Yum! Brands, Inc.

KFC, Pizza Hut and Taco Bell are the engines of Yum! Brands, one of the largest restaurant companies in the world by store count. Spun off from PepsiCo in 1997, Yum makes most of its money not by flipping food but by franchising: independent operators own and run the vast majority of its tens of thousands of locations, paying royalties and fees while Yum collects a cut and steers the brands. That asset-light structure throws off dependable cash with little of the capital drag of owning real estate and kitchens. KFC leans heavily on international markets, from Asia to Africa, while Taco Bell is the profit standout at home. The risks are the familiar ones for franchised food: commodity and labor costs squeeze operators, and shifting tastes or a stumble at one brand can dent the whole system.

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