Monday 12 October 2026
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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. In the quarter to June 2026, revenue grew 12.6%, EPS grew 20.7%, free cash flow grew 3.10% and total debt rose 141.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three.
42.85
0.07
−0.16%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 23.79 | 25.53 | 30.10 | 32.84 | 38.33 | 46.91 | 33.55 | 38.99 | 28.50 | 41.00 |
Analyst estimates 2026–2028 Powerpack |
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| High | 30.37 | 43.55 | 48.75 | 49.00 | 60.97 | 69.67 | 58.20 | 64.70 | 52.00 | 53.99 | |||||
| People | |||||||||||||||
| People | Employees | 420,000 | 450,000 | 450,000 | 450,000 | 400,000 | 450,000 | 406,000 | 432,000 | 351,000 | 290,000 | ||||
| Revenue/emp, $m | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 | |||||
| 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 | ||||
| Gross margin, % | 16.91 | 25.06 | 23.54 | 24.12 | 23.78 | 21.51 | 18.18 | 20.74 | 20.62 | 21.71 | |||||
| EBT | 672 | 803 | 950 | 1,003 | 1,108 | 1,392 | 687 | 1,226 | 1,331 | 1,358 | |||||
| EBT margin, % | 9.95 | 10.34 | 11.29 | 11.43 | 13.41 | 14.13 | 7.18 | 11.17 | 11.78 | 11.51 | |||||
| Net income | 514 | 424 | 736 | 743 | 813 | 1,023 | 478 | 901 | 980 | 1,004 | |||||
| Depreciation | 402 | 409 | 445 | 428 | 450 | 516 | 602 | 453 | 476 | 448 | |||||
| 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 | ||||
| Earnings | 1.36 | 1.04 | 1.84 | 1.89 | 2.01 | 2.34 | 1.05 | 1.99 | 2.34 | 2.52 | |||||
| Cash flow | 2.35 | 2.28 | 3.47 | 3.14 | 2.86 | 2.68 | 3.36 | 3.54 | 3.66 | 3.97 | |||||
| Capex | (1.19) | (1.07) | (1.22) | (1.15) | (1.07) | (1.63) | (1.61) | (1.71) | (1.82) | (1.70) | |||||
| Free cash flow | 1.17 | 1.21 | 2.25 | 1.99 | 1.78 | 1.05 | 1.74 | 1.83 | 1.84 | 2.28 | |||||
| Book value | 6.64 | 7.34 | 7.75 | 8.42 | 16.56 | 18.74 | 16.98 | 17.08 | 16.53 | 16.53 | |||||
| Shares, m | 368 | 387 | 384 | 377 | 390 | 422 | 421 | 416 | 388 | 369 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 19.15 | 38.70 | 18.22 | 25.40 | 28.55 | 21.30 | 53.73 | 21.33 | 20.59 | 18.94 | ||||
| P/S | 0.00 | 2.02 | 1.53 | 2.06 | 2.69 | 2.13 | 2.48 | 1.61 | 1.65 | 1.49 | |||||
| P/B | 4.82 | 5.53 | 4.33 | 5.70 | 3.45 | 2.66 | 3.32 | 2.48 | 2.91 | 2.89 | |||||
| EV/Sales | 0.00 | 1.86 | 1.37 | 1.92 | 2.24 | 1.78 | 2.16 | 1.39 | 1.51 | 1.38 | |||||
| EV/FCF | 8.50 | 30.89 | 13.34 | 22.47 | 26.59 | 39.78 | 28.13 | 20.01 | 23.84 | 19.42 | |||||
| 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 | ||||
| Capex | (436) | (415) | (470) | (435) | (419) | (689) | (679) | (710) | (705) | (626) | |||||
| Free cash flow | 430 | 469 | 863 | 750 | 695 | 442 | 734 | 763 | 714 | 840 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 422 | 778 | 699 | 523 | 2,869 | 2,333 | 1,774 | 1,009 | 411 | 111 | ||||
| Total debt | 29 | 29 | 27 | 408 | 476 | 548 | 44 | 212 | 176 | 81 | |||||
| Net debt | (935) | (1,235) | (1,361) | (1,249) | (3,787) | (3,448) | (3,108) | (2,388) | (1,668) | (1,303) | |||||
| Shareholders’ equity | 2,443 | 2,842 | 2,976 | 3,175 | 6,459 | 7,908 | 7,148 | 7,106 | 6,414 | 6,099 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 14.49 | 9.93 | 15.92 | 12.34 | 8.80 | 8.22 | 3.53 | 6.93 | 7.87 | 8.48 | ||||
| ROIC | 26.53 | 30.26 | 36.42 | 29.24 | 22.48 | 19.42 | 9.73 | 14.65 | 15.30 | 16.81 | |||||
| ROE | 22.70 | 15.06 | 24.34 | 23.18 | 16.28 | 13.78 | 5.87 | 11.60 | 13.48 | 14.85 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| QSR Restaurant Brands International Inc. | $32.1B | 19.0× | 18.0× | +4.56% (above 0%: growing) | +151.72% (above 0%: growing) | +18.89% (above 0%: growing) | 49.13% | 28.49% | Compare |
| DRI Darden Restaurants, Inc. | $22.7B | 19.2× | 17.4× | +5.11% (above 0%: growing) | −7.24% (below 0%: shrinking) | −41.21% (below 0%: shrinking) | 20.50% | 9.98% | Compare |
| YUMC Yum China | $14.3B | 15.7× | 14.7× | +12.59% (above 0%: growing) | +20.69% (above 0%: growing) | +3.10% (above 0%: growing) | 22.21% | 11.09% | |
| TXRH Texas Roadhouse, Inc. | $10.7B | 25.8× | 26.6× | +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 | $10.2B | 17.5× | 16.4× | +4.30% (above 0%: growing) | +6.82% (above 0%: growing) | −0.95% (below 0%: shrinking) | 40.04% | 19.43% | Compare |
| EAT Brinker International, Inc. | $8.0B | 17.3× | 11.3× | +5.06% (above 0%: growing) | +27.80% (above 0%: growing) | +48.74% (above 0%: growing) | 18.75% | 10.87% | Compare |
| BROS Dutch Bros Inc. | $7.0B | 52.8× | 65.2× | +32.48% (above 0%: growing) | +40.00% (above 0%: growing) | +11.97% (above 0%: growing) | 27.42% | 12.78% | Compare |
| CAVA CAVA Group, Inc. | $6.3B | 94.1× | 131× | +31.30% (above 0%: growing) | +25.00% (above 0%: growing) | +52.60% (above 0%: growing) | 44.93% | 7.29% | Compare |
| CAKE The Cheesecake Factory Incorporated | $5.3B | 28.3× | 16.3× | +7.72% (above 0%: growing) | +24.58% (above 0%: growing) | +220.39% (above 0%: growing) | 17.64% | 7.63% | Compare |
| Median of peers | $9.1B | 22.5× | 17.7× | +6.42% | +24.79% | +33.82% | 23.96% | 10.43% |
Yum China (YUMC) key facts
- Strength: Yum China’s revenue for fiscal 2025 (year ended December 2025) was $11.8 billion, up 4.37% from fiscal 2024.
- Strength: Net income was $1.0 billion, or $2.52 per share (basic), a net margin of 7.87%.
- Yum China (YUMC) is a Restaurants company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
- As of October 12, 2026, YUMC traded at $42.67, a market capitalization of $14.7 billion.
- At that price the stock trades at 15.7× trailing-twelve-month earnings and 1.2× sales; its P/E is higher than 3% of its own readings over the past ten years.
- Yum China pays an annual dividend of $1.11 per share, a yield of 2.59%, with a payout ratio of 40.7%.
- Return on equity was 14.9% and debt-to-equity 0.02.
- Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.99 (safe zone) for fiscal 2025.