RSTRF (Restaurant Brands International LP) Beneish M-Score: -2.43 (As of Jun. 25, 2026)

What is Restaurant Brands International LP Beneish M-Score?

Restaurant Brands International LP RSTRF -6.76% 86 Beneish M-Score is -2.43 as of Jun. 25, 2026. GuruFocus rates RSTRF with a GF Score™ of 86/100 and a GF Value™ of $92.18 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 357 Restaurants companies, Restaurant Brands International LP ranks worse than 75.07% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

RSTRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.42 Max: -1.37
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Restaurant Brands International LP was -1.37. The lowest was -2.91. And the median was -2.42.

Restaurant Brands International LP Beneish M-Score Related Terms

Restaurant Brands International LP Beneish M-Score Historical Data

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The historical data trend for Restaurant Brands International LP's Beneish M-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.

Restaurant Brands International LP Beneish M-Score Chart

Restaurant Brands International LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.57

-2.29

-2.24

-2.42

Restaurant Brands International LP Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.41	-2.36	-2.34	-2.42	-2.43

RSTRF vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, Restaurant Brands International LP's Beneish M-Score, along with its competitors' market caps and Beneish M-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 LP Beneish M-Score vs Restaurants Industry

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

* The bar in red indicates where Restaurant Brands International LP's Beneish M-Score falls into.

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Restaurant Brands International LP RSTRF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Restaurant Brands International LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Restaurant Brands International LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0369

0.528 * 1.0187

0.404 * 1.0121

0.892 * 1.0926

0.115 * 0.966

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8777

4.679 * -0.013424

0.327 * 0.9691

-2.38

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $767 Mil.
Revenue was 2264 + 2466 + 2449 + 2410 = $9,589 Mil.
Gross Profit was 763 + 831 + 843 + 815 = $3,252 Mil.
Total Current Assets was $2,154 Mil.
Total Assets was $24,880 Mil.
Property, Plant and Equipment(Net PPE) was $4,233 Mil.
Depreciation, Depletion and Amortization(DDA) was $308 Mil.
Selling, General, & Admin. Expense(SGA) was $679 Mil.
Total Current Liabilities was $2,178 Mil.
Long-Term Debt & Capital Lease Obligation was $15,420 Mil.
Net Income was 445 + 154 + 436 + 263 = $1,298 Mil.
Non Operating Income was 20 + -33 + -16 + -162 = $-191 Mil.
Cash Flow from Operations was 227 + 555 + 592 + 449 = $1,823 Mil.

Total Receivables was $677 Mil.
Revenue was 2109 + 2296 + 2291 + 2080 = $8,776 Mil.
Gross Profit was 704 + 744 + 798 + 786 = $3,032 Mil.
Total Current Assets was $2,530 Mil.
Total Assets was $24,881 Mil.
Property, Plant and Equipment(Net PPE) was $4,079 Mil.
Depreciation, Depletion and Amortization(DDA) was $286 Mil.
Selling, General, & Admin. Expense(SGA) was $708 Mil.
Total Current Liabilities was $2,627 Mil.
Long-Term Debt & Capital Lease Obligation was $15,533 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(767 / 9589)	/	(677 / 8776)
	=	0.079987	/	0.077142
	=	1.0369

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(3032 / 8776)	/	(3252 / 9589)
	=	0.345488	/	0.339139
	=	1.0187

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2154 + 4233) / 24880)	/	(1 - (2530 + 4079) / 24881)
	=	0.743288	/	0.734376
	=	1.0121

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	9589	/	8776
	=	1.0926

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(286 / (286 + 4079))	/	(308 / (308 + 4233))
	=	0.065521	/	0.067826
	=	0.966

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(679 / 9589)	/	(708 / 8776)
	=	0.07081	/	0.080675
	=	0.8777

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((15420 + 2178) / 24880)	/	((15533 + 2627) / 24881)
	=	0.707315	/	0.729874
	=	0.9691

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1298 - -191	-	1823)	/	24880
	=	-0.013424

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Restaurant Brands International LP has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.43 mean?

Restaurant Brands International LP (RSTRF) has a Beneish M-Score of -2.43 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Restaurant Brands International LP and its competitors. According to the industry distribution chart, Restaurant Brands International LP ranks #268 out of 357 companies in the Restaurants industry, placing it in the top 75.1%.

Is Restaurant Brands International LP's Beneish M-Score too high?

Restaurant Brands International LP's current Beneish M-Score is -2.43. Based on the distribution chart, Restaurant Brands International LP ranks #268 out of 357 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Restaurant Brands International LP has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Restaurant Brands International LP's Beneish M-Score compare to MCD and SBUX?

According to the Restaurants industry distribution chart, Restaurant Brands International LP ranks #268 out of 357 companies for Beneish M-Score. This places Restaurant Brands International LP in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Restaurants company?

A good Beneish M-Score depends on the Restaurants industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Restaurant Brands International LP and its competitors. Restaurant Brands International LP's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Restaurant Brands International LP stock overvalued right now?

Based on GuruFocus' analysis, Restaurant Brands International LP (RSTRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $92.18, compared to a current price of $72.33 — trading 21.5% below its estimated fair value. The current Beneish M-Score is -2.43. Restaurant Brands International LP's overall GF Score™ is 86/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Restaurant Brands International LP (RSTRF), the current Beneish M-Score is -2.43 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Restaurant Brands International LP (RSTRF) Overvalued in 2026?

Based on GuruFocus' analysis, Restaurant Brands International LP stock appears to be undervalued. The current stock price of $72.33 is trading 21.5% below its estimated GF Value™ of $92.18. GuruFocus considers Restaurant Brands International LP to be Modestly Undervalued.

Key valuation signals for RSTRF:

Beneish M-Score: -2.43
GF Value™: $92.18 vs. price of $72.33 (21.5% below fair value)
GF Score™: 86/100 with 6 warning signs

No single metric tells the full story. See the RSTRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Restaurant Brands International LP Business Description

Industry Consumer Cyclical Restaurants

Comparable Companies TSX:QSR TSX:MTY TSX:AW TSX:BPF.UN TSX:PZA TSX:SRV.UN TSX:AEG TSXV:BRED MCD SBUX LSE:CPG CMG YUM DRI YUMC TXRH DPZ LKNCY CAVA HKSE:06862

Other Exchanges QSP.UN:Canada

Address 130 King Street West, Suite 300, P.O. Box 339, Toronto, ON, CAN, M5X 1E1

Website https://www.rbi.com

Restaurant Brands International LP is a Canada-based firm. It owns, operates and franchises quick-service restaurants and possesses market recognition. The company has five segments Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs( FHS), Restaurant Holdings (RH) and International (INTL). It derives maximum profit from the Tim Hortons segment.

86GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$72.33

Price

$92.18

GF Value

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