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Wendys

Wendys's net profit rose 70.1% yoy to USD 200 mil in 2021

By Helgi Library - May 11, 2022

Wendys made a net profit of USD 200 mil with revenues of USD 1,897 mil in 2021, up by 70.1% and up by 9.41%, respec...

Wendys's price/earnings (P/E) fell 37.0% yoy to 26.7 in 2021

By Helgi Library - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 translating into a market capitalization of USD 5,352 mil. Since the en...

Wendys's Capital Expenditures rose 63.6% yoy to USD 22.9 mil in 2021

By Helgi Library - May 11, 2022

Wendys invested a total of USD 22.9 mil in 2021, down 63.6% compared to the previous year. Historically, between 2011 - ...

Profit Statement 2025 2026 2027
Sales USD mil 2,411 2,422 2,497
Gross Profit USD mil 1,591 1,599 1,648
EBITDA USD mil 630 526 561
EBIT USD mil 458 387 403
Financing Cost USD mil 148 152 155
Pre-Tax Profit USD mil 339 265 278
Net Profit USD mil 266 205 214
Dividends USD mil 165 123 128
Balance Sheet 2025 2026 2027
Total Assets USD mil 5,283 5,371 5,461
Non-Current Assets USD mil 4,616 4,682 4,750
Current Assets USD mil 667 688 711
Working Capital USD mil 103 108 114
Shareholders' Equity USD mil 910 951 1,042
Liabilities USD mil 4,373 4,420 4,419
Total Debt USD mil 3,896 3,906 3,916
Net Debt USD mil 3,297 3,307 3,317
Ratios 2025 2026 2027
ROE % 31.5 22.0 21.5
ROCE % 5.68 4.31 4.43
Gross Margin % 66.0 66.0 66.0
EBITDA Margin % 26.1 21.7 22.5
EBIT Margin % 19.0 16.0 16.1
Net Margin % 11.0 8.46 8.57
Net Debt/EBITDA 5.24 6.29 5.91
Net Debt/Equity % 362 348 318
Cost of Financing % 3.81 3.90 3.96
Valuation 2025 2026 2027
Market Capitalisation USD mil 4,062 4,062 4,062
Enterprise Value (EV) USD mil 7,359 7,369 7,379
Number Of Shares mil 224 224 224
Share Price USD 18.1 18.1 18.1
EV/EBITDA 11.7 14.0 13.1
EV/Sales 3.05 3.04 2.96
Price/Earnings (P/E) 15.3 19.8 19.0
Price/Book Value (P/BV) 4.46 4.27 3.90
Dividend Yield % 4.11 3.07 3.20

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil             1,223 1,590 1,709 1,734 1,897            
Gross Profit USD mil             710 1,041 1,111 1,119 1,285            
EBIT USD mil             215 250 254 263 367            
Net Profit USD mil             194 460 137 118 200            
                                     
ROE % ...           35.2 75.3 23.5 22.1 40.6            
EBIT Margin %             17.6 15.7 14.9 15.2 19.3            
Net Margin %             15.9 28.9 8.01 6.80 10.6            
Employees ...           12,100 12,500 13,300 14,000 14,500 ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil             4,097 4,292 4,995 5,040 5,101            
Non-Current Assets USD mil             3,693 3,626 4,440 4,352 4,509            
Current Assets USD mil             404 666 554 688 593            
                                     
Shareholders' Equity USD mil             573 648 516 550 436            
Liabilities USD mil             3,524 3,644 4,478 4,490 4,665            
Non-Current Liabilities USD mil             3,297 3,359 4,128 4,077 4,238            
Current Liabilities USD mil             227 284 350 413 427            
                                     
Net Debt/EBITDA             7.59 6.21 7.17 6.91 6.20            
Net Debt/Equity %             451 363 661 613 827            
Cost of Financing % ...           4.48 4.32 4.38 3.97 3.71            
cash flow                                  
Total Cash From Operations USD mil             239 224 289 284 346            
Total Cash From Investing USD mil             -92.2 363 -54.9 -68.3 -155            
Total Cash From Financing USD mil             -216 -306 -365 -158 -243            
Net Change In Cash USD mil             -63.1 274 -128 59.5 -51.3            
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 4,143 3,829 5,209 4,998 5,352            
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623 8,367 8,959            
Number Of Shares mil ... ... ... ... ... ... 252 245 235 228 224            
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2 21.9 23.9            
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0 42.4 26.7            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9 25.6 19.9            
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1 17.2 15.4            
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1 9.09 12.3            
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90 1.32 1.80            
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil             1,223 1,590 1,709 1,734 1,897            
Cost of Goods & Services USD mil             513 549 598 615 612            
Gross Profit USD mil             710 1,041 1,111 1,119 1,285            
Selling, General & Admin USD mil             237 539 538 552 655 ... ... ... ... ... ...
Research & Development USD mil             0 0 0 0 0 ... ... ... ... ... ...
Other Operating Expense USD mil             134 123 188 171 138 ... ... ... ... ... ...
Other Operating Cost (Income) USD mil             0 0 0 0 0 ... ... ... ... ... ...
EBITDA USD mil             340 379 476 487 582            
Depreciation USD mil   ... ...       91.0 90.6 81.2 77.7 68.3            
EBIT USD mil             215 250 254 263 367            
Net Financing Cost USD mil   ...         95.2 92.0 116 118 109            
Financing Cost USD mil             118 120 142 147 140            
Financing Income USD mil   ...         22.9 27.6 26.3 29.1 30.6            
FX (Gain) Loss USD mil             0 0 0 0 0 ... ... ... ... ... ...
(Income) / Loss from Affiliates USD mil       ... ...   -7.60 -8.10 -8.70 -6.10 ... ... ... ... ... ... ...
Extraordinary Cost USD mil             0 0 0 0 0 ... ... ... ... ... ...
Pre-Tax Profit USD mil             101 575 171 153 241            
Tax USD mil             -93.0 115 34.5 35.0 40.2            
Minorities USD mil             0 0 0 0 0            
Net Profit USD mil             194 460 137 118 200            
Net Profit Avail. to Common USD mil             194 460 137 118 200            
Dividends USD mil             68.4 80.9 96.6 64.9 95.2            
growth rates                                  
Total Revenue Growth % ...           -14.8 30.0 7.49 1.45 9.41            
Operating Cost Growth % ...           31.9 59.7 8.36 -0.220 7.32 ... ... ... ... ... ...
EBITDA Growth % ...           -22.5 11.3 25.7 2.38 19.4            
EBIT Growth % ...           -31.8 16.4 1.60 3.67 39.4            
Pre-Tax Profit Growth % ...           -49.9 469 -70.2 -10.9 57.5            
Net Profit Growth % ...           49.7 137 -70.2 -14.0 70.1            
ratios                                  
ROE % ...           35.2 75.3 23.5 22.1 40.6            
ROA % ...           4.83 11.0 2.95 2.35 3.95            
ROCE % ...           5.28 12.3 3.32 2.63 4.44            
Gross Margin %             58.1 65.5 65.0 64.5 67.8            
EBITDA Margin %             27.8 23.8 27.9 28.1 30.7            
EBIT Margin %             17.6 15.7 14.9 15.2 19.3            
Net Margin %             15.9 28.9 8.01 6.80 10.6            
Payout Ratio %             35.2 17.6 70.5 55.1 47.5            
Cost of Financing % ...           4.48 4.32 4.38 3.97 3.71            
Net Debt/EBITDA             7.59 6.21 7.17 6.91 6.20            
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                                  
Cash & Cash Equivalents USD mil             171 431 300 307 249            
Receivables USD mil             114 110 117 110 120            
Inventories USD mil             3.16 3.69 3.89 4.73 5.93            
Other ST Assets USD mil             115 121 133 266 218            
Current Assets USD mil             404 666 554 688 593            
Property, Plant & Equipment USD mil             1,263 1,213 2,034 1,944 1,964            
LT Investments & Receivables USD mil             285 274 303 313 350            
Intangible Assets USD mil             2,065 2,042 2,003 1,976 2,056            
Goodwill USD mil             743 748 756 751 775            
Non-Current Assets USD mil             3,693 3,626 4,440 4,352 4,509            
Total Assets USD mil             4,097 4,292 4,995 5,040 5,101            
                                     
Trade Payables USD mil             22.8 21.7 22.7 31.1 41.2            
Short-Term Debt USD mil             30.2 31.7 77.5 86.4 87.1            
Other ST Liabilities USD mil             62.6 80.2 84.2 141 158            
Current Liabilities USD mil             227 284 350 413 427            
Long-Term Debt USD mil             2,724 2,753 3,636 3,590 3,769            
Other LT Liabilities USD mil             572 607 492 488 469            
Non-Current Liabilities USD mil             3,297 3,359 4,128 4,077 4,238            
Liabilities USD mil             3,524 3,644 4,478 4,490 4,665            
Preferred Equity and Hybrid Capital USD mil             0 0 0 0 0            
Share Capital USD mil             2,933 2,932 2,921 2,946 2,946            
Treasury Stock USD mil             2,150 2,368 2,537 2,586 2,805            
Equity Before Minority Interest USD mil             573 648 516 550 436            
Minority Interest USD mil   ... ...       0 0 0 0 0            
Equity USD mil             573 648 516 550 436            
growth rates                                  
Total Asset Growth % ...           4.00 4.76 16.4 0.911 1.22            
Shareholders' Equity Growth % ...           8.62 13.1 -20.4 6.44 -20.6            
Net Debt Growth % ...           11.6 -8.90 45.1 -1.30 7.06            
Total Debt Growth % ...           9.64 1.09 33.4 -1.02 4.91            
ratios                                  
Total Debt USD mil             2,754 2,784 3,714 3,676 3,856            
Net Debt USD mil             2,583 2,353 3,413 3,369 3,607            
Working Capital USD mil             94.8 91.8 98.7 83.6 84.3            
Capital Employed USD mil             3,787 3,718 4,539 4,436 4,593            
Net Debt/Equity %             451 363 661 613 827            
Current Ratio             1.78 2.34 1.58 1.66 1.39            
Quick Ratio             1.26 1.90 1.19 1.01 0.864            
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                                  
Net Profit USD mil             194 460 137 118 200            
Depreciation USD mil   ... ...       91.0 90.6 81.2 77.7 68.3            
Non-Cash Items USD mil             -50.3 -422 1.73 27.2 -10.8            
Change in Working Capital USD mil             -30.7 57.4 18.6 6.58 30.6            
Total Cash From Operations USD mil             239 224 289 284 346            
                                     
Capital Expenditures USD mil             -0.194 -66.6 -71.0 -62.9 -22.9            
Net Change in LT Investment USD mil             0 0 0 0 0 ... ... ... ... ... ...
Net Cash From Acquisitions USD mil             -86.8 -21.4 -5.05 -4.88 -123 ... ... ... ... ... ...
Other Investing Activities USD mil             -5.26 451 21.1 -0.493 -8.73            
Total Cash From Investing USD mil             -92.2 363 -54.9 -68.3 -155            
                                     
Dividends Paid USD mil             -68.3 -80.5 -96.4 -64.9 -94.8            
Issuance Of Shares USD mil             -119 -236 -198 -44.4 -243            
Issuance Of Debt USD mil             -27.0 34.8 -49.8 -46.5 130            
Other Financing Activities USD mil             -1.42 -23.6 -20.8 -2.12 -34.5 ... ... ... ... ... ...
Total Cash From Financing USD mil             -216 -306 -365 -158 -243            
                                     
Effect of FX Rates USD mil             6.13 -7.69 3.49 1.33 0.364 ... ... ... ... ... ...
Net Change In Cash USD mil             -63.1 274 -128 59.5 -51.3            
ratios                                  
Days Sales Outstanding days             34.1 25.2 25.1 23.1 23.0            
Days Sales Of Inventory days             2.25 2.45 2.38 2.81 3.54            
Days Payable Outstanding days             16.2 14.5 13.9 18.4 24.6            
Cash Conversion Cycle days             20.2 13.2 13.6 7.50 1.98            
Cash Earnings USD mil   ... ...       285 551 218 195 269            
Free Cash Flow USD mil             147 587 234 216 191            
Capital Expenditures (As % of Sales) %             0.016 4.19 4.15 3.63 1.21            
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees ...           12,100 12,500 13,300 14,000 14,500 ... ... ... ... ... ...
Operating Cost (As % of Sales) %             40.5 49.8 50.2 49.4 48.4 ... ... ... ... ... ...
Research & Development (As % of Sales) %             0 0 0 0 0 ... ... ... ... ... ...
Effective Tax Rate %             -92.1 20.0 20.1 22.9 16.7            
Total Revenue Growth (5-year average) % ... ... ... ... ...   -13.4 -8.56 -3.08 -1.50 5.73            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... -2.45            
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Market Capitalisation USD mil ... ... ... ... ... ... 4,143 3,829 5,209 4,998 5,352            
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623 8,367 8,959            
Number Of Shares mil ... ... ... ... ... ... 252 245 235 228 224            
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2 21.9 23.9            
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1 17.2 15.4            
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0 42.4 26.7            
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9 25.6 19.9            
P/FCF ... ... ... ... ... ... 28.3 6.52 22.3 23.1 28.0            
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1 9.09 12.3            
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90 1.32 1.80            
Free Cash Flow Yield % ... ... ... ... ... ... 3.54 15.3 4.49 4.32 3.57            
Earnings Per Share (EPS) USD ... ... ... ... ... ... 0.769 1.88 0.583 0.517 0.893            
Cash Earnings Per Share USD ... ... ... ... ... ... 1.13 2.25 0.928 0.857 1.20            
Free Cash Flow Per Share USD ... ... ... ... ... ... 0.581 2.40 0.995 0.948 0.852            
Book Value Per Share USD ... ... ... ... ... ... 2.27 2.65 2.20 2.41 1.94            
Dividend Per Share USD ... ... ... ... ... ... 0.280 0.340 0.420 0.290 0.430            
EV/Sales ... ... ... ... ... ... 5.50 3.89 5.05 4.83 4.72            
EV/EBIT ... ... ... ... ... ... 31.3 24.7 34.0 31.8 24.4            
EV/Free Cash Flow ... ... ... ... ... ... 45.9 10.5 36.8 38.7 46.9            
EV/Capital Employed ... ... ... ... ... ... 1.78 1.66 1.90 1.89 1.95            
Earnings Per Share Growth % ... ... ... ... ... ... ... 144 -69.0 -11.3 72.8            
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... 99.0 -58.7 -7.62 39.7            
Book Value Per Share Growth % ... ... ... ... ... ... ... 16.5 -17.0 9.73 -19.3            

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Wendys's Net Margin rose 55.4% yoy to 10.6% in 2021

By Helgi Library - May 11, 2022

Wendys made a net profit of USD 200 mil with revenues of USD 1,897 mil in 2021, up by 70.1% and up by 9.41%, respectively, compared to the previous year. This translates into a net margin of 10.6%. Historically, between 2011 and 2021, the firm’s n...

Wendys's Share Price rose 8.80% yoy to USD 23.9 in 2021

By Helgi Library - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 implying a market capitalization of USD 5,352 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose by ...

Wendys's P/FCF rose 21.1% yoy to 28.0 in 2021

By Helgi Library - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 translating into a market capitalization of USD 5,352 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm traded at...

Wendys's Net Debt/EBITDA fell 10.3% yoy to 6.20 in 2021

By Helgi Library - May 11, 2022

Wendys's net debt stood at USD 3,607 mil and accounted for 827% of equity at the end of 2021. The ratio is up 214 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 827% in 2021 and a low of 44.2% ...

Wendys's ROCE rose 69.1% yoy to 4.44% in 2021

By Helgi Library - May 11, 2022

Wendys made a net profit of USD 200 mil in 2021, up 70.1% compared to the previous year. Historically, between 2011 and 2021, the company's net profit reached a high of USD 460 mil in 2018 and a low of USD 7.08 mil in 2012. The result implies a return on ...

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Finance

Wendys has been growing its sales by 3.58% a year on average in the last 5 years. EBITDA has grown on average by 2.59% a year during that time to total of USD 561 mil in 2027, or 22.5% of sales. That’s compared to 24.0% average margin seen in last five years.

The company netted USD 214 mil in 2027 implying ROE of 21.5% and ROCE of 4.43%. Again, the average figures were 29.6% and 4.95%, respectively when looking at the previous 5 years.

Wendys’s net debt amounted to USD 3,317 mil at the end of 2027, or 318% of equity. When compared to EBITDA, net debt was 5.91x, up when compared to average of 5.83x seen in the last 5 years.

Valuation

Wendys stock traded at USD 18.1 per share at the end of 2027 resulting in a market capitalization of USD 4,062 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.1x and price to earnings (PE) of 19.0x as of 2027.