← Restaurant Brands International
The business behind the dividend
| Measure | QSR | Median | Formula |
|---|---|---|---|
| Return on equity | 29.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.11bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.45bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 23.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 11.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 3.65x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.08x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.98x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.59x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 29.6% | 46.5% | 59.9% | 59.3% | 56.0% | 34.6% | 44.6% | 71.0% | 55.5% | 56.2% | 55.5% |
| Return on capital employed | 13.0% | 14.4% | 13.0% | 12.3% | 12.3% | 9.7% | 14.0% | 14.2% | 12.3% | 16.4% | 13.0% |
| Operating margin | 23.3% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% | 35.8% | 35.8% | 37.9% | 40.2% | 29.2% |
| Net margin | 11.4% | 17.2% | 24.5% | 22.8% | 21.8% | 15.1% | 19.8% | 21.4% | 27.0% | 23.1% | 21.4% |
| Debt to equity | 3.65x | 4.39x | 4.51x | 5.18x | 5.80x | 5.76x | 4.75x | 7.38x | 5.32x | 4.98x | 4.98x |
| Current ratio | 0.98x | 0.97x | 1.01x | 0.97x | 0.97x | 1.41x | 1.29x | 1.07x | 1.06x | 1.73x | 1.01x |
| Cash conversion | 1.59x | 1.04x | 0.77x | 1.01x | 1.38x | 1.23x | 1.33x | 1.02x | 1.13x | 1.31x | 1.13x |
How it compares in consumer discretionary
Among the 44 consumer discretionary companies here measured on free cash flow, Restaurant Brands International pays out less than 6 of them. The median for that group is 37.5%, against this company’s 76.5%.
Closest on free cash flow
- Home Depot (HD) 72.4%
- United Rentals (URI) 74.6%
- Restaurant Brands International Limited Partnership (QSP) 76.5%
- Dillard'S (DDS) 77.8%
Same sector and same denominator, so the figures are comparable. All 48 in consumer discretionary →