AllAnalyst Report
logoMorningstarDecember 07, 2023

McDonald's Corporation: McDonald's: Lifting Intrinsic Valuation on Loyalty, Unit Growth Updates; Shares Slightly Cheap

Consumer Cyclical
Current Price
Fair Value
Economic Moat

McDonald’s is the largest restaurant owner-operator in the world, with 2022 system sales of $116 billion (by our estimates) across more than 40,000 stores and 115 markets. McDonald’s pioneered the franchise model, building its footprint through partnerships with independent restaurant franchisees and master franchise partners around the globe. The firm earns nearly 60% of its revenue from franchise royalty fees and lease payments, with most of the remainder coming from company-operated stores across its three core segments: the United States, internationally operated markets, and international developmental/licensed markets.

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