Yum China Holdings Inc
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+ FollowMarket Cap$17.32B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Solid Q3 performance (but softer same-store due to lapping/weather): Reported in reporting currency, revenue +8% YoY, operating profit +13% YoY, diluted EPS +20% YoY (partly FX). System sales +3% YoY (excluding FX). OP margin +40 bps to 13.0%; net income $311m (+3% YoY). Same-store sales were 97% of last year (i.e., -3% YoY effect), mainly from tough comps from last year’s delivery platform subsidies and extreme weather in August. Despite SSS weakness, same-store transactions grew 15th consecutive quarter positive (transactions +3% YoY in KFC; +5% YoY in Pizza Hut).
Margins resilient; execution-driven despite cost headwinds: Restaurant margin 17.8% (+50 bps YoY) driven by occupancy/other improvements (down 100 bps) including rent renegotiations and efficiency initiatives; Pizza Hut license fee savings contributed ~30 bps. Offsets/pressures: cost of labor up 30 bps (rider cost still a headwind, though moderating to ~30 bps vs first half); cost of sales up 20 bps (investment in modules). Management framed this as “execution is growth” and highlighted continued margin durability even with consumption volatility.
Store expansion accelerating (potential mild cannibalization tradeoff): Continued new store momentum: ~700 net new stores in Q3 (quarterly record); ~20,000 total stores with confidence to surpass 20,000 this year. In first 9 months: record 1.89k net new stores; new store guidance raised from 1.9k to >2.4k for 2026, targeting >20.5k stores by year-end. Management noted that over half of new stores open in new cities / uncovered trade zones to mitigate cannibalization (some sales transfer may still dilute SSS, but they view overall profitability as protected).
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$135.74
172.8% upside
Current Fair Value
172.8% upsideUndervalued by 172.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $17.32 Billion |
|---|---|
| Enterprise Value | $18.80 Billion |
| Annual dividend | $1.11 |
| Dividend yield | 2.42% |
| Earnings per Share | $2.53 |
| Beta | 0.08 |
| Outstanding Shares | 348,000,000 |
Return
| Return on Equity | 18.20% |
|---|---|
| Return on Assets | 8.97% |
| Return on Invested Capital | 17.13% |
Valuation & Multiples
| P/E Ratio | 16.71 |
|---|---|
| PEG | 123.87 |
| Price to Sales | 1.42 |
| Price to Book Ratio | 2.93 |
| Enterprise Value to Revenue | 1.51 |
| Enterprise Value to EBIT | 13.01 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.37 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$0.89
Consensus analyst estimateRevenue Estimate
$3.50 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$0.45
Consensus analyst estimateRevenue Estimate
$3.05 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 106.29% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.92%▼ 62.29% |
|---|---|
| Total Invested | $560.29M▼ 94.65% |
| Investors Holding | 192▼ 493.00% |
About Yum China Holdings Inc
140,000 employees
CEO: Joey Wat
Yum China Holdings, Inc. is a prominent operator, owner, and franchisor of various restaurant concepts across China. Its business is primarily structured around two core segments: KFC and Pizza Hut. Beyond these main brands, the company ...