Wendy's
About: The Wendy's Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $12.6 billion in 2024, narrowly edging Burger King ($11.5 billion) and clocking in well behind wide-moat McDonald's ($51.1 billion). After divestitures of Tim Hortons (2006) and Arby's (2011), the firm manages just the burger banner, generating sales across a footprint that spanned more than 7,200 total stores in 30 countries as of year-end 2024. Wendy's generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for roughly 94% of stores, and through franchise flipping and advisory fees.
Employees: 14,500
Fund manager confidence
Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)
55% more repeat investments, than reductions
Existing positions increased: 171 | Existing positions reduced: 110
1.8% more ownership
Funds ownership: 91.39% [Q4 2024] → 93.19% (+1.8%) [Q1 2025]
6% more first-time investments, than exits
New positions opened: 74 | Existing positions closed: 70
0% more funds holding in top 10
Funds holding in top 10: 1 [Q4 2024] → 1 (+0) [Q1 2025]
0% less funds holding
Funds holding: 420 [Q4 2024] → 418 (-2) [Q1 2025]
10% less capital invested
Capital invested by funds: $3.04B [Q4 2024] → $2.73B (-$304M) [Q1 2025]
30% less call options, than puts
Call options by funds: $60.3M | Put options by funds: $86.2M
Research analyst outlook
10 Wall Street Analysts provided 1 year price targets over the past 3 months
10 analyst ratings
BMO Capital Andrew Strelzik | 34%upside $15 | Market Perform Maintained | 6 May 2025 |
Loop Capital Alton Stump | 88%upside $21 | Buy Maintained | 5 May 2025 |
Barclays Jeffrey Bernstein | 16%upside $13 | Equal-Weight Maintained | 5 May 2025 |
Truist Securities Jake Bartlett | 43%upside $16 | Buy Maintained | 5 May 2025 |
Morgan Stanley John Glass | 16%upside $13 | Underweight Maintained | 5 May 2025 |
Financial journalist opinion









