Wendy's (WEN) Financials

$13.17 +0.38 (+2.97%)

As of 03:40 PM Eastern

Annual Income Statements for Wendy's

This table shows Wendy's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	161	130	194	460	137	118	200	177	204	194
Consolidated Net Income / (Loss)	161	130	194	460	137	118	200	177	204	194
Net Income / (Loss) Continuing Operations	140	130	194	460	137	118	200	177	204	194
Total Pre-Tax Income	234	202	101	575	171	153	241	244	279	272
Total Operating Income	274	315	215	250	263	269	367	353	382	371
Total Gross Profit	638	609	601	925	944	967	1,110	1,152	1,204	1,268
Total Revenue	1,870	1,435	1,223	1,590	1,709	1,734	1,897	2,096	2,182	2,246
Operating Revenue	1,870	1,435	1,223	1,590	1,709	1,734	1,897	2,096	2,182	2,246
Total Cost of Revenue	1,232	827	622	665	765	767	787	944	977	978
Operating Cost of Revenue	1,232	827	622	665	765	767	787	944	977	978
Total Operating Expenses	364	294	386	675	681	698	743	798	822	897
Selling, General & Admin Expense	257	237	204	217	200	207	243	255	250	255
Marketing Expense	-	0.00	0.00	322	338	345	412	431	428	478
Depreciation Expense	145	123	126	129	132	133	126	133	136	143
Amortization Expense	-	-	-	-	-	0.00	0.00	2.39	13	15
Other Operating Expenses / (Income)	-11	-20	-8.65	-6.39	-11	-8.40	-14	-24	-14	-12
Impairment Charge	25	16	4.10	4.70	7.00	8.04	2.25	6.42	1.40	9.71
Restructuring Charge	22	10	23	9.07	17	16	8.55	0.70	9.20	8.53
Other Special Charges / (Income)	-74	-72	39	-0.46	-1.28	-3.15	-34	-6.78	-0.88	-1.22
Total Other Income / (Expense), net	-40	-113	-114	325	-91	-117	-126	-110	-103	-99
Interest Expense	93	115	118	131	124	118	127	122	122	124
Interest & Investment Income	52	0.72	2.70	451	26	-0.23	0.04	2.11	-10	0.01
Other Income / (Expense), net	0.81	0.99	1.62	5.38	7.77	1.45	0.68	10	30	25
Income Tax Expense	94	72	-93	115	35	35	40	66	75	78
Basic Earnings per Share	$0.50	$0.49	$0.79	$1.93	$0.60	$0.53	$0.91	$0.83	$0.98	$0.95
Weighted Average Basic Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M
Diluted Earnings per Share	$0.49	$0.49	$0.77	$1.88	$0.58	$0.52	$0.89	$0.82	$0.97	$0.95
Weighted Average Diluted Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M
Weighted Average Basic & Diluted Shares Outstanding	323.02M	262.21M	244.18M	237.80M	223.03M	447.68M	215.23M	212.59M	205.47M	200.49M
Cash Dividends to Common per Share	$0.23	$0.25	$0.28	$0.34	$0.42	$0.29	$0.43	$0.50	$1.00	$1.00

This table shows Wendy's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	51	41	40	60	58	47	42	55	50	47
Consolidated Net Income / (Loss)	51	41	40	60	58	47	42	55	50	47
Net Income / (Loss) Continuing Operations	51	41	40	60	58	47	42	55	50	47
Total Pre-Tax Income	69	58	55	79	78	67	57	75	70	70
Total Operating Income	98	84	84	109	102	87	81	100	95	96
Total Gross Profit	292	288	288	314	304	297	296	322	323	327
Total Revenue	533	537	529	562	551	541	535	571	567	574
Operating Revenue	533	537	529	562	551	541	535	571	567	574
Total Cost of Revenue	241	248	240	247	246	243	239	248	244	247
Operating Cost of Revenue	241	248	240	247	246	243	239	248	244	247
Total Operating Expenses	194	204	204	205	203	211	215	223	228	231
Selling, General & Admin Expense	63	68	62	63	59	66	64	61	63	67
Marketing Expense	108	114	102	110	108	109	107	121	130	120
Depreciation Expense	34	33	33	33	34	35	36	37	37	33
Amortization Expense	0.89	1.51	1.58	2.27	3.84	5.09	3.54	3.52	3.58	4.06
Other Operating Expenses / (Income)	-12	-13	-2.27	-3.79	-3.12	-4.59	-3.03	-3.46	-5.07	0.05
Impairment Charge	0.21	3.74	0.38	0.08	0.06	0.89	2.01	0.69	0.18	6.84
Restructuring Charge	0.01	0.07	6.81	0.68	0.61	1.10	5.67	2.45	0.35	0.05
Other Special Charges / (Income)	-0.45	-2.64	-0.01	0.01	-0.12	-0.76	0.13	-0.28	-0.42	-0.65
Total Other Income / (Expense), net	-29	-26	-29	-30	-24	-19	-24	-25	-25	-26
Interest Expense	32	32	33	31	31	26	31	31	31	31
Other Income / (Expense), net	2.91	6.05	7.34	7.57	7.64	7.02	6.84	6.30	6.25	5.54
Income Tax Expense	19	17	15	19	20	20	15	20	19	23
Basic Earnings per Share	$0.24	$0.19	$0.19	$0.28	$0.28	$0.23	$0.20	$0.27	$0.25	$0.23
Weighted Average Basic Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Diluted Earnings per Share	$0.24	$0.19	$0.19	$0.28	$0.28	$0.22	$0.20	$0.27	$0.25	$0.23
Weighted Average Diluted Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Weighted Average Basic & Diluted Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Cash Dividends to Common per Share	$0.13	$0.13	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25

This table details how cash moves in and out of Wendy's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	60	-111	-69	281	-128	60	-51	465	-243	-85
Net Cash From Operating Activities	274	194	239	224	289	284	346	260	345	355
Net Cash From Continuing Operating Activities	274	194	239	224	289	325	346	260	345	355
Net Income / (Loss) Continuing Operations	161	130	194	460	137	118	200	177	204	194
Consolidated Net Income / (Loss)	161	130	194	460	137	118	200	177	204	194
Depreciation Expense	154	124	126	129	132	133	126	133	136	143
Amortization Expense	5.43	-0.70	0.37	-2.13	5.55	0.00	0.00	2.39	13	15
Non-Cash Adjustments To Reconcile Net Income	-45	-29	67	-419	0.18	64	2.17	-7.92	-6.79	15
Changes in Operating Assets and Liabilities, net	-1.01	-30	-149	56	15	10	18	-45	-0.81	-12
Net Cash From Investing Activities	35	107	-92	363	-55	-68	-155	-78	-87	-129
Net Cash From Continuing Investing Activities	35	107	-92	363	-55	-68	-155	-78	-87	-129
Purchase of Property, Plant & Equipment	-252	-150	-82	-70	-74	-69	-78	-86	-85	-94
Purchase of Investments	-2.11	-0.17	-0.38	-0.01	0.00	0.00	-10	0.00	0.00	0.00
Sale of Property, Plant & Equipment	204	262	82	3.22	3.45	6.09	55	8.24	2.12	4.95
Sale and/or Maturity of Investments	0.62	0.89	4.11	450	24	0.17	0.06	0.00	0.03	0.00
Other Investing Activities, net	6.92	-3.58	-9.00	0.96	-3.37	-0.66	1.20	-0.47	-3.67	-40
Net Cash From Financing Activities	-238	-412	-216	-306	-365	-158	-243	289	-504	-303
Net Cash From Continuing Financing Activities	-238	-412	-216	-306	-365	-158	-243	289	-504	-303
Repayment of Debt	-1,377	-27	-60	-917	-921	-202	-1,005	-54	-116	-50
Repurchase of Common Equity	-1,099	-337	-126	-270	-218	-62	-269	-52	-190	-77
Payment of Dividends	-72	-64	-68	-81	-96	-65	-95	-107	-209	-204
Issuance of Debt	2,294	0.00	31	935	850	153	1,100	500	0.00	0.00
Other Financing Activities, net	16	15	7.16	27	20	18	25	1.70	11	28
Effect of Exchange Rate Changes	-12	-	-	-	3.49	1.33	0.36	-5.97	2.45	-8.11

This table details how cash moves in and out of Wendy's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	24	11	-91	-40	-27	-84	4.27	-68	30	-51
Net Cash From Operating Activities	84	77	53	89	128	76	100	45	141	69
Net Cash From Continuing Operating Activities	84	77	53	89	128	76	100	45	141	69
Net Income / (Loss) Continuing Operations	51	41	40	60	58	47	42	55	50	47
Consolidated Net Income / (Loss)	51	41	40	60	58	47	42	55	50	47
Depreciation Expense	34	33	33	33	34	35	36	37	37	33
Amortization Expense	0.89	1.51	1.58	2.27	3.84	5.09	3.54	3.52	3.58	4.06
Non-Cash Adjustments To Reconcile Net Income	-5.32	-4.29	-1.75	4.39	-2.56	-6.87	15	-0.26	0.23	0.55
Changes in Operating Assets and Liabilities, net	4.08	6.27	-20	-11	34	-3.80	4.07	-50	50	-17
Net Cash From Investing Activities	-17	-32	-12	-17	-27	-31	-21	-23	-25	-61
Net Cash From Continuing Investing Activities	-17	-32	-12	-17	-27	-31	-21	-23	-25	-61
Purchase of Property, Plant & Equipment	-19	-36	-12	-18	-26	-29	-17	-17	-18	-42
Sale of Property, Plant & Equipment	2.72	4.51	0.29	-0.01	-	1.84	0.03	0.58	2.62	1.72
Other Investing Activities, net	-0.90	-0.70	-0.11	1.05	-1.06	-3.55	-3.49	-6.61	-9.56	-20
Net Cash From Financing Activities	-38	-36	-132	-114	-127	-131	-73	-90	-88	-53
Net Cash From Continuing Financing Activities	-38	-36	-132	-114	-127	-131	-73	-90	-88	-53
Repayment of Debt	-11	-11	-44	-15	-19	-38	-13	-12	-12	-12
Repurchase of Common Equity	-	-	-37	-50	-55	-47	-7.30	-27	-26	-17
Payment of Dividends	-27	-27	-53	-53	-52	-51	-51	-51	-51	-51
Other Financing Activities, net	-0.37	2.01	1.07	4.07	0.15	5.51	-1.18	0.64	0.80	28
Effect of Exchange Rate Changes	-4.75	1.21	0.13	2.03	-1.85	2.14	-2.27	-1.02	1.70	-6.51

This table presents Wendy's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	4,109	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035
Total Current Assets	617	453	404	666	554	688	593	1,058	838	736
Cash & Equivalents	327	198	171	431	300	307	249	746	516	451
Restricted Cash	110	133	95	106	117	176	187	162	154	134
Note & Lease Receivable	105	99	114	110	117	110	120	116	122	100
Inventories, net	4.31	2.85	3.16	3.69	3.89	4.73	5.93	7.13	6.69	6.53
Prepaid Expenses	70	19	20	14	16	90	31	27	40	46
Plant, Property, & Equipment, net	1,228	1,192	1,263	1,213	977	916	907	896	891	908
Total Noncurrent Assets	2,264	2,294	2,430	2,413	3,463	3,436	3,602	3,545	3,454	3,391
Long-Term Investments	58	57	56	48	46	45	50	46	34	29
Noncurrent Note & Lease Receivables	-	124	229	226	457	474	544	552	543	533
Goodwill	771	741	743	748	756	751	775	773	774	771
Intangible Assets	1,340	1,323	1,322	1,294	1,247	1,225	1,281	1,249	1,219	1,192
Other Noncurrent Operating Assets	95	50	80	97	958	942	952	925	884	865
Total Liabilities & Shareholders' Equity	4,109	3,939	4,097	4,292	4,995	5,040	5,101	5,499	5,183	5,035
Total Liabilities	3,356	3,412	3,524	3,644	4,478	4,490	4,665	5,034	4,873	4,775
Total Current Liabilities	269	230	227	284	350	413	427	388	382	398
Short-Term Debt	23	25	30	32	23	29	24	29	29	78
Accounts Payable	54	28	23	22	23	31	41	44	27	28
Accrued Expenses	124	102	112	151	165	155	141	116	135	118
Other Current Liabilities	67	76	63	80	139	198	221	199	190	173
Total Noncurrent Liabilities	3,087	3,181	3,297	3,359	4,128	4,077	4,238	4,646	4,491	4,378
Long-Term Debt	2,403	2,488	2,724	2,306	2,258	2,218	2,356	2,822	2,733	2,662
Noncurrent Deferred & Payable Income Tax Liabilities	460	447	299	269	271	281	268	270	270	263
Other Noncurrent Operating Liabilities	224	247	262	245	1,508	1,578	1,614	1,553	1,488	1,452
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	753	528	573	648	516	550	436	466	310	259
Total Preferred & Common Equity	753	528	573	648	516	550	436	466	310	259
Total Common Equity	753	528	573	648	516	550	436	466	310	259
Common Stock	2,922	2,926	2,933	2,932	2,921	2,946	2,946	2,985	3,007	3,029
Retained Earnings	-357	-291	-163	146	186	239	344	415	410	400
Treasury Stock	-1,741	-2,044	-2,150	-2,368	-2,537	-2,586	-2,805	-2,870	-3,049	-3,095
Accumulated Other Comprehensive Income / (Loss)	-71	-63	-46	-62	-54	-50	-48	-64	-58	-75

This table presents Wendy's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	5,525	5,408	5,354	5,290	5,190	5,088	5,073
Total Current Assets	1,095	1,003	967	926	868	791	783
Cash & Equivalents	732	676	635	598	498	465	482
Restricted Cash	185	154	153	150	198	161	151
Note & Lease Receivable	142	136	143	138	126	118	111
Inventories, net	6.58	6.45	6.55	6.81	6.11	6.38	6.25
Prepaid Expenses	29	30	30	33	39	40	33
Plant, Property, & Equipment, net	882	885	889	887	891	895	894
Total Noncurrent Assets	3,548	3,520	3,498	3,478	3,432	3,403	3,396
Long-Term Investments	45	42	36	34	33	32	32
Noncurrent Note & Lease Receivables	548	544	544	541	534	523	521
Goodwill	773	773	774	773	773	773	773
Intangible Assets	1,252	1,240	1,232	1,225	1,210	1,203	1,199
Other Noncurrent Operating Assets	929	920	912	903	881	873	870
Total Liabilities & Shareholders' Equity	5,525	5,408	5,354	5,290	5,190	5,088	5,073
Total Liabilities	5,088	4,988	4,963	4,948	4,896	4,814	4,813
Total Current Liabilities	418	400	390	405	425	365	373
Short-Term Debt	29	29	29	29	29	29	29
Accounts Payable	35	45	39	42	26	26	29
Accrued Expenses	130	134	132	149	144	116	129
Other Current Liabilities	224	191	190	185	226	193	186
Total Noncurrent Liabilities	4,669	4,589	4,573	4,543	4,471	4,450	4,440
Long-Term Debt	2,827	2,786	2,781	2,768	2,727	2,722	2,716
Noncurrent Deferred & Payable Income Tax Liabilities	276	273	275	271	271	270	270
Other Noncurrent Operating Liabilities	1,566	1,530	1,517	1,504	1,472	1,457	1,454
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	437	420	391	343	294	274	260
Total Preferred & Common Equity	437	420	391	343	294	274	260
Total Common Equity	437	420	391	343	294	274	260
Common Stock	2,977	2,988	2,993	2,998	3,009	3,012	3,015
Retained Earnings	400	401	408	414	400	404	403
Treasury Stock	-2,871	-2,906	-2,951	-3,006	-3,053	-3,077	-3,098
Accumulated Other Comprehensive Income / (Loss)	-69	-64	-59	-64	-63	-65	-61

This table displays calculated financial ratios and metrics derived from Wendy's' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.42%	-23.25%	-14.77%	29.96%	7.49%	1.45%	9.41%	10.46%	4.11%	2.98%
EBITDA Growth	9.86%	1.14%	-22.06%	11.56%	6.69%	-1.00%	22.22%	1.29%	12.13%	-1.05%
EBIT Growth	13.13%	14.71%	-31.48%	17.98%	5.91%	0.15%	35.78%	-1.07%	13.15%	-3.71%
NOPAT Growth	11.87%	23.28%	103.89%	-51.52%	4.85%	-0.96%	47.18%	-15.80%	8.60%	-5.20%
Net Income Growth	32.70%	-19.56%	49.69%	137.14%	-70.24%	-13.95%	70.07%	-11.49%	15.26%	-4.93%
EPS Growth	53.13%	0.00%	57.14%	144.16%	-69.15%	-10.34%	71.15%	-7.87%	18.29%	-2.06%
Operating Cash Flow Growth	7.67%	-29.34%	23.20%	-6.10%	28.86%	-1.58%	21.60%	-24.83%	32.90%	2.86%
Free Cash Flow Firm Growth	166.01%	10.90%	-74.80%	505.93%	102.41%	-62.35%	-10.38%	-8.09%	22.60%	-10.51%
Invested Capital Growth	-1.72%	-1.18%	13.33%	-5.24%	-18.05%	-2.77%	2.71%	1.41%	0.19%	0.79%
Revenue Q/Q Growth	-0.44%	-9.72%	-0.05%	0.00%	0.00%	2.79%	-0.06%	3.12%	0.19%	1.52%
EBITDA Q/Q Growth	20.38%	-10.37%	-2.99%	195.59%	186.98%	11.59%	-0.71%	3.02%	1.67%	1.02%
EBIT Q/Q Growth	33.60%	-10.55%	-6.36%	42,803.03%	2,651.93%	18.14%	-0.48%	3.69%	0.88%	2.04%
NOPAT Q/Q Growth	40.95%	-11.51%	224.83%	0.00%	0.00%	19.03%	5.20%	-6.67%	0.17%	1.68%
Net Income Q/Q Growth	63.46%	-30.53%	204.87%	0.00%	0.00%	11.55%	7.16%	-5.77%	2.85%	0.29%
EPS Q/Q Growth	81.48%	-24.62%	196.15%	-22.63%	3.57%	18.18%	7.23%	-5.75%	3.19%	1.06%
Operating Cash Flow Q/Q Growth	43.76%	-33.85%	10.13%	-27.23%	24.50%	10.56%	-2.67%	3.24%	-0.40%	-2.00%
Free Cash Flow Firm Q/Q Growth	863.44%	-25.88%	296.01%	457.41%	63.10%	10.43%	-36.14%	81.40%	8.70%	-11.19%
Invested Capital Q/Q Growth	-3.54%	-1.59%	5.38%	2.16%	-0.43%	-0.12%	6.91%	1.35%	0.43%	1.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.14%	42.41%	49.14%	58.18%	55.23%	55.76%	58.51%	54.95%	55.21%	56.45%
EBITDA Margin	23.23%	30.61%	27.99%	24.03%	23.85%	23.27%	26.00%	23.84%	25.68%	24.67%
Operating Margin	14.68%	21.93%	17.55%	15.72%	15.36%	15.53%	19.34%	16.86%	17.51%	16.53%
EBIT Margin	14.72%	22.00%	17.69%	16.06%	15.82%	15.62%	19.38%	17.36%	18.87%	17.64%
Profit (Net Income) Margin	8.62%	9.03%	15.86%	28.94%	8.01%	6.80%	10.56%	8.46%	9.37%	8.65%
Tax Burden Percent	68.83%	64.27%	192.07%	80.03%	79.86%	77.12%	83.30%	72.84%	73.17%	71.35%
Interest Burden Percent	85.05%	63.87%	46.69%	225.22%	63.43%	56.43%	65.44%	66.95%	67.89%	68.74%
Effective Tax Rate	40.21%	35.73%	-92.07%	19.97%	20.14%	22.88%	16.70%	27.16%	26.83%	28.65%
Return on Invested Capital (ROIC)	6.06%	7.58%	14.59%	6.83%	8.09%	9.02%	13.29%	10.97%	11.81%	11.15%
ROIC Less NNEP Spread (ROIC-NNEP)	5.86%	4.00%	4.99%	18.07%	4.47%	3.94%	7.46%	6.75%	8.02%	7.77%
Return on Net Nonoperating Assets (RNNOA)	6.98%	12.66%	20.66%	68.49%	15.42%	13.08%	27.36%	28.36%	40.91%	57.15%
Return on Equity (ROE)	13.05%	20.24%	35.25%	75.33%	23.51%	22.11%	40.65%	39.32%	52.72%	68.30%
Cash Return on Invested Capital (CROIC)	7.80%	8.78%	2.09%	12.22%	27.93%	11.84%	10.62%	9.56%	11.63%	10.36%
Operating Return on Assets (OROA)	6.68%	7.85%	5.39%	6.09%	5.82%	5.40%	7.25%	6.86%	7.71%	7.76%
Return on Assets (ROA)	3.91%	3.22%	4.83%	10.97%	2.95%	2.35%	3.95%	3.35%	3.83%	3.80%
Return on Common Equity (ROCE)	13.05%	20.24%	35.25%	75.33%	23.51%	22.11%	40.65%	39.32%	52.72%	68.30%
Return on Equity Simple (ROE_SIMPLE)	21.40%	24.56%	33.85%	70.96%	26.52%	21.44%	45.92%	38.09%	66.00%	74.94%
Net Operating Profit after Tax (NOPAT)	164	202	412	200	210	208	306	257	279	265
NOPAT Margin	8.77%	14.09%	33.72%	12.58%	12.27%	11.98%	16.11%	12.28%	12.81%	11.79%
Net Nonoperating Expense Percent (NNEP)	0.20%	3.59%	9.59%	-11.23%	3.62%	5.08%	5.83%	4.22%	3.79%	3.37%
Return On Investment Capital (ROIC_SIMPLE)	5.16%	6.65%	12.40%	5.83%	7.50%	7.43%	10.85%	7.76%	9.10%	8.83%
Cost of Revenue to Revenue	65.86%	57.59%	50.86%	41.82%	44.77%	44.24%	41.49%	45.05%	44.79%	43.55%
SG&A Expenses to Revenue	13.72%	16.50%	16.64%	13.68%	11.71%	11.93%	12.81%	12.17%	11.46%	11.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.46%	20.48%	31.58%	42.46%	39.86%	40.23%	39.17%	38.09%	37.70%	39.92%
Earnings before Interest and Taxes (EBIT)	275	316	216	255	270	271	368	364	412	396
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	434	439	342	382	408	404	493	500	560	554
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.01	5.18	5.57	4.67	8.25	7.57	10.42	9.17	12.06	12.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.21	1.91	2.61	1.90	2.49	2.40	2.40	2.04	1.71	1.47
Price to Earnings (P/E)	14.05	21.10	16.44	6.58	31.11	35.33	22.70	24.07	18.27	17.03
Dividend Yield	2.72%	2.30%	2.13%	2.66%	2.27%	1.56%	2.09%	2.49%	5.52%	6.16%
Earnings Yield	7.12%	4.74%	6.08%	15.20%	3.21%	2.83%	4.41%	4.15%	5.47%	5.87%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.83	1.87	1.84	2.60	2.59	2.76	2.61	2.45	2.28
Enterprise Value to Revenue (EV/Rev)	2.24	3.38	4.60	3.29	3.56	3.39	3.40	2.94	2.66	2.42
Enterprise Value to EBITDA (EV/EBITDA)	9.66	11.06	16.42	13.68	14.91	14.58	13.06	12.35	10.34	9.81
Enterprise Value to EBIT (EV/EBIT)	15.24	15.39	25.98	20.48	22.48	21.73	17.52	16.96	14.08	13.72
Enterprise Value to NOPAT (EV/NOPAT)	25.56	24.02	13.63	26.14	28.99	28.32	21.08	23.97	20.73	20.52
Enterprise Value to Operating Cash Flow (EV/OCF)	15.29	25.07	23.54	23.31	21.04	20.69	18.63	23.73	16.77	15.30
Enterprise Value to Free Cash Flow (EV/FCFF)	19.88	20.76	95.29	14.62	8.40	21.59	26.39	27.49	21.06	22.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.22	4.76	4.81	4.29	4.42	4.09	5.46	6.12	8.92	10.57
Long-Term Debt to Equity	3.19	4.71	4.75	4.25	4.37	4.04	5.40	6.06	8.82	10.26
Financial Leverage	1.19	3.17	4.14	3.79	3.45	3.32	3.66	4.20	5.10	7.35
Leverage Ratio	3.34	6.28	7.30	6.87	7.97	9.41	10.29	11.75	13.77	17.95
Compound Leverage Factor	2.84	4.01	3.41	15.47	5.06	5.31	6.73	7.87	9.35	12.34
Debt to Total Capital	76.32%	82.64%	82.77%	81.11%	81.54%	80.35%	84.51%	85.96%	89.92%	91.35%
Short-Term Debt to Total Capital	0.73%	0.81%	0.91%	0.92%	0.81%	1.04%	0.86%	0.88%	0.95%	2.61%
Long-Term Debt to Total Capital	75.58%	81.83%	81.87%	80.19%	80.72%	79.31%	83.65%	85.08%	88.96%	88.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	23.68%	17.36%	17.23%	18.89%	18.46%	19.65%	15.49%	14.04%	10.08%	8.65%
Debt to EBITDA	5.58	5.72	8.04	7.29	5.59	5.57	4.83	5.71	4.93	4.94
Net Debt to EBITDA	4.44	4.83	7.10	5.76	4.46	4.26	3.84	3.80	3.67	3.84
Long-Term Debt to EBITDA	5.53	5.66	7.96	7.21	5.54	5.50	4.78	5.65	4.88	4.80
Debt to NOPAT	14.78	12.42	6.68	13.92	10.87	10.82	7.79	11.08	9.88	10.34
Net Debt to NOPAT	11.76	10.50	5.90	11.00	8.67	8.28	6.20	7.37	7.36	8.03
Long-Term Debt to NOPAT	14.64	12.30	6.60	13.76	10.77	10.68	7.71	10.97	9.78	10.05
Altman Z-Score	1.06	1.07	1.01	1.22	1.19	1.21	1.33	1.36	1.36	1.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	1.97	1.78	2.34	1.58	1.66	1.39	2.73	2.19	1.85
Quick Ratio	1.61	1.29	1.26	1.90	1.19	1.01	0.86	2.22	1.67	1.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	211	234	59	357	724	272	244	224	275	246
Operating Cash Flow to CapEx	580.76%	0.00%	123,089.18%	336.51%	406.92%	452.24%	1,512.17%	336.20%	416.64%	397.25%
Free Cash Flow to Firm to Interest Expense	2.26	2.04	0.50	2.73	5.81	2.31	1.92	1.83	2.26	1.99
Operating Cash Flow to Interest Expense	2.94	1.69	2.02	1.71	2.32	2.42	2.72	2.12	2.84	2.87
Operating Cash Flow Less CapEx to Interest Expense	2.43	2.67	2.02	1.20	1.75	1.88	2.54	1.49	2.16	2.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.36	0.30	0.38	0.37	0.35	0.37	0.40	0.41	0.44
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	220.51	230.83	207.18	194.33	201.94	177.89	147.57	144.53	141.42	148.02
Fixed Asset Turnover	1.52	1.19	1.00	1.28	1.56	1.83	2.08	2.32	2.44	2.50
Accounts Payable Turnover	18.81	20.33	24.69	29.88	34.43	28.53	21.79	22.17	27.38	35.05
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	1.66	1.58	1.76	1.88	1.81	2.05	2.47	2.53	2.58	2.47
Days Payable Outstanding (DPO)	19.41	17.95	14.78	12.22	10.60	12.79	16.75	16.46	13.33	10.41
Cash Conversion Cycle (CCC)	-17.75	-16.37	-13.02	-10.34	-8.79	-10.74	-14.28	-13.94	-10.75	-7.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,683	2,651	3,005	2,847	2,334	2,269	2,330	2,363	2,368	2,387
Invested Capital Turnover	0.69	0.54	0.43	0.54	0.66	0.75	0.82	0.89	0.92	0.95
Increase / (Decrease) in Invested Capital	-47	-32	353	-157	-514	-65	62	33	4.39	19
Enterprise Value (EV)	4,195	4,859	5,622	5,227	6,078	5,882	6,442	6,168	5,793	5,436
Market Capitalization	2,265	2,735	3,190	3,028	4,261	4,163	4,548	4,270	3,735	3,309
Book Value per Share	$2.75	$2.05	$2.37	$2.74	$2.24	$2.45	$1.98	$2.19	$1.50	$1.27
Tangible Book Value per Share	($4.96)	($5.98)	($6.16)	($5.89)	($6.46)	($6.36)	($7.34)	($7.31)	($8.16)	($8.36)
Total Capital	3,179	3,040	3,328	3,433	2,797	2,797	2,817	3,317	3,072	3,000
Total Debt	2,426	2,512	2,754	2,784	2,280	2,247	2,381	2,851	2,762	2,740
Total Long-Term Debt	2,403	2,488	2,724	2,753	2,258	2,218	2,356	2,822	2,733	2,662
Net Debt	1,930	2,124	2,432	2,199	1,817	1,719	1,894	1,898	2,058	2,127
Capital Expenditures (CapEx)	47	-112	0.19	67	71	63	23	77	83	89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-66	-85	-59	-125	-190	-180	-247	-208	-185	-167
Debt-free Net Working Capital (DFNWC)	371	247	207	413	227	303	190	700	485	417
Net Working Capital (NWC)	348	222	177	382	204	274	166	670	456	339
Net Nonoperating Expense (NNE)	2.96	73	218	-260	73	90	105	80	75	71
Net Nonoperating Obligations (NNO)	1,930	2,124	2,432	2,199	1,817	1,719	1,894	1,898	2,058	2,127
Total Depreciation and Amortization (D&A)	159	124	126	127	137	133	126	136	149	158
Debt-free, Cash-free Net Working Capital to Revenue	-3.55%	-5.89%	-4.85%	-7.84%	-11.12%	-10.38%	-13.00%	-9.94%	-8.46%	-7.45%
Debt-free Net Working Capital to Revenue	19.84%	17.21%	16.95%	25.99%	13.29%	17.49%	10.03%	33.38%	22.23%	18.55%
Net Working Capital to Revenue	18.60%	15.50%	14.48%	24.00%	11.96%	15.82%	8.75%	31.99%	20.89%	15.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.49	$0.79	$1.93	$0.60	$0.53	$0.91	$0.83	$0.98	$0.95
Adjusted Weighted Average Basic Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M
Adjusted Diluted Earnings per Share	$0.49	$0.49	$0.77	$1.88	$0.58	$0.52	$0.89	$0.82	$0.97	$0.95
Adjusted Weighted Average Diluted Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.60	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	270.01M	246.93M	239.41M	230.23M	223.03M	223.84M	215.23M	212.59M	205.47M	200.49M
Normalized Net Operating Profit after Tax (NOPAT)	148	173	196	211	228	224	287	258	287	277
Normalized NOPAT Margin	7.91%	12.05%	16.05%	13.25%	13.33%	12.91%	15.11%	12.29%	13.14%	12.33%
Pre Tax Income Margin	12.52%	14.05%	8.26%	36.16%	10.03%	8.81%	12.68%	11.62%	12.81%	12.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.95	2.75	1.83	1.95	2.17	2.30	2.89	2.97	3.38	3.20
NOPAT to Interest Expense	1.76	1.76	3.49	1.53	1.68	1.76	2.40	2.10	2.30	2.14
EBIT Less CapEx to Interest Expense	2.44	3.73	1.83	1.44	1.60	1.77	2.71	2.34	2.70	2.48
NOPAT Less CapEx to Interest Expense	1.25	2.74	3.49	1.02	1.11	1.23	2.23	1.47	1.61	1.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.58%	49.24%	35.21%	17.50%	70.37%	55.05%	47.33%	60.20%	102.35%	105.19%
Augmented Payout Ratio	726.42%	309.19%	100.27%	76.14%	229.42%	107.81%	181.33%	89.49%	195.07%	145.00%

This table displays calculated financial ratios and metrics derived from Wendy's' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.25%	13.38%	8.22%	4.42%	3.38%	0.77%	1.12%	1.63%	2.94%	6.22%
EBITDA Growth	22.35%	13.39%	17.12%	16.54%	8.21%	7.41%	0.15%	-3.80%	-3.99%	4.19%
EBIT Growth	25.73%	16.78%	22.28%	19.82%	8.11%	3.98%	-4.16%	-9.45%	-7.62%	8.45%
NOPAT Growth	18.14%	-24.19%	10.45%	16.51%	5.44%	1.33%	-2.53%	-12.03%	-9.76%	7.08%
Net Income Growth	22.76%	-20.82%	6.47%	23.84%	14.85%	13.72%	5.45%	-8.37%	-13.48%	1.19%
EPS Growth	33.33%	-20.83%	11.76%	27.27%	16.67%	15.79%	5.26%	-3.57%	-10.71%	4.55%
Operating Cash Flow Growth	-28.39%	11.82%	152.48%	14.66%	51.60%	-1.78%	88.74%	-48.63%	10.31%	-9.57%
Free Cash Flow Firm Growth	-152.66%	55.68%	167.88%	203.00%	161.93%	110.13%	131.86%	55.95%	70.74%	-18.01%
Invested Capital Growth	6.98%	1.41%	0.73%	1.24%	1.11%	0.19%	-1.79%	-0.46%	-0.71%	0.79%
Revenue Q/Q Growth	-0.97%	0.74%	-1.44%	6.19%	-1.96%	-1.80%	-1.09%	6.73%	-0.70%	1.33%
EBITDA Q/Q Growth	4.00%	-8.89%	2.25%	20.29%	-3.43%	-9.57%	-4.67%	15.56%	-3.63%	-1.86%
EBIT Q/Q Growth	3.62%	-10.87%	1.94%	27.26%	-6.51%	-14.27%	-6.04%	20.25%	-4.62%	0.64%
NOPAT Q/Q Growth	1.20%	-16.89%	2.04%	35.75%	-8.42%	-20.12%	-1.85%	22.52%	-6.06%	-5.22%
Net Income Q/Q Growth	4.97%	-18.34%	-3.52%	49.75%	-2.65%	-19.14%	-10.54%	30.12%	-8.09%	-5.43%
EPS Q/Q Growth	9.09%	-20.83%	0.00%	47.37%	0.00%	-21.43%	-9.09%	35.00%	-7.41%	-8.00%
Operating Cash Flow Q/Q Growth	9.37%	-8.50%	-31.44%	67.11%	44.61%	-40.72%	31.75%	-54.52%	210.53%	-51.40%
Free Cash Flow Firm Q/Q Growth	-54.39%	133.21%	64.34%	22.21%	-7.16%	12.70%	81.34%	-17.80%	1.64%	-45.88%
Invested Capital Q/Q Growth	-0.70%	1.35%	-0.03%	0.62%	-0.82%	0.43%	-2.01%	1.99%	-1.07%	1.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.83%	53.73%	54.53%	55.98%	55.28%	55.00%	55.38%	56.46%	56.96%	56.94%
EBITDA Margin	25.57%	23.13%	23.99%	27.18%	26.77%	24.65%	23.76%	25.72%	24.97%	24.18%
Operating Margin	18.43%	15.66%	15.98%	19.46%	18.45%	16.02%	15.18%	17.44%	16.71%	16.72%
EBIT Margin	18.97%	16.79%	17.36%	20.81%	19.84%	17.32%	16.45%	18.54%	17.81%	17.69%
Profit (Net Income) Margin	9.49%	7.69%	7.53%	10.62%	10.54%	8.68%	7.85%	9.57%	8.86%	8.27%
Tax Burden Percent	73.11%	70.98%	72.03%	75.59%	74.46%	69.76%	73.09%	73.03%	72.11%	67.39%
Interest Burden Percent	68.41%	64.57%	60.21%	67.51%	71.37%	71.85%	65.30%	70.72%	69.02%	69.40%
Effective Tax Rate	26.89%	29.02%	27.97%	24.41%	25.54%	30.24%	26.91%	26.97%	27.89%	32.61%
Return on Invested Capital (ROIC)	12.14%	9.92%	10.44%	13.44%	12.76%	10.31%	10.36%	11.79%	11.35%	10.65%
ROIC Less NNEP Spread (ROIC-NNEP)	10.94%	8.96%	9.34%	12.27%	11.86%	9.63%	9.49%	10.91%	10.46%	9.83%
Return on Net Nonoperating Assets (RNNOA)	39.40%	37.64%	40.98%	58.96%	59.45%	49.10%	52.82%	66.92%	71.16%	72.26%
Return on Equity (ROE)	51.54%	47.57%	51.42%	72.40%	72.21%	59.41%	63.18%	78.71%	82.51%	82.90%
Cash Return on Invested Capital (CROIC)	5.48%	9.56%	10.46%	10.41%	10.79%	11.63%	13.67%	11.76%	11.80%	10.36%
Operating Return on Assets (OROA)	7.22%	6.64%	6.76%	8.27%	7.99%	7.08%	6.79%	7.80%	7.60%	7.78%
Return on Assets (ROA)	3.61%	3.04%	2.93%	4.22%	4.25%	3.55%	3.24%	4.03%	3.78%	3.64%
Return on Common Equity (ROCE)	51.54%	47.57%	51.42%	72.40%	72.21%	59.41%	63.18%	78.71%	82.51%	82.90%
Return on Equity Simple (ROE_SIMPLE)	43.04%	0.00%	42.85%	48.90%	58.03%	0.00%	70.36%	73.65%	74.58%	0.00%
Net Operating Profit after Tax (NOPAT)	72	60	61	83	76	60	59	73	68	65
NOPAT Margin	13.47%	11.12%	11.51%	14.71%	13.74%	11.18%	11.09%	12.73%	12.05%	11.27%
Net Nonoperating Expense Percent (NNEP)	1.20%	0.97%	1.10%	1.17%	0.90%	0.68%	0.87%	0.88%	0.88%	0.82%
Return On Investment Capital (ROIC_SIMPLE)	2.18%	1.80%	1.88%	2.58%	2.41%	1.97%	1.94%	2.40%	2.27%	2.16%
Cost of Revenue to Revenue	45.17%	46.27%	45.47%	44.02%	44.72%	45.00%	44.62%	43.54%	43.04%	43.06%
SG&A Expenses to Revenue	11.74%	12.76%	11.78%	11.17%	10.77%	12.14%	11.92%	10.78%	11.08%	11.70%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.40%	38.07%	38.56%	36.52%	36.83%	38.98%	40.20%	39.02%	40.26%	40.22%
Earnings before Interest and Taxes (EBIT)	101	90	92	117	109	94	88	106	101	102
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	136	124	127	153	147	133	127	147	141	139
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.01	9.17	9.89	10.62	11.44	12.06	12.47	12.15	13.50	12.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.72	2.04	1.94	1.92	1.80	1.71	1.67	1.51	1.59	1.47
Price to Earnings (P/E)	18.61	24.07	23.07	21.71	19.71	18.27	17.73	16.50	18.11	17.03
Dividend Yield	3.01%	2.49%	3.20%	3.81%	4.67%	5.52%	5.63%	6.17%	5.79%	6.16%
Earnings Yield	5.37%	4.15%	4.33%	4.61%	5.07%	5.47%	5.64%	6.06%	5.52%	5.87%
Enterprise Value to Invested Capital (EV/IC)	2.31	2.61	2.58	2.58	2.52	2.45	2.45	2.29	2.39	2.28
Enterprise Value to Revenue (EV/Rev)	2.66	2.94	2.85	2.84	2.73	2.66	2.60	2.47	2.53	2.42
Enterprise Value to EBITDA (EV/EBITDA)	11.13	12.35	11.76	11.37	10.77	10.34	10.15	9.77	10.19	9.81
Enterprise Value to EBIT (EV/EBIT)	15.39	16.96	16.01	15.36	14.54	14.08	13.95	13.66	14.39	13.72
Enterprise Value to NOPAT (EV/NOPAT)	19.57	23.97	23.15	22.32	21.27	20.73	20.48	20.22	21.45	20.52
Enterprise Value to Operating Cash Flow (EV/OCF)	21.44	23.73	20.87	20.25	17.11	16.77	14.50	15.51	15.42	15.30
Enterprise Value to Free Cash Flow (EV/FCFF)	43.63	27.49	24.75	24.96	23.44	21.06	17.77	19.43	20.17	22.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.53	6.12	6.71	7.19	8.17	8.92	9.39	10.05	10.57	10.57
Long-Term Debt to Equity	6.46	6.06	6.64	7.11	8.08	8.82	9.29	9.94	10.45	10.26
Financial Leverage	3.60	4.20	4.39	4.81	5.01	5.10	5.57	6.13	6.80	7.35
Leverage Ratio	10.90	11.75	12.55	13.35	13.87	13.77	14.86	15.71	17.20	17.95
Compound Leverage Factor	7.46	7.59	7.56	9.01	9.90	9.90	9.70	11.11	11.87	12.46
Debt to Total Capital	86.72%	85.96%	87.03%	87.78%	89.09%	89.92%	90.37%	90.95%	91.35%	91.35%
Short-Term Debt to Total Capital	0.89%	0.88%	0.90%	0.91%	0.93%	0.95%	0.96%	0.97%	0.97%	2.61%
Long-Term Debt to Total Capital	85.83%	85.08%	86.13%	86.87%	88.16%	88.96%	89.41%	89.98%	90.38%	88.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	13.28%	14.04%	12.97%	12.22%	10.91%	10.08%	9.63%	9.05%	8.65%	8.65%
Debt to EBITDA	5.89	5.71	5.44	5.21	5.08	4.93	4.92	4.96	5.00	4.94
Net Debt to EBITDA	3.91	3.80	3.75	3.68	3.66	3.67	3.62	3.77	3.79	3.84
Long-Term Debt to EBITDA	5.83	5.65	5.38	5.15	5.02	4.88	4.87	4.91	4.95	4.80
Debt to NOPAT	10.36	11.08	10.70	10.22	10.03	9.88	9.92	10.27	10.54	10.34
Net Debt to NOPAT	6.87	7.37	7.38	7.22	7.22	7.36	7.29	7.81	7.99	8.03
Long-Term Debt to NOPAT	10.25	10.97	10.59	10.11	9.92	9.78	9.82	10.16	10.43	10.05
Altman Z-Score	1.09	1.20	1.19	1.21	1.18	1.16	1.14	1.13	1.15	1.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.62	2.73	2.51	2.48	2.29	2.19	2.04	2.17	2.10	1.85
Quick Ratio	2.09	2.22	2.03	2.00	1.82	1.67	1.47	1.60	1.59	1.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-80	27	44	54	50	56	102	84	85	46
Operating Cash Flow to CapEx	515.53%	249.23%	443.19%	493.72%	501.55%	276.00%	577.03%	275.01%	924.50%	170.28%
Free Cash Flow to Firm to Interest Expense	-2.52	0.84	1.33	1.72	1.59	2.12	3.33	2.70	2.72	1.48
Operating Cash Flow to Interest Expense	2.65	2.42	1.61	2.84	4.09	2.88	3.27	1.47	4.52	2.21
Operating Cash Flow Less CapEx to Interest Expense	2.13	1.45	1.24	2.27	3.28	1.83	2.71	0.93	4.03	0.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.40	0.39	0.40	0.40	0.41	0.41	0.42	0.43	0.44
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	165.60	144.53	154.65	150.16	146.67	141.42	155.28	151.09	149.16	148.02
Fixed Asset Turnover	2.32	2.32	2.40	2.43	2.46	2.44	2.46	2.46	2.49	2.50
Accounts Payable Turnover	29.33	22.17	24.43	26.11	25.72	27.38	27.28	30.33	27.55	35.05
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	2.20	2.53	2.36	2.43	2.49	2.58	2.35	2.42	2.45	2.47
Days Payable Outstanding (DPO)	12.44	16.46	14.94	13.98	14.19	13.33	13.38	12.04	13.25	10.41
Cash Conversion Cycle (CCC)	-10.24	-13.94	-12.58	-11.55	-11.70	-10.75	-11.03	-9.62	-10.80	-7.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,332	2,363	2,363	2,377	2,358	2,368	2,320	2,366	2,341	2,387
Invested Capital Turnover	0.90	0.89	0.91	0.91	0.93	0.92	0.93	0.93	0.94	0.95
Increase / (Decrease) in Invested Capital	152	33	17	29	26	4.39	-42	-11	-17	19
Enterprise Value (EV)	5,398	6,168	6,091	6,139	5,933	5,793	5,689	5,419	5,590	5,436
Market Capitalization	3,503	4,270	4,148	4,153	3,918	3,735	3,662	3,326	3,509	3,309
Book Value per Share	$2.06	$2.19	$1.97	$1.86	$1.64	$1.50	$1.43	$1.33	$1.28	$1.27
Tangible Book Value per Share	($7.46)	($7.31)	($7.49)	($7.66)	($7.91)	($8.16)	($8.24)	($8.29)	($8.43)	($8.36)
Total Capital	3,294	3,317	3,235	3,201	3,140	3,072	3,050	3,025	3,006	3,000
Total Debt	2,857	2,851	2,816	2,810	2,797	2,762	2,757	2,751	2,746	2,740
Total Long-Term Debt	2,827	2,822	2,786	2,781	2,768	2,733	2,727	2,722	2,716	2,662
Net Debt	1,894	1,898	1,943	1,986	2,015	2,058	2,027	2,093	2,081	2,127
Capital Expenditures (CapEx)	16	31	12	18	26	27	17	17	15	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-211	-208	-198	-182	-198	-185	-225	-171	-193	-167
Debt-free Net Working Capital (DFNWC)	705	700	633	607	550	485	471	455	439	417
Net Working Capital (NWC)	676	670	604	578	521	456	442	426	410	339
Net Nonoperating Expense (NNE)	21	18	21	23	18	13	17	18	18	17
Net Nonoperating Obligations (NNO)	1,894	1,898	1,943	1,986	2,015	2,058	2,027	2,093	2,081	2,127
Total Depreciation and Amortization (D&A)	35	34	35	36	38	40	39	41	41	37
Debt-free, Cash-free Net Working Capital to Revenue	-10.40%	-9.94%	-9.25%	-8.41%	-9.08%	-8.46%	-10.31%	-7.81%	-8.74%	-7.45%
Debt-free Net Working Capital to Revenue	34.72%	33.38%	29.65%	28.10%	25.26%	22.23%	21.55%	20.71%	19.86%	18.55%
Net Working Capital to Revenue	33.28%	31.99%	28.28%	26.74%	23.92%	20.89%	20.21%	19.38%	18.53%	15.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.24	$0.19	$0.19	$0.28	$0.28	$0.23	$0.20	$0.27	$0.25	$0.23
Adjusted Weighted Average Basic Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Adjusted Diluted Earnings per Share	$0.24	$0.19	$0.19	$0.28	$0.28	$0.22	$0.20	$0.27	$0.25	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	213.03M	212.59M	210.74M	209.29M	206.26M	205.47M	205.13M	203.24M	203.85M	200.49M
Normalized Net Operating Profit after Tax (NOPAT)	72	60	66	83	76	61	65	75	68	69
Normalized NOPAT Margin	13.44%	11.27%	12.49%	14.81%	13.82%	11.34%	12.16%	13.10%	12.06%	12.00%
Pre Tax Income Margin	12.98%	10.84%	10.45%	14.05%	14.16%	12.45%	10.74%	13.11%	12.29%	12.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.17	2.82	2.78	3.75	3.49	3.55	2.88	3.41	3.23	3.27
NOPAT to Interest Expense	2.25	1.87	1.85	2.65	2.42	2.29	1.94	2.34	2.18	2.08
EBIT Less CapEx to Interest Expense	2.65	1.85	2.42	3.18	2.68	2.51	2.31	2.88	2.74	1.97
NOPAT Less CapEx to Interest Expense	1.73	0.90	1.48	2.08	1.60	1.25	1.38	1.81	1.69	0.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	56.33%	60.20%	73.96%	83.10%	92.82%	102.35%	100.44%	102.25%	105.67%	105.19%
Augmented Payout Ratio	159.84%	89.49%	123.28%	128.55%	164.46%	195.07%	177.94%	170.14%	160.99%	145.00%

Frequently Asked Questions About Wendy's' Financials

When does Wendy's's fiscal year end?

According to the most recent income statement we have on file, Wendy's' financial year ends in December. Their financial year 2024 ended on December 29, 2024.

How has Wendy's' net income changed over the last 9 years?

Wendy's' net income were at $194.36 million at the end of 2024, a 4.9% decrease from 2023, and a 20.6% increase since 2015.

What is Wendy's's operating income?

Wendy's's total operating income in 2024 was $371.36 million, based on the following breakdown:

Total Gross Profit: $1.27 billion
Total Operating Expenses: $896.79 million

How has Wendy's revenue changed over the last 9 years?

Over the last 9 years, Wendy's' total revenue changed from $1.87 billion in 2015 to $2.25 billion in 2024, a change of 20.1%.

How much debt does Wendy's have?

Wendy's' total liabilities were at $4.78 billion at the end of 2024, a 2.0% decrease from 2023, and a 42.3% increase since 2015.

How much cash does Wendy's have?

In the past 9 years, Wendy's' cash and equivalents has ranged from $171.45 million in 2017 to $745.89 million in 2022, and is currently $450.51 million as of their latest financial filing in 2024.

How has Wendy's' book value per share changed over the last 9 years?

Over the last 9 years, Wendy's' book value per share changed from 2.75 in 2015 to 1.27 in 2024, a change of -53.8%.

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This page (NASDAQ:WEN) was last updated on 4/14/2025 by MarketBeat.com Staff

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Wendy's (WEN) Financials

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