The 97% franchise mix converts system-wide sales into high-margin royalty streams with minimal capital deployed, generating consistent $2B+ annual operating cash flow that funds dividends and buybacks regardless of commodity or labor volatility borne by franchisees. This capital-light model compounds returns on equity far above asset-heavy restaurant operators.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on · in our words, not the filing’s