MeritValue

Restaurant Brands International Limited Partnership

QSPdata completeness 88%14 fiscal years on file
The thesis, from the filings

Restaurant Brands International Limited Partnership earns about 5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.74B1$6.51B2$7.02B3$8.41B3$9.43B3
Net income$1.25B4$1.48B5$1.72B6$1.45B6$1.08B6
Operating cash flow$1.73B7$1.49B8$1.32B9$1.5B9$1.71B9
Capital expenditure$106M10$100M11$120M12$201M12$265M12
Free cash flow (derived)$1.62B7$1.39B8$1.2B9$1.3B9$1.45B9
Total debt$26B13$25.9B14$25.8B15$27.3B16$26.6B16
Cash & equivalents$1.09B17$1.18B18$1.14B18$1.33B18$1.16B18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 4%FY22 5%FY23 5%FY24 5%FY25 4%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001618755-24-000017 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001618755-25-000010 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001618755-26-000009 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001618755-24-000017 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001618755-25-000010 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001618755-26-000009 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001618755-24-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001618755-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001618755-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001618755-24-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001618755-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001618755-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001618755-23-000010 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001618755-24-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001618755-25-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001618755-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001618755-25-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001618755-26-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)