The Wendy’s Co
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that Project Fresh lifts U.S. sales per restaurant before the 2028/2029 refinancings arrive — and receives 6 times free cash flow plus a 7 percent dividend yield as the premium for that bet. Whoever waits may miss the bottom but gets to see whether U.S. same-restaurant sales turn and the closure wave is worked through as planned — the coming quarterly reports will deliver the proof, or not. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Wendy’s is no bankruptcy candidate but a working licensing machine with thinning traffic: free cash flow of roughly $242.6 million (2025) carries the dividend and the overhaul, and a Piotroski score of 7 plus an Altman Z around 4.4 signal substance. But the guests in the U.S. core business are disappearing faster (minus 7.8 percent same-restaurant in Q1 2026), Project Fresh closes roughly every 18th U.S. restaurant, the dividend was cut 44 percent, and behind everything stands a securitization to which substantially everything is pledged — including the brand. Optically cheap; including debt, fairly priced for a business in reverse gear. Not investment advice.
Business model & cash flow
An asset-light franchise system (about 94 percent of 7,397 restaurants in franchisee hands) with predictable royalty, rental and advertising-fund streams: $344.5 million of operating and roughly $242.6 million of free cash flow in 2025 — the reduced dividend ($129.6 million) is comfortably covered (annual report 10-K for 2025).
U.S. core business & demand
U.S. same-restaurant sales minus 5.6 percent (2025) and minus 7.8 percent (Q1 2026), per the quarterly report primarily due to falling traffic; the company-operated restaurant margin fell from 13.6 to 10.8 percent, net income declined for the third year in a row, Q1 2026 minus 42 percent.
Project Fresh & payout policy
The shrinking cure is sound business (closing 5 to 6 percent of U.S. restaurants, focus on average unit volumes), but it costs systemwide sales and thus royalties — and the 44 percent dividend cut starting in Q2 2025 has already broken the stock’s income promise once; in parallel, $200 million went into share buybacks (2025).
Balance sheet & debt
$2,760 million of securitized debt against $117.4 million of equity (December 28, 2025); substantially all assets of certain subsidiaries pledged, including $962.7 million of brand and franchise rights; the December 2025 refinancing cost 5.422 instead of 3.783 percent, with about $1.34 billion due in 2028/2029 combined; interest coverage 2.6 (data as of July 8, 2026).
Valuation & ownership signals
A P/E around 8, P/FCF around 6 and a 7 percent dividend yield meet a relative-strength rating of 12, a stage-4 downtrend and minus 65 percent from the high; including debt, the company costs roughly 16 times free cash flow. Against that: two insider purchases without a sale, 94 percent institutional ownership, Trian as anchor with just under 16 percent (data as of July 8, 2026).
Worth Noting
WEN reached our research list via the Reddit hype scanner (ApeWisdom, 32 mentions in 24 hours, as of July 15, 2026); attention waves of this kind are snapshots, not a quality verdict. The 8 hits in our in-house stock scanner carry the July 8, 2026 data cut-off and rotate daily.
Scanner metrics (P/S, P/CF, P/FCF, interest coverage, Piotroski, Altman Z) are computed from trailing twelve-month figures; the dividend cut (Q2 2025) and the Q1 2026 closures show up in them only with a lag.
Price and valuation figures are dated to July 8, 2026 (about $7.30, market value roughly $1.4 billion); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at WEN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 6.20 $ to 9.60 $ · Last price: 7.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Restaurants
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| The Wendy’s Co WEN | 1.3 | – | 10.6 | 33.1 | – | -3.1 | -21.5 |
| McDonald’s Corporation MCD | 176.6 | 21.4 | 15.4 | 57.4 | 44.3 | 3.7 | -16.4 |
| Starbucks Corporation SBUX | 110.2 | 75.7 | 24.8 | 22.3 | 8.4 | 2.8 | 19.1 |
| Chipotle Mexican Grill Inc CMG | 43.0 | 30.7 | 22.5 | 39.4 | 13.3 | 5.4 | -14.3 |
| Yum! Brands Inc YUM | 37.2 | 23.2 | 17.5 | 45.3 | 31.1 | 8.8 | -5.0 |
| Restaurant Brands International Inc. QSR | 33.2 | 23.9 | 14.5 | 34.1 | 25.9 | 12.2 | 19.0 |
| Darden Restaurants Inc DRI | 23.9 | 20.8 | 14.4 | 21.7 | 14.3 | 6.0 | 2.2 |
| Yum China Holdings Inc YUMC | 14.2 | 15.2 | 8.4 | 20.3 | 11.5 | 4.4 | -4.9 |
| Texas Roadhouse Inc TXRH | 11.0 | 28.0 | 18.1 | 16.3 | 9.0 | 9.4 | 3.2 |
| Median of companies shown | 33.2 | 23.6 | 15.4 | 33.1 | 13.8 | 5.4 | -4.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,435 | 315 | 130 | 0.49 | 194 | 528 | 3,939 |
| 2017 | 1,223 | 215 | 194 | 0.77 | 239 | 573 | 4,097 |
| 2018 | 1,590 | 250 | 460 | 1.88 | 224 | 648 | 4,292 |
| 2019 | 1,709 | 263 | 137 | 0.58 | 289 | 516 | 4,995 |
| 2020 | 1,734 | 269 | 118 | 0.52 | 284 | 550 | 5,040 |
| 2021 | 1,897 | 367 | 200 | 0.89 | 346 | 436 | 5,101 |
| 2022 | 2,096 | 353 | 177 | 0.82 | 260 | 466 | 5,499 |
| 2023 | 2,182 | 382 | 204 | 0.97 | 345 | 310 | 5,183 |
| 2024 | 2,246 | 371 | 194 | 0.95 | 355 | 259 | 5,035 |
| 2025 | 2,177 | 332 | 165 | 0.85 | 345 | 117 | 4,957 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.23 | 2.40 | 574 | 6.20 | 8.30 | 69 | 27 |
| 2025: Q1 | 0.19 | -4.10 | 524 | -2.10 | 7.50 | 85 | 68 |
| 2025: Q2 | 0.29 | 7.90 | 561 | -1.70 | 9.80 | 61 | 39 |
| 2025: Q3 | 0.23 | -6.60 | 550 | -3.00 | 8.10 | 129 | 104 |
| 2025: Q4 | 0.14 | -40.00 | 543 | -5.50 | 4.90 | 69 | 31 |
| 2026: Q1 | 0.12 | -38.70 | 541 | 3.30 | 4.20 | 59 | 48 |
| 2026: Q2 | 0.17 | -41.40 | 571 | 1.70 | 5.70 | 101 | 101 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.51 | 0.44 – 0.57 | 2,198 | -42.6% | 24 |
| 12/31/2027 | 0.52 | 0.30 – 0.69 | 2,187 | 3.0% | 24 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -12.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $264.2M |
|---|---|
| Market cap | $1.32B |
| Free cash flow in year ten | $72.8M |
| Terminal value as a share of market value | 29.0% |
For comparison: over the past five years free cash flow grew by 2.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die Berichte belegen operativen KI-Einsatz ohne KI-Umsatzquelle: Der Geschäftsbericht 10-K 2024 erklärt ausdrücklich, dass Wendy’s KI-Technologien „in bestimmte Bereiche unseres Restaurantbetriebs“ integriert; der 10-K 2025 nennt als Teil der Digitalstrategie den weiteren Rollout von digitalen Menütafeln, Kiosken und „in unsere Restaurants integrierter KI“. KI-Produkte als Umsatzquelle nennen die Filings nicht; die KI-Risikohinweise betreffen Umsetzung, Rechtsrahmen und Wettbewerb, nicht eine konkrete Bedrohung des Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„The implementation and use of AI technologies, which we are incorporating into certain aspects of our restaurant operations and may become more important in our operations over time, present various risks and uncertainties, and the deficiencies or other failures of AI systems could subject us to competitive harm, regulatory action, legal liability and brand or reputational harm."
Die Einführung und Nutzung von KI-Technologien, die wir in bestimmte Bereiche unseres Restaurantbetriebs integrieren und die im Zeitverlauf für unseren Betrieb an Bedeutung gewinnen können, bringt verschiedene Risiken und Unsicherheiten mit sich, und Mängel oder sonstige Ausfälle von KI-Systemen könnten uns Wettbewerbsnachteilen, aufsichtsrechtlichen Maßnahmen, rechtlicher Haftung sowie Marken- oder Reputationsschäden aussetzen.
10-K · 2025-02-21 · View SEC filing
„If our digital commerce platforms and strategies, including our planned investments to support digital growth through enhancements to the Wendy’s mobile app, loyalty program and personalized marketing capabilities and the continued rollout and implementation of digital menu boards, kiosks and AI integrated in our restaurants, do not meet customers’ expectations in terms of security, privacy, speed, attractiveness or ease of use, customers may be less inclined to return to those platforms, which could negatively impact our business, results of operations and financial condition."
Wenn unsere digitalen Handelsplattformen und -strategien — einschließlich der geplanten Investitionen in das digitale Wachstum durch Verbesserungen der Wendy’s-App, des Treueprogramms und personalisierter Marketingfähigkeiten sowie des weiteren Rollouts und der Einführung digitaler Menütafeln, Kioske und in unsere Restaurants integrierter KI — die Erwartungen der Kunden an Sicherheit, Datenschutz, Geschwindigkeit, Attraktivität oder Bedienkomfort nicht erfüllen, könnten Kunden weniger geneigt sein, zu diesen Plattformen zurückzukehren, was sich negativ auf unser Geschäft, unsere Ertragslage und unsere Finanzlage auswirken könnte.
10-K · 2026-02-23 · View SEC filing
„Furthermore, with the rapid advancement and proliferation of AI and other similar technologies, any efforts by us and our franchisees to incorporate such technologies into our business may require substantial resources to be expended and divert the attention of management and may also prove to be unsuccessful."
Darüber hinaus können angesichts des raschen Fortschritts und der Verbreitung von KI und ähnlichen Technologien alle Bemühungen von uns und unseren Franchisenehmern, solche Technologien in unser Geschäft zu integrieren, erhebliche Ressourcen erfordern, die Aufmerksamkeit des Managements binden und sich zudem als erfolglos erweisen.
10-K · 2026-02-23 · View SEC filing
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-02 · 10-K 2026-02-23 · 10-K 2025-02-21
Rated on July 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.3%
- More than 10% revenue growth is expected for the coming year 0.3%
- Share count grows by less than 3% a year -3.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.1%
- Gross margin at 40% or higher and without meaningful erosion 26.9%
- Goodwill from acquisitions does not grow faster than revenue 15.6%
- Net debt below twice EBITDA 7.3 x EBITDA
- Operating cash flow covers the profits of the last three years 481 m
- Return on capital at 15% or higher, or up versus two years ago 7.2%
- Insiders hold at least 10% or are net buyers 9.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.7%
- Exp. sales growth 3Y > 5% 0.2%
- EBIT growth 10Y > 5% 0.6%
- Exp. EBIT growth 3Y > 5% -21.8%
- Net debt < 4x EBIT 11.6x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 31.8%
- Return on equity > 15% –
- ROCE > 15% 7.2%
- Expected return > 10% -7.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 15, 2026 | Radkoski Lindsay J. | CMO, U.S. | Other | 806 | 8.64 | 6,964 |
| Aug 15, 2026 | Radkoski Lindsay J. | CMO, U.S. | Other | 2,767 | 0.00 | – |
| Aug 12, 2026 | Esposito Liliana | Chf Corp Affrs & Sustnblty Ofc | Other | 1,151 | 8.66 | 9,968 |
| Aug 12, 2026 | Esposito Liliana | Chf Corp Affrs & Sustnblty Ofc | Other | 4,246 | 0.00 | – |
| Aug 12, 2026 | Esposito Liliana | Chf Corp Affrs & Sustnblty Ofc | Other | 8,634 | 8.66 | 74,770 |
| Aug 12, 2026 | Esposito Liliana | Chf Corp Affrs & Sustnblty Ofc | Other | 31,858 | 0.00 | – |
| Aug 12, 2026 | Kale Aaron M. | Chief Accounting Officer | Other | 599 | 8.66 | 5,187 |
| Aug 12, 2026 | Kale Aaron M. | Chief Accounting Officer | Other | 2,209 | 0.00 | – |
| Aug 12, 2026 | Radkoski Lindsay J. | CMO, U.S. | Other | 1,007 | 8.66 | 8,721 |
| Aug 12, 2026 | Radkoski Lindsay J. | CMO, U.S. | Other | 3,713 | 0.00 | – |
The company
About the Company
The Wendy's Company beschäftigt sich zusammen mit seinen Tochtergesellschaften mit dem Betrieb, der Entwicklung und der Franchisevergabe eines Systems von Schnellrestaurants in den USA und international. Das Unternehmen ist über die Wendy's U.
- Employees
- 4,967
- Headquarters
- Dublin, OH
- Address
- One Dave Thomas Boulevard, 43017 Dublin, United States
- Phone
- 614 764 3100
- Website
- wendys.com
- IPO Date
- 03/17/1992
- ISIN
- US95058W1009
- Stock Split
- 21:20 on 03/25/1986
- Stock Split
- 21:20 on 09/10/1985
- Stock Split
- 21:20 on 03/05/1985
Management
| Name | Title | Birth Year |
|---|---|---|
| John K. Min | Chief Legal Officer & Secretary | 1980 |
| Eric J. Wunsch Esq. | President of International | 1971 |
| Robert D. Wright | President, CEO & Director | 1967 |
| Steven W. Cirulis | Chief Financial Officer & Chief Strategy Officer | 1971 |
| Aaron M. Kale | Chief Accounting Officer, Principal Accounting Officer & VP of Tax | 1977 |
| Matthew P. Spessard | Chief Information Officer | 1983 |
| Aaron Broholm | Head of Investor Relations | – |
| Heidi S. Schauer | Vice President of Communications, Public Affairs & Customer Care | – |
| Tariq H. Hassan | Chief Marketing & Customer Growth Officer | 1970 |
| Liliana M. Esposito | Chief Corporate Affairs & Sustainability Officer | 1975 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/17/2026 Wendy's Co (WEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/07/2026 Wendy's Co (WEN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/28/2026 Wendy's Co (WEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.