Restaurant Brands International vs Yum China
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The short version
- Yum China is the larger business, with $11.8B of revenue in fiscal 2025 against $9.4B for Restaurant Brands International.
- Restaurant Brands International grew revenue faster (12.2%, against 4.4%).
- Restaurant Brands International kept more of each dollar of sales as operating profit (23.3% operating margin, against 10.9%).
- Restaurant Brands International turned more of its sales into free cash flow (15.4% FCF margin, against 7.1%).
- Investors pay more for each dollar of Restaurant Brands International’s earnings: a P/E of 20.3x against 16.3x for Yum China.
| Latest fiscal year | QSR · FY25 | YUMC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.7B | $15.5B |
| Revenue | $9.4B | $11.8B |
| Free cash flow | $1.4B | $840M |
| Net income | $1.1B | $929M |
| Growth | ||
| Revenue growth | 12.2% | 4.4% |
| 5-year growth | 13.7% | 7.4% |
| Share count change | 0.7% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.3% | 10.9% |
| Net margin | 11.4% | 7.9% |
| FCF margin | 15.4% | 7.1% |
| Return on capital | 9.0% | — |
| Return on equity | 31.9% | 16.7% |
| Balance sheet | ||
| Net debt | $12.4B | — |
| Net debt / EBITDA | 5.0x | — |
| Dividends and buybacks | $1.1B | $1.5B |
| Valuation & quality | ||
| P/E | 20.3x | 16.3x |
| Piotroski F-score | 6 | — |
Revenue
FY16
QSR $4.1B
YUMC $7.1B
FY17
QSR $4.6B
YUMC $7.8B
FY18
QSR $5.4B
YUMC $8.4B
FY19
QSR $5.6B
YUMC $8.8B
FY20
QSR $5.0B
YUMC $8.3B
FY21
QSR $5.7B
YUMC $9.9B
FY22
QSR $6.5B
YUMC $9.6B
FY23
QSR $7.0B
YUMC $11.0B
FY24
QSR $8.4B
YUMC $11.3B
FY25
QSR $9.4B
YUMC $11.8B
QSR
YUMC
Operating margin
FY16
QSR 40.2%
YUMC 9.0%
FY17
QSR 37.9%
YUMC 10.0%
FY18
QSR 35.8%
YUMC 11.2%
FY19
QSR 35.8%
YUMC 10.3%
FY20
QSR 28.6%
YUMC 11.6%
FY21
QSR 32.7%
YUMC 14.1%
FY22
QSR 29.2%
YUMC 6.6%
FY23
QSR 29.2%
YUMC 10.1%
FY24
QSR 28.8%
YUMC 10.3%
FY25
QSR 23.3%
YUMC 10.9%
QSR
YUMC
Free cash flow
FY16
QSR $1.2B
YUMC $430M
FY17
QSR $1.4B
YUMC $469M
FY18
QSR $1.1B
YUMC $863M
FY19
QSR $1.4B
YUMC $750M
FY20
QSR $804M
YUMC $695M
FY21
QSR $1.6B
YUMC $442M
FY22
QSR $1.4B
YUMC $734M
FY23
QSR $1.2B
YUMC $763M
FY24
QSR $1.3B
YUMC $714M
FY25
QSR $1.4B
YUMC $840M
QSR
YUMC
Return on capital
FY16
QSR 12.6%
YUMC —
FY17
QSR 13.4%
YUMC —
FY18
QSR 10.6%
YUMC —
FY19
QSR 10.4%
YUMC —
FY20
QSR 8.8%
YUMC —
FY21
QSR 11.1%
YUMC —
FY22
QSR 11.7%
YUMC —
FY23
QSR 12.4%
YUMC —
FY24
QSR 11.3%
YUMC —
FY25
QSR 9.0%
YUMC —
QSR
YUMC
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.