McDonald's (MCD) — McDonald's $3.8B Rent Machine vs. Slipping US Sales
Deep Values: Value Investing Deep Dives · Nov 6, 2026 · 22:15
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 6, 2026 · 22:15
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Deep value research on McDonald's (MCD) as of 2026-11-05: $3.8B franchise margins up. McDonald's makes most of its money as a landlord, and franchised margins rose 3% to $3.8 billion in Q3 2026. We test whether that rent engine can hold up while US same-store sales slip 0.2% and management leans on discounts to win back guests.
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Chapters
(0:00) McDonald's Q3 2026 Forensic Ledger
(4:21) Non-GAAP Add-Backs Accelerating Drag
(5:02) Moat Diagnostic Core Stability
(8:15) Return on Capital Margins Leverage
(8:58) Capital Allocation Candour Check
(9:55) Footnote Ledger Restructuring Guarantees
(11:50) Non-GAAP Add-Backs Accelerating Drag
(13:09) Pre-Mortem Thesis Breakdown
(14:13) Footnote Ledger Real Estate Leverage
(15:14) Valuation Foundation Owner Earnings
(18:40) DCF Scenarios Intrinsic Value Range
(19:18) Pre-Mortem Thesis Breakdown
(19:58) Final Verdict Fairly Valued
(21:17) DeepValues Ecosystem Tools
(21:50) Get the apps
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