Yum China: High-Quality Operator In The QSR Space

Yum China's primary brands are KFC, Pizza Hut, and Taco Bell, of which it has exclusive rights to operate and sub-license in China (paying a 3% systemwide sales royalty back to its former parent company). Yum China increased its revenue from $7.2 billion in FY 2017 to $11.8 billion in FY 2025. That's a compound annual growth rate of 6.4%. Yum China has a stellar financial position. The company carries essentially no long-term debt at all.