T THE OWNER of Burger King had a less-than-royal year in 2019. After a resounding start to the year, Restaurant Brands International ( RBI ) lost a fifth of its market value between August and December. Although it makes 58% of the revenue of a capital-light franchise business, a larger slice than McDonald’s, its return on invested capital is lower, in part due to a series of costly acquisitions (see chart). On February 10, investors once again digested the disappointing quarterly results of Tim Hortons, a Canadian donut chain that represents 60% of RBI sales. The group’s overall results exceeded forecasts thanks to Popeyes, another of its chains. RBI needs more spinach to catch up with rivals such as Yum Brands (owner of KFC , Pizza Hut and Taco Bell) and Starbucks – not to mention McDonald’s, whose market value and net income are roughly that of all three other companies combined. ■