Fast food does not automatically equal fast growth
of Burger King had a less than royal 2019. After a sizzling start to the year Restaurant Brands International shed a fifth of its market value between August and December. Although it earns 58% of revenues from a capital-light franchise business, a bigger slice than McDonald’s, its return on invested capital is lower, partly owing to a string of pricey acquisitions .
needs more spinach to catch up with rivals such as Yum Brands and Starbucks—let alone McDonald’s, whose market value and net income are roughly that of the other three firms combined.This article appeared in the Business section of the print edition under the headline "Chasing Ronald"
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