Financials McDonald's Corporation

Equities

MCD

US5801351017

Restaurants & Bars

Market Closed - Nyse Other stock markets 04:00:02 2024-05-02 pm EDT			5-day change	1st Jan Change
273.3 ^USD	-0.42%		-0.84%	-7.83%

May. 02	Northcoast Research Cuts Price Target on McDonald's to $340 From $345	MT
May. 02	Risk and Reward Favors a Lower US Dollar Says Spectra Markets' Brent Donnelly	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	148,819	159,886	200,314	193,016	215,071	198,153	-	-
Enterprise Value (EV) ¹	182,038	191,634	231,228	226,335	247,645	237,574	234,027	236,612
P/E ratio	25.1 x	34 x	26.7 x	31.6 x	25.6 x	22.4 x	20.5 x	18.7 x
Yield	2.44%	2.35%	1.96%	2.15%	2.1%	2.45%	2.58%	2.85%
Capitalization / Revenue	7.06 x	8.32 x	8.63 x	8.33 x	8.44 x	7.43 x	7.01 x	6.6 x
EV / Revenue	8.64 x	9.98 x	9.96 x	9.76 x	9.71 x	8.91 x	8.28 x	7.88 x
EV / EBITDA	16.9 x	21.8 x	19.4 x	21.1 x	17.7 x	16.5 x	15.2 x	14.3 x
EV / FCF	31.8 x	41.4 x	32.6 x	41.2 x	34.1 x	27.6 x	25.8 x	22.2 x
FCF Yield	3.15%	2.41%	3.07%	2.42%	2.93%	3.62%	3.88%	4.5%
Price to Book	-18 x	-20.4 x	-43.4 x	-32.5 x	-46.1 x	-41.6 x	-40.6 x	-45.7 x
Nbr of stocks (in thousands)	753,093	745,111	747,245	732,424	725,342	722,051	-	-
Reference price ²	197.6	214.6	268.1	263.5	296.5	273.3	273.3	273.3
Announcement Date	1/29/20	1/28/21	1/27/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,076	19,208	23,223	23,183	25,494	26,677	28,280	30,029
EBITDA ¹	10,762	8,807	11,939	10,751	13,991	14,439	15,394	16,509
EBIT ¹	9,144	7,056	10,071	10,381	12,009	12,401	13,222	14,138
Operating Margin	43.38%	36.74%	43.37%	44.78%	47.1%	46.49%	46.75%	47.08%
Earnings before Tax (EBT) ¹	8,018	6,141	9,128	7,825	10,522	11,088	11,931	12,856
Net income ¹	6,025	4,730	7,545	6,177	8,469	8,796	9,446	10,130
Net margin	28.59%	24.63%	32.49%	26.65%	33.22%	32.97%	33.4%	33.74%
EPS ²	7.880	6.310	10.04	8.330	11.56	12.21	13.31	14.60
Free Cash Flow ¹	5,728	4,624	7,102	5,488	7,254	8,602	9,078	10,650
FCF margin	27.18%	24.08%	30.58%	23.67%	28.46%	32.24%	32.1%	35.47%
FCF Conversion (EBITDA)	53.23%	52.51%	59.48%	51.04%	51.85%	59.57%	58.98%	64.51%
FCF Conversion (Net income)	95.07%	97.76%	94.12%	88.83%	85.66%	97.79%	96.1%	105.13%
Dividend per Share ²	4.820	5.040	5.250	5.660	6.230	6.702	7.064	7.794
Announcement Date	1/29/20	1/28/21	1/27/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	6,201	6,009	5,666	5,718	5,872	5,926	5,898	6,498	6,692	6,406	6,169	6,663	6,996	6,803	6,485
EBITDA ¹	3,350	2,933	2,405	3,103	3,230	2,674	2,632	3,217	3,331	3,437	2,870	3,671	3,873	3,604	3,460
EBIT ¹	2,880	2,451	2,313	2,641	2,764	2,583	2,532	3,122	3,234	2,940	2,771	3,168	3,357	3,088	2,950
Operating Margin	46.45%	40.79%	40.82%	46.18%	47.07%	43.58%	42.94%	48.05%	48.33%	45.89%	44.92%	47.54%	47.99%	45.38%	45.48%
Earnings before Tax (EBT) ¹	2,691	2,108	1,541	1,409	2,536	2,339	2,267	2,817	2,924	2,515	2,409	2,818	3,002	2,747	2,627
Net income ¹	2,150	1,639	1,104	1,188	1,982	1,903	1,802	2,310	2,317	2,039	1,929	2,259	2,400	2,194	2,081
Net margin	34.67%	27.27%	19.49%	20.78%	33.75%	32.12%	30.56%	35.56%	34.62%	31.83%	31.27%	33.91%	34.3%	32.25%	32.08%
EPS ²	2.860	2.180	1.480	1.600	2.680	2.590	2.450	3.150	3.170	2.800	2.660	3.124	3.328	3.051	2.900
Dividend per Share ²	1.380	1.380	1.380	1.380	1.380	1.520	1.520	1.520	1.520	1.670	1.670	1.670	1.670	1.729	1.711
Announcement Date	10/27/21	1/27/22	4/28/22	7/26/22	10/27/22	1/31/23	4/25/23	7/27/23	10/30/23	2/5/24	4/30/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	33,220	31,748	30,914	33,320	32,574	39,421	35,874	38,459
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.087 x	3.605 x	2.589 x	3.099 x	2.328 x	2.73 x	2.33 x	2.33 x
Free Cash Flow ¹	5,728	4,624	7,102	5,488	7,255	8,602	9,078	10,650
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	14.9%	9.45%	14.2%	11.8%	15.9%	15.4%	16.5%	17.7%
Assets ¹	40,353	50,069	53,117	52,145	53,291	57,141	57,395	57,167
Book Value Per Share ²	-11.00	-10.50	-6.180	-8.100	-6.430	-6.560	-6.730	-5.980
Cash Flow per Share ²	10.60	8.350	12.20	9.960	13.10	15.30	16.50	17.70
Capex ¹	2,394	1,641	2,040	1,899	2,357	2,581	2,808	3,341
Capex / Sales	11.36%	8.54%	8.78%	8.19%	9.25%	9.68%	9.93%	11.13%
Announcement Date	1/29/20	1/28/21	1/27/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for McDonald's Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

273.3 USD

Average target price

316.2 USD

Spread / Average Target

+15.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Quick Service Restaurants

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DOMINO'S PIZZA INC.	+24.37%	17.99B
WINGSTOP INC.	+48.70%	11.28B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+4.79%	7.64B
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+14.08%	5.9B
SHAKE SHACK INC.	+41.58%	4.1B

Quick Service Restaurants