Endeavour Group Valuation Multiples

LVMH is a global producer and distributor of luxury goods. It operates six segments: fashion and leather goods, its largest and most profitable; watches and jewelry; wines and spirits; perfumes and cosmetics; selective retailing (including Sephora and airport duty-free retailer DFS); and other. Higher-profile brands include Louis Vuitton, Bulgari, Fendi, Givenchy, Tag Heuer, Hennessy, Moet & Chandon, Glenmorangie, Sephora, and Benefit. LVMH operates more than 5,000 stores around the globe.

Kweichow Moutai is one of China's leading liquor producers. The company was established in 1951 and its headquarters are located in Moutai Town, Guizhou province, southwest China. Its flagship product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Given its remarkable pricing power, premium product quality, and unparalleled brand strength, the company achieves the industry's highest retail prices and profit margins. The state-owned Assets Supervision and Administration Commission of Guizhou province through Moutai Group controls a 49% stake in Kweichow Moutai.

McDonald’s is the world’s largest restaurant brand, with nearly $131 billion in systemwide sales across more than 44,000 restaurants and over 100 markets. The quick-service chain built its early reputation on speed, consistency, and affordable hamburgers, and today its global menu spans burgers, chicken, breakfast, and beverages that have helped popularize American fast-food cuisine worldwide. The firm derives the bulk of its revenue from franchise royalties and rent (about 61%), with the remainder stemming from company-operated restaurants across three segments: the United States (41% of systemwide sales), international operated markets (34%), and international developmental/licensed markets (25%).

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, according to Euromonitor, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 it acquired SABMiller.

Starbucks stands out as the world's biggest and most recognizable coffee brand, powered by ultracustomizable beverages in-store and a sweeping footprint of nearly 41,000 cafes in over 80 countries. About 52% are company-operated, with the balance run by licensees. The company operates roasteries and sells across its North America (74% of revenue as of the end of fiscal 2025), international (21%), and channel development (5%) segments. The brand collects revenue from company-operated stores, licensee royalties, equipment and product sales, retail ready-to-drink beverages, and packaged coffee.

Marriott operates 1.8 million rooms across roughly 30 brands. At the end of 2025, luxury represented roughly 10% of total rooms, premium was 42%, select service was 46%, and midscale was 2%. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represented 99% of total rooms as of Dec. 31, 2025. North America makes up 61% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

Hilton Worldwide Holdings operates 1.35 million rooms across its 25 brands, serving the premium economy through luxury segments. Hampton and Hilton are the two largest brands, representing 27% and 18%, respectively, of the company’s total rooms, as of Dec. 31, 2025. Recent brands launched over the past few years include Home2, Curio, Canopy, Spark, Tru, Tempo, LivSmart, and Outset. Additionally, there is a partnership with Small Luxury Hotels of the World and acquisitions of NoMad and Graduate Hotels. Managed and franchised hotels represent the vast majority of adjusted EBITDA, predominantly from the Americas.

Compass Group is the largest foodservice company globally, operating in 30 countries and generating annual sales exceeding $30 billion. Compass' model is to operate on-premises catering facilities, rather than centralized industrial kitchens. Foodservice is Compass' focus and contributes more than 85% of revenue. Compass also has its own group purchasing organization, Foodbuy, which is responsible for over $30 billion in annual spending in the US. The company also provides premium support services to clients.

Ambev is the largest brewer in Latin America and the Caribbean and is Anheuser-Busch InBev's subsidiary in the region. It produces, distributes, and sells beer and PepsiCo products in Brazil and other Latin American countries and owns Argentina's largest brewer, Quinsa. Ambev was formed in 1999 through the merger of Brazil's two largest beverage companies, Brahma and Antarctica. In 2004, Ambev combined with Canadian brewer Labatt, giving AB InBev a controlling interest of 62%.

Wuliangye Yibin is China's second-largest baijiu producer by revenue, with sales of CNY 89 billion in 2024 compared with CNY 171 billion for Moutai. Founded in the 1950s, Wuliangye is located in Yibin, Sichuan province, in southwest China. Its core product, 52-degree Wuliangye, is widely known as the best rice-flavored baijiu in the market. The high-quality products, extensive history and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins.

Heineken is the world’s second-largest brewer behind Anheuser-Busch InBev. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager by volume and has spawned several brand extensions including Heineken 0.0 and Heineken Silver. Heineken is the world's biggest cider producer. Its portfolio also includes brands in the nonalcoholic, Belgian, and craft beer categories.

Formed in 1997 through the merger of Grand Metropolitan and Guinness, Diageo is the largest distiller globally by sales. Diageo acquired some of the Seagram assets in 2001, which gave it brands such as Captain Morgan rum and Crown Royal Canadian whisky. Since then, mergers and acquisitions have mostly been bolt-on in nature, plugging gaps in the company’s product and geographic portfolio.

As of the end of 2024, Yum Brands generated over $65 billion in systemwide sales from more than 61,000 restaurants across 155 markets, making it the world’s second-largest restaurant firm by dollar sales. Its portfolio includes KFC (31,981 stores), Pizza Hut (20,225), Taco Bell (8,757), and Habit Burger (383), with 70% of locations in international markets. As 98% of its portfolio is franchised, Yum’s business model is tilted toward recurring franchise royalties and marketing contributions (66% of revenue), with the balance derived from sales at company-owned locations. The company traces its roots to a 1997 spinoff of PepsiCo’s restaurant assets.

Chipotle is a leading fast-casual, Mexican-inspired restaurant chain, generating $11.3 billion in sales across 3,644 company-operated US locations, 82 international units primarily in Canada and Europe, and three licensed stores operated with Alshaya Group in the Middle East at the end of 2024. The firm’s revenue is primarily driven by food and beverage sales at its company-owned restaurants, supplemented by delivery fees generated through its first-party digital channels. Chipotle emphasizes ingredients with no artificial flavors and utilizes an efficient, assembly-line service model to serve mainly customizable burritos, bowls, salads, quesadillas, and tacos.

Union de Cervecerias Peruanas Backus & Johnston SA is engaged in the business of production, packaging, sale, distribution, and all other types of business related to malted and malt beverages, non-alcoholic beverages, and carbonated waters. The company's main business also includes investment in securities of domestic and foreign companies; the exploitation of rural properties; the sale, processing, conservation, marketing, and export of agricultural products; and the provision of advisory services related to these products.

Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore in 2031. Its Venetian and Palazzo Las Vegas assets in the US were sold to Apollo and Vici in 2022. After the sale of its Vegas assets, Sands generates all its EBITDA from Asia, with its casino operations generating the majority of sales.

Restaurant Brands generates about $44 billion in system sales across more than 32,000 restaurants in over 120 markets, making it one of the largest restaurant companies globally. Its banners include Burger King (7,082 stores), Tim Hortons (4,539), Popeyes (3,520), and Firehouse Subs (1,345), concentrated in the US and Canada, with these brands also comprising 15,639 franchised international locations as of year-end 2024. The firm primarily earns revenue from franchise and property fees, supply chain sales within the Tim Hortons segment, company-operated restaurants, and advertising royalties.

Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the US, generating 84% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company has pruned assets in recent years. With its exclusive rights tied to the Mexican beer brands, effective only in the US, the firm has limited revenue exposure to international markets. Constellation owns a 10% stake in Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.

Darden Restaurants is the largest restaurant operator in the US full-service space, with consolidated revenue of $12.1 billion in fiscal 2025. The company maintains a portfolio of 11 restaurant brands: Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Ruth's Chris Steak House, Yard House, The Capital Grille, Seasons 52, Eddie V’s, Bahama Breeze, The Capital Burger, and Chuy's. Darden generates revenue almost exclusively from company-owned restaurants, though a small network of franchised restaurants and consumer-packaged goods sales through the traditional grocery channel contribute modestly. At the end of fiscal 2025, the company operated 2,159 restaurants in the US.

InterContinental Hotels Group operates 987,000 rooms across 20 brands addressing the midscale through luxury segments, as of Dec. 31, 2024. Holiday Inn and Holiday Inn Express constitute the largest brand, while Hotel Indigo, Even, Hualuxe, Kimpton, and Voco are newer lifestyle brands experiencing strong demand. The company launched a midscale brand, Avid, in 2017 and closed on a 51% stake in Regent Hotels in 2018. It acquired Six Senses in 2019 and launched another midscale brand, Garner, in 2023. Managed and franchised represent 99% of total rooms. As of Dec. 31, 2024, the Americas represented 53% of total rooms, with Greater China accounting for 20% and Europe, Asia, the Middle East, and Africa making up 27%.

Restaurant Brands International LP is a Canada-based firm. It owns, operates and franchises quick-service restaurants and possesses market recognition. The company has five segments Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs( FHS), Restaurant Holdings (RH) and International (INTL). It derives maximum profit from the Tim Hortons segment.

Oriental Land is a prominent Japanese company primarily known for its ownership and operation of the Tokyo Disney Resort. It includes two theme parks, Tokyo Disneyland and Tokyo DisneySea, as well as hotels, shopping, and dining facilities. Oriental Land collaborates closely with The Walt Disney Company under a licensing agreement until 2076. This partnership has been instrumental in establishing Tokyo Disney Resort as one of the leading tourist destinations in Japan, attracting millions of visitors annually from domestic and international markets. Beyond its entertainment ventures, Oriental Land has also ventured into real estate development and operates Ikspiari, a retail and entertainment complex adjacent to Tokyo Disneyland.

Aristocrat Leisure is an electronic gaming machine manufacturer that sells machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Light & Wonder. Through acquisitions of Plarium and more recently Big Fish, Aristocrat now derives a significant proportion of earnings from the faster growing mobile gaming business.

Shanxi Fen Wine, or Fen Wine, is a typical light-flavored baijiu, featuring a fresher, lighter, and purer-taste compared with jiang-flavored and rich-flavored spirits. The company offers a comprehensive product portfolio, covering sub-premium, mid- to high range, and low-end products. The mid- to high-end baijiu contributed about 74% of the company’s sales revenue in 2024, including sub-premium brand Qinghua, midrange products Panama and Laobaifen. The State-Owned Assets Supervision and Administration Commission of Shanxi province controls 51% of Fen Wine.

Heineken Holding NV, through its subsidiary, is involved in the brewing and selling of beer and cider. It does not engage in operational activities and generates income almost exclusively by receiving Heineken dividends. The company has five reportable segments: Europe, Americas, Africa & Middle East, Asia Pacific and Heineken N.V. Head Office & Other/Eliminations. The majority of the revenue is generated from the Europe segment.

In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025.

Hyatt is an operator of owned (3% of total rooms) and managed and franchised (97%) properties across about 40 upscale luxury brands, which includes vacation brands (Apple Leisure Group, Hyatt Ziva, and Hyatt Zilara), the recently launched full-service lifestyle brand Hyatt Centric, the soft lifestyle brand Unbound, the wellness brand Miraval, and the midscale extended-stay brand Studios. Hyatt acquired Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. The regional exposure as a percentage of total rooms is 63% Americas, 15% rest of world, and 22% Asia-Pacific.

Luzhou Laojiao, or Laojiao, is one of China’s leading premium baijiu producers. Its primary product, National Cellar 1573, is widely known as one of the best rich-flavored baijiu in the market, which together with Feitian Moutai and flagship Wuliangye are the top three premium products that dominate over 90% of the premium baijiu market in China. The high-quality products, extensive history, and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins. The State-Owned Assets Supervision and Administration Commission of Luzhou City controls 46% of Luzhou Laojiao.

Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%).

Pernod Ricard was formed in 1975 through the merger of Pernod, founded in 1805, and Ricard, created in 1932. Through acquisitions, the firm has grown to become the world’s second-largest distiller by volume, behind Diageo. Pernod Ricard possesses the most comprehensive spirits portfolio globally, distributing over 240 brands across 160 countries. Flagship spirits brands include Absolut vodka, Beefeater gin, Chivas Regal and The Glenlivet scotch whisky, Jameson Irish whiskey, Malibu rum, and Martell cognac. The firm has also shed noncore assets over the years, including several wine brands in 2025.

Galaxy Entertainment is one of six casino licenseholders in Macao. Its major properties include Starworld casino in the Macao Peninsula and Galaxy Macau in Cotai, with a hotel capacity of approximately 5,564 rooms as of the end of 2024.

Yum China is the largest restaurant operator in China, with over 18,000 locations and USD 12 billion in systemwide sales as of 2025. It generates revenue primarily from its own restaurants and franchise fees. While KFC and Pizza Hut are its flagship brands, Yum China's portfolio also includes Little Sheep, Taco Bell, Huang Ji Huang, and Lavazza. As a trademark licensee of Yum Brands, Yum China pays 3% of KFC and Pizza Hut's systemwide sales to its former parent, from which it spun off in 2016. However, even before the separation, Yum China was granted substantial autonomy, giving its Chinese leadership decision-making authority over menu, supply chain, and marketing—an unusual practice for Western chains at the time.

Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 23.5% market share in the Macao gaming sector in terms of gross gaming revenue as of 2025. Las Vegas Sands has a 74.8% stake in Sands China.

Evolution AB is a B2B provider of live and slots casino systems. The Company develops, produces, markets, and licenses fully integrated online casino systems to gaming operators. The company provides business-to-business solutions, which it develops and produces for gaming operators. Evolution's primary product, Live Casino, allows a human dealer to run a real-time casino table, which is then streamed to digital devices. Players can then place bets on desktops, smartphones, and tablets and communicate with the dealer through Evolution's software. The company's services are licensed to casino operators. The company generates the vast majority of its revenue from Asia.

DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number-two or -three revenue share position across states where it competes. DraftKings is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company plans to launch a predictive event platform in late 2025 and also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products.

Eastroc Beverage (Group) Co Ltd is engaged in research and development, production, and sales of beverages. The company offers beverages across three categories: energy drinks, non-energy drinks, and bottled water. Its brands include Eastroc Super Drink, Citrus Lemon Tea, Tangerine Peel Super Drink, and packaged water products.

Asahi is the largest brewer in Japan with a nearly 40% market share, led by its Asahi Super Dry beer brand. It also operates a wide range of alcoholic and soft beverage products as well as packaged foods, mainly in Japan. Overseas markets accounted for over half of the company's revenue and close to 60% of operating profit, with Australia and Europe being two major markets. It acquired SABMiller's brands including Peroni and Pilsner Urquell in Western and Central Europe in 2016 and 2017 from Anheuser-Busch InBev. In Australia, Asahi holds market leaderships across beer and soft drinks segments, through its acquisitions of Schweppes Australia in 2009 and Carlton & United Breweries in 2020.

Kirin is the second-largest brewer in Japan with a 28% market share. It holds a top share in the happoshu (low-malt beer) and new genre (no-malt beer) categories. Apart from beer, it also operates a wide range of alcoholic and soft beverage products in Japan. It has made several acquisitions, including Lion Nathan and National Foods in Australia, the second-largest Brazilian brewer Schincariol and Myanmar’s biggest brewer over the past decade. It sold the businesses in Brazil and Myanmar in 2017 and 2023, respectively. In 2023, the company made a tender offer to bring Fancl on as a wholly owned subsidiary. Its revenue accounts for roughly 5% of Kirin’s total sales. Its overseas business, which includes alcoholic and nonalcoholic beverages, represents about 40% of the group’s revenue.

H World Group Ltd is a multi-brand hotel group in China with international operations. It operates in the leased, managed, and franchised models. The company has two operating segments: legacy Huazhu and legacy DH. Its brand and product offering includes Economy hotel brands: HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels, and Ibis Hotel, Midscale hotel brands: JI Hotel, Orange Hotel, Starway Hotel and Ibis Styles Hotel, Upper midscale hotel brands: Crystal Orange Hotel, IntercityHotel, Manxin Hotel, Mercure Hotel, Madison Hotel, Novotel Hotel, CitiGO Hotel and MAXX by Steigenberger, Upscale hotel brands: Joya Hotel, Blossom House, Steigenberger Hotels & Resorts, Jaz in the City, and Grand Mercure; and Luxury hotel brand: Steigenberger Icon and Song Hotels.

Allwyn AG, formerly known as OPAP Holding SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, Other online games, Instant and Passives, VLTs, Telecommunication and eMoney services. It generates the majority of its revenue from the Lotteries segment. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece.

Brown-Forman is a US-based manufacturer of premium distilled spirits that generates 71% of revenue in the whiskey category, under well-known Tennessee whiskey brand Jack Daniel’s and bourbon brands Woodford Reserve and Old Forester. It also manufactures and distributes tequila, vodka, rum, gin, and premium wines. The company generates 45% of sales from its home market, while the bulk of international revenue comes from Europe, Australia, and Latin America. The Brown family controls over 50% of the economic interests and a 67% voting power of the company.

Accor operates 850,285 rooms across 48 brands, addressing the economy through luxury segments as of December 2024. Ibis (economy scale) is the largest brand (18% of total rooms at the end of 2024), followed by midscale brands Mercure (16%) and Novotel (13%). FRHI offers additional luxury and North American exposure. After the sale of the majority of HotelInvest (owned assets) in 2018-19, the majority of total EBITDA comes from asset-light managed and franchised hotels. Europe and North Africa represent 42% of rooms, Asia-Pacific 35%, the Americas 12%, and India, Middle East, and Africa 11%. Premium, midscale, and economy are 84% of total rooms, while luxury and lifestyle are the remaining 16%.

MGM Resorts is the largest resort operator on the Las Vegas Strip with 37,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 59% of total EBITDAR in 2024. MGM also owns US regional assets, which represented a low 20s share of 2024 EBITDAR (MGM's Macao EBITDAR was 21% of the total in 2024). MGM's US sports and i-gaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a second property that opened on the Cotai Strip in early 2018. We estimate MGM will open a resort in Japan in 2030.

Budweiser APAC is the largest brewer in Asia by retail sales value and the second largest by volume, according to Euromonitor. After 10% of the business was listed on the Hong Kong exchange in 2019, parent Anheuser-Busch InBev owns close to 90% of the company's equity. Budweiser APAC's largest markets are China (roughly 75% of 2024 revenue), South Korea (20%), and India. The remaining comprises Japan, New Zealand, and other export markets in the Asia-Pacific region. The company predominantly produces, imports, markets, distributes, and sells a portfolio of more than 50 beer brands, both owned and licensed, including global brands Budweiser, Stella Artois, and Corona along with multicountry brands and local brands such as Hoegaarden, Cass, and Harbin.

Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform, in a few states. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. In 2024, both the US and Macao were each 50% of total EBITDA.

Texas Roadhouse Inc is a restaurant company operating predominantly in the casual dining segment. The company manages its restaurant and franchising operations by concept and, as a result, has identified Texas Roadhouse, Bubba’s 33, Jaggers, and retail initiatives as separate operating segments. In addition, it has identified Texas Roadhouse and Bubba's 33 as reportable segments. Maximum revenue for the company is generated from the Texas Roadhouse segment, which is a moderately priced, full-service, casual dining restaurant concept offering steaks, a selection of ribs, seafood, chicken, pork chops, pulled pork, vegetable plates, and an assortment of hamburgers, salads, and sandwiches.

With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its namesake Tsingtao brand. The company commands a dominant position in its core market, Shandong province, which contributed close to 60% of its revenue and net profit in 2024. Unlike other major brewers, Tsingtao Brewery’s brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a mid-range to high-end market positioning and contributed over half of its volume whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio.

Domino's is the world's largest pizza chain, surpassing $19 billion in system sales with over 21,300 stores across more than 90 markets at the end of 2024. Around 33% of its units are in the US. The business is 99% franchised. Domino's operates through three segments: supply chain (60% of revenue), US stores (33%), and international franchises (7%). The firm generates the bulk of its revenue by supplying food to stores in the US and Canada through a vertically integrated network of 25 manufacturing and supply chain facilities, which primarily produce and distribute dough, and collecting brand royalties and marketing fees from franchisees. Domino's also generates revenue from sales at company-owned stores.