# Restaurant Brands International Inc. (QSR) — Stock CV

Restaurant Brands International Inc. is a $24.7B consumer company. Revenue grew 6.5% over the last year, it keeps 13¢ of every dollar of sales as profit, and its net debt equals ~7.4 years of free cash flow. It trades at 25.3× earnings.

> Restaurant Brands generates about $47 billion in system sales across more than 33,000 restaurants in over 120 markets, making it one of the largest restaurant companies globally.

## Identity

- **Ticker**: QSR
- **Sector**: Consumer Cyclical
- **Industry**: Retail-Eating Places
- **Headquarters**: MIAMI, FL
- **Employees**: 53 500
- **Website**: https://www.rbi.com
- **Market cap**: $24.7B
- **Last price**: $70.95
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $9.70B
- **Net income**: $1.27B
- **Free cash flow**: $1.63B
- **Net debt**: $12.2B
- **P/E**: 25.3
- **Revenue growth (YoY)**: 6.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 65 |
| Profitability | 75 |
| Health | 27 |
| Quality | 85 |
| Moat | 74 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +6.5% YoY
- [x] Profitable — $1.27B TTM
- [ ] Profit growing — -8.5% YoY
- [x] Generates cash — $1.63B TTM
- [ ] Debt under control — ~7.4y of cash flow to repay
- [x] Established company — $24.7B market cap
- [x] Not printing shares — -2.4% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 22/100
- [x] Pays a dividend — yield 3.54%
- [x] Valuation not extreme — P/E 25.3

## Experience (career milestones)

- **FY2023** — Best year on record: $1.19B net income
- **Nov 15, 2021** — RBI announced its intent to acquire Firehouse Subs for US$1 billion
- **Feb 21, 2017** — RBI announced its intent to acquire Popeyes Louisiana Kitchen for US$1.8 billion at US$79 per…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $4.15B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — It was formed in 2014 by the $12.5 billion merger between American fast food restaurant chain Burger King and…

## Strengths

- High gross margin (54.0%)
- Strong cash conversion — FCF is 16.8% of revenue

## Watch-outs

- Net debt equals ~7.4 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.74B | $838M | $1.62B |
| FY2022 | $6.50B | $1.01B | $1.39B |
| FY2023 | $7.02B | $1.19B | $1.20B |
| FY2024 | $8.41B | $1.02B | $1.30B |
| FY2025 | $9.43B | $776M | $1.45B |

---

Source: https://stockcv.com/QSR — derived from company filings; may be delayed or incomplete. Information, not investment advice.