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

Data as of 2026-09-08. TSX, Canada. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price C$106.00, market value C$35.6 billion.

## Valuation
- **P/E (trailing): 19.2×** (5-yr avg 28.1×, 3-yr avg 30.7×). Restaurant Brands International Limited Partnership trades at 19.2× trailing earnings, well below its own five-year average of 28.1×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×.
- **Price / sales: 2.7×**. Each dollar of revenue is priced at 2.7×.
- **Price / book: 4.8×**. The shares trade at 4.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 15.1×**. Enterprise value is 15.1× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 6.1%** (5-yr avg 3.7%). Free cash flow equals 6.1% of the market value, above its five-year average of 3.7%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.2%**. The inverse of the P/E: 5.2% of the price is earned each year.

## Profitability
- **Gross margin: 44.8%**. Restaurant Brands International Limited Partnership keeps 44.8% of revenue after the direct cost of what it sells.
- **Operating margin: 27.1%**. 27.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 8.2%**. 8.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 21.4%**. 21.4% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 11.4%**. Return on all capital, debt included, is 11.4%.
- **Return on assets: 5.6%**. Each dollar of assets produces 5.6% of profit.

## Growth
- **Revenue growth (1 yr): 12.2%** (3-yr 13.2%/yr, 5-yr 13.7%/yr). Revenue grew 12.2% over the last year, against 13.7% a year compounded over five years.
- **EPS growth (1 yr): -26.1%** (3-yr -10.2%/yr, 5-yr 8.0%/yr). Earnings per share fell 26.1%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 1.4%/yr**. Free cash flow has compounded at 1.4% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 4.84**. Debt is 4.84 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 5.9×**. It would take 5.9 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 6.0×**. Operating profit covers interest 6.0× over, a safe margin.
- **Current ratio: 0.98** (quick 0.91). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.90**. A Z-score of 1.90 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.44%** (C$3.64 per share, trailing). Restaurant Brands International Limited Partnership yields 3.44%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 143%** (81% of free cash flow). The dividend exceeds earnings (143% payout), though free cash flow still covers it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 4.4%/yr** (1-yr 7.7%). The dividend has grown 4.4% a year over five years.

## Price and momentum
- **Total return (1 yr): 27.1%** (YTD 14.8%, 3-mo 7.0%). The shares are up 27.1% over twelve months including dividends.
- **From 52-week high: -1.8%** (24.0% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 97**. An RSI of 97 is in overbought territory; short-term pullbacks are common from here.
- **Beta (1 yr): 0.11** (volatility 21%). Beta of 0.11 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=QSP-UN.TO · Page: https://foliofundamentals.com/stocks/qsp-un.to

Not investment advice.