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Restaurant Brands International Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Restaurant Brands International has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Restaurant Brands International's Piotroski F-Score or its related term are showing as below:

QSR' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 6

During the past 10 years, the highest Piotroski F-Score of Restaurant Brands International was 9. The lowest was 4. And the median was 6.


Restaurant Brands International Piotroski F-Score Historical Data

The historical data trend for Restaurant Brands International's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Restaurant Brands International Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 7.00 6.00 7.00

Restaurant Brands International Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 8.00 7.00 7.00 6.00

Competitive Comparison

For the Restaurants subindustry, Restaurant Brands International's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Restaurant Brands International Piotroski F-Score Distribution

For the Restaurants industry and Consumer Cyclical sector, Restaurant Brands International's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Restaurant Brands International's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 221 + 179 + 183 + 236 = $819 Mil.
Cash Flow from Operations was 510 + 471 + 234 + 435 = $1,650 Mil.
Revenue was 1495 + 1546 + 1451 + 1639 = $6,131 Mil.
Gross Profit was 647 + 632 + 580 + 671 = $2,530 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(23241 + 22928 + 23246 + 23172 + 22754) / 5 = $23068.2 Mil.
Total Assets at the begining of this year (Jun21) was $23,241 Mil.
Long-Term Debt & Capital Lease Obligation was $14,260 Mil.
Total Current Assets was $1,568 Mil.
Total Current Liabilities was $1,763 Mil.
Net Income was 145 + 91 + 179 + 259 = $674 Mil.

Revenue was 1337 + 1358 + 1260 + 1438 = $5,393 Mil.
Gross Profit was 585 + 537 + 506 + 607 = $2,235 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(22016 + 22533 + 22777 + 22857 + 23241) / 5 = $22684.8 Mil.
Total Assets at the begining of last year (Jun20) was $22,016 Mil.
Long-Term Debt & Capital Lease Obligation was $13,779 Mil.
Total Current Assets was $2,528 Mil.
Total Current Liabilities was $1,649 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Restaurant Brands International's current Net Income (TTM) was 819. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Restaurant Brands International's current Cash Flow from Operations (TTM) was 1,650. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=819/23241
=0.03523945

ROA (Last Year)=Net Income/Total Assets (Jun20)
=674/22016
=0.0306141

Restaurant Brands International's return on assets of this year was 0.03523945. Restaurant Brands International's return on assets of last year was 0.0306141. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Restaurant Brands International's current Net Income (TTM) was 819. Restaurant Brands International's current Cash Flow from Operations (TTM) was 1,650. ==> 1,650 > 819 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=14260/23068.2
=0.618167

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=13779/22684.8
=0.60741113

Restaurant Brands International's gearing of this year was 0.618167. Restaurant Brands International's gearing of last year was 0.60741113. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=1568/1763
=0.88939308

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=2528/1649
=1.53305033

Restaurant Brands International's current ratio of this year was 0.88939308. Restaurant Brands International's current ratio of last year was 1.53305033. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Restaurant Brands International's number of shares in issue this year was 455. Restaurant Brands International's number of shares in issue last year was 466. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2530/6131
=0.41265699

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2235/5393
=0.41442611

Restaurant Brands International's gross margin of this year was 0.41265699. Restaurant Brands International's gross margin of last year was 0.41442611. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=6131/23241
=0.26380104

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=5393/22016
=0.24495821

Restaurant Brands International's asset turnover of this year was 0.26380104. Restaurant Brands International's asset turnover of last year was 0.24495821. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+0+1+0+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Restaurant Brands International has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Restaurant Brands International  (NYSE:QSR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Restaurant Brands International Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Restaurant Brands International's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Restaurant Brands International Business Description

Restaurant Brands International logo
Traded in Other Exchanges
Address
130 King Street West, Suite 300, P.O. Box 339, Toronto, ON, CAN, M5X 1E1
Restaurant Brands International is one of the largest restaurant companies in the world, with more than $35 billion in 2021 systemwide sales across a footprint that spans more than 28,000 restaurants and 100 countries. The firm generates revenue primarily from retail sales at its company-owned restaurants, royalty fees and lease income from franchised stores, and from its Tim Horton's supply chain operations. Formed in 2014 after 3G Capital's acquisition of Tim Horton's International, the Restaurant Brands portfolio now includes Burger King (19,250 units), Tim Horton's (5,300 units), and Popeyes Louisiana Kitchen (3,700 units). The 2021 acquisition of Firehouse Subs brings another 1,200 units and $1.1 billion in systemwide sales in-house.
Executives
Fulton Duncan officer: Chief Corporate Officer C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Housman Jeffrey officer: See Remarks C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Sweeney Thecla director C/O RESTAURANT BRANDS INTERNATIONAL 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Curtis Thomas Benjamin officer: See Remarks 30 FRANK LLOYD WRIGHT DR ANN ARBOR MI 48105
Lemann Marc director C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Shear David Chan officer: President, International C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Siddiqui Sami A. officer: Brand Pres., Popeyes, Americas C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Melbourne Jason director C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
De Limburg Stirum Maximilien director C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Prato John F. director C/O RESTAURANT BRANDS INTERNATIONAL INC. 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Finazzo Christopher L. officer: See Remarks C/O SEAWORLD ENTERTAINMENT, INC. 6240 SEA HARBOR DR ORLANDO FL 32821
Schwan Axel Mr officer: Pres., Tim Hortons Americas 5505 BLUE LAGOON DRIVE MIAMI FL 33126
Machado Fernando officer: Chief Marketing Officer 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Athayde Felipe A officer: Brand Pres., Popeyes, Americas 5707 BLUE LAGOON DRIVE MIAMI FL 33126
Khosrowshahi Golnar director C/O RESTAURANT BRANDS INTERATIONAL INC. 5505 BLUE LAGOON DRIVE MIAMI FL 33126

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