Recommended as Stock of the Week on May 18, 2026

Burgers, coffee, royalties - and a trust that collects the best of it

TickerQSP-UN.TO
Recommended Price104.73 CAD
Current Price 104.73 CAD
Restaurant Brands International Limited Partnership – stock chart

Scores at time of recommendation (May 18, 2026)

Leeway Score
63/100
Excellent
Business Rating
48/100
Fair
Market-Fit Rating
67/100
Excellent
Cycle Rating
74/100
Excellent

More about our scores in Help

5-year stock timeline

Restaurant Brands International (QSP-UN.TO) — 2020–2026 timeline with latest price 104.73.

Major events

In October 2020, RBI accelerated digital and drive‑thru modernization across its brands, announcing upgrades at approximately 10,000 Burger King and Tim Hortons locations in response to shifting off‑premise demand.

By late 2022, the company reported accelerated restaurant growth with 1,266 net new units for the year, returned substantial capital to shareholders, and reduced net leverage. The Board appointed Joshua Kobza as CEO effective March 1, 2023 as part of succession planning.

During 2024, RBI announced the acquisition of Carrols (the largest U.S. Burger King franchisee) on January 16 and completed it on May 16 for approximately US$1.0 billion, financed through cash and an increased Term Loan B facility. The company subsequently reorganized acquired assets, including PLK China, into a new Restaurant Holdings segment while continuing capital deployment into 2025 targets.

Investor perception

The narrative evolved from pandemic‑era resilience and digital/drive‑thru execution in 2020 toward a growth‑and‑scale story as comparable sales and unit development recovered. The 2022 capital returns and unit growth reinforced a fast‑recovery framing among investors.

Following the 2023 leadership transition and the 2024 Carrols transaction, investor focus shifted to execution risk and leverage management—integration, refranchising plans, and Term Loan B sizing—alongside the upside case of accelerating reimaging and refranchising to drive long‑term unit economics.

Technical phases

Chart movement tracked events rather than precise levels: COVID‑era volatility in 2020 gave way to recovery and uptrend into 2021 aligned with digital and drive‑thru rollouts, then consolidation through much of 2022 while the company returned capital and showed unit growth.

Volatility increased around the 2024 Carrols announcement and financing as markets repriced integration and leverage risk. From late 2024 into 2026, the stock entered measured consolidation as RBI integrated acquisitions and communicated 2025 targets. Near‑term catalysts included scheduled earnings releases (Q1 2026 cadence) and supplemental reporting on the new Restaurant Holdings segment.

Key Points

From recommendation (May 18, 2026)

  • Franchise model with four brands (Burger King, Tim Hortons, Popeyes, Firehouse Subs) - low-capital, scalable, high-margin
  • Sales growth of 7.3 % combined with 102 % profit growth - the operating leverage effect is evident
  • Operating margin of 26.7 % and ROE of 28.1 % speak for disciplined management
  • Fast food benefits structurally from consumer restraint - downtrading from more expensive restaurants supports demand
  • Equity ratio improves continuously: 12.3 % (2023) → 12.6 % (2024) → 14.2 % (2025)
  • EBIT margin under slight pressure (29.2% → 23.7% over three years) - development deserves attention

Investment Thesis

From recommendation (May 18, 2026)

Restaurant Brands International Partnership (QSP-UN.TO) is the Canadian trust structure behind one of the largest quick service restaurant groups in the world. The business model is essentially a royalty machine: franchisees bear the operating risk, QSP collects license fees and system fees - with comparatively low capital investment. This is reflected in an operating margin of just under 27% and a return on equity of over 28%. The sales growth of 7.3% combined with profit growth of 102% shows that economies of scale and cost discipline are taking effect. The trust structure makes QSP interesting for distribution-oriented investors, but also brings with it specific tax and structural features that need to be understood before an investment is made.

Key risks and downside factors

QSP-UN.TO is the publicly listed partnership structure through which Restaurant Brands International operates Tim Hortons, Burger King, Popeyes and Firehouse Subs (ISIN CA76090H1038). It competes in the global quick-service restaurant space alongside established players like McDonald's, Yum! Brands, Starbucks and Wendy's. The business carries exposure to input and labor cost inflation, the dynamics of its franchise model, international operations, and the interplay between leverage and dividend sustainability.

  • Heavy reliance on franchised operations creates system-wide sales and franchisee performance risk.
  • Margin compression driven by commodity inflation, labor cost increases, and rising operational expenses.
  • Intense competition from global quick-service peers is pressuring pricing, traffic, and unit-level economics [16][17][18][23].
  • Leverage and coverage concerns are creating financial and dividend pressure, according to analyst summaries.

Competitive landscape

Restaurant Brands International Partnership (QSP-UN.TO) is the TSX-listed limited partnership operating and franchising Tim Hortons, Burger King, Popeyes, and Firehouse Subs across a substantial global footprint [1][6]. The competitive landscape is shaped by major QSR players in burgers, coffee, and chicken, while the business carries exposure to franchisee concentration risk, commodity and labor cost pressures, competitive brand intensity, and the regulatory and food-safety complexity that comes with operating across multiple jurisdictions [4][3].

CompanyTicker
McDonald's CorporationMCD.NYSE
Starbucks CorporationSBUX.NASDAQ
Yum! Brands, Inc.YUM.NYSE

Private competitors

  • Chick-fil-A
  • In-N-Out Burger

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Catalysts

From recommendation (May 18, 2026)

  • Quarterly figures: Development of system sales, comparable sales and net new openings across all four brands
  • Bank of Canada interest rate decision - falling interest rates improve refinancing conditions and make trust distributions relatively more attractive
  • Progress of Carrols integration into the franchise system - monitor refranchising revenues and margin effects
  • International expansion of Burger King and Popeyes, especially in emerging markets
  • Stabilization or turnaround in the EBIT margin as a confidence signal for operational management

Analysis

From recommendation (May 18, 2026)

The Restaurant Brands franchise model is structurally robust: those who do not operate their own outlets have no rental contracts, no kitchen staff and no perishable goods on their balance sheet - but reliable license streams from over 30,000 locations worldwide. Tim Hortons is deeply anchored in everyday culture in Canada, while Burger King and Popeyes offer value for money in the value segment, which attracts customers from the upscale restaurant segment, especially in inflationary phases. The capital allocation of the past - acquisitions of Tim Hortons and Popeyes at reasonable prices without ruining the balance sheet - speaks for a management that can do the math. On the other hand, the EBIT margin shows a clear downward trend from 29.2% (2023) to 23.7% (2025), which requires close observation: if system costs rise faster than royalty income, the quality of the model suffers. Social headwinds from debates about nutrition, obesity and sustainability are real, but have so far been more of a reputational issue than a direct sales risk factor - especially as the company is responding with plant-based alternatives and healthier options. The trust structure (QSP-UN.TO) has its own liquidity and tax aspects compared to the ordinary share (QSR), which should be examined for German investors. Anyone looking for a low-capital, brand-strong franchise model with distribution potential and who accepts the structural peculiarities of a Canadian trust will find a conceptually convincing, albeit not cheap, investment here - a P/E ratio of 36.7 and a P/B ratio of 9.4 leave little room for disappointment.

Performance Figures of Restaurant Brands International Limited Partnership

in CAD

1M High / Low
107.60 / 104.73
52W High / Low
107.96 / 85.47
5Y High / Low
109.74 / 59.47
1M
-2.67%
3M
+12.38%
6M
+5.18%
1Y
+12.45%
3Y
+16.43%
5Y
+49.04%

Relative Performance vs Benchmarks

PeriodRestaurant Brands International Limited Partnership vs DAX vs S&P 500 (SPY)
1M -2.67% -7.38% -8.12%
3M +12.38% +12.92% +2.68%
6M +5.18% -0.32% -5.26%
1Y +12.45% +7.83% -16.70%
3Y +16.43% -41.21% -69.24%
5Y +49.04% -13.00% -42.26%

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Historical valuation trends

How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.

PeriodP/E RatioP/S RatioP/B RatioP/CF Ratio
Current36.43.69.319.6
1Y ago33.63.614.121.7
3Y ago32.95.017.624.7
5Y ago61.26.416.230.3

Frequently Asked Questions

From recommendation (May 18, 2026)

Is Restaurant Brands International Limited Partnership a good investment?

Restaurant Brands International Limited Partnership has a Leeway Score of 63/100, which is rated as Excellent. The Leeway Score combines business quality, fundamental evaluation, and valuation cycle into a comprehensive assessment. A higher score indicates stronger investment quality based on AI-powered fundamental analysis.

What does Restaurant Brands International Limited Partnership do?

Restaurant Brands International Limited Partnership is a company characterized by the following investment thesis: Restaurant Brands International Limited Partnership operates and franchises quick service restaurants in the United States and internationally. The company operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. Its restaurants offers coffee and other beverages, baked goods, and food products under the Tim Hortons brand name; hamburgers, chicken, and other specialty sandwiches under the Burger King brand name; fried bone-in chicken, chicken sandwiches, chicken tenders, wings, fried shrimp, and regional items under the Popeyes brand name; and sandwiches, subs piled with meats and cheese, chili, soups, and other sides under the Firehouse Sub brand name. Restaurant Brands International Inc. serves as the general partner of the company. The company was formerly known as New Red Canada Limited Partnership and changed its name to Restaurant Brands International Limited Partnership in December 2014. The company was founded in 1954 and is headquartered in Toronto, Canada. Restaurant Brands International Limited Partnership operates as a subsidiary of Restaurant Brands International Inc. Restaurant Brands International Limited Partnership operates in the Consumer Cyclical / Restaurants industry is based in Canada employs around 53,500 people. Restaurant Brands International Limited Partnership recently reported revenue of about 9.59B CAD, a profit margin of 13.54%, return on equity of 28.14%, a market capitalisation around 35.15B CAD, valuation multiples of roughly 24.2x earnings, 3.7x sales, 4.8x book value. Restaurant Brands International Limited Partnership has an ongoing dividend policy and pays around 2.51 CAD per share (2.40% yield).

What are the key metrics for QSP-UN.TO?

Key metrics for QSP-UN.TO include valuation (P/E 36.7, P/S 3.7, P/B 9.4), profitability (profit margin 13.54%, ROE 28.14%), and growth (revenue 7.30%, earnings 102.00%). Market capitalization is 48.07B CAD. These metrics give an overview of the company's financial performance and valuation.

How has Restaurant Brands International Limited Partnership's stock price performed?

Restaurant Brands International Limited Partnership's stock has returned — over 1 year, — over 3 years, and — over 5 years. Performance can vary depending on market conditions and company developments.

How is QSP-UN.TO valued?

QSP-UN.TO has the following valuation metrics: P/E Ratio: 36.7, P/S Ratio: 3.7, P/B Ratio: 9.4. These metrics help assess whether the stock is fairly valued compared to its fundamentals.

What are the growth catalysts for Restaurant Brands International Limited Partnership?

The key growth catalysts for Restaurant Brands International Limited Partnership are:
  • Quarterly figures: Development of system sales, comparable sales and net new openings across all four brands
  • Bank of Canada interest rate decision - falling interest rates improve refinancing conditions and make trust distributions relatively more attractive
  • Progress of Carrols integration into the franchise system - monitor refranchising revenues and margin effects
  • International expansion of Burger King and Popeyes, especially in emerging markets
  • Stabilization or turnaround in the EBIT margin as a confidence signal for operational management
These factors can positively influence the company's future growth and performance.

What are the key risks when investing in QSP-UN.TO?

Key risks for QSP-UN.TO include: QSP-UN.TO is the publicly listed partnership structure through which Restaurant Brands International operates Tim Hortons, Burger King, Popeyes and Firehouse Subs (ISIN CA76090H1038). It competes in the global quick-service restaurant space alongside established players like McDonald's, Yum! Brands, Starbucks and Wendy's. The business carries exposure to input and labor cost inflation, the dynamics of its franchise model, international operations, and the interplay between leverage and dividend sustainability.
  • Heavy reliance on franchised operations creates system-wide sales and franchisee performance risk.
  • Margin compression driven by commodity inflation, labor cost increases, and rising operational expenses.
  • Intense competition from global quick-service peers is pressuring pricing, traffic, and unit-level economics [web:16][web:17][web:18][web:23].
  • Leverage and coverage concerns are creating financial and dividend pressure, according to analyst summaries.
Investors should consider these risk factors carefully before making an investment decision.

Who are the main competitors of Restaurant Brands International Limited Partnership?

Restaurant Brands International Limited Partnership competes with several listed peers in its sector. Restaurant Brands International Partnership (QSP-UN.TO) is the TSX-listed limited partnership operating and franchising Tim Hortons, Burger King, Popeyes, and Firehouse Subs across a substantial global footprint [web:1][web:6]. The competitive landscape is shaped by major QSR players in burgers, coffee, and chicken, while the business carries exposure to franchisee concentration risk, commodity and labor cost pressures, competitive brand intensity, and the regulatory and food-safety complexity that comes with operating across multiple jurisdictions [web:4][web:3].
  • McDonald's Corporation (MCD.NYSE)
  • Starbucks Corporation (SBUX.NASDAQ)
  • Yum! Brands, Inc. (YUM.NYSE)
These competitors influence pricing power, growth opportunities and relative valuation.

Key Metrics

From recommendation (May 18, 2026)

Market Capitalization
48.07B CAD
P/E Ratio
36.69
Analyst Target Price
—

Valuation Metrics

P/S Ratio
3.65
P/B Ratio
9.36

Profitability Metrics

Profit Margin
13.54%
Operating Margin
26.68%
Return on Equity
28.14%
Return on Assets
6.70%

Growth Metrics

Revenue Growth
7.30%
Earnings Growth
102.00%

Dividend history

Long-term record of paid dividends (amount per share and dividend yield at the time of payment).

YearDividendYield at paymentAvg. yield
20260.89 CAD0.87%0.85%
20250.85 CAD0.88%
20250.86 CAD0.98%
20250.85 CAD0.93%
20250.89 CAD0.91%
20240.84 CAD0.87%
20240.79 CAD0.83%
20240.79 CAD0.85%
20240.79 CAD0.73%
20230.73 CAD0.73%
20230.74 CAD0.81%
20230.73 CAD0.72%
20230.75 CAD0.88%
20220.74 CAD0.81%
20220.72 CAD0.91%

Key financial figures

All figures in USD

Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.

20252024202320222021
Revenue9.43B8.41B7.02B6.50B5.74B
Operating income (EBIT)2.24B2.42B2.05B1.90B1.88B
Net income776.00M1.02B1.19B1.01B838.00M
Free cash flow1.45B1.30B1.20B1.39B1.62B
Total assets25.61B24.63B23.39B22.75B23.25B
Equity3.63B3.11B2.87B2.50B2.24B
Net debt16.42B14.62B13.38B13.31B13.53B

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