Does Wendy's Co have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Wendy's Co (WEN) 49.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power 93, returns on capital 18, balance-sheet safety 2, capital allocation 78.

Is WEN trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $14.20 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $6.99, that is 51% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has WEN's Moat Score changed over time?

The record logs 16 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Wendy's Co

WEN · Consumer Discretionary · $1.3B mkt cap · FY2025 filings · as of Jul 26, 2026 · not refreshed in 35 days · Shallow moat ·

On the watchlist

Shallow moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.9B to $2.2B, increasing; diluted EPS 0.89 to 0.85, decreasing.

Median gross margin 64.1% over 10y, stable.

Median ROIC 9.0%, above the 12% hurdle in 0% of years.

Net debt/EBITDA 5.0x, interest coverage 3x.

Owner earnings changed +5.8%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

51% below value if growth stopped today

: $243M
: $14.20
: $23.00
: $6.99
: 51% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~13%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

Wendy's Co booked $2.2B of revenue in FY2025 in the Consumer Discretionary sector and kept 63.6% of it as gross profit — a high-margin business by that measure. After every other cost, 7.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.8B (FY2008) to $2.2B (FY2025) — about 1.0% a year compounded over 17 years.

It earned 9.7% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 7.0%. Over the v3 recent window (10 measurable filed years), median ROIC was 9.0%. The Returns on Capital filter above scores it 18/100.

The balance sheet carried $2.8B of total debt in FY2025 against $215M of owner earnings — roughly 12.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 2/100.

Put together: Pricing Power is the strongest of the five filters (93/100) and Balance-Sheet Safety the weakest (2/100), which is how WEN lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$2.2B FY2025

Revenue kept after cost of goods63.6% FY2025

Standard ROIC or separately labeled Operating ROICROIC 9.7% FY2025

Cash an owner could take out$215M FY2025

Gaps in a line mean that item isn’t in WEN’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Wendy's Co makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$2.2B	100%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Cost of revenue	$792M	36%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$1.4B	64%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$343M	16%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Income before tax	$227M	10%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Income tax	$62.2M	3%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$165M	8%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

Source:

SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

· event Dec 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

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Flagship explainer

What Wendy's Co owns — and owes

Wendy's Co's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$5.0B	100%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Cash and equivalents	$301M	6%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$2.8B	56%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Stockholders’ equity	$117M	2%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

Source:

SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

· event Dec 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Wendy's Co’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$165M	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Income before tax	$227M	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Operating income	$343M	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$2.2B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Ending assets	$5.0B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Beginning assets	$5.0B	FY2024	SEC filing · FY 2024Filing detailsAccession 0000030697-26-000009
	$117M	FY2025	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
	$259M	FY2024	SEC filing · FY 2024Filing detailsAccession 0000030697-26-000009

Source:

SEC filingFiling detailsAccession 0000030697-26-000009

· event Dec 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

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Flagship explainer

Where Wendy's Co's cash went

Wendy's Co’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$345M	100%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009
Depreciation and amortization	$152M	44%	SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

Source:

SEC filing · FY 2025Filing detailsAccession 0000030697-26-000009

· event Dec 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Wendy's Co

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Markel / Markel-Gayner	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:

13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026

· event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Wendy's Co insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.0 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

9 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (86 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
Hassan TariqCMO & Customer Growth Officer	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	649,666	—Grant, award, or other acquisition (A)	—	See lot detail	Aug 24, 2026	2 filed lots Table II · Employee Stock Option (Right to Buy): 324,833 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 324,833 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0000030697-26-000154 · filed Aug 26, 2026 Table II · Employee Stock Option (Right to Buy): 324,833 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 649,666 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0000030697-26-000154 · filed Aug 26, 2026
Hassan TariqCMO & Customer Growth Officer	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	169,682	—Grant, award, or other acquisition (A)	—	See lot detail	Aug 24, 2026	2 filed lots Table II · Restricted Stock Units: 84,841 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 84,841 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0000030697-26-000154 · filed Aug 26, 2026 Table II · Restricted Stock Units: 84,841 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 169,682 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0000030697-26-000154 · filed Aug 26, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	2,767	—Exercise or conversion of derivative security (M)	—	63,974	Aug 15, 2026	1 filed lot Table I · Common Stock: 2,767 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 63,974 · Paired event: 2,767 Restricted Stock Units → 2,767 Common Stock · FORM 4 · filed Aug 18, 2026Filing detailsAccession 0000030697-26-000149 · filed Aug 18, 2026
Radkoski Lindsay J.CMO, U.S.	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	806	$8.64	$6,964	63,168	Aug 15, 2026	1 filed lot Table I · Common Stock: 806 shares at $8.64 · code F · owned after 63,168 · FORM 4 · filed Aug 18, 2026Filing detailsAccession 0000030697-26-000149 · filed Aug 18, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	2,767	—Exercise or conversion of derivative security (M)	—	95,348	Aug 15, 2026	1 filed lot Table II · Restricted Stock Units: 2,767 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 95,348 · Paired event: 2,767 Restricted Stock Units → 2,767 Common Stock · FORM 4 · filed Aug 18, 2026Filing detailsAccession 0000030697-26-000149 · filed Aug 18, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	36,104	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 31,858 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 127,796 · Paired event: 31,858 Restricted Stock Units → 31,858 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026 Table I · Common Stock: 4,246 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 123,408 · Paired event: 4,246 Restricted Stock Units → 4,246 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	9,785	$8.66	$84,738	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 8,634 shares at $8.66 · code F · owned after 119,162 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026 Table I · Common Stock: 1,151 shares at $8.66 · code F · owned after 122,257 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	36,104	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table II · Restricted Stock Units: 31,858 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 62,807 · Paired event: 31,858 Restricted Stock Units → 31,858 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026 Table II · Restricted Stock Units: 4,246 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,561 · Paired event: 4,246 Restricted Stock Units → 4,246 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000147 · filed Aug 14, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	2,209	—Exercise or conversion of derivative security (M)	—	15,037	Aug 12, 2026	1 filed lot Table I · Common Stock: 2,209 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 15,037 · Paired event: 2,209 Restricted Stock Units → 2,209 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000146 · filed Aug 14, 2026
Kale Aaron M.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	599	$8.66	$5,187	14,438	Aug 12, 2026	1 filed lot Table I · Common Stock: 599 shares at $8.66 · code F · owned after 14,438 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000146 · filed Aug 14, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	2,209	—Exercise or conversion of derivative security (M)	—	13,736	Aug 12, 2026	1 filed lot Table II · Restricted Stock Units: 2,209 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,736 · Paired event: 2,209 Restricted Stock Units → 2,209 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000146 · filed Aug 14, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	31,591	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 27,878 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 66,056 · Paired event: 27,878 Restricted Stock Units → 27,878 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026 Table I · Common Stock: 3,713 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 62,214 · Paired event: 3,713 Restricted Stock Units → 3,713 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026
Radkoski Lindsay J.CMO, U.S.	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	8,562	$8.66	$74,147	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 7,555 shares at $8.66 · code F · owned after 58,501 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026 Table I · Common Stock: 1,007 shares at $8.66 · code F · owned after 61,207 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	31,591	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table II · Restricted Stock Units: 27,878 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 101,828 · Paired event: 27,878 Restricted Stock Units → 27,878 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026 Table II · Restricted Stock Units: 3,713 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 98,115 · Paired event: 3,713 Restricted Stock Units → 3,713 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000145 · filed Aug 14, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	25,947	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 22,896 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 35,941 · Paired event: 22,896 Restricted Stock Units → 22,896 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026 Table I · Common Stock: 3,051 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,386 · Paired event: 3,051 Restricted Stock Units → 3,051 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026
Spessard Matthew PChief Information Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	7,487	$8.66	$64,837	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 6,606 shares at $8.66 · code F · owned after 29,335 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026 Table I · Common Stock: 881 shares at $8.66 · code F · owned after 31,505 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	25,947	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table II · Restricted Stock Units: 22,896 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 51,934 · Paired event: 22,896 Restricted Stock Units → 22,896 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026 Table II · Restricted Stock Units: 3,051 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 48,883 · Paired event: 3,051 Restricted Stock Units → 3,051 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000144 · filed Aug 14, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	68,603	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 60,533 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 142,520 · Paired event: 60,533 Restricted Stock Units → 60,533 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026 Table I · Common Stock: 8,070 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 134,185 · Paired event: 8,070 Restricted Stock Units → 8,070 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026
Wunsch E.J.President, International	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	18,826	$8.66	$163,033	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 16,405 shares at $8.66 · code F · owned after 126,115 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026 Table I · Common Stock: 2,421 shares at $8.66 · code F · owned after 131,764 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	68,603	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table II · Restricted Stock Units: 60,533 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 187,311 · Paired event: 60,533 Restricted Stock Units → 60,533 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026 Table II · Restricted Stock Units: 8,070 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 179,241 · Paired event: 8,070 Restricted Stock Units → 8,070 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000143 · filed Aug 14, 2026
Min JohnChief Legal Ofcr & Secretary	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	50,322	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 44,404 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 47,408.9 · Paired event: 44,404 Restricted Stock Units → 44,404 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026 Table I · Common Stock: 5,918 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 40,737.9 · Paired event: 5,918 Restricted Stock Units → 5,918 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026
Min JohnChief Legal Ofcr & Secretary	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	14,267	$8.66	$123,552	See lot detail	Aug 12, 2026	2 filed lots Table I · Common Stock: 12,589 shares at $8.66 · code F · owned after 34,819.9 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026 Table I · Common Stock: 1,678 shares at $8.66 · code F · owned after 39,059.9 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026
Min JohnChief Legal Ofcr & Secretary	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	50,322	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 12, 2026	2 filed lots Table II · Restricted Stock Units: 44,404 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 101,825 · Paired event: 44,404 Restricted Stock Units → 44,404 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026 Table II · Restricted Stock Units: 5,918 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 95,907 · Paired event: 5,918 Restricted Stock Units → 5,918 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000142 · filed Aug 14, 2026
Suerken Peter J. JRPresident, U.S.	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	7,963	—Exercise or conversion of derivative security (M)	—	9,186.6851	Aug 12, 2026	1 filed lot Table I · Common Stock: 7,963 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,186.6851 · Paired event: 7,963 Restricted Stock Units → 7,963 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000141 · filed Aug 14, 2026
Suerken Peter J. JRPresident, U.S.	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	2,318	$8.66	$20,074	6,868.6851	Aug 12, 2026	1 filed lot Table I · Common Stock: 2,318 shares at $8.66 · code F · owned after 6,868.6851 · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000141 · filed Aug 14, 2026
Suerken Peter J. JRPresident, U.S.	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	7,963	—Exercise or conversion of derivative security (M)	—	164,514	Aug 12, 2026	1 filed lot Table II · Restricted Stock Units: 7,963 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 164,514 · Paired event: 7,963 Restricted Stock Units → 7,963 Common Stock · FORM 4 · filed Aug 14, 2026Filing detailsAccession 0000030697-26-000141 · filed Aug 14, 2026
Min JohnChief Legal Ofcr & Secretary	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	164,598	—Grant, award, or other acquisition (A)	—	164,598	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 164,598 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 164,598 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000133 · filed Aug 13, 2026
Min JohnChief Legal Ofcr & Secretary	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	23,841	—Grant, award, or other acquisition (A)	—	146,229	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 23,841 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 146,229 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000133 · filed Aug 13, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	3,070	—Exercise or conversion of derivative security (M)	—	82,858	Aug 11, 2026	1 filed lot Table I · Common Stock: 3,070 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 82,858 · Paired event: 3,070 Restricted Stock Units → 3,070 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026
Wunsch E.J.President, International	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	871	$7.55	$6,576	81,987	Aug 11, 2026	1 filed lot Table I · Common Stock: 871 shares at $7.55 · code F · owned after 81,987 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	3,070	—Exercise or conversion of derivative security (M)	—	150,825	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 3,070 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 150,825 · Paired event: 3,070 Restricted Stock Units → 3,070 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026
Wunsch E.J.President, International	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	212,606	—Grant, award, or other acquisition (A)	—	212,606	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 212,606 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 212,606 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026
Wunsch E.J.President, International	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	97,019	—Grant, award, or other acquisition (A)	—	See lot detail	Aug 11, 2026	2 filed lots Table II · Restricted Stock Units: 30,794 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 181,619 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026 Table II · Restricted Stock Units: 66,225 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 247,844 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000132 · filed Aug 13, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	633	—Exercise or conversion of derivative security (M)	—	38,363	Aug 11, 2026	1 filed lot Table I · Common Stock: 633 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 38,363 · Paired event: 633 Restricted Stock Units → 633 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000131 · filed Aug 13, 2026
Radkoski Lindsay J.CMO, U.S.	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	185	$7.55	$1,397	38,178	Aug 11, 2026	1 filed lot Table I · Common Stock: 185 shares at $7.55 · code F · owned after 38,178 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000131 · filed Aug 13, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	633	—Exercise or conversion of derivative security (M)	—	115,799	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 633 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 115,799 · Paired event: 633 Restricted Stock Units → 633 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000131 · filed Aug 13, 2026
Radkoski Lindsay J.CMO, U.S.	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	96,015	—Grant, award, or other acquisition (A)	—	96,015	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 96,015 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 96,015 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000131 · filed Aug 13, 2026
Radkoski Lindsay J.CMO, U.S.	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	13,907	—Grant, award, or other acquisition (A)	—	129,706	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 13,907 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 129,706 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000131 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,748	—Exercise or conversion of derivative security (M)	—	96,437	Aug 11, 2026	1 filed lot Table I · Common Stock: 1,748 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 96,437 · Paired event: 1,748 Restricted Stock Units → 1,748 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000130 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	499	$7.55	$3,767	95,938	Aug 11, 2026	1 filed lot Table I · Common Stock: 499 shares at $7.55 · code F · owned after 95,938 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000130 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,748	—Exercise or conversion of derivative security (M)	—	78,771	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 1,748 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 78,771 · Paired event: 1,748 Restricted Stock Units → 1,748 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000130 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	109,732	—Grant, award, or other acquisition (A)	—	109,732	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 109,732 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 109,732 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000130 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	15,894	—Grant, award, or other acquisition (A)	—	94,665	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 15,894 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 94,665 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000130 · filed Aug 13, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	633	—Exercise or conversion of derivative security (M)	—	13,228	Aug 11, 2026	1 filed lot Table I · Common Stock: 633 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,228 · Paired event: 633 Restricted Stock Units → 633 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000129 · filed Aug 13, 2026
Spessard Matthew PChief Information Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	183	$7.55	$1,382	13,045	Aug 11, 2026	1 filed lot Table I · Common Stock: 183 shares at $7.55 · code F · owned after 13,045 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000129 · filed Aug 13, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	633	—Exercise or conversion of derivative security (M)	—	63,407	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 633 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 63,407 · Paired event: 633 Restricted Stock Units → 633 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000129 · filed Aug 13, 2026
Spessard Matthew PChief Information Officer	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	78,870	—Grant, award, or other acquisition (A)	—	78,870	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 78,870 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 78,870 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000129 · filed Aug 13, 2026
Spessard Matthew PChief Information Officer	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	11,423	—Grant, award, or other acquisition (A)	—	74,830	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 11,423 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 74,830 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000129 · filed Aug 13, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,748	—Exercise or conversion of derivative security (M)	—	13,327	Aug 11, 2026	1 filed lot Table I · Common Stock: 1,748 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,327 · Paired event: 1,748 Restricted Stock Units → 1,748 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000128 · filed Aug 13, 2026
Kale Aaron M.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	499	$7.55	$3,767	12,828	Aug 11, 2026	1 filed lot Table I · Common Stock: 499 shares at $7.55 · code F · owned after 12,828 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000128 · filed Aug 13, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,748	—Exercise or conversion of derivative security (M)	—	8,061	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 1,748 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,061 · Paired event: 1,748 Restricted Stock Units → 1,748 Common Stock · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000128 · filed Aug 13, 2026
Kale Aaron M.Chief Accounting Officer	Grant, award, or other acquisition (A)Table II · Acquired · Employee Stock Option (Right to Buy)	54,437	—Grant, award, or other acquisition (A)	—	54,437	Aug 11, 2026	1 filed lot Table II · Employee Stock Option (Right to Buy): 54,437 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 54,437 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000128 · filed Aug 13, 2026
Kale Aaron M.Chief Accounting Officer	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	7,884	—Grant, award, or other acquisition (A)	—	15,945	Aug 11, 2026	1 filed lot Table II · Restricted Stock Units: 7,884 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 15,945 · FORM 4 · filed Aug 13, 2026Filing detailsAccession 0000030697-26-000128 · filed Aug 13, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	2,294	—Exercise or conversion of derivative security (M)	—	95,343	Aug 5, 2026	1 filed lot Table I · Common Stock: 2,294 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 95,343 · Paired event: 2,294 Restricted Stock Units → 2,294 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000121 · filed Aug 7, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	654	$7.99	$5,225	94,689	Aug 5, 2026	1 filed lot Table I · Common Stock: 654 shares at $7.99 · code F · owned after 94,689 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000121 · filed Aug 7, 2026
Esposito LilianaChf Corp Affrs & Sustnblty Ofc	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	2,294	—Exercise or conversion of derivative security (M)	—	80,519	Aug 5, 2026	1 filed lot Table II · Restricted Stock Units: 2,294 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 80,519 · Paired event: 2,294 Restricted Stock Units → 2,294 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000121 · filed Aug 7, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,415	—Exercise or conversion of derivative security (M)	—	11,983	Aug 5, 2026	1 filed lot Table I · Common Stock: 1,415 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,983 · Paired event: 1,415 Restricted Stock Units → 1,415 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000120 · filed Aug 7, 2026
Kale Aaron M.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	404	$7.99	$3,228	11,579	Aug 5, 2026	1 filed lot Table I · Common Stock: 404 shares at $7.99 · code F · owned after 11,579 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000120 · filed Aug 7, 2026
Kale Aaron M.Chief Accounting Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,415	—Exercise or conversion of derivative security (M)	—	9,809	Aug 5, 2026	1 filed lot Table II · Restricted Stock Units: 1,415 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,809 · Paired event: 1,415 Restricted Stock Units → 1,415 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000120 · filed Aug 7, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,104	—Exercise or conversion of derivative security (M)	—	38,052	Aug 5, 2026	1 filed lot Table I · Common Stock: 1,104 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 38,052 · Paired event: 1,104 Restricted Stock Units → 1,104 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000119 · filed Aug 7, 2026
Radkoski Lindsay J.CMO, U.S.	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	322	$7.99	$2,573	37,730	Aug 5, 2026	1 filed lot Table I · Common Stock: 322 shares at $7.99 · code F · owned after 37,730 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000119 · filed Aug 7, 2026
Radkoski Lindsay J.CMO, U.S.	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,104	—Exercise or conversion of derivative security (M)	—	116,432	Aug 5, 2026	1 filed lot Table II · Restricted Stock Units: 1,104 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 116,432 · Paired event: 1,104 Restricted Stock Units → 1,104 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000119 · filed Aug 7, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,191	—Exercise or conversion of derivative security (M)	—	12,939	Aug 5, 2026	1 filed lot Table I · Common Stock: 1,191 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,939 · Paired event: 1,191 Restricted Stock Units → 1,191 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000118 · filed Aug 7, 2026
Spessard Matthew PChief Information Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	344	$7.99	$2,749	12,595	Aug 5, 2026	1 filed lot Table I · Common Stock: 344 shares at $7.99 · code F · owned after 12,595 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000118 · filed Aug 7, 2026
Spessard Matthew PChief Information Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,191	—Exercise or conversion of derivative security (M)	—	64,040	Aug 5, 2026	1 filed lot Table II · Restricted Stock Units: 1,191 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 64,040 · Paired event: 1,191 Restricted Stock Units → 1,191 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000118 · filed Aug 7, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	5,529	—Exercise or conversion of derivative security (M)	—	81,356	Aug 5, 2026	1 filed lot Table I · Common Stock: 5,529 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 81,356 · Paired event: 5,529 Restricted Stock Units → 5,529 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000117 · filed Aug 7, 2026
Wunsch E.J.President, International	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,568	$7.99	$12,528	79,788	Aug 5, 2026	1 filed lot Table I · Common Stock: 1,568 shares at $7.99 · code F · owned after 79,788 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000117 · filed Aug 7, 2026
Wunsch E.J.President, International	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	5,529	—Exercise or conversion of derivative security (M)	—	153,895	Aug 5, 2026	1 filed lot Table II · Restricted Stock Units: 5,529 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 153,895 · Paired event: 5,529 Restricted Stock Units → 5,529 Common Stock · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000117 · filed Aug 7, 2026
Wunsch E.J.President, International	Other acquisition or disposition (J)Table I · Disposed · Common Stock	2,801	—Other acquisition or disposition (J)	—	75,827	Mar 27, 2026	1 filed lot Table I · Common Stock: 2,801 shares at — (Other acquisition or disposition (J)) · code J · owned after 75,827 · FORM 4 · filed Aug 7, 2026Filing detailsAccession 0000030697-26-000117 · filed Aug 7, 2026

Source-event as of Aug 24, 2026. Retrieved Aug 30, 2026.

Track record

How Wendy's Co’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored WEN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, WEN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Discretionary context

#208 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#206GRDN Guardian Pharmacy Services, Inc.49.8 out of 100, Shallow moatShallow moat
#207VTSI VIRTRA, INC.49.6 out of 100, Shallow moatShallow moat
#209LIVE Live Ventures Incorporated48.8 out of 100, Shallow moatShallow moat
#210MHH MASTECH DIGITAL, INC.48.8 out of 100, Shallow moatShallow moat

Compare WEN with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about WEN

Does Wendy's Co have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Wendy's Co (WEN) 49.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power 93, returns on capital 18, balance-sheet safety 2, capital allocation 78.
Is WEN trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $14.20 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $6.99, that is 51% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has WEN's Moat Score changed over time?: The record logs 16 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WEN. See the disclaimer.