Restaurant Brands International

QSR

Restaurants · Consumer Cyclical

Price

$75.01

-2.14 (-2.77%)

Market Cap

$26.03B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 464.0M (2021) → 457.0M (2025)

Restaurant Brands International (RBI) owns four fast-food chains: Burger King, Tim Hortons, Popeyes, and Firehouse Subs. It serves everyday consumers looking for quick, affordable meals — burgers, chicken, coffee, and sandwiches. RBI is one of the largest fast-food companies in the world by number of locations, with over 30,000 restaurants across more than 100 countries.

RBI makes most of its money by franchising — it collects fees and royalties from independent restaurant owners who pay to operate under its brand names. This franchise model means RBI does not run most locations itself, which keeps costs low and explains its strong operating margins. The company operates globally, with Tim Hortons dominant in Canada and Burger King spread widely across international markets. The key growth challenge is reinvigorating Burger King's sales in the United States, where it has struggled to keep pace with competitors like McDonald's and Chick-fil-A.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+42.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

14.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Restaurant Brands International is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

49.6%

Healthy — 49.6% gross margin

Operating Margin

27.0%

Excellent — 27.0% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.3%

Steady sales growth (9.3% YoY)

EPS YoY

-17.5%

Earnings shrinking (-17.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

186%

Turns 186% of profit into real cash

FCF Margin

15.8%

Converts sales into free cash efficiently (15.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

3.61

Heavy debt load (3.61)

Interest Cover

5.33x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

21.8x

Growth-priced — P/E 21.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+6.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.8 → 15.0)

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Dividends

Dividend Yield

3.51%

Moderate income — 3.51% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.8%

Dividend growing modestly (5.8% YoY)

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