Wendy's Co key statistics and ratios

In fiscal 2025, Wendy's Co had return on equity of 87.6%, an operating margin of 15.8%, debt equal to 2376.1% of equity and a current ratio of 1.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Wendy's Co: financial ratios, annual
Fiscal year	2009Jan 2010	2010Jan 2011	2011Jan 2012	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Jan 2016	2016Jan 2017	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Jan 2023	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	—	57.7%	65.5%	65.0%	64.5%	67.8%	63.1%	63.6%	65.1%	63.6%	63.0%
Operating margin	4.0%	6.3%	5.6%	4.9%	5.7%	12.1%	14.7%	21.9%	17.6%	15.7%	15.4%	15.5%	19.3%	16.9%	17.5%	16.5%	15.8%	13.6%
Net margin	0.2%	−0.2%	0.4%	0.3%	1.9%	6.1%	8.6%	9.0%	15.9%	28.9%	8.0%	6.8%	10.6%	8.5%	9.4%	8.7%	7.6%	5.7%
Free-cash-flow margin	7.9%	3.3%	4.1%	−0.3%	4.4%	−2.2%	1.2%	3.1%	12.8%	9.7%	12.6%	12.4%	14.1%	8.3%	11.9%	11.6%	11.1%	12.0%
Return on equity	0.2%	−0.2%	0.5%	0.4%	2.3%	6.7%	13.0%	20.2%	35.2%	75.3%	23.5%	22.1%	40.6%	39.3%	52.7%	68.3%	87.6%	106.0%
Return on assets	0.1%	−0.1%	0.2%	0.2%	1.0%	2.9%	3.9%	3.2%	4.8%	11.0%	2.9%	2.3%	4.0%	3.3%	3.8%	3.8%	3.3%	2.6%
Asset turnover	0.49	0.49	0.54	0.58	0.56	0.47	0.45	0.36	0.30	0.38	0.37	0.35	0.37	0.40	0.41	0.44	0.44	0.45
Current ratio	1.85	1.79	2.18	2.47	2.64	1.65	2.29	1.97	1.78	2.34	1.58	1.66	1.39	2.73	2.19	1.85	1.76	1.90
Debt to equity	65.2%	72.7%	69.5%	74.7%	76.7%	85.1%	329.2%	484.8%	487.0%	435.8%	449.5%	415.4%	555.1%	621.8%	902.9%	>999%	>999%	>999%
Interest cover (operating income ÷ interest)	0.9x	1.3x	1.2x	1.2x	2.0x	4.7x	3.2x	2.7x	1.8x	2.1x	2.3x	2.3x	3.4x	2.9x	3.1x	3.0x	2.7x	2.3x
Effective tax rate	—	−33.6%	26.7%	—	25.3%	39.5%	40.2%	35.7%	—	20.0%	20.1%	22.9%	16.7%	27.2%	26.8%	28.7%	27.4%	29.6%
Capital spending as % of revenue	4.2%	6.2%	6.0%	7.9%	9.3%	14.9%	13.5%	10.5%	6.7%	4.4%	4.4%	4.0%	4.1%	4.1%	3.9%	4.2%	4.7%	4.3%
Free cash flow ÷ net income	>999%	—	>999%	−101.3%	232.2%	−36.0%	14.1%	33.8%	81.0%	33.6%	156.6%	182.8%	133.6%	98.3%	127.4%	134.2%	147.0%	209.6%
Dividends ÷ net income	552.7%	—	327.8%	551.2%	155.4%	61.9%	44.6%	49.2%	35.2%	17.5%	70.4%	55.0%	47.3%	60.2%	102.4%	105.2%	78.5%	84.6%
Dividends and buybacks ÷ free cash flow	52.2%	257.0%	190.0%	—	132.6%	—	>999%	915.0%	123.9%	226.9%	146.5%	59.0%	135.7%	91.0%	153.2%	108.0%	136.2%	46.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Wendy's Co: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	65.5%	65.9%	64.1%	65.0%	62.8%	62.7%	62.8%	63.7%
Operating margin	16.7%	16.7%	15.9%	18.6%	16.8%	11.8%	12.0%	13.9%
Net margin	8.9%	8.3%	7.5%	9.8%	8.1%	4.9%	4.2%	5.7%
Free-cash-flow margin	21.8%	4.6%	12.9%	7.0%	19.0%	5.8%	8.8%	14.2%
Current ratio	2.10	1.85	1.49	1.45	0.81	1.76	1.83	1.90
Debt to equity	>999%	>999%	>999%	>999%	>999%	>999%	>999%	>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · June 28, 2026

What it owns · $4.9bn

Short-term assets $678mLonger-term assets $4.2bn

What it owes, and who funded it · $4.9bn

Short-term liabilities $357mLonger-term liabilities $4.4bnShareholders' equity $120m

Short-term assets cover short-term liabilities $678m of assets due within a year against $357m of liabilities due within a year.
Short-term assets cover long-term liabilities $678m short-term assets against $4.4bn of longer-dated liabilities.
More cash than debt $341m of cash against $2.7bn of debt.
Debt below 40% of shareholders' equity Debt is 2282% of equity.
Debt burden no higher than five years ago Debt to equity moved from 540% to 2282% over five years.
A year's operating cash flow covers at least 20% of debt $358m of operating cash flow against $2.7bn of debt.
Operating profit covers interest at least five times over Operating income of $300m against $132m of interest.

From Wendy's Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

73 /100

Strong moat

How hard Wendy's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.6% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 64.8%, moving by 1.0 percentage points (standard deviation) across 8 years.
Durability 15 / 20

Operating margin has been a median 16.9%; its worst year was 13.5%.
Cash conversion 15 / 20

Free cash flow was positive in 10 of 10 years, at a median 10.9% of revenue.
Discipline 20 / 20

The diluted share count fell 16.0% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Wendy's Co's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Wendy's Co.