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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.14
WEN's Cash to Debt is ranked lower than
81% of the 284 Companies
in the Global Restaurants industry.

( Industry Median: 0.66 vs. WEN: 0.14 )
Ranked among companies with meaningful Cash to Debt only.
WEN' s 10-Year Cash to Debt Range
Min: 0.03  Med: 0.33 Max: 44.04
Current: 0.14
0.03
44.04
Equity to Asset 0.42
WEN's Equity to Asset is ranked lower than
59% of the 279 Companies
in the Global Restaurants industry.

( Industry Median: 0.49 vs. WEN: 0.42 )
Ranked among companies with meaningful Equity to Asset only.
WEN' s 10-Year Equity to Asset Range
Min: -0.44  Med: 0.29 Max: 0.51
Current: 0.42
-0.44
0.51
Interest Coverage 4.82
WEN's Interest Coverage is ranked lower than
80% of the 207 Companies
in the Global Restaurants industry.

( Industry Median: 27.30 vs. WEN: 4.82 )
Ranked among companies with meaningful Interest Coverage only.
WEN' s 10-Year Interest Coverage Range
Min: 0.08  Med: 0.83 Max: 5.79
Current: 4.82
0.08
5.79
F-Score: 6
Z-Score: 1.59
M-Score: -2.46
WACC vs ROIC
5.35%
4.69%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) 10.72
WEN's Operating margin (%) is ranked higher than
78% of the 288 Companies
in the Global Restaurants industry.

( Industry Median: 4.78 vs. WEN: 10.72 )
Ranked among companies with meaningful Operating margin (%) only.
WEN' s 10-Year Operating margin (%) Range
Min: -22.69  Med: 3.36 Max: 13.01
Current: 10.72
-22.69
13.01
Net-margin (%) 5.12
WEN's Net-margin (%) is ranked higher than
67% of the 288 Companies
in the Global Restaurants industry.

( Industry Median: 2.87 vs. WEN: 5.12 )
Ranked among companies with meaningful Net-margin (%) only.
WEN' s 10-Year Net-margin (%) Range
Min: -26.32  Med: 0.35 Max: 529.48
Current: 5.12
-26.32
529.48
ROE (%) 5.95
WEN's ROE (%) is ranked lower than
56% of the 279 Companies
in the Global Restaurants industry.

( Industry Median: 8.00 vs. WEN: 5.95 )
Ranked among companies with meaningful ROE (%) only.
WEN' s 10-Year ROE (%) Range
Min: -101.09  Med: 0.38 Max: 799.28
Current: 5.95
-101.09
799.28
ROA (%) 2.47
WEN's ROA (%) is ranked lower than
58% of the 288 Companies
in the Global Restaurants industry.

( Industry Median: 3.58 vs. WEN: 2.47 )
Ranked among companies with meaningful ROA (%) only.
WEN' s 10-Year ROA (%) Range
Min: -15.73  Med: 0.16 Max: 63.9
Current: 2.47
-15.73
63.9
ROC (Joel Greenblatt) (%) 17.19
WEN's ROC (Joel Greenblatt) (%) is ranked higher than
57% of the 287 Companies
in the Global Restaurants industry.

( Industry Median: 13.74 vs. WEN: 17.19 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
WEN' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -45.2  Med: 20.46 Max: 1784.86
Current: 17.19
-45.2
1784.86
Revenue Growth (3Y)(%) -2.80
WEN's Revenue Growth (3Y)(%) is ranked lower than
77% of the 219 Companies
in the Global Restaurants industry.

( Industry Median: 3.70 vs. WEN: -2.80 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
WEN' s 10-Year Revenue Growth (3Y)(%) Range
Min: -59.2  Med: 0.20 Max: 57.5
Current: -2.8
-59.2
57.5
EBITDA Growth (3Y)(%) 16.30
WEN's EBITDA Growth (3Y)(%) is ranked higher than
77% of the 186 Companies
in the Global Restaurants industry.

( Industry Median: 5.80 vs. WEN: 16.30 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
WEN' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -54.6  Med: -5.80 Max: 80.3
Current: 16.3
-54.6
80.3
EPS Growth (3Y)(%) 100.00
WEN's EPS Growth (3Y)(%) is ranked higher than
97% of the 155 Companies
in the Global Restaurants industry.

( Industry Median: 6.00 vs. WEN: 100.00 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
WEN' s 10-Year EPS Growth (3Y)(%) Range
Min: -63.2  Med: 33.05 Max: 152
Current: 100
-63.2
152
» WEN's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2014

WEN Guru Trades in Q2 2014

John Keeley 120,000 sh (+20.00%)
Joel Greenblatt 88,149 sh (+2.94%)
Murray Stahl 31,863,115 sh (+2.16%)
Mario Gabelli 120,710 sh (unchged)
Jim Simons 2,764,585 sh (-34.04%)
Paul Tudor Jones 43,051 sh (-40.78%)
» More
Q3 2014

WEN Guru Trades in Q3 2014

Mario Gabelli 120,710 sh (unchged)
Joel Greenblatt Sold Out
John Keeley Sold Out
Murray Stahl 31,414,423 sh (-1.41%)
Paul Tudor Jones 35,768 sh (-16.92%)
Jim Simons 1,114,782 sh (-59.68%)
» More
Q4 2014

WEN Guru Trades in Q4 2014

Caxton Associates 450,000 sh (New)
John Keeley 30,000 sh (New)
Robert Olstein 690,000 sh (New)
Steven Cohen 3,001,800 sh (New)
Jim Simons 1,358,282 sh (+21.84%)
Murray Stahl 30,440,342 sh (unchged)
Mario Gabelli 120,710 sh (unchged)
Murray Stahl 30,440,342 sh (-3.10%)
Paul Tudor Jones 24,012 sh (-32.87%)
» More
Q1 2015

WEN Guru Trades in Q1 2015

Robert Olstein 985,000 sh (+42.75%)
Jim Simons 1,908,482 sh (+40.51%)
Caxton Associates 600,000 sh (+33.33%)
Paul Tudor Jones Sold Out
John Keeley Sold Out
Murray Stahl 28,602,415 sh (-6.04%)
Mario Gabelli 112,710 sh (-6.63%)
Steven Cohen 917,700 sh (-69.43%)
» More
» Details

Insider Trades

Latest Guru Trades with WEN

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

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Guru Investment Theses on Wendy's Co

Murray Stahl’s Horizon Kinetics Comments on Wendy’s Company - Jun 26, 2014

As the investing world continues to embrace indexation, it assists us in sourcing truly attractive investments in areas that are structurally overlooked (or created) by the mainstream. Wendy’s, a relatively recent purchase and significant holding, is one example.



The Wendy’s Company (WEN) has long been unloved. It is the world’s third largest hamburger-oriented quick service restaurant (“QSR”), behind McDonald’s (MCD) and Burger King (BKW). A common criticism is that it has chronically underperformed its larger peers in many key areas, particularly profit margins. Accordingly, the company “screens” poorly by nearly every quantitative measure of business performance and valuation. The stock price was essentially unchanged for 2010, 2011, and 2012. Although it has almost doubled during the past year, it is lower now than it was over 10 years ago, in 2003. However, many of our most successful investments over the past two decades have been in companies that, like Wendy’s, underperform their competitors. Operational/financial underperformance is, in fact, an opportunity, if the underlying business is fundamentally viable and an actionable plan exists to improve operating performance.



Wendy’s operating results are clearly deficient: the company’s cash operating earnings margin (before interest, tax, depreciation, and amortization) (“EBITDA”) of 14.1% can be compared with the McDonald’s and Burger King Worldwide restaurant-level margins of 35.9% and 56.4%, respectively. Yum! Brands (YUM) averages a lower margin through its KFC, Pizza Hut, and Taco Bell restaurants, but at 20.9%, it is nevertheless almost 50% more profitable than Wendy’s. One of the several reasons for Wendy’s deficiency here is the ratio of franchised restaurants to company-owned stores. The franchisee in the QSR industry typically pays 4% of gross store revenue to the parent company, the parent only being responsible for corporate overhead and limited marketing costs. Thus, this 4% revenue is a very high margin business, over 80% for both McDonald’s and Burger King Worldwide. Company-owned stores not only require much larger balance sheet commitments, but also have much lower margins that seldom exceed 20%. Only about 82% of Wendy’s stores are franchised, compared to nearly 100% at Burger King Worldwide.



The franchise/company-owned mix is not the only factor impairing Wendy’s profitability; at 1%, the company also has nearly no locations outside of the United States. McDonald’s and Burger King generate 69% and 42% of company revenue outside of North America. The mix is even higher for Yum! Brands, although this figure is inflated due to a concentration of “strategic” company-owned stores in international markets.



The untapped potential for Wendy’s is readily apparent, and although this is beginning to be recognized (i.e., the shares increased 85.5% in 2013), one can observe that considerable upside remains. Wendy’s currently trades at approximately 11.8x 2013 EBITDA, compared to 10.7x for McDonald’s, 18.0x for Burger King Worldwide, and 13.3x for Yum! Brands. The modest relative multiple assigned to McDonald’s likely reflects recognition of the market saturation that the company has achieved worldwide. Burger King Worldwide, on the other hand, has recently re-emerged as a public company after having been taken private by the esteemed private equity company 3G Capital Partners, in 2010. The current company strategy is “asset light,” as evidenced by the minimal proportion of company-owned restaurants, and is focused on international expansion (42% international revenue mix in 2013) and paying down its debt. The inflated cash flow multiple is likely in recognition of the company’s strategy and its value-oriented private equity management team. Yum! Brands also has market saturation issues to contend with, yet the high cash flow multiple may reflect the company’s early-mover status in entering various emerging markets.



Wendy’s, on merely the two sub-par ratios (franchise/company-owned store mix and absence of international presence) has superior margin and revenue expansion possibilities relative to all of these peers, yet trades at a multiple that fails to reflect this fact. Moreover, the methodological approach, popular though it is, of comparing a company’s earnings multiple to those of its peers is an error in this case. After all, with an EBITDA multiple of 11.8x, does Wendy’s seem so very much cheaper than Yum! Brands at 13.3x? The problem here, as mentioned at the beginning of this discussion, which is also the opportunity, is that the current earnings are irrelevant in this instance. One must estimate what the normalized Wendy’s earnings will be at the conclusion of its program to rebalance its franchise mix and refurbish its out-of-date stores, which is a third major factor in its valuation. That project, described below, will be a four year process at a minimum, with an important cross-over point in about four years. But Wall Street consensus earnings estimates only go as far as next year.



Accordingly, standard-time-horizon investors are unlikely to be holders of Wendy’s shares due to the lack of a tangible short-term catalyst for value realization. While it is true that there is no short-term catalyst, there is undoubtedly a catalyst. Nelson Peltz, and Peter May, along with the investment fund that they control (Trian Fund Management, L.P.) currently hold over 23% of Wendy’s shares, and Mr. Peltz acts as non-executive chairman. These two investors have extensive experience in the food and beverage industries, beginning with a 1993 activist investment in Triarc Companies (“Triarc”), which owned Arby’s franchises and Royal Crown Cola, amongst a variety of other businesses. Subsequently, through Triarc, they acquired Snapple Beverage Corp. in 1997 for $300 million, only to sell the business for a $480 million profit just three years later, after having fixed some of the management and structural problems that Snapple suffered under its prior corporate owner, Quaker Oats. Ultimately, Triarc merged with Wendy’s Corporation in 2008, creating Wendy’s Arby’s Group; however, the name was changed back to The Wendy’s Corporation in 2011, after the sale of the majority of the interest in Arby’s. A cursory review of the investment and operating history of Messrs. Peltz and May, even exclusive of the Snapple coup, reveals their capacity for exceptional shareholder value creation.



Beyond the international and franchise model initiatives at Wendy’s, management is also focused on repositioning the brand within the QSR market. This primarily involves “reimaging” stores, which essentially refers to a company-wide model to follow for modernizing stores, some of which are over 25 years old. The initial investment costs vary depending on the requisite work, but a successfully completed test period indicates 10-20% sales lift for reimaged stores, and a 25-35% increase for “scrapped” and rebuilt stores. The profit flow-through of each strategy is expected to be 40%.





However, this process is in its early stages, such that the enhanced profitability of the newly reformatted stores will be obscured by the incentives and financing that Wendy’s will provide to induce additional franchisees to participate during this phased program. The cost per store can be $0.5 million or higher. Management intends for 85% of the company-owned stores to be updated by 2017, amounting to 35% of the overall Wendy’s system. It can be presumed that the full profitability of this transition will not be reflected in the financial statements until 2018. There will come an important cross-over point when more stores will have been reformatted than those that remain, such that the latent profitability of the program will become more apparent in the financial statements.



Concurrently, Wendy’s is also engaged in a “system optimization” strategy aimed at selling 425 company-owned stores, completed a few weeks ago, for proceeds of $325 million. The incremental cash facilitated a $275 million share repurchase program, for 7.5% of its shares, completed earlier this year.



In sum, there does not appear to be any natural impediment to Wendy’s being able to achieve a profit margin closer to those of its major competitors, in which case profits could be 50% or 100% higher. It is now executing a tactical and strategic set of plans, under the direction of two activist owner-operators, to correct its deficiencies. There are several levers and sources of earnings expansion, which jointly can be very powerful in success mode, and one of the sources of return is simply the operation of the equity yield curve: that however successful the financial outcome might be, it will be too far in the future to be relevant to most investors and, thus, that as-yet-unrealized success is excessively discounted in the present.



From Murray Stahl’s First Quarter 2014 Market Commentary.



Check out Murray Stahl latest stock trades

Ratios

vs
industry
vs
history
P/E(ttm) 41.05
WEN's P/E(ttm) is ranked lower than
76% of the 203 Companies
in the Global Restaurants industry.

( Industry Median: 27.70 vs. WEN: 41.05 )
Ranked among companies with meaningful P/E(ttm) only.
WEN' s 10-Year P/E(ttm) Range
Min: 22.62  Med: 85.27 Max: 1380
Current: 41.05
22.62
1380
Forward P/E 31.45
WEN's Forward P/E is ranked lower than
88% of the 128 Companies
in the Global Restaurants industry.

( Industry Median: 18.94 vs. WEN: 31.45 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 42.00
WEN's PE(NRI) is ranked lower than
75% of the 203 Companies
in the Global Restaurants industry.

( Industry Median: 27.10 vs. WEN: 42.00 )
Ranked among companies with meaningful PE(NRI) only.
WEN' s 10-Year PE(NRI) Range
Min: 22.82  Med: 101.35 Max: 549
Current: 42
22.82
549
P/B 2.37
WEN's P/B is ranked higher than
67% of the 268 Companies
in the Global Restaurants industry.

( Industry Median: 3.27 vs. WEN: 2.37 )
Ranked among companies with meaningful P/B only.
WEN' s 10-Year P/B Range
Min: 0.71  Med: 1.72 Max: 8.14
Current: 2.37
0.71
8.14
P/S 2.08
WEN's P/S is ranked lower than
73% of the 286 Companies
in the Global Restaurants industry.

( Industry Median: 1.20 vs. WEN: 2.08 )
Ranked among companies with meaningful P/S only.
WEN' s 10-Year P/S Range
Min: 0.1  Med: 0.88 Max: 2.11
Current: 2.08
0.1
2.11
POCF 15.99
WEN's POCF is ranked lower than
53% of the 237 Companies
in the Global Restaurants industry.

( Industry Median: 15.12 vs. WEN: 15.99 )
Ranked among companies with meaningful POCF only.
WEN' s 10-Year POCF Range
Min: 0.67  Med: 9.19 Max: 962.4
Current: 15.99
0.67
962.4
EV-to-EBIT 24.81
WEN's EV-to-EBIT is ranked lower than
67% of the 215 Companies
in the Global Restaurants industry.

( Industry Median: 19.17 vs. WEN: 24.81 )
Ranked among companies with meaningful EV-to-EBIT only.
WEN' s 10-Year EV-to-EBIT Range
Min: -104.8  Med: 22.00 Max: 408.3
Current: 24.81
-104.8
408.3
PEG 6.36
WEN's PEG is ranked lower than
78% of the 93 Companies
in the Global Restaurants industry.

( Industry Median: 2.72 vs. WEN: 6.36 )
Ranked among companies with meaningful PEG only.
WEN' s 10-Year PEG Range
Min: 3.85  Med: 4.73 Max: 5.23
Current: 6.36
3.85
5.23
Shiller P/E 99.07
WEN's Shiller P/E is ranked lower than
85% of the 148 Companies
in the Global Restaurants industry.

( Industry Median: 34.07 vs. WEN: 99.07 )
Ranked among companies with meaningful Shiller P/E only.
WEN' s 10-Year Shiller P/E Range
Min: 2.51  Med: 3.99 Max: 125.11
Current: 99.07
2.51
125.11
Current Ratio 1.62
WEN's Current Ratio is ranked higher than
71% of the 280 Companies
in the Global Restaurants industry.

( Industry Median: 1.11 vs. WEN: 1.62 )
Ranked among companies with meaningful Current Ratio only.
WEN' s 10-Year Current Ratio Range
Min: 0.46  Med: 1.95 Max: 9.01
Current: 1.62
0.46
9.01
Quick Ratio 1.59
WEN's Quick Ratio is ranked higher than
75% of the 280 Companies
in the Global Restaurants industry.

( Industry Median: 0.95 vs. WEN: 1.59 )
Ranked among companies with meaningful Quick Ratio only.
WEN' s 10-Year Quick Ratio Range
Min: 0.41  Med: 1.81 Max: 9.01
Current: 1.59
0.41
9.01
Days Inventory 2.37
WEN's Days Inventory is ranked higher than
96% of the 271 Companies
in the Global Restaurants industry.

( Industry Median: 12.16 vs. WEN: 2.37 )
Ranked among companies with meaningful Days Inventory only.
WEN' s 10-Year Days Inventory Range
Min: 2.38  Med: 4.68 Max: 13283.05
Current: 2.37
2.38
13283.05
Days Sales Outstanding 13.91
WEN's Days Sales Outstanding is ranked lower than
62% of the 245 Companies
in the Global Restaurants industry.

( Industry Median: 9.05 vs. WEN: 13.91 )
Ranked among companies with meaningful Days Sales Outstanding only.
WEN' s 10-Year Days Sales Outstanding Range
Min: 7.9  Med: 21.77 Max: 308.11
Current: 13.91
7.9
308.11

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.92
WEN's Dividend Yield is ranked higher than
60% of the 293 Companies
in the Global Restaurants industry.

( Industry Median: 1.50 vs. WEN: 1.92 )
Ranked among companies with meaningful Dividend Yield only.
WEN' s 10-Year Dividend Yield Range
Min: 1.09  Med: 1.87 Max: 10.13
Current: 1.92
1.09
10.13
Dividend Payout 0.76
WEN's Dividend Payout is ranked lower than
77% of the 192 Companies
in the Global Restaurants industry.

( Industry Median: 0.61 vs. WEN: 0.76 )
Ranked among companies with meaningful Dividend Payout only.
WEN' s 10-Year Dividend Payout Range
Min: 0.15  Med: 0.81 Max: 8
Current: 0.76
0.15
8
Dividend growth (3y) 36.80
WEN's Dividend growth (3y) is ranked higher than
87% of the 94 Companies
in the Global Restaurants industry.

( Industry Median: 10.00 vs. WEN: 36.80 )
Ranked among companies with meaningful Dividend growth (3y) only.
WEN' s 10-Year Dividend growth (3y) Range
Min: 0  Med: -42.80 Max: 40.4
Current: 36.8
0
40.4
Yield on cost (5-Year) 7.38
WEN's Yield on cost (5-Year) is ranked higher than
96% of the 296 Companies
in the Global Restaurants industry.

( Industry Median: 1.48 vs. WEN: 7.38 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
WEN' s 10-Year Yield on cost (5-Year) Range
Min: 4.19  Med: 7.19 Max: 38.93
Current: 7.38
4.19
38.93
Share Buyback Rate 2.60
WEN's Share Buyback Rate is ranked higher than
84% of the 176 Companies
in the Global Restaurants industry.

( Industry Median: -0.60 vs. WEN: 2.60 )
Ranked among companies with meaningful Share Buyback Rate only.
WEN' s 10-Year Share Buyback Rate Range
Min: 10.4  Med: -1.10 Max: -108.3
Current: 2.6

Valuation & Return

vs
industry
vs
history
Price/Projected FCF 2.17
WEN's Price/Projected FCF is ranked lower than
57% of the 169 Companies
in the Global Restaurants industry.

( Industry Median: 1.93 vs. WEN: 2.17 )
Ranked among companies with meaningful Price/Projected FCF only.
WEN' s 10-Year Price/Projected FCF Range
Min: 0.49  Med: 1.10 Max: 16.39
Current: 2.17
0.49
16.39
Price/Median PS Value 2.36
WEN's Price/Median PS Value is ranked lower than
89% of the 265 Companies
in the Global Restaurants industry.

( Industry Median: 1.28 vs. WEN: 2.36 )
Ranked among companies with meaningful Price/Median PS Value only.
WEN' s 10-Year Price/Median PS Value Range
Min: 0.11  Med: 0.91 Max: 9.55
Current: 2.36
0.11
9.55
Price/Peter Lynch Fair Value 4.73
WEN's Price/Peter Lynch Fair Value is ranked lower than
94% of the 68 Companies
in the Global Restaurants industry.

( Industry Median: 2.27 vs. WEN: 4.73 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
WEN' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.4  Med: 1.34 Max: 32.1
Current: 4.73
0.4
32.1
Earnings Yield (Greenblatt) (%) 4.05
WEN's Earnings Yield (Greenblatt) (%) is ranked lower than
51% of the 276 Companies
in the Global Restaurants industry.

( Industry Median: 4.10 vs. WEN: 4.05 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
WEN' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 0.2  Med: 4.20 Max: 10.9
Current: 4.05
0.2
10.9
Forward Rate of Return (Yacktman) (%) 9.52
WEN's Forward Rate of Return (Yacktman) (%) is ranked higher than
57% of the 153 Companies
in the Global Restaurants industry.

( Industry Median: 7.15 vs. WEN: 9.52 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
WEN' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: -66.6  Med: -3.20 Max: 90.3
Current: 9.52
-66.6
90.3

Business Description

Industry: Restaurants » Restaurants
Compare:BH, CMG, MCD, DIN, SBUX » details
Traded in other countries:TQK.Germany,
Wendy's Co was incorporated in Ohio in 1929 as Triarc. Wendy's Company is the parent company of its 100% owned subsidiary holding company, Wendy's Restaurants, LLC. On July 4, 2011, Wendy's Restaurants completed the sale of 100% of the common stock of its then wholly-owned subsidiary, Arby's Restaurant Group, Inc. After this sale, the principal 100% owned subsidiary of Wendy's Restaurants was Wendy's International, Inc. and its subsidiaries. Wendy's franchises and operates company-owned Wendy's quick-service restaurants specializing in hamburger sandwiches throughout the United States of America. Wendy's also has franchised restaurants in 27 foreign countries and U.S. territories other than North America. At December 29, 2013, Wendy's operated and franchised 1,183 and 5,374 restaurants, respectively. The menu also includes chicken nuggets, chili, french fries, baked potatoes, freshly prepared salads, soft drinks, Frosty desserts and kids' meals. The restaurants also sell promotional products on a limited time basis. The Company or its subsidiaries have registered certain trademarks and service marks in the United States Patent and Trademark Office and in international jurisdictions, some of which include Wendy's, Old Fashioned Hamburgers and Quality Is Our Recipe. Each restaurant is in competition with other food service operations within the same geographical area. The quick-service restaurant segment is competitive and includes well-established competitors. Wendy's competes with other restaurant companies and food outlets, primarily through the quality, variety, convenience, price, and value perception of food products offered. The Company also competes within the food service industry and the quick service restaurant sector not only for customers, but also for personnel, suitable real estate sites and qualified franchisees. The Company's past and present operations are governed by federal, state and local environmental laws and regulations concerning the discharge, storage, handling and disposal of hazardous or toxic substances.
» More Articles for WEN

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Cramer: What's fueling Diageo's run Jun 18 2015
Wendy's Helps the Dave Thomas Foundation for Adoption Give the Gift of Family through Ninth Annual... Jun 18 2015
Murray Stahl Reduces Most Valuable Stakes in First Quarter Jun 17 2015
7 Fast Foods That Surprisingly Still Contain Dangerous Trans Fat Jun 17 2015
Top 10 Most Unhealthy Fast Food Chains In America Jun 16 2015
Dave Thomas, The Beef Behind Winner Wendy's Jun 15 2015
Forget McDonald's: This Fast-Food Stock Is Up 170% Jun 11 2015
Forget McDonald's: This Fast-Food Stock Is Up 170% Jun 11 2015
Wendy's Celebrates National Iced Tea Day in NY & NJ with Free Giveaways of Honest Tropical Green Tea... Jun 10 2015
McDonald's: Better But Not Good Enough Jun 08 2015
Wendy's to Repurchase $1.4B Shares, Updates 2015 Outlook - Analyst Blog Jun 04 2015
Wendy's (WEN) Stock Lower Following Wedbush Downgrade Jun 04 2015
Company News for June 04, 2015 - Corporate Summary Jun 04 2015
Wendy's: Up One Day, Down the Next on Wedbush Downgrade Jun 04 2015

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