DRI vs QSR: Darden Restaurants and Restaurant Brands International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Restaurant Brands International is the larger company, worth $32.1B, about 1.4 times Darden Restaurants.
- Darden Restaurants grew revenue faster over the last year (+5.1% vs +4.6%).
- Restaurant Brands International keeps more of each dollar of revenue as operating profit (26.9% vs 11.7%).
- On earnings, Darden Restaurants is the cheaper stock (21.2x vs 22.6x).
- Restaurant Brands International's price assumes faster free cash flow growth: about 6% a year, against 5% for Darden Restaurants (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DRI | QSR |
|---|---|---|
| Market cap | $23.0B | $32.1B |
| Share price | $197.66 | $70.95 |
| Revenue (last fiscal year) | $13.2B | $9.4B |
| Free cash flow (last fiscal year) | $1.1B | $1.4B |
| Revenue growth, last year | +5.1% | +4.6% |
| Revenue growth per year, last 5 fiscal years | +8.2% | +13.2% |
| Operating margin | 11.7% | 26.9% |
| Net margin | 8.8% | 13.1% |
| Return on equity | 57.2% | 33.1% |
| P/E (trailing) | 21.2x | 22.6x |
| Price / free cash flow | 22.2x | 22.1x |
| EV / EBITDA | 15.0x | 16.0x |
| FCF growth the price implies | 5.4% | 6.3% |
| Dividend yield | 3.0% | 3.6% |
| Debt / equity | 5.39x | 5.10x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 6 |
| Insider purchases, last 12 months | 8 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Darden Restaurants
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $9.6B | $888M | 12.1% |
| 2023 | $10.5B | $988M | 11.5% |
| 2024 | $11.4B | $1.0B | 11.5% |
| 2025 | $12.1B | $1.1B | 11.3% |
| 2026 | $13.2B | $1.1B | 12.0% |
Restaurant Brands International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.7B | $1.6B | 32.7% |
| 2022 | $6.5B | $1.4B | 29.2% |
| 2023 | $7.0B | $1.2B | 29.2% |
| 2024 | $8.4B | $1.3B | 28.8% |
| 2025 | $9.4B | $1.4B | 23.3% |
Where the revenue comes from
Darden Restaurants · by segments, 2026
Olive Garden$5.6B42%
LongHorn Steakhouse$3.4B26%
Other Business$2.8B21%
Fine Dining$1.4B10%
Restaurant Brands International · by segments, 2025
TH$4.2B45%
RH$1.8B20%
BK$1.3B14%
INTL$998M11%
PLK$800M8%
FHS$232M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DRI in InvestinglyQuestions
Which is bigger, Darden Restaurants or Restaurant Brands International?
Restaurant Brands International (QSR), at $32.1B against $23.0B.
Is DRI or QSR cheaper?
By trailing P/E, Darden Restaurants (21.2x) is cheaper than Restaurant Brands International (22.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, DRI or QSR?
Darden Restaurants: revenue grew +5.1% over the last year, against +4.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.