Restaurant Brands International Inc
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Restaurant Brands International Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 4.7x with 15.9B total debt vs 3.4B equity; tangible book value is -14B due to 17.4B intangibles (68% of assets)[Debt to Equity]
- Operating margin TTM 25.9% vs industry median 5.1% - 5x advantage from asset-light franchise model generating 2.4B operating income[Operating Margin TTM]
- FCF TTM 1.4B (15% of revenue) covers 1.1B dividends at 75% payout ratio; capex only 240M reflects franchise structure[Free Cash Flow TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 600M or interest coverage falls below 4x — Already consuming 58% of net income; further pressure threatens dividend sustainability
- Free Cash Flow TTM: Falls below 1.2B (current dividend requirement) — 75% payout ratio leaves minimal buffer; FCF decline forces dividend cut or more debt
- Goodwill and Other Intangible Assets: Any impairment charge announced — 17.4B intangibles vs 3.4B equity means even 20% write-down wipes out equity
Bull Case
Asset-light franchise model delivers 25.9% operating margin (5x industry) with minimal capex (2.6% of revenue), enabling 1.4B FCF despite 9.3B revenue
ROE of 27.9% (3.6x industry median 7.7%) demonstrates efficient capital deployment despite leveraged structure
Bear Case
Negative tangible book value (-14B) with goodwill/intangibles at 17.4B (5x equity) creates material impairment risk if brand values deteriorate
4.7x debt/equity with 534M annual interest (58% of net income) limits flexibility; rising rates would compress already thin 10% net margin
Bull vs Bear Balance
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Forward Thesis
Interest coverage pressure likely to constrain capital allocation flexibility over next 1-3 years
- 534M interest expense TTM consumes 58% of net income
- EBITDA/interest of 4.7x leaves limited buffer
- Net debt of 12.3B vs 1.4B FCF = 8.8 years to delever
Valuation Context
Caveats
Public Strategies Rankings
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QSR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$34.55B | — | ||
$49.09B | — | ||
32 | — | ||
$9.43B | +12.2% | — | |
$2.35 | -2.8% | — | |
26.4% | -1.2% | — | |
8.23% | -3.9% | — | |
$1.45B | +11.3% | — | |
23.0% | -11.2% | — | |
Beta 5Y (Monthly) | unknown | — |
QSR Dividend History
2026
$0.65002025
$2.48002024
$2.32002023
$2.20002022
$2.16002021
$2.12002020
$2.08002019
$2.00002018
$1.80002017
$0.98002016
$0.62002015
$0.4400QSR Stock Splits
QSR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/20/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | Unknown | |
11/05/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/25/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
10/28/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
04/29/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
04/24/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
10/24/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
10/30/15 | 09/30/14 | 10-Q | |
07/31/15 | 06/30/14 | 10-Q | |
05/05/15 | 03/31/14 | 10-Q |