QSRRestaurant Brands International Inc.
Is the business good?
More warning than reassurance: margins compressing and returns that lean on debt.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 37% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is QSR?
Restaurant Brands International Inc. earns 13% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 3.8 points above what the capital costs: growth creates value
- Operating margin
- 27%
Operating margin · Restaurants median 7.8% · 12 months to Q2 2026
- Cash conversion
- 0.84×
Cash conversion · 0.98× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +0.66%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 29% |
| FY2021 | 33% |
| FY2022 | 29% |
| FY2023 | 29% |
| FY2024 | 29% |
| FY2025 | 23% |
Details›
- Operating margin12 months to Q2 2026
- 27%
- Net margin12 months to Q2 2026
- 18%
- Free cash flow margin
- 17%
- Revenue, trailing twelve months
- $9.70B
- Free cash flow, trailing twelve months
- $1.63B
- Net income, trailing twelve months
- $1.70B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 13%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.