Restaurant Brands International Limited Partnership
QSPAbout the company
Restaurant Brands International Limited Partnership operates and franchises quick service restaurants in the United States and internationally. The company operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
1 / 0
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 2
Positive margin of safety
Strongest signal
All 2 investors pass QSP's cash flow
Key risk
No clean pass — all 2 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Piotroski F-Score | Sleep Scale Economies Shared |
|---|---|---|
| Verdict | NEUTRAL | PASS |
| Score | ||
| Analysis | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A |
| Margin of Safety | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-20 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow100% pass✓ 3▾
All 2 investors pass QSP's cash flow
Operating Cash Flow$1.7B✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=6.69%, ROA=4.20%✓PiotroskiCFO/Assets > ROAPositive Operating Cash Flow frequency14/14 years positive✓SleepPositive OCF in >= 70% of available years - Verdicts100% pass✓ 1▾
Split decision: 1 NEUTRAL · 1 PASS
Overall verdict•PiotroskiNEUTRAL (F-Score 6)✓SleepPASS (3/6)
Where It Falls Short
- Profitability0% pass✓ 2✗ 3▾
No clean pass — all 2 investors flag at least one profitability criterion
Net Income / Total Assets4.20%✓PiotroskiROA > 0ROA Change YoY5.87% -> 4.20% (delta: -1.67%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=6.69%, ROA=4.20%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYRevenue growth vs. gross and operating margin trendrevenue up, operating margin 29.2% -> 23.3%✗SleepRevenue rising; gross margin flat or falling; operating margin holding - Efficiency50% pass✓ 2✗ 1▾
1 of 2 pass — Sleep objects
Current Ratio Change YoY0.97 -> 0.98✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.34x -> 0.37x✓PiotroskiImproved YoYROIC (5-year)0/5 years above 12% (latest 9.4%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Share retirement not available for this company.
- Buybacks
- —
- Dividends
- $1.1B
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, operating cash flow, depreciation amortization, capex, dividends paid. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, dividends paid. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, dividends paid. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Revenue | $9.8B↑6% | $2.5B↑3% | $2.5B↑5% | $2.3B↑7% | $9.4B↑12% | $8.4B↑20% | $7.0B↑8% | $6.5B↑13% | $5.7B |
| Operating Income | $2.6B↑19% | $696.0M↑5% | $716.0M↑48% | $606.0M↑39% | $2.2B↓9% | $2.4B↑18% | $2.1B↑8% | $1.9B↑1% | $1.9B |
| Net Income | $2.0B↑54% | $704.0M↑61% | $665.0M↑153% | $445.0M↑101% | $1.1B↓26% | $1.4B↓16% | $1.7B↑16% | $1.5B↑18% | $1.3B |
| EPS (Diluted) | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Margin | — | — | — | — | — | — | 65.3%↑1% | 64.5%↓4% | 67.1% |
| Operating Margin | 27.0%↑13% | 27.6%↑2% | 28.4%↑42% | 26.8%↑30% | 23.3%↓19% | 28.8%↓1% | 29.2% | 29.2%↓11% | 32.7% |
| ROE | 35.6%↑44% | — | — | — | 20.8%↓30% | 29.8%↓18% | 36.3%↑5% | 34.7%↑7% | 32.5% |
| Total Debt | $13.3B↓2% | $13.3B↓2% | $13.3B↓3% | $13.3B↓3% | $13.3B↓3% | $13.7B↑6% | $13.0B | $13.0B | $13.0B |
| Shareholders' Equity | $5.5B↑7% | $5.5B↑7% | $5.4B↑6% | $5.3B↑10% | $5.2B↑7% | $4.8B↑2% | $4.7B↑11% | $4.3B↑11% | $3.9B |
| Current Ratio | 0.96↓10% | 0.96↓10% | 1.01 | 0.99↑3% | 0.98↑1% | 0.97↓5% | 1.01↑5% | 0.97 | 0.97 |
| Debt / Equity | 2.40↓8% | 2.40↓8% | 2.46↓8% | 2.51↓11% | 2.58↓9% | 2.82↑3% | 2.74↓10% | 3.04↓10% | 3.38 |
| Operating Cash Flow | $1.9B↑14% | $551.0M↓7% | $530.0M↑18% | $227.0M↑92% | $1.7B↑14% | $1.5B↑14% | $1.3B↓11% | $1.5B↓14% | $1.7B |
| Free Cash Flow | $1.6B↑13% | $479.0M↓10% | $479.0M↑17% | $169.0M↑213% | $1.4B↑11% | $1.3B↑8% | $1.2B↓13% | $1.4B↓14% | $1.6B |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Restaurants, Hotels, Motels
QSP vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MCDONALDS CORPMCD | $192.0B | $271.97 | $26.9B | $8.6B | -478.1% | -22.72 | 46.1% | 0.95 | 2/9 | 6/9 | 2/7 | 1/3 | F-Score 5 | 4/11 |
| STARBUCKS CORPSBUX | $121.4B | $106.44 | $37.2B | $1.9B | -22.9% | -1.99 | 7.9% | 0.72 | 2/9 | 6/9 | 2/7 | 1/3 | F-Score 5 | 2/11 |
| MARRIOTT INTERNATIONAL INC /MD/MAR | $109.0B | $423.16 | $26.2B | $2.6B | -69.0% | -4.30 | 15.8% | 0.43 | 2/9 | 4/9 | 4/7 | 1/3 | F-Score 7 | 2/11 |
| YUM BRANDS INCYUM | $43.3B | $161.33 | $8.2B | $1.6B | -21.3% | -1.63 | 31.3% | 1.35 | 2/9 | 5/9 | 3/7 | 1/3 | F-Score 5 | 2/11 |
| INTERCONTINENTAL HOTELS GROUP PLC /NEW/IHG | $26.2B | $179.93 | $5.2B | $758.0M | -27.7% | -1.53 | 23.1% | 0.98 | 1/9 | 2/9 | 2/7 | 1/3 | F-Score 7 | 2/11 |
| DARDEN RESTAURANTS INCDRI | $25.9B | $228.74 | $13.2B | $1.2B | 54.7% | 1.09 | 12.0% | 0.31 | 3/9 | 5/9 | 3/7 | 1/3 | F-Score 7 | 5/11 |
| Hyatt Hotels CorpH | $17.5B | $187.70 | $7.1B | $52.0M | -1.6% | 1.28 | — | 0.75 | 2/9 | 1/9 | 2/7 | 1/3 | F-Score 4 | 2/11 |
| Yum China Holdings, Inc.YUMC | $17.1B | $50.86 | $11.8B | $929.0M | 17.3% | 0.02 | 10.9% | 1.05 | 2/9 | 4/9 | 4/7 | 1/3 | F-Score 7 | 6/11 |