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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:
During the past 12 years, the highest Piotroski F-Score of Restaurant Brands International was 9. The lowest was 4. And the median was 6.
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.
Restaurant Brands International Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 6.00 | 7.00 | 7.00 | 8.00 |
Restaurant Brands International Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 6.00 | 8.00 | 8.00 | 6.00 |
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.
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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Net Income was 252 + 508 + 230 + 280 = $1,270 Mil. Cash Flow from Operations was 433 + 403 + 148 + 334 = $1,318 Mil. Revenue was 1837 + 1820 + 1739 + 2080 = $7,476 Mil. Gross Profit was 762 + 673 + 696 + 786 = $2,917 Mil. Average Total Assets from the begining of this year (Jun23) to the end of this year (Jun24) was (23133 + 23077 + 23391 + 23145 + 24849) / 5 = $23519 Mil. Total Assets at the begining of this year (Jun23) was $23,133 Mil. Long-Term Debt & Capital Lease Obligation was $15,199 Mil. Total Current Assets was $2,030 Mil. Total Current Liabilities was $2,617 Mil. |
Net Income was 360 + 229 + 189 + 241 = $1,019 Mil. Revenue was 1726 + 1689 + 1590 + 1775 = $6,780 Mil. Gross Profit was 698 + 649 + 646 + 721 = $2,714 Mil. Average Total Assets from the begining of last year (Jun22) to the end of last year (Jun23) was (22754 + 22557 + 22746 + 22526 + 23133) / 5 = $22743.2 Mil. Total Assets at the begining of last year (Jun22) was $22,754 Mil. Long-Term Debt & Capital Lease Obligation was $14,199 Mil. Total Current Assets was $2,190 Mil. Total Current Liabilities was $2,016 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 1,270.
==> 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 1,318.
==> 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 (Jun23) |
= | 1270 | / | 23133 | |
= | 0.05489993 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun22) |
= | 1019 | / | 22754 | |
= | 0.04478333 |
Restaurant Brands International's return on assets of this year was 0.05489993. Restaurant Brands International's return on assets of last year was 0.04478333.
==> 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 1,270. Restaurant Brands International's current Cash Flow from Operations (TTM) was 1,318.
==> 1,318 > 1,270 ==> 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: Jun24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun23 to Jun24 |
= | 15199 | / | 23519 | |
= | 0.64624346 |
Gearing (Last Year: Jun23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun22 to Jun23 |
= | 14199 | / | 22743.2 | |
= | 0.62431848 |
Restaurant Brands International's gearing of this year was 0.64624346. Restaurant Brands International's gearing of last year was 0.62431848.
==> 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: Jun24) | = | Total Current Assets | / | Total Current Liabilities |
= | 2030 | / | 2617 | |
= | 0.77569736 |
Current Ratio (Last Year: Jun23) | = | Total Current Assets | / | Total Current Liabilities |
= | 2190 | / | 2016 | |
= | 1.08630952 |
Restaurant Brands International's current ratio of this year was 0.77569736. Restaurant Brands International's current ratio of last year was 1.08630952.
==> 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 453. Restaurant Brands International's number of shares in issue last year was 458.
==> 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 |
= | 2917 | / | 7476 | |
= | 0.39018192 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2714 | / | 6780 | |
= | 0.40029499 |
Restaurant Brands International's gross margin of this year was 0.39018192. Restaurant Brands International's gross margin of last year was 0.40029499.
==> 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 (Jun23) |
= | 7476 | / | 23133 | |
= | 0.32317469 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun22) |
= | 6780 | / | 22754 | |
= | 0.29796959 |
Restaurant Brands International's asset turnover of this year was 0.32317469. Restaurant Brands International's asset turnover of last year was 0.29796959.
==> 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.
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.
Thomas Benjamin Curtis | officer: See Remarks | 30 FRANK LLOYD WRIGHT DR, ANN ARBOR MI 48105 |
Axel Mr Schwan | officer: Pres., Tim Hortons Americas | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Joshua Kobza | officer: Chief Financial Officer | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Ali Hedayat | director | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Jill Granat | officer: See Remarks | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Duncan Fulton | officer: Chief Corporate Officer | C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Jeffrey Housman | officer: See Remarks | C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Matthew Dunnigan | officer: CFO | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Jacqueline Friesner | officer: See Remarks | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Sami A. Siddiqui | officer: Brand Pres., Popeyes, Americas | C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI FL 33126 |
David Chan Shear | officer: President, International | C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI FL 33126 |
J Patrick Doyle | officer: Executive Chairman | 8701 COLLINS AVENUE UNIT 1202, MIAMI BEACH FL 33154 |
Jordana Fribourg | director | C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Jose E. Cil | officer: See Remarks | 5505 BLUE LAGOON DRIVE, MIAMI FL 33126 |
Cristina Farjallat | director | 130 KING STREET WEST, SUITE 300, TORONTO Z4 M5X 1E1 |
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