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Yum! Brands

Yum! Brands's net profit rose 74.2% yoy to USD 1,575 mil in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands made a net profit of USD 1,575 mil with revenues of USD 6,584 mil in 2021, up by 74.2% and up by 16.5%, ...

Yum! Brands's price/earnings (P/E) fell 26.6% yoy to 26.5 in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands stock traded at USD 138 per share at the end 2021 translating into a market capitalization of USD 40,131 mil. Since t...

Yum! Brands's ROCE rose 31.7% yoy to 48.4% in 2018

By Helgi Analytics - May 11, 2022

Yum! Brands made a net profit of USD 1,575 mil in 2021, up 74.2% compared to the previous year. Historically, between 2011 a...

Profit Statement 2019 2020 2021
Sales USD mil 5,597 5,652 6,584
Gross Profit USD mil 4,362 4,146 4,859
EBITDA USD mil 2,088 1,726 2,389
EBIT USD mil 1,930 1,503 2,139
Financing Cost USD mil 486 543 544
Pre-Tax Profit USD mil 1,373 1,020 1,674
Net Profit USD mil 1,294 904 1,575
Dividends USD mil 514 568 594
Balance Sheet 2019 2020 2021
Total Assets USD mil 5,231 5,852 5,966
Non-Current Assets USD mil 3,704 4,163 4,434
Current Assets USD mil 1,527 1,689 1,532
Working Capital USD mil ... ... ...
Shareholders' Equity USD mil -8,016 -7,891 -8,373
Liabilities USD mil 13,247 13,743 14,339
Total Debt USD mil 11,269 11,645 12,127
Net Debt USD mil 10,664 10,915 11,641
Ratios 2019 2020 2021
ROE % -16.2 -11.4 -19.4
ROCE % ... ... ...
Gross Margin % 77.9 73.4 73.8
EBITDA Margin % 37.3 30.5 36.3
EBIT Margin % 34.5 26.6 32.5
Net Margin % 23.1 16.0 23.9
Net Debt/EBITDA 5.11 6.32 4.87
Net Debt/Equity % -133 -138 -139
Cost of Financing % 4.55 4.74 4.58
Valuation 2019 2020 2021
Market Capitalisation USD mil 30,219 32,568 40,131
Enterprise Value (EV) USD mil 40,883 43,483 51,772
Number Of Shares mil 313 307 302
Share Price USD 96.7 106 138
EV/EBITDA 19.6 25.2 21.7
EV/Sales 7.30 7.69 7.86
Price/Earnings (P/E) 23.4 36.1 26.5
Price/Book Value (P/BV) -3.78 -4.13 -4.99
Dividend Yield % 1.74 1.77 1.45

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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         6,418 6,356 5,878 5,688 5,597                
Gross Profit USD mil         2,551 2,867 2,924 4,054 4,362                
EBIT USD mil         1,434 1,682 2,761 2,296 1,930                
Net Profit USD mil         1,283 1,643 1,340 1,542 1,294                
                                     
ROE % ...       99.1 -70.2 -22.4 -21.6 -16.2                
EBIT Margin %         22.3 26.5 47.0 40.4 34.5                
Net Margin %         20.0 25.8 22.8 27.1 23.1                
Employees         505,000 90,000 60,000 34,000 34,000     ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil         8,061 5,478 5,311 4,130 5,231                
Non-Current Assets USD mil         6,374 3,996 2,804 2,923 3,704                
Current Assets USD mil         1,687 1,482 2,507 1,207 1,527                
                                     
Shareholders' Equity USD mil         975 -5,656 -6,334 -7,926 -8,016                
Liabilities USD mil         7,086 11,134 11,645 12,056 13,247                
Non-Current Liabilities USD mil         3,999 9,765 10,133 10,755 11,706     ... ... ... ... ... ...
Current Liabilities USD mil         3,087 1,369 1,512 1,301 1,541     ... ... ... ... ... ...
                                     
Net Debt/EBITDA         2.06 4.23 2.75 4.02 5.11                
Net Debt/Equity %         371 -149 -131 -123 -133                
Cost of Financing % ...       3.88 4.70 4.70 4.55 4.55                
cash flow                                  
Total Cash From Operations USD mil         1,260 1,248 1,030 1,176 1,315                
Total Cash From Investing USD mil         -199 -4.00 1,472 313 -88.0                
Total Cash From Financing USD mil         -1,089 -744 -1,795 -2,620 -938                
Net Change In Cash USD mil         -28.0 466 768 -1,194 294                
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 27,095 28,128 30,219                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 35,377 37,908 40,883                
Number Of Shares mil ... ... ... ... ... ... 355 329 313                
Share Price USD ... ... ... ... ... ... 75.8 86.8 96.7                
Price/Earnings (P/E) ... ... ... ... ... ... 20.1 18.5 23.4                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 16.9 17.0 21.5                
EV/EBITDA ... ... ... ... ... ... 11.7 15.6 19.6                
Price/Book Value (P/BV) ... ... ... ... ... ... -4.25 -3.60 -3.78                
Dividend Yield % ... ... ... ... ... ... 1.58 1.66 1.74                
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         6,418 6,356 5,878 5,688 5,597                
Cost of Goods & Services USD mil         3,867 3,489 2,954 1,634 1,235                
Gross Profit USD mil         2,551 2,867 2,924 4,054 4,362                
Selling, General & Admin USD mil         1,286 1,389 1,244 1,026 1,000     ... ... ... ... ... ...
Research & Development USD mil         25.0 ... ... ... ... ... ... ... ... ... ... ... ...
Other Operating Expense USD mil         -194 -204 -1,081 732 1,432     ... ... ... ... ... ...
Other Operating Cost (Income) USD mil         0 0 0 0 0     ... ... ... ... ... ...
EBITDA USD mil         1,753 1,992 3,014 2,433 2,088                
Depreciation USD mil         302 276 253 137 112                
EBIT USD mil         1,434 1,682 2,761 2,296 1,930                
Net Financing Cost USD mil         141 307 445 452 486                
Financing Cost USD mil         141 307 445 452 486                
Financing Income USD mil         0 0 0 0 0     ... ... ... ... ... ...
FX (Gain) Loss USD mil         20.0 -6.00 5.00 1.00 -1.00     ... ... ... ... ... ...
Extraordinary Cost USD mil         -357 -625 0 0 0     ... ... ... ... ... ...
Pre-Tax Profit USD mil         1,253 1,345 2,274 1,839 1,373                
Tax USD mil         327 327 934 297 79.0                
Minorities USD mil         ... 0 0 0 0                
Net Profit USD mil         1,283 1,643 1,340 1,542 1,294                
Net Profit Avail. to Common USD mil         1,283 1,643 1,340 1,542 1,294                
Dividends USD mil         757 682 312 464 514                
growth rates                                  
Total Revenue Growth % ...       -2.57 -0.966 -7.52 -3.23 -1.60                
Operating Cost Growth % ...       7.30 6.09 -86.2 979 38.3     ... ... ... ... ... ...
EBITDA Growth % ...       -4.99 13.6 51.3 -19.3 -14.2                
EBIT Growth % ...       -5.47 17.3 64.1 -16.8 -15.9                
Pre-Tax Profit Growth % ...       -8.81 7.34 69.1 -19.1 -25.3                
Net Profit Growth % ...       22.1 28.1 -18.4 15.1 -16.1                
ratios                                  
ROE % ...       99.1 -70.2 -22.4 -21.6 -16.2                
ROA % ...       15.7 24.3 24.8 32.7 27.6                
ROCE % ...       19.3 30.5 36.8 48.4 ... ... ... ... ... ... ... ... ...
Gross Margin %         39.7 45.1 49.7 71.3 77.9                
EBITDA Margin %         27.3 31.3 51.3 42.8 37.3                
EBIT Margin %         22.3 26.5 47.0 40.4 34.5                
Net Margin %         20.0 25.8 22.8 27.1 23.1                
Payout Ratio %         59.0 41.5 23.3 30.1 39.7                
Cost of Financing % ...       3.88 4.70 4.70 4.55 4.55                
Net Debt/EBITDA         2.06 4.23 2.75 4.02 5.11                
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         313 704 1,522 292 605                
Receivables USD mil         324 370 400 561 584                
Inventories USD mil         40.0 36.0 0 0 0                
Other ST Assets USD mil         1,010 372 585 354 338                
Current Assets USD mil         1,687 1,482 2,507 1,207 1,527                
Property, Plant & Equipment USD mil         2,347 2,160 1,594 1,237 1,812                
LT Investments & Receivables USD mil         0 0 0 0 0                
Intangible Assets USD mil         735 692 726 767 774                
Goodwill USD mil         571 541 512 525 530                
Non-Current Assets USD mil         6,374 3,996 2,804 2,923 3,704                
Total Assets USD mil         8,061 5,478 5,311 4,130 5,231                
                                     
Trade Payables USD mil         181 200 119 202 ... ... ... ... ... ... ... ... ...
Short-Term Debt USD mil         921 66.0 375 321 498                
Other ST Liabilities USD mil         1,037 134 201 0 0                
Current Liabilities USD mil         3,087 1,369 1,512 1,301 1,541     ... ... ... ... ... ...
Long-Term Debt USD mil         3,007 9,061 9,429 9,751 10,771                
Other LT Liabilities USD mil         992 704 704 1,004 935                
Non-Current Liabilities USD mil         3,999 9,765 10,133 10,755 11,706     ... ... ... ... ... ...
Liabilities USD mil         7,086 11,134 11,645 12,056 13,247                
Preferred Equity and Hybrid Capital USD mil         0 0 0 0 0                
Share Capital USD mil     ...   0 0 0 0 0                
Treasury Stock USD mil         0 0 0 0 0                
Equity Before Minority Interest USD mil         911 -5,656 -6,334 -7,926 -8,016                
Minority Interest USD mil         64.0 0 0 0 0                
Equity USD mil         975 -5,656 -6,334 -7,926 -8,016                
growth rates                                  
Total Asset Growth % ...       -3.28 -32.0 -3.05 -22.2 26.7                
Shareholders' Equity Growth % ...       -39.6 -680 12.0 25.1 1.14                
Net Debt Growth % ...       30.7 133 -1.67 18.1 9.04                
Total Debt Growth % ...       17.5 132 7.42 2.73 11.9                
ratios                                  
Total Debt USD mil         3,928 9,127 9,804 10,072 11,269                
Net Debt USD mil         3,615 8,423 8,282 9,780 10,664                
Working Capital USD mil         183 206 281 359 ... ... ... ... ... ... ... ... ...
Capital Employed USD mil         6,557 4,202 3,085 3,282 ... ... ... ... ... ... ... ... ...
Net Debt/Equity %         371 -149 -131 -123 -133                
Current Ratio         0.546 1.08 1.66 0.928 0.991     ... ... ... ... ... ...
Quick Ratio         0.206 0.785 1.27 0.656 0.772     ... ... ... ... ... ...
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         1,283 1,643 1,340 1,542 1,294                
Depreciation USD mil         302 276 253 137 112                
Non-Cash Items USD mil         -39.0 -37.0 -306 -434 -14.0                
Change in Working Capital USD mil         54.0 -43.0 -257 -69.0 -77.0                
Total Cash From Operations USD mil         1,260 1,248 1,030 1,176 1,315                
                                     
Capital Expenditures USD mil         -442 -427 -318 -234 -196                
Net Change in LT Investment USD mil         0 0 0 0 0     ... ... ... ... ... ...
Net Cash From Acquisitions USD mil         0 0 1,773 759 110     ... ... ... ... ... ...
Other Investing Activities USD mil         243 423 17.0 -212 -2.00                
Total Cash From Investing USD mil         -199 -4.00 1,472 313 -88.0                
                                     
Dividends Paid USD mil         -730 -744 -416 -462 -511                
Issuance Of Shares USD mil         -1,200 -5,403 -1,960 -2,390 -815                
Issuance Of Debt USD mil         645 5,292 703 292 473                
Other Financing Activities USD mil         -39.0 -178 -122 -60.0 -85.0     ... ... ... ... ... ...
Total Cash From Financing USD mil         -1,089 -744 -1,795 -2,620 -938                
                                     
Effect of FX Rates USD mil         0 -34.0 61.0 -63.0 5.00     ... ... ... ... ... ...
Net Change In Cash USD mil         -28.0 466 768 -1,194 294                
ratios                                  
Days Sales Outstanding days         18.4 21.2 24.8 36.0 38.1                
Days Sales Of Inventory days         3.78 3.77 0 0 0                
Days Payable Outstanding days         17.1 20.9 14.7 45.1 ... ... ... ... ... ... ... ... ...
Cash Conversion Cycle days         5.12 4.09 10.1 -9.12 ... ... ... ... ... ... ... ... ...
Cash Earnings USD mil         1,585 1,919 1,593 1,679 1,406                
Free Cash Flow USD mil         1,061 1,244 2,502 1,489 1,227                
Capital Expenditures (As % of Sales) %         6.89 6.72 5.41 4.11 3.50                
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees         505,000 90,000 60,000 34,000 34,000     ... ... ... ... ... ...
Operating Cost (As % of Sales) %         17.4 18.6 2.77 30.9 43.5     ... ... ... ... ... ...
Research & Development (As % of Sales) %         0.390 ... ... ... ... ... ... ... ... ... ... ... ...
Effective Tax Rate %         26.1 24.3 41.1 16.2 5.75                
Total Revenue Growth (5-year average) % ... ... ... ... ... -12.8 -15.5 -15.3 -3.20                
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...              
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Market Capitalisation USD mil ... ... ... ... ... ... 27,095 28,128 30,219                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 35,377 37,908 40,883                
Number Of Shares mil ... ... ... ... ... ... 355 329 313                
Share Price USD ... ... ... ... ... ... 75.8 86.8 96.7                
EV/EBITDA ... ... ... ... ... ... 11.7 15.6 19.6                
Price/Earnings (P/E) ... ... ... ... ... ... 20.1 18.5 23.4                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 16.9 17.0 21.5                
P/FCF ... ... ... ... ... ... 10.8 19.2 24.7                
Price/Book Value (P/BV) ... ... ... ... ... ... -4.25 -3.60 -3.78                
Dividend Yield % ... ... ... ... ... ... 1.58 1.66 1.74                
Free Cash Flow Yield % ... ... ... ... ... ... 9.23 5.29 4.06                
Earnings Per Share (EPS) USD ... ... ... ... ... ... 3.77 4.69 4.14                
Cash Earnings Per Share USD ... ... ... ... ... ... 4.49 5.10 4.49                
Free Cash Flow Per Share USD ... ... ... ... ... ... 7.05 4.53 3.92                
Book Value Per Share USD ... ... ... ... ... ... -17.8 -24.1 -25.6                
Dividend Per Share USD ... ... ... ... ... ... 1.20 1.44 1.68                
EV/Sales ... ... ... ... ... ... 6.02 6.66 7.30                
EV/EBIT ... ... ... ... ... ... 12.8 16.5 21.2                
EV/Free Cash Flow ... ... ... ... ... ... 14.1 25.5 33.3                
EV/Capital Employed ... ... ... ... ... ... 11.5 11.6 ... ... ... ... ... ... ... ... ...
Earnings Per Share Growth % ... ... ... ... ... ... ... 24.4 -11.7                
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... 13.7 -12.0                
Book Value Per Share Growth % ... ... ... ... ... ... ... 35.0 6.31                

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Yum! Brands's Net Debt/EBITDA fell 22.9% yoy to 4.87 in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands's net debt stood at USD 11,641 mil and accounted for -139% of equity at the end of 2021. The ratio is down 0.708 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 371% in 2015 and a low of...

Yum! Brands's Capital Expenditures fell 43.8% yoy to USD 230 mil in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands invested a total of USD 230 mil in 2021, up 43.8% compared to the previous year. Historically, between 2011 - 2021, the company's investments stood at a high of USD 1,099 mil in 2012 and a low of USD 160 mil in 2020. As a ...

Yum! Brands's Net Margin rose 49.6% yoy to 23.9% in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands made a net profit of USD 1,575 mil with revenues of USD 6,584 mil in 2021, up by 74.2% and up by 16.5%, respectively, compared to the previous year. This translates into a net margin of 23.9%. Historically, between 2011 and 2021, the fir...

Yum! Brands's Share Price rose 30.1% yoy to USD 138 in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands stock traded at USD 138 per share at the end 2021 implying a market capitalization of USD 40,131 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 ...

Yum! Brands's P/FCF fell 19.0% yoy to 27.2 in 2021

By Helgi Analytics - May 11, 2022

Yum! Brands stock traded at USD 138 per share at the end 2021 translating into a market capitalization of USD 40,131 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 trad...

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Yum! Brands Logo

Finance

Yum! Brands has been growing its sales by 6.84% a year on average in the last 5 years. EBITDA has grown on average by 7.2% a year during that time to total of USD 3,409 mil in 2027, or 35.5% of sales. That’s compared to 36.4% average margin seen in last five years.

The company netted USD 1,789 mil in 2027 implying ROE of -54.6% and ROCE of . Again, the average figures were -36.7% and %, respectively when looking at the previous 5 years.

Yum! Brands’s net debt amounted to USD 15,609 mil at the end of 2027, or -548% of equity. When compared to EBITDA, net debt was 4.58x, up when compared to average of 4.17x seen in the last 5 years.

Valuation

Yum! Brands stock traded at USD 111 per share at the end of 2027 resulting in a market capitalization of USD 33,522 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 14.4x and price to earnings (PE) of 18.7x as of 2027.