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Yum China

YUMC Consumer Cyclical Restaurants

Yum China’s revenue for fiscal 2025 (year ended December 2025) was $11.8 billion, up 4.37% from fiscal 2024.

Revenue
+12.6%
EPS
+20.7%
Free cash flow
+3.10%
Total debt
+141.7%

Quarter to June 2026, against a year earlier

45.78 0.58 +1.28%
Market cap
$15.5B
P/E
16.7×
Fwd P/E
15.5×
Dividend yield
2.43%
F-score
7/9
Altman Z
3.99
Beneish M
−2.51
Dividend safety
74/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • KFC
  • Pizza Hut
  • All Other Segments
  • Corporate And Unallocated

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 9.96
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 5 — — — — — 2 — — —
Insider Ownership 5.58%

Capital & Financial Ratios $m

Size
Market Cap 15,480.00
Revenue ttm 12,438.00
Net income ttm 1,053.00
Free cash flow ttm 940.00
Net debt Q (1,270.00)
Valuation
P/E 16.69
Forward P/E 15.50
Price / sales 1.28
Forward P/S Powerpack
Price / FCF 16.93
Price / book 2.63
Financial health
Current ratio Q 0.96 (below 1: weak)
Debt / equity Q 0.02 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +12.59% (above 0%: growing)
Operating income growth Q +14.47% (above 0%: growing)
EPS, this year +17.51% (at or above 15%: strong)
EPS, next year A +13.42%
Revenue, next year A +9.22%
EPS, past 5 yrs +5.18%
EPS, next 5 yrs A +13.73%

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 1.2×, against a ten-year median of 1.8×; over the ten years it ranged from 0.9× in 2024 to 2.9× in 2021.
P/E against its own 10 years 6.15%
10-year low 10-year high
P/S against its own 10 years 6.77%
10-year low 10-year high
P/B against its own 10 years 21.99%
10-year low 10-year high
EV/Sales against its own 10 years 7.37%
10-year low 10-year high
EV/FCF against its own 10 years 15.29%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.43%
Annual rate
1.11
Payout ratio
40.7%
Growth, 2017–25
+32.7%/yr
  1. 0.10 ’17
  2. 0.42 ’18 +320%
  3. 0.48 ’19 +14%
  4. 0.24 ’20 −50%
  5. 0.48 ’21 +100%
  6. 0.48 ’22 +0%
  7. 0.52 ’23 +8%
  8. 0.80 ’24 +54%
  9. 0.96 ’25 +20%
  10. 1.19 ’26e +24%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,600 1,844 1,384 1,386
Receivables 68 79 95 115
Inventory 424 405 438 459
Other — — — —
3,431 2,694 2,357 2,350
2023 2024 2025 Q'26
Payables 2,164 2,080 2,127 2,263
ST’ Debt 168 127 30 66
Other — — — —
2,422 2,283 2,246 2,436

Compound Annual Growth %

10y 5y 3y
Sales 5.50% 7.38% 7.23%
Cash Flow 4.88% 5.65% 1.23%
Earnings 11.14% 3.45% 28.09%
Book Value 11.91% (1.14%) (5.15%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.69 Actual 0.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.76 0.76 Met by 0.00
Q4 FY25 0.35 0.40 Beat by 0.05
Q1 FY26 0.87 0.87 Met by 0.00
Q2 FY26 0.69 0.70 Beat by 0.01
Q3 FY26 0.91 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.87 0.70 — — —
’25 0.77 0.58 0.76 0.40 2.51
’24 0.71 0.55 0.77 0.30 2.33
’23 0.68 0.47 0.58 0.23 1.97
’22 0.23 0.20 0.49 0.13 1.04
’21 0.53 0.42 0.24 1.10 2.28
’20 0.16 0.34 1.10 0.35 1.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,271 3,138 — — —
’25 2,981 2,787 3,206 2,823 11,797
’24 2,958 2,679 3,071 2,595 11,303
’23 2,917 2,654 2,914 2,493 10,978
’22 2,668 2,128 2,685 2,088 9,569
’21 2,557 2,451 2,554 2,291 9,853
’20 1,754 1,902 2,348 2,259 8,263
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 550 426 — — —
’25 452 412 477 125 1,466
’24 442 401 409 167 1,419
’23 507 417 410 139 1,473
’22 171 438 720 84 1,413
’21 331 442 301 57 1,131
’20 60 392 447 215 1,114
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 406 299 — — —
’25 315 290 351 (116) 840
’24 253 232 244 (15) 714
’23 328 264 243 (72) 763
’22 (34) 296 558 (86) 734
’21 166 304 122 (150) 442
’20 (27) 294 348 80 695
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
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 6,752 7,769 8,415 8,776 8,263 9,853 9,569 10,978 11,303 11,797 12,438 +6.4% 12,885 13,677 14,551 +7.2%
Gross margin, % 16.91 25.06 23.54 24.12 23.78 21.51 18.18 20.74 20.62 21.71 22.02 +4.8 pt
EBT 672 803 950 1,003 1,108 1,392 687 1,226 1,331 1,358 1,425 +8.1%
EBT margin, % 9.95 10.34 11.29 11.43 13.41 14.13 7.18 11.17 11.78 11.51 11.46 +1.6 pt
Net income 514 424 736 743 813 1,023 478 901 980 1,004 1,053 +7.7%
Per share, $
Per share, $ Revenue 18.36 20.07 21.91 23.28 21.19 23.35 22.73 26.39 29.13 31.97 35.74 +6.4%
Earnings 1.36 1.04 1.84 1.89 2.01 2.34 1.05 1.99 2.34 2.52 2.74 +7.1%
Cash flow 2.35 2.28 3.47 3.14 2.86 2.68 3.36 3.54 3.66 3.97 4.53 +6.0%
Capex (1.19) (1.07) (1.22) (1.15) (1.07) (1.63) (1.61) (1.71) (1.82) (1.70) (1.83) +4.1%
Free cash flow 1.17 1.21 2.25 1.99 1.78 1.05 1.74 1.83 1.84 2.28 2.70 +7.7%
Book value 6.64 7.34 7.75 8.42 16.56 18.74 16.98 17.08 16.53 16.53 17.42 +10.7%
Shares, m 368 387 384 377 390 422 421 416 388 369 360 0.0%
Valuation, ×
Valuation, × P/E 19.15 38.70 18.22 25.40 28.55 21.30 53.73 21.33 20.59 18.94 16.69 26.6
P/S 0.00 2.02 1.53 2.06 2.69 2.13 2.48 1.61 1.65 1.49 1.28 1.8
P/B 4.82 5.53 4.33 5.70 3.45 2.66 3.32 2.48 2.91 2.89 2.63 3.8
EV/Sales 0.00 1.86 1.37 1.92 2.24 1.78 2.16 1.39 1.51 1.38 1.18 1.6
EV/FCF 8.50 30.89 13.34 22.47 26.59 39.78 28.13 20.01 23.84 19.42 15.58 23.3
Cash, $m
Cash, $m Operating cash flow 866 884 1,333 1,185 1,114 1,131 1,413 1,473 1,419 1,466 1,578 +6.0%
Capex (436) (415) (470) (435) (419) (689) (679) (710) (705) (626) (638) +4.1%
Free cash flow 430 469 863 750 695 442 734 763 714 840 940 +7.7%
Balance, $m
Balance, $m Working capital 422 778 699 523 2,869 2,333 1,774 1,009 411 111 (86) (13.8%)
Net debt (935) (1,235) (1,361) (1,249) (3,787) (3,448) (3,108) (2,388) (1,668) (1,303) (1,270) +3.8%
Shareholders’ equity 2,443 2,842 2,976 3,175 6,459 7,908 7,148 7,106 6,414 6,099 6,061 +10.7%
Returns, %
Returns, % ROA 14.49 9.93 15.92 12.34 8.80 8.22 3.53 6.93 7.87 8.48 8.92 (6.0) pt
ROIC 26.53 30.26 36.42 29.24 22.48 19.42 9.73 14.65 15.30 16.81 18.03 (9.7) pt
ROE 22.70 15.06 24.34 23.18 16.28 13.78 5.87 11.60 13.48 14.85 15.58 (7.9) pt
People
People Employees 420,000 450,000 450,000 450,000 400,000 450,000 406,000 432,000 351,000 290,000 — (4.0%)
Revenue/emp, $m 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.04 — +10.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Yum China runs restaurants primarily in China, with KFC and Pizza Hut as its flagship brands. It sells meals, snacks and drinks for dining in, takeaway and delivery. KFC’s China menu includes chicken, burgers, rice dishes, vegetables, desserts, coffee and tea. Pizza Hut offers pizzas alongside pasta, steaks, rice dishes, burgers and other meals. Its restaurants serve customers across several parts of the day, from breakfast through dinner.

The company also operates or franchises smaller concepts. Lavazza sells coffee through shops and retail channels; Huang Ji Huang specializes in simmer pots; and Little Sheep serves hot pot. Taco Bell offers Mexican-style food. The Lavazza business is a joint venture, while Huang Ji Huang and Little Sheep primarily use a franchise model.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
KFC 8,871 75.20%
Pizza Hut 2,324 19.70%
All Other Segments 934 7.92%
Corporate And Unallocated 418 3.54%
Gross margin 21.71%
Operating margin 10.93%
Pre-tax margin 11.51%

Revenue by segment since 2014

Yum China 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
CMG Chipotle Mexican Grill, Inc. $39.6B 29.3× 29.8× +9.31% (above 0%: growing) 0.00% +15.63% (above 0%: growing) 25.22% 15.70% Compare
QSR Restaurant Brands International Inc. $33.2B 19.3× 14.7× +4.56% (above 0%: growing) +151.72% (above 0%: growing) +18.89% (above 0%: growing) 49.13% 28.49% Compare
DRI Darden Restaurants, Inc. $25.0B 21.3× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $15.5B 16.7× 15.5× +12.59% (above 0%: growing) +20.69% (above 0%: growing) +3.10% (above 0%: growing) 22.21% 11.09%
TXRH Texas Roadhouse, Inc. $12.0B 29.1× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $10.3B 17.3× 16.4× +3.36% (above 0%: growing) +12.90% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
EAT Brinker International, Inc. $9.1B 18.9× 15.7× +5.06% (above 0%: growing) +27.80% (above 0%: growing) +48.74% (above 0%: growing) 18.75% 10.87% Compare
BROS Dutch Bros Inc. $7.7B 59.6× 51.6× +32.48% (above 0%: growing) +40.00% (above 0%: growing) +11.97% (above 0%: growing) 27.42% 12.78% Compare
CAVA CAVA Group, Inc. $6.9B 103× 108× +31.30% (above 0%: growing) +25.00% (above 0%: growing) +52.60% (above 0%: growing) 44.93% 7.29% Compare
Median of peers $11.1B 25.2× 23.8× +7.21% +18.95% +17.26% 26.32% 11.83%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • CEO Joey Wat said Pizza Hut’s Burger Bar had expanded to more than 200 locations and contributed incremental sales to its parent stores.
  • CFO Adrian Ding said higher delivery sales had increased rider costs, but he expected that pressure to moderate slightly in the second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 65.53%
Held by the ten largest 35.56%
Holder Shares Stake Change
JPMorgan Chase 24.12m 6.99% −1.28m
Principal Financial 21.18m 6.14% −1.48m
Vanguard 15.08m 4.37% −389.51k
Primavera Capital Management Ltd 12.04m 3.49% 0.00
BLS Capital Fondsmaeglerselskab A/S 10.84m 3.14% −536.23k
Royal Bank of Canada 10.60m 3.07% +64.00
Dodge & Cox 8.37m 2.42% +13.80k
W1M Asset Management Ltd 7.84m 2.27% +1.66m
Westwood Global Investments, LLC 7.01m 2.03% +2.25m
Norges Bank 5.62m 1.63% +5.62m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.59m 18.76m 89.00
2024 14.22m 17.02m 88.00
2023 20.34m 9.04m 76.00
2022 15.89m 18.18m 97.00
2021 16.56m 6.69m 88.00

Ownership

Directors and executive officers, together less than 1%
More Than 8.10%
Principal Global Investors 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Yum China (YUMC) Latest News

28 Oct

Impact 4 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · StockStory

16 Oct

Impact 3 · · MT Newswires
Impact 3 · · PR Newswire

8 Oct

Impact 3 · · Zacks

23 Sep

Impact 3 · · StockStory

16 Sep

Impact 3 ·

15 Sep

Impact 3 ·

1 Sep

Impact 4 · · nrn.com
Impact 4 · · restaurantdive.com

25 Aug

Impact 3 ·

21 Aug

Impact 3 ·

20 Aug

Impact 3 ·

10 Aug

Impact 4 · · verdictfoodservice.com
Impact 4 · · nrn.com
Impact 4 · · nrn.com

7 Aug

Impact 4 · · qsrmagazine.com
Impact 4 ·
Impact 4 ·

4 Aug

Impact 4 ·

3 Aug

Impact 3 ·

1 Aug

Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 ·

31 Jul

Impact 4 ·
Impact 3 ·

30 Jul

Impact 4 ·
Impact 3 ·
stockrow.com/YUMC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com