# Yum China Holdings, Inc. (YUMC)

> Source: Nexqual · https://nexqual.com/YUMC · data as of 2026-10-23 16:23 UTC · cite as "Nexqual, Yum China Holdings, Inc. (YUMC), nexqual.com/YUMC" · informational, not investment advice.

**Price:** USD 44.49 (-0.60% today) · US market open, as of October 23, 2026 at 16:23 UTC; quotes may be delayed. Prev close 44.76 · day 44.45–45.55 · 52w 39.72–58.39 · market cap $15.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.4B, net income $975M (7.8% margin), free cash flow $940M (SEC filings).
- Valuation: P/E 15.4x (avg 20.4x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold YUMC (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 1.76 on a 1–5 scale) (21 analysts), mean target USD 62.17 (range 56–77).
- Total return with dividends: 1Y -0.4% vs S&P 500 +14.7%; 5Y -16.6% vs S&P 500 +77.5%.
- Next earnings: 2026-11-03, EPS estimate USD 0.9, revenue estimate $3.49B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.85B | $9.57B | $11.0B | $11.3B | $11.8B | $12.4B |
| Operating income | $1.39B | $629M | $1.11B | $1.16B | $1.29B | $1.38B |
| Net income | $990M | $442M | $827M | $911M | $929M | $975M |
| EPS (diluted) | $2.28 | $1.04 | $1.97 | $2.33 | $2.51 | — |
| Free cash flow | $442M | $734M | $763M | $714M | $840M | $940M |
| Operating margin | 14.1% | 6.6% | 10.1% | 10.3% | 10.9% | 11.1% |
| Net margin | 10.0% | 4.6% | 7.5% | 8.1% | 7.9% | 7.8% |
| Revenue growth | +19.2% | -2.9% | +14.7% | +3.0% | +4.4% | — |
| Cash + short-term investments | $4.00B | $3.15B | $2.60B | $1.84B | $1.38B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.4x · P/S 1.2x · P/FCF 15.9x · P/B 2.8x · FCF yield 6.27% · Earnings yield 6.51% · Dividend yield (paid, TTM) 2.51% · Buyback yield (TTM) 8.72%
P/E at fiscal year-ends: Dec 2025 19.1x, Dec 2024 20.6x, Dec 2023 21.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold YUMC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Robert Vinall | RV Capital GmbH | 4.25% | $16.3M | Reduced -5.6% |
| Dodge & Cox Funds | Dodge & Cox | 0.18% | $342M | Added +0.2% |
| Francois Rochon | Giverny Capital | 0.05% | $1.5M | Unchanged |

## Analysts
Consensus Buy (mean 1.76 on a 1–5 scale), 21 analysts; mean target USD 62.17 (low 56, high 77).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -0.4% | -16.6% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | -0.4% | -3.6% |
| Volatility (annualized) | 25.1% | 38.1% |
| Max drawdown | -29.8% (Feb 2026→Jun 2026) | -52.7% (Mar 2023→Jul 2024) |

## Peers (Restaurants)
TXRH (Texas Roadhouse, Inc.) USD 165.2 -4.39% · DPZ (Domino's Pizza Inc) USD 312.91 -1.51% · DRI (Darden Restaurants, Inc.) USD 211.85 -2.62% · EAT (Brinker International, Inc.) USD 184.77 -2.81% · BROS (Dutch Bros Inc.) USD 41.06 -1.65% · QSR (Restaurant Brands International) USD 74.92 -1.96%

## More
Full page: https://nexqual.com/YUMC · 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

## Supply chain and relationships (SEC annual reports)

Named in YUMC's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1673358/000119312526082824/yumc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Company | "To improve the efficiency and effectiveness of our procurement process, the Company has adopted a central procurement model, whereby the Company centrally purchases the vast majority of food and paper products from appro…" |
| Partner | Luigi Lavazza | "In April 2020, we partnered with Luigi Lavazza S.p.A. ("Lavazza Group"), the world-renowned family-owned Italian coffee company, and established a joint venture ("Lavazza joint venture"), to explore and develop the Lavaz…" |
| Competitor | McDonald's (MCD) | "KFC's competitors in China are primarily western QSR brands such as McDonald's, Dicos and Burger King, and to a lesser extent, domestic QSR brands in China." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| KFC | $2.34B | 74.5% | +11.5% | $332.0M | 14.2% |
| Pizza Hut | $613.0M | 19.5% | +10.6% | $51.0M | 8.3% |
| All Other Segments | $274.0M | 8.7% | +36.3% | -$1.0M | -0.4% |
| Corporate & Unallocated | $133.0M | 4.2% | +37.1% | -$34.0M | -25.6% |
| Corporate costs (not allocated) | — | — | — | $348.0M | — |
| Total revenue | $3.14B | 100% | — | $348.0M | 11.1% |
The lines above cover 107% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Food & Non Food Revenues From Sales | $2.91B | 92.7% | +11.4% |
| Transactions With Franchisees | $155.0M | 4.9% | +34.8% |
| Other Revenue | $44.0M | 1.4% | +25.7% |
| Franchise Fees & Income | $29.0M | 0.9% | +20.8% |
| Total revenue | $3.14B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.90 | $0.90 | -0.4% | $3.49B | 4 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.47 | -2.0% | $3.04B | 4 |
| Current fiscal year (ends 2026-12-31) | $2.94 | $2.91 | +1.2% | $12.88B | 17 |
| Next fiscal year (ends 2027-12-31) | $3.38 | $3.27 | +3.4% | $13.67B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±8.0%; last 8 reports averaged ±5.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.6% | ±8.0% |
| 2026-12-18 | 56 | 28.1% | ±10.1% |
| 2027-01-15 | 84 | 28.4% | ±10.9% |
| 2027-03-19 | 147 | 28.4% | ±14.4% |
| 2027-04-16 | 175 | 28.6% | ±15.8% |
| 2027-06-17 | 237 | 30.5% | ±19.3% |
| 2027-09-17 | 329 | 32.0% | ±23.6% |