Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have always admired businesses we can explain on a napkin. Restaurant Brands International is one such enterprise, though its execution carries more complexity than its concept. RBI is the parent company of four quick-service restaurant brands: Tim Hortons (coffee and baked goods, dominant in Canada), Burger King (the world's second-largest hamburger chain), Popeyes Louisiana Kitchen (fried chicken), and Firehouse Subs (premium subs). As of year-end 2025, RBI operated more than 33,000 restaurants across 120-plus countries, generating approximately $47 billion in system-wide sales. The business model is overwhelmingly franchise-based — approximately 95% of restaurants are owned and operated by independent franchisees.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 10-K (2026-02-20), 10-Q (2025-10-30).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation