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Restaurant Brands International Inc. — Intrinsic Value & Fair Price

QSR
NYSEConsumer CyclicalRestaurantsCIK 0001618756rbi.comAbout QSR
Last close · Oct 26, 202674.48−0.86 (−1.14%)
Market cap$26.0B
Model value · DCF · Perpetuity growth · 5y
120.63
Restaurant Brands closed at $74.48 — undervalued by 38% vs model.
53.09the model's range303.80

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
40.90 – 121.23
Wall St. target
85.50 13% below
Past year
—

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 26, 2026
Yield, trailing 12 months
3.46%
Past 2 years
low 3.07%high 3.93%
Dividends per share, a year at a time
$2.11Sep ’21$2.15Sep ’22$2.19Sep ’23$2.29Sep ’24$2.44Sep ’25$2.57TTM
Dividends / free cash flow, FY2025
76.5%
Raised
10+ years in a row
Growth, 5 yrs
4.0% a year
Last change
+4.8% · Mar 2026
Every payment, with ex-dates · latest $0.65, paid Oct 2, 2026

Research on QSR

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How it is valued

Valued asMature & stable
Moderate growth (~16% recent)Moderate margins (8% net margin)Strong dividend yieldHighly cyclical earningsHigh leverage (D/E 4.2x)Strong FCF yield (5.6%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
31.7×
EV / EBITDA
16.9×
FCF yield
5.8%
Dividend yield, TTM
3.46%
Beta
0.54
Cost of capital (WACC)
6.25%
Full financials

Analyst actions

third-party, quoted
10-20Mizuho Securities · target85.00
10-15Morgan Stanley · target82.00
09-25Argus Research · “Hold” from “Buy”downgrade
09-18Guggenheim · target86.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just QSR. No account.

About Restaurant Brands

Restaurant Brands International Inc. (RBI), a prominent quick-service restaurant enterprise, maintains its headquarters in Toronto, Canada. Established in 1954, the company operates globally, managing and franchising four distinct and widely recognized brands: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). Through its Tim Hortons segment, RBI offers a diverse menu at its coffee, tea, and donut establishments. This includes a selection of hot and cold specialty beverages like espresso-based drinks, a variety of freshly baked goods such as donuts, Timbits, bagels, muffins, cookies, and pastries, alongside savory options like grilled paninis, classic sandwiches, wraps, and soups. Burger King, a renowned fast-food hamburger chain within RBI's portfolio, provides patrons with its signature flame-grilled hamburgers, an array of chicken and other specialized sandwiches, French fries, and various soft drinks. The company's Popeyes Louisiana Kitchen outlets are celebrated for their distinctive Louisiana-style fried chicken, chicken tenders, and fried shrimp and other seafood options, complemented by regional specialties like red beans and rice. Furthermore, RBI's Firehouse Subs restaurants serve a range of submarine sandwiches, beverages, and local culinary delights. Demonstrating significant international reach, RBI had approximately 29,000 restaurants spread across 100 countries under its four brands as of February 15, 2022.

CEO
Joshua Arthur Kobza
Headquarters
Miami, FL
Employees
53,500
IPO
2014-12-11
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.