公司概述
Restaurant Brands International Inc. operates as a leading quick service restaurant entity with a significant physical presence in Canada, the United States, and international markets. The company executes its business strategy through six distinct segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. Operating within the Consumer Cyclical sector and the Restaurants industry, the firm aligns its performance with broader economic consumption patterns and discretionary spending trends. With a market capitalization of $34.91B and annual revenue of $9.43B, the company demonstrates substantial scale supported by a workforce of 53,500 employees. These valuation and revenue figures indicate that Restaurant Brands International holds a major position within the global fast-food landscape, reflecting the deep penetration of its brand portfolio across multiple geographies.
财务健康
The company reported a revenue of $9.43B and net income of $902.00M over the trailing twelve months, while generating an EBITDA of $2.79B. The gap between the $9.43B revenue and the $902.00M net income reveals a cost structure where approximately 91.8% of revenue is consumed by operating expenses, taxes, and interest before reaching the bottom line. Free cash flow stands at $1.39B, which signifies a robust capacity to fund capital expenditures, service debt, or return capital to shareholders without relying on external financing. Gross margin is recorded at 33.8%, operating margin at 26.4%, and profit margin at 8.2%, indicating that for every dollar of sales, the company retains roughly 8.2 cents after all costs are deducted. Cash on hand amounts to $1.17B against total debt of $15.68B, resulting in a debt-to-equity ratio of 303.92, which characterizes a highly leveraged balance sheet rather than a conservative one. The current ratio is 0.98, suggesting that short-term liquid assets are slightly insufficient to cover current liabilities, a condition common in capital-intensive restaurant operations but requiring careful liquidity management. Return on equity is 24.0% while return on assets is 6.2%, revealing that the company generates significant returns on shareholder capital but that the high debt load and asset base dilute the overall efficiency of asset utilization.
估值评估
The trailing P/E ratio is 29.12 while the forward P/E is 17.40, implying that the market expects a significant contraction in earnings relative to current levels or a re-rating of future profitability. The price-to-book ratio is 7.30, indicating that the market values the company at more than seven times its net asset book value, which suggests a premium assigned to its brand intangibles and future cash flow potential. Alternative valuation metrics show a price-to-sales ratio of 3.70 and an EV/EBITDA of 15.24, suggesting that investors are pricing in high growth expectations or strong competitive moats despite the current earnings pressure. The 52-week high is $77.18 and the 52-week low is $58.71, providing a trading range within which the stock has fluctuated over the past year. The beta value is 0.53, indicating that the stock's price volatility is significantly lower than the broader market, suggesting a defensive characteristic relative to the cyclical nature of the restaurant sector.
Growth & Income
Revenue growth is 7.4% year-over-year while earnings growth is -57.4% year-over-year, indicating that earnings are contracting much faster than revenue, which points to a temporary compression in margins or one-time charges impacting the bottom line. The company pays a dividend with a yield of 3.4% and maintains a payout ratio of 94.3%, which raises questions about sustainability given the negative earnings growth and the high payout percentage relative to current profitability. Given the negative earnings growth, the high payout ratio suggests that a large portion of earnings is distributed rather than reinvested, though the high dividend yield provides immediate income to holders. Overall, the growth and income profile presents a scenario of solid top-line expansion offset by significant earnings volatility and a dividend policy that may be pressured by deteriorating profitability metrics.