MeritValue

Restaurant Brands International Inc.

QSRdata completeness 100%14 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Restaurant Brands International Inc. earns about 5% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $32.77 a share.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 shares464.0M455.0M456.0M454.0M457.0M

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

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$79.52
your share of equity
Profit it earned you last year
$23.52
Free cash flow it threw off
$31.71
Debt you’d be carrying
$581.27

10 shares is a claim on $79.52 of net worth that earned you $23.52 and generated $31.71 of cash last year, against $581.27 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 5%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
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.3B
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.3B
Earnings Power Value
$32.77
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.45B
  • growthAssumed0.0%
Graham Number
$20.5
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001618756-24-000020 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001618756-25-000087 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001618756-26-000017 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001618756-24-000020 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001618756-25-000087 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001618756-26-000017 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001618756-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001618756-25-000087 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001618756-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001618756-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001618756-25-000087 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001618756-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001618756-23-000013 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001618756-24-000020 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001618756-25-000087 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001618756-26-000017 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001618756-25-000087 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001618756-26-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)