Yum China Holdings
YUMC on NYSE. Yum China Holdings sells fried chicken, pizza and tacos to diners in China. Market value $13.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.76 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 73 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$40.62 a share, 2% above its 1-year low
Over the past year the price has ranged from $39.72 to $58.39.
Dividend: 2.5% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.9bn | $9.6bn | $11.0bn | $11.3bn | $11.8bn |
| Operating margin | |||||
| Operating margin | 14.1% | 6.6% | 10.1% | 10.3% | 10.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.42bn | 0.41bn | 0.38bn | 0.36bn | 0.34bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 7.4% a year
- Buying back its own sharesYes, 18% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.1 billion last quarter, up 13% on a year ago.
- Profit: $244 million, up 13% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $940 million, up from $834 million.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.1bn |
| December 2024 | $2.6bn |
| March 2025 | $3.0bn |
| June 2025 | $2.8bn |
| September 2025 | $3.2bn |
| December 2025 | $2.8bn |
| March 2026 | $3.3bn |
| June 2026 | $3.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $297m |
| December 2024 | $115m |
| March 2025 | $292m |
| June 2025 | $215m |
| September 2025 | $282m |
| December 2025 | $140m |
| March 2026 | $309m |
| June 2026 | $244m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 659 funds in all.
- Dodge & CoxDodge & Cox investment committee
- Value
- $342m
- Share of fund
- 0.2%
- Giverny CapitalFrançois Rochon
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Mondrian Investment PartnersMondrian team | $930m | 14.3% | Added |
| Dodge & CoxDodge & Cox investment committee | $342m | 0.2% | |
| GuardCap Asset ManagementGuardCap team | $133m | 9.5% | Cut |
| LSV Asset ManagementJosef Lakonishok | $59m | 0.1% | New |
| Giverny CapitalFrançois Rochon | $1m | <0.1% | |
| Boston PartnersBoston Partners team | $971,970 | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $368,933 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- JPMorgan Chase$985mCut
- Mondrian Investment Partners$930mAdded
- Principal Financial Group$861mCut
- Primavera Capital Management$492m
- BLS Capital Fondsmaeglerselskab A/S$443mCut
- Vanguard Capital Management$442mCut
- Royal Bank of Canada$433m
- Dodge & Cox$342m
- W1M Asset Management$320mAdded
- Westwood Global Investments$287mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- JPMORGAN CHASE & CO.Passive investor7.6%+1.4 ptsSince 30 June 2025
- PRINCIPAL GLOBAL INVESTORSPassive investor5.5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
JPMORGAN CHASE & CO. Passive investor | 7.6%+1.4 pts | 30 June 2025 | |
PRINCIPAL GLOBAL INVESTORS Passive investor | 5.5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $11m.
- HUANG Duoduo (Howard)Chief Supply Chain OfficerSold
- Date
- 18 August 2026
- Shares
- 24,096
- Price
- $47.08
- Value
- $1m
- Kuai JeffGeneral Manager, Pizza HutSold
- Date
- 12 August 2026
- Shares
- 14,586
- Price
- $47.72
- Value
- $696,027
- Lu XuelingController and PAOSold
- Date
- 24 February 2026
- Shares
- 23,504
- Price
- $55.84
- Value
- $1m
- Wat JoeyChief Executive Officer, DirectorSold
- Date
- 13 February 2026
- Shares
- 104,000
- Price
- $55.18
- Value
- $6m
- Wat JoeyChief Executive Officer, DirectorSold
- Date
- 11 February 2026
- Shares
- 4,613
- Price
- $57.01
- Value
- $262,987
- Zhang LeilaChief Technology OfficerSold
- Date
- 5 February 2026
- Shares
- 5,193
- Price
- $55.25
- Value
- $286,913
- DING JerryChief People OfficerSold
- Date
- 5 February 2026
- Shares
- 3,000
- Price
- $55.14
- Value
- $165,420
- Zhang LeilaChief Technology OfficerSold
- Date
- 11 December 2025
- Shares
- 7,689
- Price
- $47.22
- Value
- $363,075
- HUANG Duoduo (Howard)Chief Supply Chain OfficerSold
- Date
- 24 November 2025
- Shares
- 4,888
- Price
- $48.10
- Value
- $235,113
- Wang WartonGeneral Manager, KFCSold
- Date
- 24 November 2025
- Shares
- 8,187
- Price
- $48.28
- Value
- $395,268
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Sold | 24,096 | $47.08 | $1m |
| 12 August 2026 | Kuai Jeff General Manager, Pizza Hut | Sold | 14,586 | $47.72 | $696,027 |
| 24 February 2026 | Lu Xueling Controller and PAO | Sold | 23,504 | $55.84 | $1m |
| 13 February 2026 | Wat Joey Chief Executive Officer, Director | Sold | 104,000 | $55.18 | $6m |
| 11 February 2026 | Wat Joey Chief Executive Officer, Director | Sold | 4,613 | $57.01 | $262,987 |
| 5 February 2026 | Zhang Leila Chief Technology Officer | Sold | 5,193 | $55.25 | $286,913 |
| 5 February 2026 | DING Jerry Chief People Officer | Sold | 3,000 | $55.14 | $165,420 |
| 11 December 2025 | Zhang Leila Chief Technology Officer | Sold | 7,689 | $47.22 | $363,075 |
| 24 November 2025 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Sold | 4,888 | $48.10 | $235,113 |
| 24 November 2025 | Wang Warton General Manager, KFC | Sold | 8,187 | $48.28 | $395,268 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.