What is Restaurant Brands International Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Restaurant Brands International Inc.'s reported free cash flow gives $68.42 per share. The share price was $77.55 on November 10, 2026, 13% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.5% | 10.0% | $32.09 | -59% |
| Base | 13.5% | 9.0% | $68.42 | -12% |
| Bull | 18.5% | 8.0% | $140.79 | +82% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $96.36 | $105.04 | $115.65 | $128.91 | $145.95 |
| 8.0% | $75.40 | $81.03 | $87.68 | $95.66 | $105.41 |
| 9.0% | $60.13 | $63.98 | $68.42 | $73.60 | $79.72 |
| 10.0% | $48.55 | $51.28 | $54.38 | $57.93 | $62.02 |
| 11.0% | $39.47 | $41.48 | $43.72 | $46.24 | $49.10 |
Where the presets come from
Base: years 1 to 5 grow at Restaurant Brands International Inc.'s revenue growth rate over the last 5 fiscal years (13.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions