---
title: Restaurant Brands (QSR) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/qsr
ticker: QSR
as_of: 2026-10-27
sector: Consumer Cyclical
industry: Restaurants
---
# Restaurant Brands (QSR)

Restaurant Brands (QSR) closed at $74.48 on Oct 26, 2026, undervalued by 38% vs its model value of $120.63 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $74.48 (Oct 26, 2026) |
| Model value (from a five-year discounted cash flow) | $120.63 |
| Price vs model | undervalued by 38% vs model |
| Range of that model | $53.09 – $303.80 |
| Market value | $26.0B |
| P/E (fiscal 2025) | 31.7 |
| Net margin (fiscal 2025) | 8.2% |
| Free cash flow (fiscal 2025) | $1.4B |
| Dividend yield (trailing twelve months) | 3.46% |
| Beta | 0.54 |
| Cost of capital (WACC) | 6.25% |
| Business classification | Dividend Payer (Moderate growth (~16% recent), Moderate margins (8% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 4.2x), Strong FCF yield (5.6%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.46% |
| Dividends per share, last 12 months | $2.57 |
| Dividends / free cash flow (fiscal 2025) | 76.5% |
| Raised | 10+ years in a row |
| Growth over 5 years | 4.0% a year |
| Latest payment | $0.65, ex-date Sep 18, 2026, paid Oct 2, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 20, 2021 | $2.11 |
| To Sep 20, 2022 | $2.15 |
| To Sep 19, 2023 | $2.19 |
| To Sep 20, 2024 | $2.29 |
| To Sep 23, 2025 | $2.44 |
| Trailing twelve months (to Sep 18, 2026) | $2.57 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 27, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $120.63 | $53.09 | $303.80 |
| DCF · Perpetuity growth · 10y | cross check | $121.23 | $56.60 | $304.31 |
| DCF · EBITDA exit · 5y | cross check | $86.27 | $54.45 | $123.75 |
| DCF · EBITDA exit · 10y | cross check | $92.59 | $57.68 | $138.97 |
| P/E · peers | cross check | $69.28 | $54.28 | $131.89 |
| P/E · own history | cross check | $67.83 | $63.39 | $74.91 |
| PEG | sanity check | $98.00 | $98.00 | $98.00 |
| EV/EBITDA · peers | cross check | $61.06 | $51.34 | $76.16 |
| EV/Revenue · peers | cross check | $40.90 | $32.03 | $47.18 |
| Earnings power value | cross check | $49.72 | $34.07 | $75.24 |
| Dividend discount | cross check | $70.57 | $46.80 | $124.23 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 2, 2026 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Grant / award | 606.555 | $0 |
| Oct 2, 2026 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Grant / award | 73.776 | $0 |
| Oct 2, 2026 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Grant / award | 23.805 | $0 |
| Oct 2, 2026 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Grant / award | 551.181 | $0 |
| Oct 2, 2026 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Grant / award | 603.357 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 10, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1618756/000161875626000047/qsr-20260810.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1618756/000161875626000045/qsr-20260630.htm |
| Aug 6, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1618756/000161875626000041/qsr-20260806.htm |
| Jun 3, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1618756/000161875626000037/qsr-20260603.htm |
| May 22, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1618756/000161875626000034/rbi-2026proxystatementsupp.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Ackman | 2026-06-30 | 25,821,284 | $1.9B |
| Klarman | 2026-06-30 | 6,753,112 | $489.6M |
| Christopher Davis | 2026-06-30 | 2,800,345 | $203.0M |
| Bridgewater | 2026-06-30 | 93,449 | $6.8M |

4 tracked managers in all.

## About

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…

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Source: https://sweetvaluelab.com/stocks/qsr (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.