Restaurant Brands International Inc (QSR) is slightly undervalued and Texas Roadhouse Inc (TXRH) is slightly overvalued.
Against our estimates of intrinsic value, QSR trades at the wider discount: a margin of safety of +8%, against -20% for TXRH.
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 8.9% (average of 3 methods) values the shares at $138.80; the price of $166.12 is 20% above that value, and 77% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | QSR | TXRH |
|---|---|---|
| Verdict | Slightly undervalued | Slightly overvalued |
| Price | $71.91 | $166.12 |
| Intrinsic value | $78.55 | $138.80 |
| Margin of safety | +8% | -20% |
| Leak Score | 39/100 (9/12) | 59/100 (3/12) |
| Market cap | $32.7B | $10.9B |
| Revenue growth, 5 years | 13.7% | 19.6% |
| Operating margin | 27.2% | 8.2% |
| Net margin | 13.1% | 6.6% |
| Return on equity | 39.0% | 27.5% |
| Debt to equity | 4.07 | 0.70 |
| P/E | 21.3x | 26.6x |
| Forward P/E | 16.2x | 21.3x |
| P/B | 8.4x | 7.0x |
| Dividend yield | 3.6% | 1.8% |