WEN
The Wendy's Company
WEN's fundamentals are weak, but it looks cheap: trading at 16x earnings, below its usual 23x. Its downside scenario is about four times its upside.
WEN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
WEN's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is weak.
WEN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $5.76 | -30% |
| Current | 16x | $8.18 | — |
| Fair | 23x | $11.48 | +40% |
| Expensive | 39x | $19.70 | +141% |
Historical ranges are pointers, not guarantees.
WEN's PE is in its cheap range at 16x.
WEN Forward outlook
There aren't enough analyst estimates for WEN to show an outlook.
WEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.51 | -46% |
| Q2 2026 | $0.66 | -31% |
| Q1 2026 | $0.78 | -17% |
| Q4 2025 | $0.85 | -11% |
| Q3 2025 | $0.94 | 0% |
| Q2 2025 | $0.96 | -1% |
| Q1 2025 | $0.94 | -4.1% |
| Q4 2024 | $0.95 | -2.1% |
WEN's earnings per share have fallen from their peak: $0.51 over the past year, against $0.98 in early 2024.
WEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $547M | -0.5% |
| Q2 2026 | $570.6M | +1.7% |
| Q1 2026 | $540.6M | +3.3% |
| Q4 2025 | $543M | -5.5% |
| Q3 2025 | $549.5M | -3% |
| Q2 2025 | $560.9M | -1.7% |
| Q1 2025 | $523.5M | -2.1% |
| Q4 2024 | $574.3M | +6.2% |
WEN's revenue grew through 2022 and has held roughly level since: $547M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | -6.6 points |
| Q2 2026 | 14% | -4.7 points |
| Q1 2026 | 12% | -3.9 points |
| Q4 2025 | 12% | -4.9 points |
| Q3 2025 | 17% | 0 points |
| Q2 2025 | 19% | +1.1 points |
| Q1 2025 | 16% | +0.7 points |
| Q4 2024 | 17% | +0.7 points |
WEN's operating margin was 10% last quarter, down 6.6 points from the same quarter a year ago, near the bottom of its range since 2019.
WEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.7M | -41% |
| Q2 2026 | $81M | +107% |
| Q1 2026 | $47.5M | -30% |
| Q4 2025 | $31.4M | +18% |
| Q3 2025 | $104.3M | -15% |
| Q2 2025 | $39.2M | +38% |
| Q1 2025 | $67.7M | -18% |
| Q4 2024 | $26.6M | -43% |
WEN still generates free cash flow, though less than at its 2020 peak: $222M over the past year.
WEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +589K shares |
| 1 year | +0.3% | +548K shares |
| 3 years | -8.9% | -18.8M shares |
| 5 years | -15% | -33.3M shares |
| Available history | -18% | -43.3M shares |
WEN has 192M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1.9M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $14.3M |
| Q2 2025 | $63.7M |
| Q1 2025 | $122.8M |
| Q4 2024 | $17.3M |
WEN spent $2M buying back its own shares over the past year, down 99% from the year before.
WEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 5.3x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 5.0x | High |
| Q3 2025 | 4.7x | High |
| Q2 2025 | 4.7x | High |
| Q1 2025 | 4.6x | High |
| Q4 2024 | 4.5x | High |
WEN's net debt is about 5.6 years of its operating earnings (EBITDA), up from 4.7 years a year ago.
WEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 59.6 | Neutral |
WEN's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
WEN PE vs Consumer Cyclical Sector
| Metric | WEN | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 18x | 11% below |
| PE % | 25 | 47 | 22 pts below |
WEN is trading at 16x earnings, a 11% discount to the Consumer Cyclical sector's median of 18x.
WEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.92 | 18% above |
| 20 week MA | $7.48 | 9.4% above |
| 50 week MA | $7.56 | 8.2% above |
| 100 week MA | $9.77 | 16% below |
| 200 week MA | $14.7 | 44% below |
WEN has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 44% below its 200-week average.
WEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.2 | $22.5 | +1.3% |
| 2021 | $22.5 | $23.3 | +3.9% |
| 2022 | $23.3 | $23.1 | -0.9% |
| 2023 | $23.1 | $19.5 | -16% |
| 2024 | $19.5 | $16.5 | -15% |
| 2025 | $16.5 | $8.35 | -49% |
| 2026 YTD | $8.35 | $8.18 | -2% |
WEN has finished four years in a row lower, and it's down 2% so far in 2026.