Latest Ratios: P/E Ratio 31.2x · EV/EBITDA 17.0x · ROE 15.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.4B | $31.2B | $29.6B | $35.6B | $29.4B | $28.2B | $28.6B | $29.9B | $24.7B | $29.4B | $22.4B |
| Enterprise Value | $41.8B | $47.6B | $44.2B | $49.0B | $42.7B | $41.7B | $41.2B | $41.8B | $36.2B | $40.6B | $29.9B |
| P/E Ratio → | 31.17 | 29.03 | 20.50 | 20.78 | 19.90 | 22.56 | 38.19 | 26.91 | 21.61 | 24.20 | 32.87 |
| P/S Ratio | 2.69 | 3.31 | 3.52 | 5.07 | 4.52 | 4.91 | 5.76 | 5.34 | 4.62 | 6.41 | 5.40 |
| P/B Ratio | 6.49 | 6.04 | 6.11 | 7.53 | 6.89 | 7.31 | 7.69 | 7.02 | 6.84 | 6.44 | 3.30 |
| P/FCF | 17.52 | 21.52 | 22.73 | 29.62 | 21.17 | 17.38 | 35.57 | 21.15 | 22.93 | 21.82 | 18.13 |
| P/OCF | 14.81 | 18.19 | 19.69 | 26.93 | 19.75 | 16.31 | 31.05 | 20.26 | 21.23 | 21.24 | 17.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.05 | 5.26 | 6.98 | 6.57 | 7.26 | 8.29 | 7.47 | 6.75 | 8.88 | 7.22 |
| EV / EBITDA | 16.98 | 19.33 | 16.48 | 21.86 | 20.47 | 20.04 | 25.55 | 19.09 | 17.24 | 21.19 | 16.28 |
| EV / EBIT | 18.68 | 21.64 | 18.42 | 23.93 | 22.77 | 22.61 | 31.49 | 21.19 | 19.00 | 25.30 | 18.34 |
| EV / FCF | — | 32.85 | 33.96 | 40.73 | 30.75 | 25.73 | 51.20 | 29.59 | 33.51 | 30.20 | 24.24 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 36.0% | 39.9% | 39.9% | 41.4% | 39.7% | 42.7% | 58.2% | 49.1% | 47.4% |
| Operating Margin | 23.7% | 23.7% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% | 35.8% | 35.8% | 37.9% | 40.2% |
| Net Profit Margin | 8.2% | 8.2% | 12.1% | 16.9% | 15.5% | 14.6% | 9.8% | 11.5% | 11.4% | 14.2% | 14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 21.3% | 26.5% | 24.8% | 22.1% | 12.2% | 16.3% | 15.0% | 11.4% | 9.5% |
| ROA | 3.1% | 3.1% | 4.3% | 5.2% | 4.4% | 3.6% | 2.2% | 3.0% | 3.0% | 3.2% | 3.3% |
| ROIC | 8.2% | 8.2% | 9.7% | 8.6% | 8.1% | 8.4% | 6.6% | 9.6% | 9.3% | 8.6% | 8.7% |
| ROCE | 9.9% | 9.9% | 11.1% | 9.8% | 9.0% | 8.8% | 6.8% | 10.2% | 10.0% | 9.3% | 9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.41 | 3.41 | 3.29 | 3.07 | 3.40 | 3.79 | 3.80 | 3.16 | 3.41 | 2.71 | 1.33 |
| Debt / EBITDA | 7.14 | 7.14 | 5.95 | 6.47 | 6.94 | 7.03 | 8.77 | 6.14 | 5.88 | 6.46 | 4.89 |
| Net Debt / Equity | — | 3.18 | 3.02 | 2.83 | 3.12 | 3.51 | 3.38 | 2.80 | 3.16 | 2.47 | 1.11 |
| Net Debt / EBITDA | 6.67 | 6.67 | 5.45 | 5.97 | 6.38 | 6.51 | 7.80 | 5.44 | 5.45 | 5.88 | 4.10 |
| Debt / FCF | — | 11.33 | 11.23 | 11.12 | 9.58 | 8.35 | 15.63 | 8.44 | 10.58 | 8.38 | 6.10 |
| Interest Coverage | 4.26 | 4.26 | 2.99 | 2.67 | 3.46 | 4.31 | 2.70 | 3.31 | 3.22 | 3.16 | 3.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 0.97 | 1.01 | 0.97 | 0.97 | 1.41 | 1.29 | 1.07 | 1.06 | 1.73 |
| Quick Ratio | 0.91 | 0.91 | 0.91 | 0.94 | 0.91 | 0.92 | 1.35 | 1.24 | 1.01 | 1.01 | 1.67 |
| Cash Ratio | 0.40 | 0.40 | 0.56 | 0.53 | 0.56 | 0.58 | 0.97 | 0.90 | 0.65 | 0.66 | 1.21 |
| Asset Turnover | — | 0.37 | 0.34 | 0.30 | 0.29 | 0.25 | 0.22 | 0.25 | 0.27 | 0.22 | 0.22 |
| Inventory Turnover | 27.11 | 27.11 | 37.90 | 25.42 | 29.38 | 35.05 | 31.20 | 38.23 | 29.87 | 29.85 | 30.38 |
| Days Sales Outstanding | — | 30.72 | 30.31 | 38.93 | 34.45 | 34.79 | 39.38 | 34.33 | 30.80 | 39.00 | 35.52 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 3.6% | 3.5% | 2.8% | 3.3% | 3.5% | 3.4% | 3.0% | 2.9% | 2.3% | 2.4% |
| Payout Ratio | 142.8% | 142.8% | 100.8% | 83.2% | 96.3% | 116.2% | 197.3% | 140.1% | 119.0% | 102.5% | 87.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.4% | 4.9% | 4.8% | 5.0% | 4.4% | 2.6% | 3.7% | 4.6% | 4.1% | 3.0% |
| FCF Yield | 5.7% | 4.6% | 4.4% | 3.4% | 4.7% | 5.8% | 2.8% | 4.7% | 4.4% | 4.6% | 5.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.4% | 1.1% | 2.0% | 1.3% | 0.0% | 2.5% | 1.1% | 0.0% |
| Total Shareholder Yield | 3.3% | 3.6% | 3.5% | 4.2% | 4.4% | 5.4% | 4.7% | 3.0% | 5.5% | 3.4% | 2.4% |
| Shares Outstanding | — | $457M | $454M | $456M | $455M | $464M | $468M | $469M | $473M | $477M | $470M |
High leverage and refinancing
According to current market data, QSR trades at a forward P/E of 18.30, which appears to discount the company's historical volatility and suggests that investors are pricing in a more stable, albeit slower, growth trajectory compared to the higher-multiple, asset-light profiles of its primary global peers.
The PEG ratio of 3.96 indicates that the market may be paying a premium for expected earnings growth that has yet to materialize consistently. This valuation warrants caution, as it implies a reliance on successful international expansion and digital transformation that remains sensitive to the company's high debt load.
Based on reported figures, QSR's ROIC has remained in a narrow range between 1.7% and 3.3% over the last ten quarters, suggesting that the company is struggling to generate meaningful returns on its invested capital relative to the cost of its significant debt-funded expansion strategy.
The persistent gap between QSR's ROIC and its peers, such as McDonald's, highlights the drag created by the company's capital-intensive supply chain and acquisition-heavy growth model. Investors should monitor whether the 'Reclaim the Flame' initiative can improve these returns or if they will remain suppressed by structural inefficiencies.
As reported in financial statements, the company's cash conversion cycle has shown significant fluctuation, including negative values that suggest a reliance on supplier financing to manage the working capital requirements of its vertically integrated Tim Hortons supply chain operations across the Canadian market.
The variability in DSO and DPO metrics indicates that QSR's cash flow efficiency is highly dependent on the timing of supply chain payments and franchise collections. This operational complexity may mask underlying weaknesses in store-level cash generation that are not immediately apparent in consolidated revenue figures.
Based on recent SEC filings, QSR's debt-to-EBITDA ratio has frequently exceeded 20x, a level that appears exceptionally high compared to industry norms and suggests that the company's financial flexibility is severely constrained by its existing debt obligations and interest coverage requirements.
The high leverage profile necessitates a consistent and predictable stream of royalty income, which is currently threatened by macroeconomic volatility and competitive pressures. Any sustained compression in operating margins could force management to prioritize debt reduction over the capital expenditures required for brand modernization.
As evidenced by the company's hybrid business model, the P/E ratio is frequently misapplied to QSR because it fails to account for the significant non-cash depreciation and amortization associated with its acquisition-heavy strategy and the consolidation of advertising funds that do not represent true corporate earnings.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the underlying cash-generating power of the franchise business, stripping away the noise created by the supply chain segment and accounting adjustments. Relying solely on P/E risks overestimating the quality of earnings during periods of aggressive expansion.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying QSR stock.
Restaurant Brands International Inc.'s current P/E ratio is 31.2x. The historical average is 30.1x. This places it at the 73th percentile of its historical range.
Restaurant Brands International Inc.'s current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.7x.
Restaurant Brands International Inc.'s return on equity (ROE) is 15.5%. The historical average is 15.1%.
Based on historical data, Restaurant Brands International Inc. is trading at a P/E of 31.2x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Restaurant Brands International Inc.'s current dividend yield is 3.31% with a payout ratio of 142.8%.
Restaurant Brands International Inc. has 41.1% gross margin and 23.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Restaurant Brands International Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.