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The Wendy's Company

WEN Consumer Cyclical Restaurants

The Wendy's Company’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, down 3.10% from fiscal 2024.

Revenue
+1.72%
EPS
−41.4%
Free cash flow
+152.3%
Total debt
+2.22%

Quarter to June 2026, against a year earlier

7.25 0.04 +0.55%
Market cap
$1.4B
P/E
11.0×
Fwd P/E
15.3×
Dividend yield
6.76%
F-score
4/9
Altman Z
1.06
Beneish M
−2.46
Dividend safety
30/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 9.05%

Capital & Financial Ratios $m

Size
Market Cap 1,370.00
Revenue ttm 2,203.70
Net income ttm 126.06
Free cash flow ttm 231.29
Net debt Q 3,016.63
Valuation
P/E 10.98
Forward P/E 15.30
Price / sales 0.63
Forward P/S Powerpack
Price / FCF 5.97
Price / book 11.46 (above 6: high)
Financial health
Current ratio Q 1.90 (at or above 1.5: strong)
Debt / equity Q 28.20 (above 2: weak)
Interest coverage Q 2.34
Growth
Revenue growth Q +1.72% (above 0%: growing)
Operating income growth Q −23.96% (below 0%: shrinking)
EPS, this year −44.82% (below 0%: weak)
EPS, next year A −0.47% (below 0%: weak)
Revenue, next year A +0.69%
EPS, past 5 yrs +10.33%
EPS, next 5 yrs A −14.04% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 3.6×; over the ten years it ranged from 1.9× in 2026 to 5.6× in 2018.
P/E against its own 10 years 19.02%
10-year low 10-year high
P/S against its own 10 years 3.19%
10-year low 10-year high
P/B against its own 10 years 71.99%
10-year low 10-year high
EV/Sales against its own 10 years 2.13%
10-year low 10-year high
EV/FCF against its own 10 years 1.32%
10-year low 10-year high

Dividends

Yield
6.76%
Annual rate
0.49
Payout ratio
74.2%
Growth, 2016–25
+11.8%/yr
  1. 0.25 ’16
  2. 0.28 ’17 +14%
  3. 0.34 ’18 +21%
  4. 0.42 ’19 +24%
  5. 0.29 ’20 −31%
  6. 0.43 ’21 +48%
  7. 0.50 ’22 +16%
  8. 1.00 ’23 +100%
  9. 1.00 ’24 +0%
  10. 0.67 ’25 −33%
  11. 0.42 ’26e −37%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 552 485 340 380
Receivables 122 100 117 109
Inventory 7 7 7 7
Other 118 99 98 103
838 736 618 678
2023 2024 2025 Q'26
Payables 27 28 30 21
ST’ Debt 29 78 30 30
Other 121 100 96 102
382 398 351 357

Compound Annual Growth %

10y 5y 3y
Sales 1.53% 4.66% 1.28%
Cash Flow 2.31% 3.91% 9.85%
Earnings 0.24% 6.98% (2.37%)
Book Value (16.96%) (26.56%) (36.83%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.16 Actual 0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.20 0.24 Beat by 0.04
Q4 FY25 0.14 0.16 Beat by 0.02
Q1 FY26 0.10 0.12 Beat by 0.02
Q2 FY26 0.16 0.18 Beat by 0.02
Q3 FY26 0.10 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.12 0.17 — — —
’25 0.19 0.29 0.23 0.14 0.85
’24 0.20 0.27 0.25 0.23 0.95
’23 0.19 0.28 0.28 0.23 0.97
’22 0.17 0.22 0.24 0.19 0.82
’21 0.18 0.29 0.18 0.24 0.89
’20 0.06 0.11 0.17 0.17 0.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 541 571 — — —
’25 523 561 550 543 2,177
’24 535 571 567 574 2,246
’23 529 562 551 541 2,182
’22 489 538 533 537 2,096
’21 460 493 470 473 1,897
’20 405 402 452 474 1,734
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 59 101 — — —
’25 85 61 129 69 345
’24 100 45 141 69 355
’23 53 89 128 76 345
’22 21 77 84 77 260
’21 86 73 118 69 346
’20 (19) 50 175 79 284
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 46 72 — — —
’25 62 28 99 15 204
’24 78 22 116 3 220
’23 41 70 101 40 252
’22 8 59 67 37 171
’21 75 59 151 (18) 268
’20 (32) 33 163 51 215
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,435 1,223 1,590 1,709 1,734 1,897 2,096 2,182 2,246 2,177 2,204 +4.7% 2,192 2,170 2,261 +1.3%
Gross margin, % 47.13 56.33 63.91 62.48 63.01 65.49 60.87 60.96 62.12 59.91 58.83 +12.8 pt
EBT 202 101 575 171 153 241 244 279 272 227 179 +1.3%
EBT margin, % 14.05 8.26 36.16 10.03 8.81 12.68 11.62 12.81 12.13 10.44 8.13 (3.6) pt
Net income 130 194 460 137 118 200 177 204 194 165 126 +2.7%
Per share, $
Per share, $ Revenue 5.47 5.01 6.69 7.43 7.75 8.57 9.80 10.41 10.99 11.26 11.57 +8.3%
Earnings 0.49 0.79 1.93 0.60 0.53 0.91 0.83 0.98 0.95 0.85 0.66 +6.3%
Cash flow 0.74 0.98 0.94 1.26 1.27 1.56 1.22 1.65 1.74 1.78 1.88 +10.3%
Capex (0.57) (0.33) (0.28) (0.31) (0.31) (0.35) (0.42) (0.44) (0.66) (0.73) (0.67) +2.7%
Free cash flow 0.17 0.64 0.66 0.95 0.96 1.21 0.80 1.21 1.08 1.06 1.21 +22.7%
Book value 2.01 2.35 2.73 2.25 2.46 1.97 2.18 1.48 1.27 0.61 0.63 (12.5%)
Shares, m 262 244 238 230 224 221 214 209 204 193 191 (3.3%)
Valuation, ×
Valuation, × P/E 27.39 20.34 8.05 37.02 42.15 25.92 26.51 19.74 17.16 9.69 10.98 23.4
P/S 2.45 3.26 2.33 2.99 2.83 2.78 2.24 1.86 1.48 0.74 0.63 2.3
P/B 6.67 6.95 5.72 9.89 8.92 12.10 10.10 13.09 12.84 13.72 11.46 10.0
EV/Sales 4.02 5.34 3.79 4.41 4.22 4.19 3.51 3.13 2.74 2.15 2.00 3.7
EV/FCF 131.85 41.60 38.24 34.57 33.96 29.66 43.02 27.07 28.05 22.91 19.01 43.1
Cash, $m
Cash, $m Operating cash flow 194 239 224 289 284 346 260 345 355 345 358 +6.6%
Capex (150) (82) (67) (71) (69) (78) (89) (93) (136) (140) (127) (0.7%)
Free cash flow 44 157 158 218 215 268 171 252 220 204 231 +18.7%
Balance, $m
Balance, $m Working capital 222 177 382 204 274 166 670 456 339 267 321 +2.0%
Net debt 2,256 2,550 2,315 2,426 2,412 2,663 2,642 2,779 2,831 3,067 3,017 +3.5%
Shareholders’ equity 528 573 648 516 550 436 466 310 259 117 120 (15.4%)
Returns, %
Returns, % ROA 3.22 4.83 10.97 2.95 2.35 3.95 3.35 3.83 3.80 3.30 2.58 +0.1 pt
ROIC 7.07 4.30 5.27 5.58 5.68 7.40 7.11 7.73 7.51 6.74 5.98 (0.3) pt
ROE 20.24 35.25 75.33 23.51 22.11 40.65 39.32 52.72 68.30 87.63 108.04 +67.4 pt
People
People Employees 12,100 12,100 12,500 13,300 14,000 14,500 14,500 15,300 14,500 14,900 — +2.3%
Revenue/emp, $m 0.12 0.10 0.13 0.13 0.12 0.13 0.14 0.14 0.15 0.15 — +2.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

The Wendy's Company vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CBRL Cracker Barrel Old Country Store, Inc. $1.6B 49.0× 36.9× −2.15% (below 0%: shrinking) +83.33% (above 0%: growing) +191.55% (above 0%: growing) 71.25% 1.55% Compare
CHA Chagee Holdings Limited - Sponsored ADR $1.5B 11.9× 9.1× +8.20% (above 0%: growing) +620.00% (above 0%: growing) +49.31% (above 0%: growing) 53.99% 15.37% Compare
ARCO Arcos Dorados Holdings Inc. $1.4B 5.5× 8.5× +14.30% (above 0%: growing) +100.00% (above 0%: growing) +254.29% (above 0%: growing) 11.81% 5.56% Compare
WEN The Wendy's Company $1.4B 10.9× 15.3× +1.72% (above 0%: growing) −41.38% (below 0%: shrinking) +152.25% (above 0%: growing) 59.72% 13.90%
BJRI BJ's Restaurants, Inc. $1.3B 32.2× 28.0× +6.37% (above 0%: growing) −11.00% (below 0%: shrinking) −84.81% (below 0%: shrinking) 74.52% 4.74% Compare
SG Sweetgreen, Inc. $1.3B 101× — (loss-making) +3.81% (above 0%: growing) n/m +19.78% (above 0%: growing) 13.07% (14.23%) Compare
BH Biglari Holdings Inc. $1.2B — (loss-making) 24.0× +7.86% (above 0%: growing) −18.71% (below 0%: shrinking) −66.30% (below 0%: shrinking) 41.26% 12.17% Compare
BLMN Bloomin' Brands, Inc. $905.0M 33.0× 11.5× +1.34% (above 0%: growing) +23.33% (above 0%: growing) +321.24% (above 0%: growing) 39.06% 3.77% Compare
FWRG First Watch Restaurant Group, Inc. $786.2M 42.5× 138× +15.20% (above 0%: growing) +33.33% (above 0%: growing) −580.44% (below 0%: shrinking) 20.43% 2.29% Compare
Median of peers $1.3B 33.0× 24.0× +7.12% +33.33% +34.55% 40.16% 4.26%

All 55 Restaurants stocks →

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 17.10%
Nelson Peltz 16.20%
Peter W. May 16.10%
BlackRock, Inc. 12.10%
The Vanguard Group 9.80%
Trian Fund Management, L.P. 7.90%
AQR Capital Management LLC 6.20%
Harris Associates L.P. 5.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Wendy's Company (WEN) Latest News

1 Nov

Impact 4 · · Fortune

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Impact 3 · · PR Newswire
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stockrow.com/WEN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com