McDonald's (MCD) — McDonald's Priced for 9.5% Growth Forever. Comps Grew 1.5%
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 20:22
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 20:22
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Deep value research on McDonald's (MCD) as of 2026-11-04: 9.5% Implied perpetual. McDonald's owns the land under its restaurants, yet U.S. traffic is softening while its price implies 9.5% growth forever. We trace owner earnings to show why that gap leaves little margin of safety.
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Chapters
(0:00) McDonald's Q3 2026 Earnings Review
(1:01) Footnote Ledger
(2:40) Capital Allocation
(6:19) Bridge to Owner Earnings
(7:37) Capital Allocation
(9:22) Return on Capital
(10:43) Non-GAAP Add-Backs
(12:46) Balance Sheet Reality Check
(14:34) Return on Capital
(15:56) Moat Assessment
(17:16) McDonald's Q3 2026 Earnings Review
(19:38) Resources for Investors
(19:56) Get the apps
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