How many subsidiaries does Wendy's Co file with the SEC?

28, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Tennessee, Delaware, Florida. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Wendy's Co financially healthy?

Wendy's Co scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Wendy's Co (WEN)

Nasdaq · Common Stock · Retail-Eating & Drinking Places

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American restaurant company

Corporate structure

28 entities across 10 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-23 — see the exhibit.

Which other public companies file entities in the same places:

Delaware14 Ohio4 Netherlands3 Tennessee1 Florida1 South Carolina1 Canada1 Mexico1 England and Wales1 Singapore1

Subsidiaries of Wendy's Co as disclosed in its SEC filing
Entity	Jurisdiction	Note
Gift Card Inc.	Tennessee
Adams Packing Association, Inc.	Delaware
Citrus Acquisition Corporation	Florida
Oldemark LLC	Delaware
Quality Is Our Recipe, LLC	Delaware
SEPSCO, LLC	Delaware
The Wendy’s National Advertising Program, Inc.	Ohio
TXL Corp.	South Carolina
Wendy Restaurant, Inc.	Delaware
Wendy’s Canadian Advertising Program Inc.	Canada
Wendy’s Digital, LLC

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 8

PASSReturn on assets positiveROA 3.3%
PASSOperating cash flow positiveOCF 345M
FAILReturn on assets improving3.9% → 3.3%
PASSCash flow exceeds earningsOCF 345M vs NI 165M
FAILLong-term debt ratio falling52.9% → 55.1% of assets
FAILCurrent ratio improving1.85 → 1.76
PASSNo share dilution206M → 194M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.45× → 0.44×

Altman Z-score

1.00distress

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2021	$1.7B	$117.8M	$215.4M	—	228,014,000
FY2022	$1.9B	$200.4M	$267.8M	—	224,405,000
FY2023	$2.1B	$177.4M	$174.4M	—	215,839,000
FY2023	$2.2B	$204.4M	$260.4M	—	211,534,000
FY2024	$2.2B	$194.4M	$260.9M	—	205,614,000
FY2025

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $0
2025Q1: $122.8M
2024Q1: $7.3M
2023Q1: $36.7M
2022Q1: $0
2021Q1: $55.6M

Identity

CIK: 0000030697
FIGI: BBG000D52545
SIC: 5810 · Retail-Eating & Drinking Places
Incorporated: DE
Headquarters: DUBLIN, OH
Founded: 1890-00-00

Ownership

Institutional: 86.7%
Institutions: 505
Insiders: 9.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other retail-eating & drinking places companies

Wendy's Co files under SIC 5810 — all 3 retail-eating & drinking places companies compared on assets and F-score.

Shake Shack Inc.SHAK Cannae Holdings, Inc.CNNE

Questions about Wendy's Co

How many subsidiaries does Wendy's Co file with the SEC?: 28, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Tennessee, Delaware, Florida. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Wendy's Co financially healthy?: Wendy's Co scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the distress zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.