Restaurant Brands International vs Yum! Brands
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The short version
- Restaurant Brands International is the larger business, with $9.4B of revenue in fiscal 2025 against $8.2B for Yum! Brands.
- Restaurant Brands International grew revenue faster (12.2%, against 8.8%).
- Yum! Brands kept more of each dollar of sales as operating profit (31.3% operating margin, against 23.3%).
- Yum! Brands turned more of its sales into free cash flow (20.0% FCF margin, against 15.4%).
- Yum! Brands earned a higher return on the capital invested in it (54.8%, against 9.0%).
- Investors pay more for each dollar of Restaurant Brands International’s earnings: a P/E of 20.3x against 18.8x for Yum! Brands.
| Latest fiscal year | QSR · FY25 | YUM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.7B | $41.5B |
| Revenue | $9.4B | $8.2B |
| Free cash flow | $1.4B | $1.6B |
| Net income | $1.1B | $1.6B |
| Growth | ||
| Revenue growth | 12.2% | 8.8% |
| 5-year growth | 13.7% | 7.8% |
| Share count change | 0.7% | −1.4% |
| Profitability | ||
| Gross margin | — | 69.8% |
| Operating margin | 23.3% | 31.3% |
| Net margin | 11.4% | 19.0% |
| FCF margin | 15.4% | 20.0% |
| Return on capital | 9.0% | 54.8% |
| Return on equity | 31.9% | — |
| Balance sheet | ||
| Net debt | $12.4B | $11.3B |
| Net debt / EBITDA | 5.0x | 4.1x |
| Dividends and buybacks | $1.1B | $1.3B |
| Valuation & quality | ||
| P/E | 20.3x | 18.8x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
QSR $4.1B
YUM $6.4B
FY17
QSR $4.6B
YUM $5.9B
FY18
QSR $5.4B
YUM $5.7B
FY19
QSR $5.6B
YUM $5.6B
FY20
QSR $5.0B
YUM $5.7B
FY21
QSR $5.7B
YUM $6.6B
FY22
QSR $6.5B
YUM $6.8B
FY23
QSR $7.0B
YUM $7.1B
FY24
QSR $8.4B
YUM $7.5B
FY25
QSR $9.4B
YUM $8.2B
QSR
YUM
Operating margin
FY16
QSR 40.2%
YUM 26.5%
FY17
QSR 37.9%
YUM 47.0%
FY18
QSR 35.8%
YUM 40.4%
FY19
QSR 35.8%
YUM 34.5%
FY20
QSR 28.6%
YUM 26.6%
FY21
QSR 32.7%
YUM 32.5%
FY22
QSR 29.2%
YUM 32.0%
FY23
QSR 29.2%
YUM 32.8%
FY24
QSR 28.8%
YUM 31.8%
FY25
QSR 23.3%
YUM 31.3%
QSR
YUM
Free cash flow
FY16
QSR $1.2B
YUM —
FY17
QSR $1.4B
YUM $712M
FY18
QSR $1.1B
YUM $942M
FY19
QSR $1.4B
YUM $1.1B
FY20
QSR $804M
YUM $1.1B
FY21
QSR $1.6B
YUM $1.5B
FY22
QSR $1.4B
YUM $1.1B
FY23
QSR $1.2B
YUM $1.3B
FY24
QSR $1.3B
YUM $1.4B
FY25
QSR $1.4B
YUM $1.6B
QSR
YUM
Return on capital
FY16
QSR 12.6%
YUM 34.5%
FY17
QSR 13.4%
YUM 64.1%
FY18
QSR 10.6%
YUM 85.2%
FY19
QSR 10.4%
YUM 79.7%
FY20
QSR 8.8%
YUM 53.8%
FY21
QSR 11.1%
YUM 80.0%
FY22
QSR 11.7%
YUM 62.7%
FY23
QSR 12.4%
YUM 67.3%
FY24
QSR 11.3%
YUM 62.4%
FY25
QSR 9.0%
YUM 54.8%
QSR
YUM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.