Restaurant Brands International Limited Partnership (QSP-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+159.4%

CA$193.65

vs CA$74.64 price

Levered DCF

CA$198.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.52

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.91×	20.31×	20.45×	19.72×	22.39×	37.96×	26.57×	21.26×
P/B	6.27×	6.69×	8.51×	7.94×	8.41×	8.52×	6.86×	8.08×
P/S	2.42×	2.47×	3.47×	3.05×	3.28×	3.71×	3.05×	2.43×
EV / EBITDA	15.68×	13.29×	16.86×	16.05×	15.82×	20.73×	13.44×	11.73×
Gross margin	41.1%	36.0%	39.9%	39.9%	41.4%	39.7%	42.7%	58.2%
Operating margin	23.7%	28.8%	29.2%	29.2%	32.7%	28.6%	35.8%	35.8%
Net margin	8.2%	12.1%	16.9%	15.5%	14.6%	9.8%	11.5%	11.4%
Current ratio	0.98×	0.97×	1.01×	0.97×	0.97×	1.41×	1.29×	1.07×
Debt / equity	4.84×	5.13×	5.06×	5.8×	6.54×	6.52×	5.41×	7.65×
Interest coverage	4.34×	3.01×	2.68×	3.5×	4.39×	2.94×	3.37×	3.24×
Dividend yield	4.9%	4.9%	4.1%	4.9%	5.2%	5.5%	5.3%	5.6%
Payout ratio	142.8%	100.8%	83.2%	96.3%	116.2%	207.7%	140.1%	119.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.4%	32.8%	41.5%	40.3%	37.5%	22.4%	25.8%	38.0%
Return on invested capital	6.9%	8.5%	9.5%	9.1%	8.0%	6.1%	7.4%	8.4%
Return on assets	3.0%	4.1%	5.1%	4.4%	3.6%	2.1%	2.9%	3.0%
Free cash flow yield	6.4%	6.3%	4.9%	7.0%	8.6%	4.4%	8.3%	8.3%
Earnings yield	3.4%	4.9%	4.9%	5.1%	4.5%	2.6%	3.8%	4.7%
Enterprise value	CA$39.2B	CA$35.4B	CA$37.8B	CA$33.2B	CA$32.3B	CA$31B	CA$29B	CA$24.4B
Net debt / EBITDA	6.56×	5.49×	5.97×	6.44×	6.62×	8.4×	5.52×	5.48×
Cash conversion cycle (days)	-13	-12	-15	-24	-21	-5	-29	-41