McDonald's Corporation (MCD) Key Metrics
MCD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $171.94B
- Enterprise value
- $267.99B
- P/E (TTM)
- 19.7 10-yr median 25.6
- Forward P/E
- 17.1
- PEG ratio
- 2.06
- Price / sales
- 6.2 10-yr median 8.1
- Price / book
- 146.1
- EV / EBITDA
- 18.8 10-yr median 18.6
- Dividend yield
- 3.18% $7.72 a year
- Beta
- 0.45
MCD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMCD valuation Price multiples at each fiscal year-end price.
MCD returns How much profit the business earns on the capital it uses.
MCD per-share figures Results divided by the shares outstanding at year-end.
MCD financial health Debt, liquidity and how easily interest is covered.
MCD efficiency & capital use Working capital cycle and where the cash goes.
MCD valuation history
MCD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MCD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MCD cash returned to shareholders
MCD price vs earnings per share
MCD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $218.95B | $209.27B | $217.13B | $195.35B | $201.54B | $160.96B | $151.15B | $139.50B | $140.36B | $104.83B |
| Enterprise value | $272.99B | $260.13B | $265.65B | $241.47B | $246.17B | $208.97B | $197.81B | $170.34B | $167.44B | $129.56B |
| P/E ratio | 25.6 | 25.4 | 25.6 | 31.6 | 26.7 | 34.0 | 25.1 | 23.5 | 27.0 | 22.4 |
| Price / sales | 8.1 | 8.1 | 8.5 | 8.4 | 8.7 | 8.4 | 7.1 | 6.6 | 6.2 | 4.3 |
| Price / free cash flow | 30.5 | 31.4 | 29.9 | 35.6 | 28.4 | 34.8 | 26.4 | 33.0 | 38.0 | 24.7 |
| Price / operating cash flow | 20.8 | 22.2 | 22.6 | 26.4 | 22.0 | 25.7 | 18.6 | 20.0 | 25.3 | 17.3 |
| EV / sales | 10.2 | 10.0 | 10.4 | 10.4 | 10.6 | 10.9 | 9.3 | 8.0 | 7.3 | 5.3 |
| EV / EBITDA | 18.6 | 18.7 | 19.2 | 22.1 | 20.2 | 22.9 | 18.4 | 16.6 | 15.4 | 14.0 |
| EV / free cash flow | 38.0 | 39.0 | 36.6 | 44.0 | 34.7 | 45.2 | 34.5 | 40.3 | 45.3 | 30.6 |
| Earnings yield | 3.9% | 3.9% | 3.9% | 3.2% | 3.7% | 2.9% | 4.0% | 4.2% | 3.7% | 4.5% |
| Free cash flow yield | 3.3% | 3.2% | 3.3% | 2.8% | 3.5% | 2.9% | 3.8% | 3.0% | 2.6% | 4.0% |
| Dividend yield | 2.3% | 2.3% | 2.1% | 2.1% | 1.9% | 2.3% | 2.4% | 2.3% | 2.2% | 2.9% |
| Shareholder yield (dividends + buybacks) | 3.3% | 3.7% | 3.5% | 4.1% | 2.4% | 2.9% | 5.7% | 6.1% | 5.5% | 13.6% |
| Share price at fiscal year-end | $305.63 | $289.89 | $296.51 | $263.53 | $268.07 | $214.58 | $197.61 | $177.57 | $172.12 | $121.72 |
| Per share | ||||||||||
| Revenue per share | $37.53 | $35.91 | $34.81 | $31.27 | $30.89 | $25.61 | $27.93 | $27.06 | $27.98 | $28.59 |
| Earnings per share | $11.95 | $11.39 | $11.56 | $8.33 | $10.04 | $6.31 | $7.88 | $7.54 | $6.37 | $5.44 |
| Operating cash flow per share | $14.73 | $13.09 | $13.13 | $9.96 | $12.16 | $8.35 | $10.62 | $8.87 | $6.81 | $7.04 |
| Free cash flow per share | $10.03 | $9.24 | $9.91 | $7.40 | $9.45 | $6.17 | $7.49 | $5.38 | $4.53 | $4.92 |
| Cash per share | $1.08 | $1.50 | $6.25 | $3.49 | $6.26 | $4.60 | $1.17 | $1.10 | $3.02 | $1.42 |
| Book value per share | −$2.50 | −$5.26 | −$6.43 | −$8.10 | −$6.12 | −$10.43 | −$10.73 | −$7.97 | −$4.01 | −$2.56 |
| Tangible book value per share | −$8.66 | −$10.87 | −$11.72 | −$17.09 | −$14.58 | −$18.75 | −$18.60 | −$11.71 | −$7.58 | −$7.99 |
| Dividends per share | $7.14 | $6.75 | $6.19 | $5.62 | $5.21 | $5.00 | $4.68 | $4.14 | $3.79 | $3.55 |
| Capex per share | $4.70 | $3.84 | $3.22 | $2.56 | $2.71 | $2.19 | $3.13 | $3.49 | $2.27 | $2.11 |
| Debt per share | $76.51 | $71.96 | $72.50 | $65.69 | $65.64 | $68.61 | $62.17 | $40.36 | $36.22 | $30.14 |
| Shares outstanding | 716.4M | 721.9M | 732.3M | 741.3M | 751.8M | 750.1M | 764.9M | 785.6M | 815.5M | 861.2M |
| Change in shares outstanding | −0.8% | −1.4% | −1.2% | −1.4% | +0.2% | −1.9% | −2.6% | −3.7% | −5.3% | −8.8% |
| Returns & profitability | ||||||||||
| Return on invested capital (ROIC) | 19.6% | 20.5% | 22.3% | 18.5% | 21.3% | 14.3% | 21.6% | 27.6% | 25.0% | 15.1% |
| Return on assets (ROA) | 14.9% | 14.8% | 15.9% | 11.8% | 14.2% | 9.4% | 15.0% | 17.8% | 16.0% | 13.6% |
| Return on tangible assets | 15.5% | 16.1% | 16.2% | 14.1% | 15.9% | 10.2% | 14.5% | 19.8% | 16.8% | 17.8% |
| Free cash flow margin | 26.7% | 25.7% | 28.5% | 23.7% | 30.6% | 24.1% | 26.8% | 19.9% | 16.2% | 17.2% |
| Income quality (OCF / net income) | 1.23 | 1.15 | 1.13 | 1.20 | 1.21 | 1.32 | 1.35 | 1.18 | 1.07 | 1.29 |
| Financial health | ||||||||||
| Total debt | $54.81B | $51.95B | $53.09B | $48.70B | $49.35B | $51.46B | $47.56B | $31.70B | $29.54B | $25.96B |
| Cash & short-term investments | $774.0M | $1.08B | $4.58B | $2.58B | $4.71B | $3.45B | $898.5M | $866.0M | $2.46B | $1.22B |
| Net debt | $54.04B | $50.86B | $48.51B | $46.12B | $44.64B | $48.01B | $46.66B | $30.84B | $27.07B | $24.73B |
| Debt / assets | 0.92 | 0.94 | 0.95 | 0.97 | 0.92 | 0.98 | 1.00 | 0.97 | 0.87 | 0.84 |
| Net debt / EBITDA | 3.68 | 3.65 | 3.50 | 4.23 | 3.66 | 5.27 | 4.34 | 3.00 | 2.49 | 2.67 |
| Current ratio | 0.95 | 1.19 | 1.16 | 1.43 | 1.78 | 1.01 | 0.98 | 1.36 | 1.84 | 1.40 |
| Quick ratio | 0.94 | 1.18 | 1.16 | 1.41 | 1.76 | 1.00 | 0.97 | 1.35 | 1.82 | 1.38 |
| Interest coverage | 7.8 | 7.8 | 8.6 | 7.8 | 8.7 | 6.0 | 8.1 | 9.0 | 10.4 | 8.8 |
| Working capital | −$198.0M | $738.0M | $1.13B | $1.62B | $3.13B | $62.0M | −$63.1M | $1.08B | $2.44B | $1.38B |
| Invested capital | $52.25B | $47.07B | $43.80B | $40.11B | $40.04B | $40.19B | $38.45B | $24.58B | $23.80B | $22.53B |
| Tangible asset value | −$6.21B | −$7.85B | −$8.58B | −$12.67B | −$10.96B | −$14.06B | −$14.23B | −$9.20B | −$6.18B | −$6.88B |
| Net current asset value | −$57.14B | −$54.38B | −$52.87B | −$51.01B | −$51.31B | −$54.21B | −$52.16B | −$35.02B | −$31.74B | −$28.38B |
| Graham net-net per share | −$81.87 | −$77.68 | −$74.26 | −$70.47 | −$69.58 | −$73.85 | −$69.46 | −$46.27 | −$40.58 | −$35.85 |
| Capital allocation | ||||||||||
| Dividends paid | $5.12B | $4.87B | $4.53B | $4.17B | $3.92B | $3.75B | $3.58B | $3.26B | $3.09B | $3.06B |
| Share buybacks (net) | $2.06B | $2.82B | $3.05B | $3.90B | $845.5M | $907.8M | $4.98B | $5.21B | $4.69B | $11.17B |
| Dividend payout ratio | 59.7% | 59.2% | 53.5% | 67.5% | 51.9% | 79.3% | 59.4% | 55.0% | 59.5% | 65.3% |
| Dividends + buybacks / free cash flow | 99.8% | 115.3% | 104.6% | 147.0% | 67.1% | 100.8% | 149.4% | 200.3% | 210.3% | 335.7% |
| Capex / revenue | 12.5% | 10.7% | 9.2% | 8.2% | 8.8% | 8.5% | 11.2% | 12.9% | 8.1% | 7.4% |
| Capex / operating cash flow | 31.9% | 29.4% | 24.5% | 25.7% | 22.3% | 26.2% | 29.5% | 39.4% | 33.4% | 30.1% |
| Capex / depreciation | 1.53 | 1.32 | 1.19 | 1.02 | 1.09 | 0.94 | 1.48 | 1.85 | 1.36 | 1.20 |
| Stock-based compensation / revenue | 0.6% | 0.7% | 0.7% | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.5% | 0.5% |
| SG&A / revenue | 9.6% | 9.3% | 9.5% | 10.8% | 10.2% | 11.7% | 10.4% | 10.4% | 9.8% | 9.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.9 | 34.3 | 33.0 | 31.4 | 31.3 | 41.2 | 39.9 | 37.9 | 27.6 | 20.6 |
| Days of inventory on hand | 1.9 | 1.8 | 1.8 | 2.0 | 1.8 | 2.0 | 1.8 | 1.9 | 1.8 | 2.0 |
| Days payables outstanding | 34.7 | 34.7 | 34.8 | 36.4 | 30.0 | 33.4 | 39.4 | 37.3 | 25.1 | 20.6 |
| Cash conversion cycle (days) | 0.1 | 1.4 | -0.1 | -3.0 | 3.2 | 9.8 | 2.3 | 2.5 | 4.2 | 1.9 |
| Receivables turnover | 11.09 | 10.64 | 11.08 | 11.63 | 11.66 | 8.86 | 9.16 | 9.62 | 13.23 | 17.76 |
| Payables turnover | 10.51 | 10.52 | 10.49 | 10.04 | 12.18 | 10.93 | 9.28 | 9.78 | 14.52 | 17.68 |
| Inventory turnover | 195.73 | 205.69 | 208.21 | 185.42 | 199.49 | 186.69 | 201.09 | 189.72 | 207.30 | 181.35 |
| Asset turnover | 0.47 | 0.47 | 0.48 | 0.44 | 0.44 | 0.38 | 0.53 | 0.64 | 0.70 | 0.71 |
| Average receivables | $2.42B | $2.44B | $2.30B | $1.99B | $1.99B | $2.17B | $2.33B | $2.21B | $1.73B | $1.39B |
| Average payables | $1.09B | $1.07B | $1.04B | $993.5M | $874.0M | $864.8M | $1.10B | $1.07B | $840.4M | $815.4M |
| Average inventory | $58.5M | $54.5M | $52.5M | $53.8M | $53.4M | $50.6M | $50.6M | $55.0M | $58.9M | $79.5M |
| Intangibles / total assets | 7.4% | 7.3% | 6.9% | 13.2% | 11.8% | 11.9% | 12.7% | 9.0% | 8.6% | 15.1% |
Computed from MCD's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MCD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), McDonald's traded at 25.6 times earnings, against a 10-year median of 25.6. Based on the latest twelve months, the trailing P/E is 19.7 and the forward P/E is 17.1. McDonald's earned a return on invested capital of 19.6% in fiscal 2025. It ended the year with $54.8 billion of debt and $774.0 million in cash and short-term investments, net debt of $54.0 billion. It returned $7.2 billion to shareholders: $5.1 billion in dividends and $2.1 billion in share buybacks, 100% of free cash flow. The share count fell 16.8% from 861.2M to 716.4M over 9 years.
See the MCD income statement, the MCD chart for price history, or the MCD stock overview for the latest quote and news.
MCD key metrics FAQ
What is McDonald's's P/E ratio?
McDonald's's trailing P/E ratio is 19.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.1. At the end of fiscal 2025 it was 25.6, compared with a 10-year median of 25.6.
What is McDonald's's EV/EBITDA?
McDonald's's enterprise value was 18.6 times EBITDA at the end of fiscal 2025 (enterprise value $273.0 billion, EBITDA $14.7 billion); the current EV/EBITDA is 18.8.
What is McDonald's's ROIC?
McDonald's's return on invested capital was 19.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does McDonald's have?
McDonald's had total debt of $54.8 billion at the end of fiscal 2025 and $54.0 billion of net debt (3.68 times EBITDA).
What is McDonald's's dividend yield?
McDonald's's forward dividend yield is 3.18%. McDonald's paid $5.1 billion in dividends in fiscal 2025 ($7.14 per share), a payout ratio of 59.7%.
Does McDonald's buy back its shares?
Yes. McDonald's spent $2.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.8% over the year, to 716.4M..
What is McDonald's's free cash flow yield?
McDonald's generated $7.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.3% on its market value at year-end ($219.0 billion).
What is McDonald's's current ratio?
McDonald's's current ratio was 0.95 at the end of fiscal 2025: current assets were 0.95 times current liabilities.