Restaurant Brands International Inc (QSR) is slightly undervalued and Starbucks Corp (SBUX) is overvalued.
Against our estimates of intrinsic value, QSR trades at the wider discount: a margin of safety of +8%, against -185% for SBUX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.5% (average of 3 methods) values the shares at $78.55; the price of $71.91 is 8% below that value, and 82% of that value comes from beyond year five.
Leak Score 39/100 on 9 of 12 signals
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $33.32; the price of $95.11 is 185% above that value, and 75% of that value comes from beyond year five.
Leak Score 46/100 on 8 of 12 signals
| Metric | QSR | SBUX |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $71.91 | $95.11 |
| Intrinsic value | $78.55 | $33.32 |
| Margin of safety | +8% | -185% |
| Leak Score | 39/100 (9/12) | 46/100 (8/12) |
| Market cap | $32.7B | $108.4B |
| Revenue growth, 5 years | 13.7% | 9.6% |
| Operating margin | 27.2% | 10.0% |
| Net margin | 13.1% | 5.2% |
| Return on equity | 39.0% | — |
| Debt to equity | 4.07 | — |
| P/E | 21.3x | 54.8x |
| Forward P/E | 16.2x | 30.1x |
| P/B | 8.4x | — |
| Dividend yield | 3.6% | 2.6% |