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Elicia Salinas
Professor Daniel Bochsler
BPS 4305
5 July 2014

Individual Case Analysis Paper Case #15 McDonalds

What do you think of when you read any of the following things? Golden arches,
a tall, red-headed clown, and Im loving it. Odds are if you own a television, drive a car
down the freeway, listen to the radio or are involved in social media in any way, those
words will automatically draw McDonalds to the mind. McDonalds has done a great job
of making sure people know about their products, but the question is, what are they
doing to ensure that customers are coming to their locations every day? Their recent
profits would suggest that although McDonalds is still a major powerhouse in their
industry, they are not performing as well as they have in the past. McDonalds has gone
from being one of the most popular fast-food chains to being just one among a huge
pool of competitors. Through the use of Porters Five Forces, an external analysis, an
internal analysis and a review of their financial statements, it will become more clear if
McDonalds is on the right track to an overall improvement in their industry or if they are
missing the mark and are on track to becoming a thing of the past.
To begin, some central issues that currently face the company include: consumer
perception, decline in profits, poor service and low quality products and unhealthiness.
These issues are all extremely important to McDonalds and although their management
is doing what it can to improve the situation they are currently in, none of these issues
have yet to be resolved.
McDonalds biggest issue that they are currently trying to improve upon is
consumer perception. When an everyday consumer thinks of McDonalds, the first thing
that comes to mind for most people is a greasy burger, fries and a ice cold Coca Cola.
To a lot of people, that sounds extremely appetizing, but in a world where health and
obesity has become a rising concern, this is not the perception that a company wants
people to have of them. Most people do not realize that over the past ten years,
McDonalds has been developing ways to make their products healthier and to provide
more information about their food to consumers by adding nutritional labels to their
packaging. McDonalds needs to take the time to inform customers about the ways they
are attempting to change their image and let them know that McDonalds has a lot more
to offer than just burgers and fries.
Another issue that McDonalds is facing is their decline in profits. This may be
attributed to many things, but the biggest factor is certainly consumer choice.
Consumers can choose to go across the street to a restaurant with reasonable prices
and better quality food and not even think about going to McDonalds. Ever-increasing
costs are a factor in McDonalds decline in profits as well as they try to maintain a low
cost strategy. In order to counteract this decline, McDonalds is trying to reimage itself to
directly appeal to young adults and small families by making their locations more
modern and laid back.
McDonalds is also struggling in the area of service and quality. There are so
many fast-food restaurant chains that have better service as well as better quality food
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which makes it easier to choose a restaurant like Chick-fil-a over McDonalds for every
day meals. McDonalds is finding it difficult to compete with other fast-food chains
because of their lack of experience with producing high quality foods while maintaining
low costs which they are so well known for. Under CEO James Cantalupo, the company
has implemented an extreme grading system to ensure that all locations are staying up
to cleanliness and quality standards at all times.
Finally, one of the most talked about issues that faces McDonalds is the
unhealthiness of their foods. A staggering statistic shows that 66.3% of the United
States adult population is overweight and close to one third are obese (Powell 1). This
can partially be attributed to the wide variety of options that consumers have in the fast-
food industry but also to the unhealthy items that are put in the products. After the
Super Size Me documentary was released in 2004, many people began to see the
effects of trans fat and other ingredients that McDonalds was using in its products such
as salt. This greatly affected McDonalds by not only making consumer perception poor
but by forcing McDonalds to change the way they made their food and presented it to
the consumer. A few things that McDonalds has done to improve in this area include
adding new items such as salads and white meat chicken and have changed the kids
meals to include fruits and vegetables instead of french fries. They have also decreased
the amount of sodium content and removed trans fatty acids from their cooking oils.
Although McDonalds still offers the Big Mac and all of their other greasy burger items,
they no longer offer the supersize option which was popular among consumers. These
health conscious changes are a step in the right direction to appealing to the
consumers interest in healthier food options.
All of these factors are currently affecting McDonalds as a whole and although
management is trying to improve in all of these areas, it will take a long time to break
down the ideas and perceptions that people have about the company and to actually
make changes internally before consumers start to consider it as an ideal option once
again.

Porters Five Forces Analysis and External Environmental Analysis

By using Porters 5 Forces, it is easy to see that the industry conditions for
McDonalds puts them in a difficult position to be successful. The barriers to entry are
almost non-existent, the competition is extreme, the bargaining power of suppliers as
well as buyers is huge and the threat of substitutes is high. Taking all of these things
into account, it is easy to see why McDonalds is struggling in their industry.
Barriers to entry in the fast-food industry are little to none since they require
relatively little start-up investment capital (Oyewole 77).Franchises are constantly
popping up on every corner and its an easy business to start up. If a franchise of a
popular chain-food restaurant is purchased, consumers will recognize the name and
already have their perceptions of the company. Because the barriers to entry are so
minimal, McDonalds must maintain their strategy of low costs and attempt to break
down the ideas that consumers have about their products. Since this is no easy task,
McDonalds must constantly market their new, healthier products and their wider
varieties of food options as well as the changes that they are making internally.
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Competition is a big problem for McDonalds. Top direct competitors for
McDonalds include Burger King Worldwide Inc., Wendys Co., and Yum! Brands Inc.
which owns KFC. McDonalds is also losing customers to chains such as Subway,
Chipotle, and Taco Bell, which had not previously been viewed as strong competitors
(Dess C88). Although McDonalds is at the top of their industry, it does not lessen the
fact that there are endless amounts of competitors that directly threaten the company. In
order to stay at the top of the industry, McDonalds needs to appeal more to consumers
needs. Consumers are interested in healthier options and excellent service; two things
that McDonalds does not do very well currently. If McDonalds can successfully show
consumers that they are now offering healthier options and better service, they will have
a good handle on their competition.
In an industry which requires several different types of produce, meats and
condiments, the bargaining power of suppliers is extreme. Suppliers can choose to raise
their prices and companies have little say in the matter. Of course the companies can
choose to go to other suppliers, but sometimes it is simply not worth it to lose a good,
reliable product due to a slightly higher price. Suppliers in the food service industry have
great power over the prices that they charge their customers so McDonalds must try to
find the best value for a low price to maintain low costs.
The bargaining power of buyers is something that McDonalds is struggling
greatly with. According to the Heart Association40 percent of American meals are
consumed away from home (Clark) which means that there is a great demand for fast-
food or sit-down restaurants. In most cases, if a consumer wants a hamburger for
dinner, there are at least five options within walking distance of each other. What would
make them want to go to McDonalds over another restaurant such as Burger King or
Smashburger? Buyers are able to choose based on their knowledge of the fast-food
industry and because of their history and their poor reputation, McDonalds is likely not
going to be the first choice. If a customer thinks about Burger King, there is no
perception of poor quality food or poor service because they have not been in the
spotlight regarding those issues. McDonalds is currently focusing its attention on the
mass market, however, they should be spending more time focusing on the strategy of
niche marketingto vend off competition (Oyewole 77). Their best bet would be to
target small families who are always on the run and are looking for something quick to
eat.
Finally, the threat of substitutes is very high. A consumer who wants to have a
nice lobster dinner instead of a hamburger and fries cannot find such a thing at
McDonalds. In this Now Generation that we live in, a consumer can simply drive down
the road and find just about any type of food they can think of. There are options like
Indian food, Korean food, Japanese food and Brazilian food to mention a few. Now a
consumer can drive down the road and travel to an entirely different country through a
foreign plate of food. Since consumers are able to do that, what would make a person
choose McDonalds rather than choosing a substitute such as a Brazilian steakhouse?
Luckily for McDonalds their prices save them from demise in an ever developing
industry. Since they are able to provide low cost food items, they appeal to the masses
because of the poor economy. Everyone is looking for the best value and McDonalds
has a lot of other companies beat in that arena. For a family of five on a regular
evening, does it make more sense to go to McDonalds and spend $20 on meals for the
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family or to go to a Brazilian steakhouse and spend $200 on meals for the family?
Obviously McDonalds wins in this case. Unfortunately for McDonalds, there are other
low cost restaurants that offer substitute food such as Panda Express or Taco Cabana.
Although they are not direct competitors, they are certainly great substitutes for
McDonalds.
In a highly competitive industry, McDonalds is in a prime position to either
greatly succeed or fail. Although they are by no means in a terrible financial position,
they are certainly in danger of losing their customers because of these five forces.
McDonalds needs to take advantage of their well-known brand and market themselves
as a force to be reckoned with in their industry.
To expand on that, the external environment is doing nothing to help the fast-
food industry. First and foremost, the economy, not only in the United States, but
globally has been on a downturn for the past several years. Poor economy has caused
growth in the informal eating-out industry [to become] relatively flat to declining around
the world (Dess C88). This lack of interest in the fast-food industry greatly affects
McDonalds and puts them in a position where they need to take a step back and
reevaluate their goals and processes.
There is also the sociocultural issue of health being at the forefront of peoples
minds. Consumers are looking for restaurants that offer quick food but also have
healthy options to choose from. The industry as a whole is striving to offer healthier
options to consumers but it is difficult to change customer perceptions of fast-food
restaurants and it will take time for consumers to realize that there really are healthy
fast-food options available.
Demographics also play a role in the fast-food industry and it has been shown
that systematic differences by race, ethnicity, or income levels in the local-area
availability offast-food restaurant options may put different groups at different levels of
risk for sustaining a healthy diet (Powell 2). Fast-food chains generally appeal to the
same groups of customers such as small families and young adults. The demand by
these types of groups for cheap, quick meals forces them to make choices that are not
as healthy as they might like. Because of this, the health of consumers is put at risk and
is currently a major concern among society.
Clearly, external forces are affecting McDonalds by reducing their number of
customers and their sales. In order to change consumer perception and increase sales,
McDonalds is taking many actions internally to assist in redeveloping their companys
image.

Internal Environment Analysis

Internally, McDonalds is currently making several changes to appeal to mass-
markets and to reinvent their brand in the consumers mind. The value chain in
McDonalds is becoming increasingly more positive as the company makes these
internal changes, however, there is still much room for development and improvement.
McDonalds administration is one area which needs some improvement. The
company has had seven CEOs in the last 40 years which creates a sense of disorder
and low morale within the company. Each new CEO has added their own value to the
company, but that value diminishes as soon as a new CEO enters and develops new
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ideas and thoughts about how the company should be run. Don Thompson, the current
CEO succeeded Jim Skinner who was well on his way to making McDonalds a more
modern and consumer friendly environment. If Thompson proceeds down the same
path as Skinner, McDonalds is likely to become a more successful company.
Human resource management is yet another area in which McDonalds needs to
improve upon. Because of over-expansion in the 1990s, training of new employees
became something that was slightly overlooked. Because of that, consumers were
faced with poor service, lack of cleanliness and poor quality foods. Training is an
essential part of the human resources arena and this should not be overlooked since it
directly affects the customer. McDonalds has begun to focus more on training, but it is
still something that needs to be improved upon in the future to really provide customers
with an excellent experience.
Procurement is something that McDonalds attempted under CEO Jack
Greenberg. He decided that the company should branch out into other types of fast-food
chains and so he purchased Chipotle Mexican Grill and Boston Market. Although
purchasing these companies sounded like a good idea, these acquired businesses
[did] not fuel much growth and had actually posted considerable losses (Dess C91).
Because of these results, procurement of other companies may be something that
McDonalds should not attempt to pursue in the future.
Operations is an area which McDonalds is continuously trying to improve upon.
They want to develop the most efficient and convenient layout while trying to produce
their products in the quickest manner possible. They have recently fallen behind other
fast-food chains as the fastest service and they hope to attain that title once more.
Although McDonalds has had many successes in their drive through operations, they
have had some failures including a pizza that wouldnt fit through the drive through
window. Things like this cannot be overlooked when a company is trying to be efficient
and fast and be a strong competitor in their industry.
An area in which McDonalds does very well is in Marketing and Sales.
McDonalds placement of their restaurants is always very strategic and easily
accessible and they are located on just about every corner. Their Im loving it slogan is
one of the most widely known slogans and their golden arches are iconic. On top of all
of those things, their main spokesperson is Ronald McDonald who is a tall, red-headed
clown and is pretty unforgettable. Because of their excellent marketing, every time a
consumer sees or hears one of these marketing techniques, they automatically think of
McDonalds.
Finally, service has become an important topic for McDonalds. When the
company first started, they were well-known for good service and friendly smiles. The
McDonalds of today is not quite the same as it used to be. After over-expansion, the
service became extremely poor and the quality of the food was not as good as it once
was and the customer ultimately had to suffer. In order to assist in this downturn, CEO
James Cantalupo implemented an up or out strategy that would force McDonalds
locations to get their restaurants into shape or shut down.
Overall, McDonalds is on the right track to becoming a better company. They are
aware of their main issues and are working towards fixing those things and they are
putting a lot of emphasis on the things they do well. As long as McDonalds stays on the
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same track of offering healthier meal options and better service, they should be able to
bring their sales back up and become a place where people enjoy again.

McDonalds Competition Strategy

Currently, McDonalds is using a cost leadership strategy competing in an
industry full of other cost leadership companies. They must maintain low costs so they
can offer customers a low price for their products. Since their prices are so low, they are
able to make a large profit by selling a large quantity of their products on a daily basis.
McDonalds marketing strategy is to target young adults, teenagers, children and
families which basically covers most of the market. They want to appeal to the mass
market in order to pull in as many customers as possible. The employees working at
McDonalds are generally low-skilled with little to no higher education which helps them
keep their labor costs low. McDonalds is currently in the maturity stage of the industry
life cycle however they are attempting to create a new environment in their restaurants
which they hope will spark new interest in consumers.
Although McDonalds will always be known as a cost leadership company, they
are currently trying to dip into a differentiation strategy to help redevelop themselves in
the consumers minds. They hope to eventually be seen as a lifestyle brand, not just a
place to go to have a burger (Dess C92) which is a pretty bold statement. McDonalds
is currently in the process of modernizing their locations to be more appealing to
consumers. They are doing things such as offering specialty coffees and muffins as well
as placing sofas and televisions in the dining areas. All of these things are being done in
order to set them apart from their competition but it has yet to be seen if these changes
will succeed in doing such.

Growth

McDonalds is a food service retailer [located] in more than 100 countries, with
more than 35,000 restaurants serving nearly 70 million people every day (McDonalds)
which are absolutely staggering numbers. To think that this company started out as a
small, family-owned fast-food restaurant in 1948 and has developed into one of the
most well-known and most popular food chains is quite an accomplishment. In the mid-
1990s, McDonalds experienced growth which proved to be too much for their own
good. There was a clearly drop in McDonalds once-valued service and quality (Dess
C980) which had a significant impact in their finances.
It was under CEO Jack Greenberg that this strategy was changed. He saw that
expansion was hurting the company and decided to cut back on new store openings.
What he did after that was not really the move that McDonalds needed to make at the
time. Greenberg decided to acquire two other fast-food chains: Chipotle Mexican Grill
and Boston Market. This acquisition brought more difficulties to McDonalds than they
could have expected and it did more harm than good financially. Under CEO James
Cantalupo, changes started occurring and those changes became very obvious to the
consumer. Cantalupo realized that they needed to focus on the existing locations and
try to improve upon those before trying to expand further. His focus was to obtain most
of its revenue growth from increasing sales (Dess C90) and in order to accomplish this,
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they would need to work on their marketing strategy. Around that same time,
McDonalds came up with a catchy jingle and brought in Justin Timberlake to sing it and
from then on, Im loving it became their worldwide slogan. After a slowdown in
expansion, McDonalds has been able to refocus and really look at the problems and
attempt to find and implement solutions.

Financial Analysis

Most of this paper has been focused on discussing what McDonalds needs to
improve upon to be better in their industry. In order to give perspective on how
McDonalds is doing compared to direct competitors, YUM! Brands will be used as a
benchmark. In 2012, McDonalds revenue was at $28,105,700 compared to their next
closest competitor (YUM! Brands) at $13,084,000. McDonalds revenue was more than
double their next closest competitor. That is a staggering number and goes to show that
although McDonalds may not be doing as well as they once did in their industry, they
are not hurting for revenue.
Although their revenue is double their next closest competitor, their cost of goods
sold ($17,203,000) is less than double YUM! Brands ($9,501,000) which is in line with
McDonalds use of a low cost strategy. If YUM! Brands had the same revenue as
McDonalds (assuming all other costs are proportional to revenue), their cost of goods
sold would be at $20,409,069 so clearly McDonalds is succeeding at their low cost
strategy in comparison with their competition.
There is not a large difference between the two companies total operating
expenses with McDonalds at $2,138,400 and YUM! Brands at $1,785,000 which is
significant because YUM! Brands revenues are so much lower than McDonalds. Low
operating expenses are a prime example of how McDonalds is using a low cost
strategy to make high profits.
Looking at net income, McDonalds overall has performed better and has made
better choices regarding their costs. Their revenue in 2013 was over five times the
revenue of YUM! Brands (see tables below). Over the last 4 years, McDonalds has
been on the right track to increasing their revenues and have been able to increase their
revenue as well as net income in both 2012 and 2013.

After reviewing external factors, internal factors and financial statements, it is
safe to say that although McDonalds is not out of the danger zone yet, they are well on
their way to turning their company around. They are attempting to change societys
perception of them by offering a wider selection of foods including healthy options and
by redesigning the look and feel of their restaurants. The financial statements that have
been put out over the last several years look promising for McDonalds as they are
continuously increasing their revenues and net income while maintaining low costs.
Service and quality are issues that are constantly being monitored and if there are
deficiencies, they are dealt with immediately. Along with those changes, McDonalds
has realized that their unhealthy foods no longer appeal to society and so they have had
to make several changes to their menu items. Through all of these changes,
McDonalds is attempting to take on all of their central issues and find good, solid
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solutions to each situation. If they continue in this direction, they are sure to be around
to offer many more products to consumers for a very long time.






Financial Table 1
2013 2012 % Change
Revenue 28,105.70 $ 27,567.00 $ 101.95%
Cost of Goods Sold 17,203.00 $ 16,750.70 $ 102.70%
Gross Profit 10,902.70 $ 10,816.30 $ 100.80%
Sales, General & Admin. Exp. 2,138.40 $ 2,211.70 $ 96.69%
Operating Income 8,764.30 $ 8,604.60 $ 101.86%
Add'l Income/expense items (37.90) $ (9.00) $ 421.11%
EBIT 8,204.50 $ 8,079.00 $ 101.55%
Income Tax 2,618.60 $ 2,614.20 $ 100.17%
Net Income 5,585.90 $ 5,464.80 $ 102.22%
McDonald's Income Statement (in millions)
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2013 2012 % Change
Current Assets
Cash and Cash Equivalents 2,798.7 $ 2,336.1 $ 119.80%
Net Receivables 1,319.8 $ 1,375.3 $ 95.96%
Inventory 123.7 $ 121.7 $ 101.64%
Other Current Assets 807.9 $ 1,089.0 $ 74.19%
Total Current Assets 5,050.1 $ 4,922.1 $ 102.60%
Long Term Assets
Long Term Investments 1,209.1 $ 1,380.5 $ 87.58%
Fixed Assets 25,747.3 $ 24,677.2 $ 104.34%
Goodwill 2,872.7 $ 2,804.0 $ 102.45%
Other Assets 1,747.1 $ 1,602.7 $ 109.01%
Total Long Term Assets 31,576.2 $ 30,464.4 $ 103.65%
Total Assets 36,626.3 $ 35,386.5 $ 103.50%
Current Liabilities
Accounts Payable 3,170.00 $ 3,403.10 $ 93.15%
Total Current Liabilities 3,170.00 $ 3,403.10 $ 93.15%
Long-Term Liabilities
Long Term Debt 14,129.80 $ 13,632.50 $ 103.65%
Other Liabilities 1,669.10 $ 1,526.20 $ 109.36%
Deferred Liability Charges 1,647.70 $ 1,531.10 $ 107.62%
Total Long-Term Liabilities 17,446.60 $ 16,689.80 $ 104.53%
Total Liabilities 20,616.60 $ 20,092.90 $ 102.61%
Stockholder's Equity
Common Stock 16.60 $ 16.60 $ 100.00%
Capital Surplus 5,994.10 $ 5,778.90 $ 103.72%
Retained Earnings 41,751.20 $ 39,278.00 $ 106.30%
Treasury Stock (32,179.80) $ (30,576.30) $ 105.24%
Other Equity 427.60 $ 796.40 $ 53.69%
Total Stockholder's Equity 16,009.70 $ 15,293.60 $ 104.68%
Total Liabilities and Stockholder's Equity 36,626.30 $ 35,386.50 $ 103.50%
McDonald's Balance Sheet (in millions)
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Financial Table 2
McDonald's % YUM! Brands %
Revenue 28,105.70 $ 100.000% 13,084.00 $ 100.00%
Cost of Goods Sold 17,203.00 $ 61.208% 9,501.00 $ 72.62%
Gross Profit 10,902.70 $ 38.792% 3,583.00 $ 27.38%
Operating Expenses
Sales, General & Admin. Exp. 2,138.40 $ 7.608% 1,454.000 $ 11.11%
Non-Recurring Items - $ 0.000% 331.000 $ 2.53%
Other Operating Incomes - $ 0.000% - $ 0.00%
Total Operating Expenses 2,138.40 $ 7.608% 1,785.000 $ 13.64%
Operating Income 8,764.30 $ 31.183% 1,798.000 $ 13.74%
Add'l Income/expense items (37.90) $ -0.135% - $ 0.00%
EBIT 8,204.50 $ 29.192% 1,798.000 $ 13.74%
Interest Expense - $ 0.000% 247.000 $ 1.89%
EBT 8,204.50 $ 29.192% 1,551.000 $ 11.85%
Income Tax 2,618.60 $ 9.317% 487.000 $ 3.72%
Minority Interest - $ 0.000% 27.000 $ 0.21%
Net Income 5,585.90 $ 19.875% 1,091.000 $ 8.34%
McDonald's and Wendy's Income Statements
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McDonald's % YUM! Brands %
Current Assets
Cash and Cash Equivalents 2,798.70 $ 7.64% 669.000 $ 7.69%
Net Receivables 1,319.80 $ 3.60% 442.000 $ 5.08%
Inventory 123.70 $ 0.34% 294.000 $ 3.38%
Other Current Assets 807.90 $ 2.21% 286.000 $ 3.29%
Total Current Assets 5,050.10 $ 13.79% 1,691.000 $ 19.45%
Long Term Assets
Long Term Investments 1,209.10 $ 3.30% 53.000 $ 0.61%
Fixed Assets 25,747.30 $ 70.30% 4,459.000 $ 51.28%
Goodwill 2,872.70 $ 7.84% 889.000 $ 10.22%
Intangible Assets - $ 0.00% 638.000 $ 7.34%
Other Assets 1,747.10 $ 4.77% 566.000 $ 6.51%
Deferred Asset Charges - $ 0.00% 399.000 $ 4.59%
Total Long Term Assets 31,576.20 $ 86.21% 7,004.000 $ 80.55%
Total Assets 36,626.30 $ 100.00% 8,695.000 $ 100.00%
Current Liabilities
Accounts Payable 3,170.00 $ 8.65% 2,194.000 $ 25.23%
Short Term Debt/Current Long Term Debt - $ 71.000 $ 0.82%
Total Current Liabilities 3,170.00 $ 8.65% 2,265.000 $ 26.05%
Long-Term Liabilities
Long Term Debt 14,129.80 $ 38.58% 2,918.000 $ 33.56%
Other Liabilities 1,669.10 $ 4.56% 1,244.000 $ 14.31%
Deferred Liability Charges 1,647.70 $ 4.50% - $ 0.00%
Misc. Stocks - $ 0.00% 39.000 $ 0.45%
Minority Interest - $ 0.00% 63.000 $ 0.72%
Total Long-Term Liabilities 17,446.60 $ 47.63% 4,264.00 $ 49.04%
Total Liabilities 20,616.60 $ 56.29% 6,529.000 $ 75.09%
Stockholder's Equity
Common Stock 16.60 $ 0.05% - $ 0.00%
Capital Surplus 5,994.10 $ 16.37% - $ 0.00%
Retained Earnings 41,751.20 $ 113.99% 2,102.000 $ 24.17%
Treasury Stock (32,179.80) $ -87.86% - $ 0.00%
Other Equity 427.60 $ 1.17% 64.000 $ 0.74%
Total Stockholder's Equity 16,009.70 $ 43.71% 2,166.000 $ 24.91%
Total Liabilities and Stockholder's Equity 36,626.30 $ 100.00% 8,695.000 $ 100.00%
McDonald's and Wendy's Balance Sheet
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Financial Table 3
McDonald's YUM! Brands
Current Ratio 159% 75%
Quick Ratio 155% 62%
Debt-to-Equity Ratio 129% 301%
Debt-to-Total Assets Ratio 39% 34%
Inventory Turnover 227 times/year 44 times/year
Total Asset Turnover 77% 150%
Gross Profit Margin 39% 27%
Net Profit Margin 20% 8%
Return on Assets 16% 25%
Return on Equity 36% 56%
Financial Ratios
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Works Cited
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Our Story. McDonalds. Restaurant information, n.d. Web. 8 Jul. 2014.
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