McDonald's (NYSE: MCD) may be famous for selling affordable fast food, but its stock is by no means cheap right now. The shares are sitting near all-time highs even though major indexes are still below their late-2021 peaks.

But if one steps back a little, that market-thumping rally makes plenty of sense. Mickey D's is putting up fantastic growth metrics lately, and profit margins are expanding toward new records. So let's take a look at a few reasons why this stock is still a buy at the current elevated valuation.

The restaurant and fast-food industry has had a good run lately as consumers shifted their spending toward more experiences and away from many of the product categories they had favored during the pandemic. Yet McDonald's results stand out even in this growing sector.

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Source Fool.com