Yum China Holdings, Inc.
YUMC · Retail-Eating Places · 349.1M shares · +2%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $549M (gross $613M, SBC $64M)
Grade
B77Dominant Chinese QSR franchise (KFC/Pizza Hut) with strong returns and cash generation, tempered by China/PCAOB and FX risk.
Strengths
- Top-decile cash position and strong FCF ($840M, 86th pct) with net margin 82nd pct and ROA 82nd pct
- Scaled category leader — 18,101 units, KFC/Pizza Hut #1 in China — with healthy ROE ~17%
Risks
- China-specific governance/PCAOB delisting risk and RMB convertibility/remittance constraints on dividends
- Modest growth (revenue +4%, net income +2%; both ~30-36th pct) limits upside
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $1.4B cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
10.9%
Net margin
7.9%
Return on equity
17.3%
Return on assets
8.6%
Revenue growth (QoQ)
15.9%
Net-income growth
2.0%
Current ratio
1.0×
Free cash flow
$840M
EBITDA
$1.7B
Tangible book value
$3.3B
Cash & investments
$1.4B
Stock comp / revenue
0.4%
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001193125-26-271854 ↗ |
| 8-K | 2026-06-16 | 2026-06-16 | 0001193125-26-272893 ↗ |
| 8-K | 2026-05-28 | 2026-05-28 | 0001193125-26-242942 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-213131 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001193125-26-188588 ↗ |
| 8-K | 2026-04-08 | 2026-04-08 | 0001193125-26-146384 ↗ |
| 8-K | 2026-03-02 | 2026-02-27 | 0001673358-26-000051 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001193125-26-082824 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001193125-26-036625 ↗ |
| 8-K | 2026-01-12 | 2026-01-06 | 0001193125-26-010568 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0001193125-25-316788 ↗ |
| 8-K | 2025-11-17 | 2025-11-17 | 0001193125-25-283928 ↗ |