McDonald's

Debt obligations were about $38.4 billion at year‑end 2024 with a weighted average interest rate of ~4.0% and long‑term ratings of BBB+/Baa1. Interest expense was ~$1.5 billion in 2024 versus operating income of ~$11.7 billion, implying interest coverage near 7.8x.

Cash from operations was $9.4 billion and free cash flow $6.7 billion in 2024; we estimate TTM FCF at roughly $7.4 billion through Q3 2025, with modest capex relative to system scale.

The balance sheet is intentionally leveraged to optimize returns, but the stability of rent/royalty cash flows and diversified currency exposures support ample coverage of dividends and repurchases. We score below 90 due to absolute leverage and rising interest expense.