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Yum Brands Inc - Stock Quote YUM

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Morningstar's Yum Brands Inc Stock Analysis

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Yum's Long-Term Growth at Scale Strategy Remains Intact Despite Near-Term Pressures

Sean Dunlop Equity Analyst

Business Strategy and Outlook

| Sean Dunlop |

While the coronavirus turned the restaurant industry upside down over the past two years, we're encouraged by the ability of the largest operators, including Yum, to accelerate critical investments in white label e-commerce platforms, delivery integration, and technological solutions that meet the demands of the modern restaurant consumer. Recent acquisitions demonstrate the emphasis the firm has placed on digital enhancements, with some $22 billion in 2021 sales occurring through the digital channel (just shy of 40% of systemwide sales), which we foresee remaining integral to its strategic agenda.

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Yum Brands Inc's Company Profile

Business Description

Yum Brands is a U.S.-based restaurant operator featuring a portfolio of four brands: KFC (26,930 global units), Pizza Hut (18,380 units), Taco Bell (7,790 units), and The Habit Burger (310 units) at year-end 2021. With $58 billion in 2021 systemwide sales, the firm is the second-largest restaurant company in the world, behind McDonald’s ($112 billion) but ahead of Restaurant Brands International ($35 billion) and Starbucks ($25 billion). Yum is 98% franchised, with the largest franchisee, Yum China, created via a 2016 spinoff transaction (after which Yum China agreed to pay 3% royalties to Yum Brands in perpetuity). Yum is the newest evolution of Tricon Brands, formerly a division of PepsiCo, and generates the bulk of its revenue from franchise royalties and marketing contributions.

1441 Gardiner Lane
Louisville, KY, 40213
T +1 502 874-8300
Sector Consumer Cyclical
Industry Restaurants
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 36,000

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