# The Wendy's Company (WEN)

> Source: Nexqual · https://nexqual.com/WEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Wendy's Company (WEN), nexqual.com/WEN" · informational, not investment advice.

**Price:** USD 6.57 (+4.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.28 · day 6.26–6.59 · 52w 5.94–10.12 · market cap $1.25B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $2.20B, net income $126M (5.7% margin), free cash flow $264M (SEC filings).
- Valuation: P/E 9.9x (avg 15.7x at the last 3 fiscal year-ends), EV/EBITDA 8.0x, net debt $2.41B.
- 4 of 80 tracked superinvestors hold WEN (13F, Q2 2026): 1 new, 2 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.17 on a 1–5 scale) (24 analysts), mean target USD 7.38 (range 5–11).
- Total return with dividends: 1Y -22.5% vs S&P 500 +14.9%; 5Y -63.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.09, revenue estimate $533M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.90B | $2.10B | $2.18B | $2.25B | $2.18B | $2.20B |
| Gross profit | $1.29B | $1.32B | $1.39B | $1.46B | $1.39B | — |
| Operating income | $367M | $353M | $382M | $371M | $343M | $300M |
| Net income | $200M | $177M | $204M | $194M | $165M | $126M |
| EPS (diluted) | $0.89 | $0.82 | $0.97 | $0.95 | $0.85 | — |
| Free cash flow | $268M | $174M | $260M | $261M | $243M | $264M |
| Gross margin | 67.8% | 63.1% | 63.6% | 65.1% | 63.6% | — |
| Operating margin | 19.3% | 16.9% | 17.5% | 16.5% | 15.8% | 13.6% |
| Net margin | 10.6% | 8.5% | 9.4% | 8.7% | 7.6% | 5.7% |
| Revenue growth | +9.4% | +10.5% | +4.1% | +3.0% | -3.1% | — |
| Cash + short-term investments | $249M | $746M | $516M | $451M | $301M | — |
| Total debt | $2.38B | $2.85B | $2.76B | $2.74B | $2.76B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 9.9x · P/S 0.6x · EV/EBITDA 8.0x · EV/Sales 1.7x · P/FCF 4.7x · P/B 10.4x · FCF yield 21.09% · Earnings yield 10.06% · Dividend yield (paid, TTM) 8.51% · Buyback yield (TTM) 1.29% · Net debt $2.41B · EV $3.66B
P/E at fiscal year-ends: Dec 2025 9.8x, Dec 2024 17.2x, Dec 2023 20.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold WEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Nelson Peltz | Trian Fund Management | 5.97% | $253M | Added +0.1% |
| Prem Watsa | Fairfax Financial Holdings | 2.51% | $66.3M | Added +144.9% |
| Bill Nygren | Oakmark Funds | 0.06% | $46.3M | Reduced -5.8% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $2.9M | New position |

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 24 analysts; mean target USD 7.38 (low 5, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Stephens & Co. | Target lowered | Equal-Weight | $8 → $7 |
| 2026-09-16 | Seaport Global | Initiated | Neutral |  |
| 2026-09-01 | Citigroup | Target raised | Neutral | $8 → $8.25 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $7.25 → $8 |
| 2026-07-28 | Citigroup | Target lowered | Neutral | $7.75 → $7.25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -22.5% | -63.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -22.6% | -18.0% |
| Volatility (annualized) | 59.2% | 29.1% |
| Max drawdown | -32.5% (Aug 2026→Oct 2026) | -68.2% (May 2023→Sep 2026) |

## Peers (Restaurants)
BJRI (BJ's Restaurants, Inc.) USD 58.79 +3.54% · SG (Sweetgreen, Inc.) USD 10.22 +0.59% · BH (Biglari Holdings Inc.) USD 395.33 -4.58% · CBRL (Cracker Barrel Old Country Stor) USD 67.31 +2.37% · BLMN (Bloomin' Brands, Inc.) USD 10.27 +2.14% · ARCO (Arcos Dorados Holdings Inc.) USD 8.02 -0.87%

## More
Full page: https://nexqual.com/WEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Wendy's U.S. | $477.6M | 83.7% | +3.6% | $120.5M | 25.2% |
| Global Real Estate & Development | $53.7M | 9.4% | -11.9% | $27.5M | 51.1% |
| Wendy's International | $39.3M | 6.9% | +1.1% | $11.9M | 30.4% |
| Total revenue | $570.6M | 100% | — | $159.9M | 28.0% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $240.0M | 42.1% | +3.1% |
| Franchise Royalty Revenueand Fees | $149.8M | 26.2% | -4.2% |
| Advertising | $127.4M | 22.3% | +14.4% |
| Royalty | $103.7M | 18.2% | -8.1% |
| Real Estate | $53.4M | 9.4% | -11.7% |
| Franchise | $22.1M | 3.9% | +5.5% |
| Total revenue | $570.6M | 100% | — |
The lines above cover 122.1% of total revenue.

## Revenue by region (fiscal year ended 2025-12-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.98B | 90.9% | -3.8% |
| Non Us | $199.0M | 9.1% | +4.7% |
| Total revenue | $2.18B | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "The Company is withdrawing its 2026 financial outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.14 | -33.7% | $532.8M | 22 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.14 | -34.6% | $548.7M | 22 |
| Current fiscal year (ends 2026-12-31) | $0.49 | $0.57 | -14.6% | $2.19B | 24 |
| Next fiscal year (ends 2027-12-31) | $0.49 | $0.64 | -22.6% | $2.18B | 24 |