 opened new positions that quarter. Held by Trian Fund Management, BlackRock, Vanguard Group, among others. On the short side, 51.7M shares were sold short as of the 2026-06-15 count, about 27% of shares outstanding (6.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
WEN has cut its share count 14.2% over the past five years, spending $735.77M on repurchases. It pays a dividend, and has paid one every year in our records (17 and counting); the current rate is $0.67 a share annually. Cash returned over the past three years: $464.22M in dividends and $384.45M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at WEN over the trailing three years: 2025: 6 buys totaling $126k. 25 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WEN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-10 | -0.8% | -15.0% |
| 2023-11-03 | +1.4% | -1.4% |
| 2024-02-27 | -4.4% | +10.4% |
| 2024-05-03 | +1.6% | -18.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WEN's latest 8-K filings: 2026-08-17 (items 5.02); 2026-08-07 (items 2.02, 9.01); 2026-07-28 (items 5.02); 2026-06-23 (items 5.02, 7.01, 9.01); 2026-06-09 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.