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The Wendy's Co Class A WEN Stock Quote

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Morningstar‘s Stock Analysis WEN

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Wendy's Remains Relatively Well Positioned for a Downturn, but We Expect Near-Term Traffic Headwinds

Sean Dunlop Equity Analyst

Business Strategy and Outlook

| Sean Dunlop |

Wendy's is the second-largest QSR burger chain in the U.S. behind wide-moat McDonald's, sporting a value proposition built around fresh and craveable products at competitive price points. The banner has benefited from a bit of a resurgence over the last few years, driven by the renewed launch of its breakfast platform (third time's the charm!), extensive reimaging, and a strong value platform, underpinning the third-highest throughput among the 10-largest domestic burger chains, according to our calculations and Euromonitor International data. The firm views the breakfast daypart, improved digital capabilities, and a renewed international push as the three key drivers of enduring top-line growth, with the former two striking us as more plausible.

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Business Description

The Wendy’s Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $11.1 billion in 2021, narrowly edging Burger King ($10.3 billion) and clocking in well behind wide-moat McDonald’s ($45.7 billion). After divestitures of Tim Hortons (2006) and Arby’s (2011), the firm manages just the burger banner, generating sales across a footprint that spans almost 7,000 total units in 30 countries. Wendy’s generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for 94% of stores, and through franchise flipping and advisory fees.

Contact
One Dave Thomas Boulevard
Dublin, OH, 43017
T +1 614 764-3100
Industry Restaurants
Most Recent Earnings Jun 30, 2022
Fiscal Year End Jan 31, 2023
Employees 14,500

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