Restaurant Brands International Inc. (QSR) Key Metrics
QSR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $34.27B
- Enterprise value
- $39.68B
- P/E (TTM)
- 18.8 10-yr median 38.3
- Forward P/E
- 11.7
- PEG ratio
- 0.88
- Price / sales
- 3.5 10-yr median 5.0
- Price / book
- 6.5 10-yr median 12.2
- EV / EBITDA
- 13.6 10-yr median 19.9
- Dividend yield
- 2.65% $2.60 a year
- Beta
- 0.54
QSR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsQSR valuation Price multiples at each fiscal year-end price.
QSR returns How much profit the business earns on the capital it uses.
QSR per-share figures Results divided by the shares outstanding at year-end.
QSR financial health Debt, liquidity and how easily interest is covered.
QSR efficiency & capital use Working capital cycle and where the cash goes.
QSR valuation history
QSR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
QSR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
QSR cash returned to shareholders
QSR price vs earnings per share
QSR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $31.18B | $29.59B | $35.63B | $29.42B | $28.16B | $28.60B | $29.91B | $24.74B | $29.35B | $22.40B |
| Enterprise value | $47.60B | $44.21B | $49.00B | $42.74B | $41.69B | $41.16B | $41.84B | $36.16B | $40.63B | $29.94B |
| P/E ratio | 40.2 | 29.0 | 29.9 | 29.2 | 33.6 | 58.8 | 46.5 | 40.4 | 45.3 | 36.4 |
| Price / sales | 3.3 | 3.5 | 5.1 | 4.5 | 4.9 | 5.8 | 5.3 | 4.6 | 6.4 | 5.4 |
| Price / book | 8.6 | 9.5 | 12.4 | 11.8 | 12.6 | 13.2 | 12.0 | 15.4 | 13.2 | 4.5 |
| Price / free cash flow | 21.5 | 22.7 | 29.6 | 21.2 | 17.4 | 35.6 | 21.2 | 22.9 | 21.8 | 18.1 |
| Price / operating cash flow | 18.2 | 19.7 | 26.9 | 19.7 | 16.3 | 31.1 | 20.3 | 21.2 | 21.2 | 17.7 |
| EV / sales | 5.0 | 5.3 | 7.0 | 6.6 | 7.3 | 8.3 | 7.5 | 6.7 | 8.9 | 7.2 |
| EV / EBITDA | 19.0 | 16.6 | 21.9 | 20.7 | 20.4 | 27.5 | 19.4 | 17.4 | 22.7 | 16.6 |
| EV / free cash flow | 32.8 | 34.0 | 40.7 | 30.7 | 25.7 | 51.2 | 29.6 | 33.5 | 30.2 | 24.2 |
| Earnings yield | 2.5% | 3.5% | 3.3% | 3.4% | 3.0% | 1.7% | 2.1% | 2.5% | 2.2% | 2.7% |
| Free cash flow yield | 4.6% | 4.4% | 3.4% | 4.7% | 5.8% | 2.8% | 4.7% | 4.4% | 4.6% | 5.5% |
| Dividend yield | 3.6% | 3.5% | 2.8% | 3.3% | 3.5% | 3.4% | 3.0% | 2.9% | 2.3% | 2.4% |
| Shareholder yield (dividends + buybacks) | 3.6% | 3.5% | 4.2% | 4.4% | 5.4% | 4.4% | 3.0% | 5.5% | 3.4% | 2.4% |
| Share price at fiscal year-end | $68.23 | $65.18 | $78.13 | $64.67 | $60.68 | $61.11 | $63.77 | $52.30 | $61.48 | $47.66 |
| Per share | ||||||||||
| Revenue per share | $20.64 | $18.52 | $15.40 | $14.30 | $12.37 | $10.62 | $11.95 | $11.33 | $9.59 | $8.82 |
| Earnings per share | $1.70 | $2.25 | $2.61 | $2.22 | $1.81 | $1.04 | $1.37 | $1.29 | $1.36 | $1.31 |
| Operating cash flow per share | $3.75 | $3.31 | $2.90 | $3.27 | $3.72 | $1.97 | $3.15 | $2.46 | $2.89 | $2.70 |
| Free cash flow per share | $3.17 | $2.87 | $2.64 | $3.05 | $3.49 | $1.72 | $3.01 | $2.28 | $2.82 | $2.63 |
| Cash per share | $2.54 | $2.94 | $2.50 | $2.59 | $2.34 | $3.33 | $3.27 | $1.93 | $2.30 | $3.11 |
| Book value per share | $7.95 | $6.85 | $6.29 | $5.49 | $4.82 | $4.63 | $5.31 | $3.41 | $4.66 | $10.64 |
| Tangible book value per share | −$30.33 | −$30.39 | −$30.74 | −$31.16 | −$32.73 | −$30.50 | −$29.26 | −$30.31 | −$30.62 | −$18.94 |
| Dividends per share | $2.42 | $2.27 | $2.17 | $2.13 | $2.10 | $2.05 | $1.92 | $1.54 | $1.39 | $1.14 |
| Capex per share | $0.58 | $0.44 | $0.26 | $0.22 | $0.23 | $0.25 | $0.13 | $0.18 | $0.08 | $0.07 |
| Debt per share | $38.47 | $35.15 | $31.83 | $31.85 | $31.51 | $30.18 | $28.71 | $26.07 | $25.92 | $19.15 |
| Shares outstanding | 457.0M | 454.0M | 456.0M | 455.0M | 464.0M | 468.0M | 469.0M | 473.0M | 477.4M | 470.0M |
| Change in shares outstanding | +0.7% | −0.4% | +0.2% | −1.9% | −0.9% | −0.2% | −0.8% | −0.9% | +1.6% | −1.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.0% | 34.2% | 44.4% | 42.6% | 38.1% | 20.9% | 31.4% | 31.9% | 17.9% | 12.8% |
| Return on invested capital (ROIC) | 8.4% | 11.4% | 12.8% | 12.0% | 11.3% | 9.0% | 11.2% | 12.0% | 13.3% | 10.4% |
| Return on assets (ROA) | 3.1% | 4.3% | 5.2% | 4.4% | 3.6% | 2.2% | 3.0% | 3.0% | 3.2% | 3.3% |
| Return on tangible assets | 9.6% | 13.2% | 18.3% | 16.6% | 14.4% | 7.7% | 10.5% | 14.6% | 14.8% | 11.8% |
| Free cash flow margin | 15.4% | 15.5% | 17.1% | 21.4% | 28.2% | 16.2% | 25.2% | 20.1% | 29.4% | 29.8% |
| Income quality (OCF / net income) | 2.21 | 1.47 | 1.11 | 1.48 | 2.06 | 1.90 | 2.30 | 1.90 | 2.13 | 2.06 |
| Financial health | ||||||||||
| Total debt | $17.58B | $15.96B | $14.52B | $14.49B | $14.62B | $14.12B | $13.47B | $12.33B | $12.38B | $9.00B |
| Cash & short-term investments | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913.0M | $1.10B | $1.46B |
| Net debt | $16.42B | $14.62B | $13.38B | $13.31B | $13.53B | $12.56B | $11.93B | $11.42B | $11.28B | $7.54B |
| Debt / equity | 4.84 | 5.13 | 5.06 | 5.80 | 6.54 | 6.52 | 5.41 | 7.65 | 5.56 | 1.80 |
| Debt / assets | 0.69 | 0.65 | 0.62 | 0.64 | 0.63 | 0.62 | 0.60 | 0.61 | 0.58 | 0.47 |
| Net debt / EBITDA | 6.56 | 5.49 | 5.97 | 6.44 | 6.62 | 8.40 | 5.52 | 5.48 | 6.31 | 4.18 |
| Current ratio | 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 | 0.94 | 0.91 | 0.92 | 1.35 | 1.24 | 1.01 | 1.01 | 1.67 |
| Interest coverage | 4.3 | 3.0 | 2.7 | 3.5 | 4.4 | 2.9 | 3.4 | 3.2 | 3.4 | 3.7 |
| Working capital | −$61.0M | −$82.0M | $29.0M | −$68.0M | −$62.0M | $663.0M | $493.0M | $92.0M | $95.0M | $886.3M |
| Invested capital | $20.05B | $17.73B | $16.24B | $15.81B | $15.77B | $14.73B | $14.42B | $13.03B | $13.50B | $12.54B |
| Tangible asset value | −$12.34B | −$12.06B | −$12.15B | −$12.41B | −$13.57B | −$12.72B | −$11.96B | −$12.33B | −$12.28B | −$7.12B |
| Net current asset value | −$17.63B | −$17.51B | −$16.49B | −$16.43B | −$17.58B | −$16.79B | −$15.90B | −$15.02B | −$14.91B | −$10.24B |
| Graham number | $17.43 | $18.62 | $19.21 | $16.55 | $14.00 | $10.40 | $12.80 | $9.96 | $11.93 | $17.71 |
| Graham net-net per share | −$40.69 | −$39.34 | −$37.01 | −$36.86 | −$38.46 | −$36.42 | −$34.39 | −$32.21 | −$31.76 | −$22.43 |
| Capital allocation | ||||||||||
| Dividends paid | $1.11B | $1.03B | $990.0M | $971.0M | $974.0M | $959.0M | $901.0M | $728.0M | $663.5M | $538.1M |
| Share buybacks (net) | $0 | $0 | $500.0M | $326.0M | $551.0M | $298.0M | $0 | $621.0M | $330.2M | $0 |
| Dividend payout ratio | 142.8% | 100.8% | 83.2% | 96.3% | 116.2% | 197.3% | 140.1% | 119.0% | 102.4% | 87.4% |
| Dividends + buybacks / free cash flow | 76.5% | 79.0% | 123.9% | 93.3% | 94.1% | 156.3% | 63.7% | 125.0% | 73.9% | 43.6% |
| Capex / revenue | 2.8% | 2.4% | 1.7% | 1.5% | 1.8% | 2.4% | 1.1% | 1.6% | 0.8% | 0.8% |
| Capex / operating cash flow | 15.5% | 13.4% | 9.1% | 6.7% | 6.1% | 12.7% | 4.2% | 7.4% | 2.7% | 2.7% |
| Capex / depreciation | 0.88 | 0.76 | 0.63 | 0.53 | 0.53 | 0.62 | 0.34 | 0.48 | 0.20 | 0.20 |
| Stock-based compensation / revenue | 1.6% | 2.0% | 2.8% | 2.1% | 1.8% | 1.5% | 1.2% | 0.9% | 1.1% | 0.8% |
| SG&A / revenue | 7.6% | 8.2% | 10.0% | 8.6% | 7.8% | 7.8% | 6.9% | 22.7% | 7.2% | 6.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 28.9 | 31.4 | 35.4 | 32.6 | 34.4 | 39.0 | 31.9 | 32.1 | 35.6 | 36.3 |
| Days of inventory on hand | 11.4 | 10.4 | 12.9 | 10.7 | 10.4 | 11.0 | 9.0 | 12.5 | 11.7 | 12.8 |
| Days payables outstanding | 53.6 | 52.7 | 66.9 | 64.1 | 58.5 | 67.5 | 65.8 | 82.2 | 67.9 | 61.2 |
| Cash conversion cycle (days) | -13.3 | -10.9 | -18.6 | -20.8 | -13.6 | -17.5 | -24.8 | -37.7 | -20.5 | -12.0 |
| Receivables turnover | 12.65 | 11.62 | 10.30 | 11.21 | 10.60 | 9.35 | 11.45 | 11.39 | 10.25 | 10.04 |
| Payables turnover | 6.82 | 6.92 | 5.45 | 5.70 | 6.24 | 5.41 | 5.55 | 4.44 | 5.38 | 5.96 |
| Inventory turnover | 32.03 | 34.95 | 28.23 | 34.12 | 35.05 | 33.28 | 40.39 | 29.28 | 31.08 | 28.49 |
| Asset turnover | 0.38 | 0.35 | 0.30 | 0.28 | 0.25 | 0.22 | 0.26 | 0.26 | 0.23 | 0.22 |
| Average receivables | $746.0M | $723.5M | $681.5M | $580.5M | $541.5M | $531.5M | $489.5M | $470.5M | $446.2M | $412.8M |
| Average payables | $815.5M | $777.5M | $774.0M | $686.0M | $539.0M | $554.0M | $578.5M | $504.5M | $432.9M | $365.6M |
| Average inventory | $173.5M | $154.0M | $149.5M | $114.5M | $96.0M | $90.0M | $79.5M | $76.5M | $74.9M | $76.5M |
| Intangibles / total assets | 68.3% | 68.6% | 72.2% | 73.3% | 75.0% | 72.2% | 72.5% | 79.2% | 79.4% | 72.7% |
Computed from QSR's annual financial statements (latest annual report filed February 20, 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.
QSR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Restaurant Brands International traded at 40.2 times earnings, against a 10-year median of 38.3. Based on the latest twelve months, the trailing P/E is 18.8 and the forward P/E is 11.7. Restaurant Brands International earned a return on equity of 23.0% and a return on invested capital of 8.4% in fiscal 2025. It ended the year with $17.6 billion of debt and $1.2 billion in cash and short-term investments, net debt of $16.4 billion. It returned $1.1 billion to shareholders: $1.1 billion in dividends and $0 in share buybacks, 76% of free cash flow.
See the QSR income statement, the QSR chart for price history, or the QSR stock overview for the latest quote and news.
QSR key metrics FAQ
What is Restaurant Brands International's P/E ratio?
Restaurant Brands International's trailing P/E ratio is 18.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.7. At the end of fiscal 2025 it was 40.2, compared with a 10-year median of 38.3.
What is Restaurant Brands International's EV/EBITDA?
Restaurant Brands International's enterprise value was 19.0 times EBITDA at the end of fiscal 2025 (enterprise value $47.6 billion, EBITDA $2.5 billion); the current EV/EBITDA is 13.6.
What is Restaurant Brands International's return on equity?
Restaurant Brands International's return on equity (ROE) was 23.0% in fiscal 2025: net income of $776.0 million on average shareholders' equity of $3.4 billion.
What is Restaurant Brands International's ROIC?
Restaurant Brands International's return on invested capital was 8.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Restaurant Brands International have?
Restaurant Brands International had total debt of $17.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.84 and $16.4 billion of net debt (6.56 times EBITDA).
What is Restaurant Brands International's dividend yield?
Restaurant Brands International's forward dividend yield is 2.65%. Restaurant Brands International paid $1.1 billion in dividends in fiscal 2025 ($2.42 per share), a payout ratio of 142.8%.
What is Restaurant Brands International's free cash flow yield?
Restaurant Brands International generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.6% on its market value at year-end ($31.2 billion).
What is Restaurant Brands International's current ratio?
Restaurant Brands International's current ratio was 0.98 at the end of fiscal 2025: current assets were 0.98 times current liabilities.