Mark Kalinowski

Kalinowski Equity Research consists of independent research provider Mark Kalinowski, supported by a nationwide sales and marketing team powered by Analyst Hub.


Mark Kalinowski is the founder, President, and CEO of Kalinowski Equity Research LLC. Mr. Kalinowski previously served Nomura Instinet as a Managing Director and as its lead U.S. restaurant analyst for 2015-18. During this time, he was named by the Huffington Post as one of “10 Who Shaped the Burger Business,” along with the CEOs of McDonald’s and Shake Shack.


Prior to this, Mr. Kalinowski supported Janney Montgomery Scott as a Managing Director and its lead restaurant analyst during 2009-15. By the end of his time with Janney, Mr. Kalinowski was the top-ranked analyst at Janney, according to that firm’s salesforce. Before joining Janney, Mr. Kalinowski was a Partner and the lead restaurant analyst for Buckingham Research Group. With Buckingham, Mr. Kalinowski earned the #1 rankings in 2006 for Institutional Investor’s “Best Boutiques & Regionals” and “Best Independents” regarding his restaurant-industry coverage. Before his time with Buckingham, Mr. Kalinowski spent nine years with Citigroup/Smith Barney. Awards he earned while with Citigroup include three “All-Star Analyst Team” rankings by Institutional Investor and a Wall Street Journal “Best on the Street” award for successful stockpicking.


To this day, Mr. Kalinowski continues to publish his proprietary McDonald’s Franchisee Survey, which he began in 2003, and for which he has been quoted in numerous media outlets, including CNBC, CNN, Fox News, The New York Times, and The Wall Street Journal. He earned both his bachelor’s degree and his MBA from the University of Michigan.


Mr. Kalinowski has eaten at each of the 250 largest restaurant chains in the U.S. — to the best of his knowledge, the first-ever and still only person to do so.