Tearsheet

Papa John's International (PZZA)


Market Price (12/25/2025): $39.275 | Market Cap: $1.3 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Papa John's International (PZZA)


Market Price (12/25/2025): $39.275
Market Cap: $1.3 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 6.1%
Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -129%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Direct-to-Consumer Brands, Last-Mile Delivery, Show more.
Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%
2   Key risks
PZZA key risks include [1] operational inefficiencies within its supply chain and commissary system and [2] managing a brand reputation historically impacted by negative consumer sentiment.
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 6.1%
1 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Direct-to-Consumer Brands, Last-Mile Delivery, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -129%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%
6 Key risks
PZZA key risks include [1] operational inefficiencies within its supply chain and commissary system and [2] managing a brand reputation historically impacted by negative consumer sentiment.

Valuation, Metrics & Events

PZZA Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

The stock of Papa John's International (PZZA) experienced a significant decline from approximately August 31, 2025, to today, primarily driven by several key factors.

1. Papa John's missed analyst expectations for both earnings per share (EPS) and revenue in its third-quarter 2025 financial results. The company reported an adjusted diluted EPS of $0.32, falling short of the forecasted $0.41. Similarly, total revenues of $508.2 million did not meet the projected $525.26 million. These results led to an immediate pre-market stock decline.

2. The company reported a decline in North America comparable sales during the third quarter of 2025. North America comparable sales decreased by 3% compared to the prior year, affecting both domestic company-owned and North America franchised restaurants. This indicates ongoing struggles in Papa John's largest market.

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Stock Movement Drivers

Fundamental Drivers

The -14.1% change in PZZA stock from 9/24/2025 to 12/24/2025 was primarily driven by a -49.3% change in the company's Net Income Margin (%).
924202512242025Change
Stock Price ($)45.7539.28-14.15%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2085.052086.400.06%
Net Income Margin (%)3.61%1.83%-49.26%
P/E Multiple19.9433.7769.32%
Shares Outstanding (Mil)32.8532.89-0.12%
Cumulative Contribution-14.15%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025
ReturnCorrelation
PZZA-14.1% 
Market (SPY)4.4%29.6%
Sector (XLY)2.3%20.2%

Fundamental Drivers

The -16.2% change in PZZA stock from 6/25/2025 to 12/24/2025 was primarily driven by a -51.5% change in the company's Net Income Margin (%).
625202512242025Change
Stock Price ($)46.8639.28-16.17%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2063.782086.401.10%
Net Income Margin (%)3.78%1.83%-51.53%
P/E Multiple19.6733.7771.64%
Shares Outstanding (Mil)32.7832.89-0.34%
Cumulative Contribution-16.17%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025
ReturnCorrelation
PZZA-16.2% 
Market (SPY)14.0%25.1%
Sector (XLY)15.3%25.7%

Fundamental Drivers

The 2.4% change in PZZA stock from 12/24/2024 to 12/24/2025 was primarily driven by a 154.7% change in the company's P/E Multiple.
1224202412242025Change
Stock Price ($)38.3739.282.37%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2099.942086.40-0.64%
Net Income Margin (%)4.51%1.83%-59.37%
P/E Multiple13.2633.77154.72%
Shares Outstanding (Mil)32.7432.89-0.44%
Cumulative Contribution2.37%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025
ReturnCorrelation
PZZA2.4% 
Market (SPY)15.8%29.3%
Sector (XLY)5.3%27.0%

Fundamental Drivers

The -48.2% change in PZZA stock from 12/25/2022 to 12/24/2025 was primarily driven by a -44.0% change in the company's Net Income Margin (%).
1225202212242025Change
Stock Price ($)75.8239.28-48.19%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2104.752086.40-0.87%
Net Income Margin (%)3.27%1.83%-43.97%
P/E Multiple38.8133.77-12.99%
Shares Outstanding (Mil)35.2632.896.72%
Cumulative Contribution-48.43%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025
ReturnCorrelation
PZZA-43.6% 
Market (SPY)48.9%27.4%
Sector (XLY)38.7%26.2%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
PZZA Return36%59%-37%-5%-44%-1%-29%
Peers Return29%29%-15%21%7%-3%77%
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
PZZA Win Rate67%50%25%42%25%42% 
Peers Win Rate63%58%42%55%55%48% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
PZZA Max Drawdown-44%-6%-48%-22%-47%-25% 
Peers Max Drawdown-32%-8%-31%-8%-10%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: DPZ, YUM, MCD, SBUX, CMG. See PZZA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique KeyEventPZZAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-55.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven122.4%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-48.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven95.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven34 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-55.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven126.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven523 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-61.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven158.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven916 days1,480 days

Compare to SGHC, ACEL, BJRI, NATH, SEAT

In The Past

Papa John's International's stock fell -55.0% during the 2022 Inflation Shock from a high on 11/4/2021. A -55.0% loss requires a 122.4% gain to breakeven.

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About Papa John's International (PZZA)

Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. It operates through four segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. The company also operates dine-in and delivery restaurants under the Papa John's trademark internationally. As of December 26, 2021, it operated 5,650 Papa John's restaurants, which included 600 company-owned and 5,050 franchised restaurants in 50 countries and territories. The company was founded in 1984 and is based in Louisville, Kentucky.

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Here are 1-3 brief analogies for Papa John's International (PZZA):

  • The McDonald's of pizza.
  • Starbucks for pizza delivery.

AI Analysis | Feedback

Papa John's International (PZZA) offers the following major products:

  • Pizzas: Their core product, available in various crusts, sizes, and with a wide selection of fresh toppings.
  • Sides: Complementary food items such as Papa Bites, breadsticks, cheesesticks, chicken wings, and chicken poppers.
  • Desserts: Sweet treats like their Papa Johns chocolate chip cookie or double chocolate brownie.
  • Beverages: A selection of soft drinks to accompany meals.
  • Dipping Sauces: Various sauces provided with pizzas and sides for enhanced flavor.

AI Analysis | Feedback

Papa John's International (symbol: PZZA) primarily sells its products directly to individuals through its network of corporate and franchised restaurants. Therefore, its major customers are individual consumers rather than other companies.

The company serves the following categories of individual customers:

  1. Families and Households: This segment often orders pizza for dinner, parties, or casual gatherings, prioritizing convenience, value, and options to satisfy multiple preferences.
  2. Young Adults and Students: Frequently seeking affordable, quick, and shareable meal options for social occasions, study sessions, or everyday convenience.
  3. Individuals and Small Groups (e.g., Professionals, Singles): Looking for convenient, ready-to-eat meal solutions for lunch or dinner, valuing speed and ease of ordering, particularly when cooking is not an option or desired.

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Todd Penegor, President and Chief Executive Officer

Todd Penegor was appointed President and Chief Executive Officer of Papa John's International in August 2024. He brings over 20 years of experience in the restaurant and consumer goods industries. Prior to joining Papa John's, he served as President and CEO and Chief Financial Officer at The Wendy's Company. His career also includes leadership roles at Kellogg Company and Ford Motor Company.

Ravi Thanawala, Chief Financial Officer and EVP, International

Ravi Thanawala was appointed Chief Financial Officer and Executive Vice President, International in September 2024, having previously served as the company's Chief Financial Officer since July 2023. He joined Papa John's from Nike, Inc., where his roles included Chief Financial Officer of Nike North America and Global VP and CFO of the Converse brand, which involved working within a franchise model for much of its international business.

Caroline Miller Oyler, Chief Administrative Officer & Corporate Secretary

Caroline Miller Oyler has served as Chief Administrative Officer since June 2025 (effective June 2025 per source 5, though this date may be a forward-looking statement as of current date, source 1 lists her in this role for current year). Before this, she was the company's Corporate Secretary and Chief Legal and Risk Officer. Her tenure at Papa John's includes positions as Chief Legal Officer and Senior Vice President, Senior Vice President and General Counsel, and Interim Head of Human Resources.

Kurt Milburn, Chief Supply Chain Officer

Kurt Milburn was appointed Chief Supply Chain Officer in April 2024, after serving as Vice President, Supply Chain Operations since 2022. In his current role, he oversees PJ Food Service (PJFS), including International Supply Chain Operations, Quality Control Center Operations, Supplier Management, Engineering, and Quality Assurance teams. Prior to Papa John's, he was Senior Vice President, Supply Chain Operations at Scott's Miracle-Gro Company, and held various supply chain and engineering leadership roles at General Electric and General Motors.

Jenna Bromberg, Chief Marketing Officer

Jenna Bromberg was appointed Chief Marketing Officer, effective November 14, 2024. She is responsible for Papa John's marketing strategy, brand development, digital customer experience, creative initiatives, and product innovation. Ms. Bromberg joined Papa John's from Carter's Inc., where she was the Vice President of Brand Marketing and Creative. She also previously served as Director of Core Brand Marketing at Pizza Hut.

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The key risks to Papa John's International (PZZA) business include intense competition, supply chain inefficiencies coupled with commodity price volatility, and the critical importance of brand and reputation management.

The most significant risk is the intense competition within the quick-service restaurant (QSR) pizza industry. Papa John's operates in a highly competitive market against established national chains like Domino's, Pizza Hut, and Little Caesars, as well as emerging players. This competition encompasses price, service, location, food quality, and product innovation. Papa John's premium pricing strategy can be a disadvantage, potentially leading to market share loss as consumers, especially in an inflationary environment, may opt for lower-priced alternatives.

Another major risk is related to supply chain inefficiencies and commodity price volatility. The company grapples with operational challenges and inefficiencies within its supply chain and commissary system, which negatively impact restaurant margins. Papa John's is exposed to fluctuations in the price and availability of key ingredients, such as cheese, which are subject to factors beyond its control. Adverse weather patterns, crop diseases, geopolitical events, and broader economic inflation can disrupt supply and increase costs, thereby affecting the company's financial performance.

Finally, maintaining brand value and reputation is a crucial risk factor. Papa John's financial results depend significantly on its ability to differentiate its brand and uphold its reputation for quality. Any incidents or reports that negatively impact the brand or reputation, including product misrepresentation or ineffective social media use, could lead to a significant decrease in customer traffic and negatively affect revenues and profits. Historically, the brand has faced "consumer sentiment challenges" that have impacted North America comparable sales.

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The clear emerging threat to Papa John's International (PZZA) is the accelerating proliferation of delivery-optimized virtual restaurant brands and ghost kitchens, including those specializing in pizza or directly competing meal categories. These new models operate with significantly lower overhead costs compared to traditional brick-and-mortar chains like Papa John's by leveraging shared kitchen spaces or existing restaurant facilities, and are designed purely for efficiency in third-party delivery. This allows them to offer more competitive pricing, faster menu innovation, and targeted culinary concepts (e.g., specialty pizzas, niche dietary options) that directly compete for Papa John's core delivery customer base without the extensive capital investment and operational complexity of a large franchise system.

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Papa John's International (PZZA) primarily operates within the global pizza and quick-service restaurant (QSR) markets.

The addressable market sizes for its main product, pizza, and its services within the broader fast-food industry are as follows:

Global Market

  • The global pizza market size was estimated at USD 155.2 billion in 2024 and is projected to reach USD 226.2 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.27% from 2025 to 2033. Another estimate places the global pizza market at USD 272.40 billion in 2024, projected to grow to USD 409.50 billion by 2032 with a CAGR of 5.42% during 2025-2032. The global pizza market is also expected to increase by USD 70.1 billion, at a CAGR of 6.8% from 2024 to 2029.
  • The global fast-food market size was estimated at USD 780.61 billion in 2025 and is predicted to reach approximately USD 1,077.37 billion by 2034, accelerating at a CAGR of 3.65% from 2025 to 2034. Another report valued the global fast-food market at USD 595.93 billion in 2021, projecting it to reach USD 851.34 billion by 2029 with a CAGR of 5.0% from 2022 to 2029.

U.S. Market

  • The United States pizza market was approximately USD 21.89 billion in 2024, with projections to reach USD 32.72 billion by 2034, demonstrating a CAGR of 4.10% between 2025 and 2034. Other data indicates the U.S. pizza market size reached USD 37.9 billion in 2024, with an expectation to reach USD 49.8 billion by 2033 at a CAGR of 3.1% during 2025-2033. The market size of Pizza Restaurants in the U.S. is $49.5 billion in 2025.
  • The U.S. fast-food market size reached USD 188.9 billion in 2024 and is expected to reach USD 261.9 billion by 2033, with a CAGR of 3.4% during 2025-2033. Another source reported the U.S. fast-food market at USD 212.89 billion in 2024, with a forecast to reach USD 321.24 billion by 2034, growing at a CAGR of 4.20% between 2025 and 2034. The U.S. fast food & quick service restaurant (QSR) market size was evaluated at $405 billion in 2023 and is slated to hit $663 billion by the end of 2032, with a CAGR of nearly 10.3% between 2024 and 2032. The North America fast food market size surpassed USD 210.77 billion in 2024 and is expanding at a CAGR of 3.83% during the forecast period.

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Papa John's International (PZZA) is focusing on several key strategies to drive future revenue growth over the next two to three years:

  1. Accelerated International Expansion: Papa John's is prioritizing aggressive growth in its international markets. The company expects international sales to increase by 5-6% in 2025 and plans to open between 180 and 200 new international locations during the same year. This growth is driven by strategic initiatives and strong performance in key markets across Europe, the Middle East, and Asia Pacific.
  2. Product Innovation and Enhanced Value Proposition: The company is committed to a "robust innovation pipeline" and a "more forward-leaning value proposition" to boost transactions and broaden its market reach. This includes reimagining side items with more accessible price points, exploring new crust types, handhelds, pastas, and bowls, and introducing new offerings like "The Grand Papa Pizza." Recent efforts also include selective promotions, such as a "50% off carryout offer," aimed at driving customer engagement.
  3. Investment in Technology and Loyalty Program: Papa John's is leveraging technology, including a strategic partnership with Google Cloud for AI-driven customer personalization, to enhance its digital platforms. The goal is to improve app conversion rates and further develop its Papa Rewards loyalty program, which currently boasts 37 million members. The loyalty program has been revamped to offer better value and more tailored discounts, contributing to a 21% increase in active members since 2023.
  4. Strategic North American Unit Development: While facing some challenges in North American comparable sales, Papa John's plans to open 85-95 new restaurants in North America in 2025. The company is accelerating its refranchising program over the next two years to strengthen local markets and enhance operational efficiency, with a goal to reduce corporate restaurant ownership to a mid-single-digit percentage of the North American system. Incentives are being provided to franchisees to encourage new unit development.

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Share Repurchases

  • Papa John's has spent over $410 million on share repurchases since 2020, buying back more than 10% of its outstanding shares.
  • As of March 2, 2023, approximately $90 million remained available under the existing share repurchase authorization, which included a $425 million program and a previous $75 million authorization from 2020.
  • In fiscal year 2021, the company repurchased approximately 594,000 shares for an aggregate cost of $72.5 million.

Inbound Investments

  • In October 2025, Apollo Global Management submitted a new bid to acquire Papa John's International, offering $64 per share, valuing the company at roughly $3 billion.
  • In November 2025, TriArtisan Capital Advisors reportedly submitted a $65 per share bid to take Papa John's private, valuing it at $2.7 billion, following Apollo's prior withdrawal of a $2.1 billion offer.
  • In June 2025, Apollo Global Management and Irth Capital Management jointly proposed to take Papa John's private in a deal valuing the pizza chain at over $1.7 billion.

Outbound Investments

  • During the three months ended June 25, 2023, Papa John's incurred $1.3 million in acquisition-related costs as part of investments to reposition its UK portfolio and drive growth.

Capital Expenditures

  • Papa John's projected capital expenditures for fiscal year 2025 are between $75 million and $85 million.
  • The company's capital expenditures averaged $66.341 million for fiscal years ending December 2020 to 2024, peaking at $78.391 million in December 2022.
  • The primary focus for capital expenditures in 2025 is to enhance the company's competitive edge in key markets and invest in a world-class technological platform to elevate customer experience.

Better Bets than Papa John's International (PZZA)

Trade Ideas

Select ideas related to PZZA. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE11302025BBWIBath & Body WorksDip BuyDB | Insider Buys | Low D/EDip Buy with Strong Insider Buying
Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
13.3%13.3%0.0%
HRB_11262025_Dip_Buyer_FCFYield11262025HRBH&R BlockDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
5.3%5.3%-0.1%
LRN_11262025_Dip_Buyer_FCFYield11262025LRNStrideDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.4%3.4%-4.4%
ABNB_11212025_Dip_Buyer_FCFYield11212025ABNBAirbnbDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
19.7%19.7%0.0%
MTN_11212025_Dip_Buyer_FCFYield11212025MTNVail ResortsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
1.8%1.8%-1.6%

Recent Active Movers

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Peer Comparisons for Papa John's International

Peers to compare with:

Financials

PZZADPZYUMMCDSBUXCMGMedian
NamePapa Joh.Domino's.Yum Bran.McDonald.StarbucksChipotle. 
Mkt Price39.28425.43154.32313.3384.5737.90119.44
Mkt Cap1.314.442.9223.496.150.646.7
Rev LTM2,0864,8488,06126,26337,18411,7879,924
Op Inc LTM1089282,48512,1133,5811,9962,241
FCF LTM796321,5647,3722,4421,5731,569
FCF 3Y Avg725341,4137,0493,1451,4041,408
CFO LTM1577301,90610,4854,7482,2152,060
CFO 3Y Avg1496381,7129,7045,6171,9931,853

Growth & Margins

PZZADPZYUMMCDSBUXCMGMedian
NamePapa Joh.Domino's.Yum Bran.McDonald.StarbucksChipotle. 
Rev Chg LTM-0.6%3.9%11.6%1.2%2.8%7.3%3.4%
Rev Chg 3Y Avg-0.3%2.6%6.4%4.2%5.0%11.9%4.6%
Rev Chg Q0.3%6.2%8.4%3.0%5.5%7.5%5.8%
QoQ Delta Rev Chg LTM0.1%1.4%1.9%0.8%1.3%1.8%1.4%
Op Mgn LTM5.2%19.1%30.8%46.1%9.6%16.9%18.0%
Op Mgn 3Y Avg6.1%18.4%31.7%45.9%13.0%17.0%17.7%
QoQ Delta Op Mgn LTM-0.6%0.2%-0.0%-0.0%-0.8%-0.3%-0.2%
CFO/Rev LTM7.5%15.1%23.6%39.9%12.8%18.8%16.9%
CFO/Rev 3Y Avg7.1%13.7%23.0%37.7%15.4%18.6%17.0%
FCF/Rev LTM3.8%13.0%19.4%28.1%6.6%13.3%13.2%
FCF/Rev 3Y Avg3.4%11.4%18.9%27.4%8.7%13.1%12.3%

Valuation

PZZADPZYUMMCDSBUXCMGMedian
NamePapa Joh.Domino's.Yum Bran.McDonald.StarbucksChipotle. 
Mkt Cap1.314.442.9223.496.150.646.7
P/S0.63.05.38.52.64.33.6
P/EBIT13.715.117.218.331.525.317.7
P/E33.824.529.626.551.832.931.3
P/CFO8.219.822.521.320.322.820.8
Total Yield7.7%5.6%5.2%6.0%4.8%3.0%5.4%
Dividend Yield4.7%1.5%1.8%2.3%2.9%0.0%2.0%
FCF Yield 3Y Avg3.9%3.7%3.6%3.4%3.0%2.4%3.5%
D/E0.70.40.30.20.30.10.3
Net D/E0.70.30.20.20.20.10.2

Returns

PZZADPZYUMMCDSBUXCMGMedian
NamePapa Joh.Domino's.Yum Bran.McDonald.StarbucksChipotle. 
1M Rtn-2.9%6.1%2.6%3.4%1.5%21.5%3.0%
3M Rtn-14.1%0.4%3.7%3.6%1.1%-4.2%0.8%
6M Rtn-16.2%-5.4%5.9%11.0%-5.9%-31.3%-5.6%
12M Rtn2.4%0.3%16.5%9.1%-3.4%-39.1%1.3%
3Y Rtn-48.2%25.8%26.8%25.5%-7.5%34.2%25.7%
1M Excs Rtn-6.3%2.7%-0.8%-0.0%-1.9%18.1%-0.4%
3M Excs Rtn-20.0%-3.9%-1.9%-0.7%-3.3%-8.6%-3.6%
6M Excs Rtn-30.2%-18.6%-6.9%-1.9%-19.5%-43.0%-19.1%
12M Excs Rtn-11.3%-15.5%2.0%-7.3%-18.2%-55.6%-13.4%
3Y Excs Rtn-128.8%-56.9%-54.3%-55.2%-89.1%-47.7%-56.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Commissary sales9251,1681,074957864
Company-owned restaurant sales761708778701652
Franchise royalties and fees195191187140113
Advertising funds revenue157    
Other revenues98327324295268
Eliminations -292-295-279-278
International other revenues 00  
Total2,1362,1022,0681,8131,619


Price Behavior

Price Behavior
Market Price$39.28 
Market Cap ($ Bil)1.3 
First Trading Date06/08/1993 
Distance from 52W High-28.2% 
   50 Days200 Days
DMA Price$44.05$43.10
DMA Trendindeterminatedown
Distance from DMA-10.8%-8.9%
 3M1YR
Volatility53.0%55.0%
Downside Capture97.7070.63
Upside Capture6.4862.53
Correlation (SPY)29.0%29.5%
PZZA Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta1.421.411.310.990.820.81
Up Beta6.524.813.792.570.820.71
Down Beta2.131.080.901.411.051.00
Up Capture-135%8%26%14%40%25%
Bmk +ve Days13263974142427
Stock +ve Days9193165124363
Down Capture97%104%122%49%82%99%
Bmk -ve Days7162452107323
Stock -ve Days11233261125388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of PZZA With Other Asset Classes (Last 1Y)
 PZZASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return2.9%8.3%19.2%71.9%8.9%6.0%-10.4%
Annualized Volatility54.8%24.3%19.5%19.3%15.3%17.1%35.0%
Sharpe Ratio0.240.270.782.690.360.18-0.12
Correlation With Other Assets 27.2%29.2%6.3%22.8%29.9%16.7%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of PZZA With Other Asset Classes (Last 5Y)
 PZZASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-12.4%9.8%14.9%18.7%11.7%4.8%32.6%
Annualized Volatility40.1%23.8%17.1%15.5%18.7%18.9%48.7%
Sharpe Ratio-0.220.370.700.970.510.170.59
Correlation With Other Assets 37.8%37.7%8.2%9.1%35.3%14.0%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of PZZA With Other Asset Classes (Last 10Y)
 PZZASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-1.8%13.1%14.7%14.9%6.9%5.2%69.2%
Annualized Volatility40.7%22.0%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.090.550.700.830.310.220.90
Correlation With Other Assets 36.1%32.9%4.2%12.3%28.2%13.4%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity3,342,931
Short Interest: % Change Since 11302025-7.9%
Average Daily Volume595,819
Days-to-Cover Short Interest5.61
Basic Shares Quantity32,889,000
Short % of Basic Shares10.2%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/6/20253.8%-1.2%0.9%
8/7/20258.6%17.3%20.2%
5/8/202515.9%20.9%51.6%
2/27/20251.4%-3.1%-11.3%
11/7/2024-4.6%-12.7%-15.4%
8/8/20241.7%5.6%11.6%
5/9/2024-6.8%-8.2%-17.0%
2/29/20242.5%1.5%-5.1%
...
SUMMARY STATS   
# Positive141311
# Negative101113
Median Positive3.1%5.1%6.5%
Median Negative-4.1%-6.9%-11.3%
Max Positive15.9%20.9%51.6%
Max Negative-11.6%-16.4%-20.9%

SEC Filings

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Report DateFiling DateFiling
93020251106202510-Q 9/28/2025
6302025807202510-Q 6/29/2025
3312025508202510-Q 3/30/2025
12312024227202510-K 12/29/2024
93020241107202410-Q 9/29/2024
6302024808202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231102202310-Q 9/24/2023
6302023803202310-Q 6/25/2023
3312023504202310-Q 3/26/2023
12312022223202310-K 12/25/2022
93020221103202210-Q 9/25/2022
6302022804202210-Q 6/26/2022
3312022505202210-Q 3/27/2022
12312021224202210-K 12/26/2021