Papa John's International, Inc. (PZZA) 10-Year Financial Performance & Capital Metrics

PZZA • • Industrial / General

Consumer CyclicalRestaurantsPizza ChainsNational Pizza Delivery

AboutPapa 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.Show more

Revenue $2.06B -3.6%
EBITDA $226M +7.0%
Net Income $83M +1.7%
EPS (Diluted) 2.54 +2.4%
Gross Margin 28.21% +43.7%
EBITDA Margin 10.98% +11.0%
Operating Margin 7.61% +10.4%
Net Margin 4.05% +5.5%
ROE -
ROIC 23.45% +3.4%
Debt/Equity -
Interest Coverage 3.68 +8.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 76.6%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.9%
✓Efficient asset utilization: 2.3x turnover

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.57%

5Y4.93%

3Y-0.15%

TTM-0.64%

Profit (Net Income) CAGR

10Y1.31%

5Y76.56%

3Y-11.4%

TTM-59.63%

EPS CAGR

10Y3.8%

5Y76.1%

3Y-9.26%

TTM-60.98%

ROCE

10Y Avg24.43%

5Y Avg22.94%

3Y Avg23.3%

Latest26.53%

Peer Comparison

National Pizza Delivery

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DPZDomino's Pizza, Inc.	13.76B	407.38	24.31	5.07%	12.49%		3.72%
PZZAPapa John's International, Inc.	1.23B	37.58	14.80	-3.57%	1.83%		2.77%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.64B	1.71B	1.78B	1.57B	1.62B	1.81B	2.07B	2.1B	2.14B	2.06B
Revenue Growth %	0.02%	0.05%	0.04%	-0.12%	0.03%	0.12%	0.14%	0.02%	0.02%	-0.04%
Cost of Goods Sold+	1.02B	1.35B	1.43B	1.22B	1.33B	1.47B	1.64B	1.71B	1.72B	1.48B
COGS % of Revenue	0.62%	0.79%	0.8%	0.78%	0.82%	0.81%	0.79%	0.82%	0.8%	0.72%
Gross Profit+	618.39M	359.1M	354.54M	353.64M	290.54M	344.2M	429.32M	388.43M	419.31M	580.96M
Gross Margin %	0.38%	0.21%	0.2%	0.22%	0.18%	0.19%	0.21%	0.18%	0.2%	0.28%
Gross Profit Growth %	0.06%	-0.42%	-0.01%	-0%	-0.18%	0.18%	0.25%	-0.1%	0.08%	0.39%
Operating Expenses+	482.08M	204.8M	201.85M	322.97M	266M	253.95M	261.08M	279.4M	272.17M	424.26M
OpEx % of Revenue	0.29%	0.12%	0.11%	0.21%	0.16%	0.14%	0.13%	0.13%	0.13%	0.21%
Selling, General & Admin	380.88M	163.81M	158.18M	192.55M	223.46M	198.26M	212.26M	215.3M	201.66M	190.51M
SG&A % of Revenue	0.23%	0.1%	0.09%	0.12%	0.14%	0.11%	0.1%	0.1%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	101.2M	40.99M	43.67M	130.42M	42.54M	55.69M	48.82M	64.1M	70.51M	233.74M
Operating Income+	136.31M	164.52M	151.02M	30.38M	24.54M	90.25M	168.24M	109.03M	147.14M	156.7M
Operating Margin %	0.08%	0.1%	0.08%	0.02%	0.02%	0.05%	0.08%	0.05%	0.07%	0.08%
Operating Income Growth %	0.16%	0.21%	-0.08%	-0.8%	-0.19%	2.68%	0.86%	-0.35%	0.35%	0.06%
EBITDA+	176.61M	205.51M	194.69M	76.78M	71.82M	139.96M	217.06M	161.06M	211.23M	226.11M
EBITDA Margin %	0.11%	0.12%	0.11%	0.05%	0.04%	0.08%	0.1%	0.08%	0.1%	0.11%
EBITDA Growth %	0.12%	0.16%	-0.05%	-0.61%	-0.06%	0.95%	0.55%	-0.26%	0.31%	0.07%
D&A (Non-Cash Add-back)	40.31M	40.99M	43.67M	46.4M	47.28M	49.7M	48.82M	52.03M	64.09M	69.41M
EBIT	124.82M	166.21M	151.63M	32.37M	25.64M	92.38M	168.24M	109.03M	147.14M	156.7M
Net Interest Income+	-3.32M	-7.4M	-11.28M	-25.67M	-20.59M	-17.02M	-17.29M	-25.26M	-43.47M	-42.58M
Interest Income	794K	0	0	0	0	0	1.91M	0	0	0
Interest Expense	4.11M	6.61M	11.28M	25.67M	20.59M	17.02M	19.2M	25.26M	43.47M	42.58M
Other Income/Expense	-17.16M	-5.71M	-10.68M	-24.86M	-19.49M	-14.89M	-17.29M	-25.26M	-43.47M	-42.58M
Pretax Income+	119.15M	158.81M	140.34M	5.89M	5.05M	75.36M	150.95M	83.77M	103.67M	114.13M
Pretax Margin %	0.07%	0.09%	0.08%	0%	0%	0.04%	0.07%	0.04%	0.05%	0.06%
Income Tax+	37.18M	49.72M	33.82M	2.65M	-611K	14.75M	25.99M	14.42M	20.87M	29.93M
Effective Tax Rate %	0.64%	0.65%	0.74%	0.28%	0.96%	0.77%	0.8%	0.81%	0.79%	0.73%
Net Income+	75.75M	103.39M	103.71M	1.65M	4.87M	57.93M	120.02M	67.77M	82.1M	83.49M
Net Margin %	0.05%	0.06%	0.06%	0%	0%	0.03%	0.06%	0.03%	0.04%	0.04%
Net Income Growth %	0.03%	0.36%	0%	-0.98%	1.96%	10.91%	1.07%	-0.44%	0.21%	0.02%
Net Income (Continuing)	81.96M	109.09M	106.53M	4.07M	5.66M	60.61M	124.95M	69.35M	82.8M	84.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	13.03M	13.71M	15.76M	15.22M	15.66M	21.71M	20.71M	16.95M	16.33M	16.21M
EPS (Diluted)+	1.89	2.74	2.83	0.05	0.15	1.77	3.40	1.89	2.48	2.54
EPS Growth %	0.08%	0.45%	0.03%	-0.98%	1.94%	10.8%	0.92%	-0.44%	0.31%	0.02%
EPS (Basic)	1.91	2.76	2.86	0.05	0.15	1.79	3.43	1.90	2.49	2.55
Diluted Shares Outstanding	40M	37.61M	36.52M	32.3M	31.63M	32.72M	35.34M	35.72M	33.16M	32.82M
Basic Shares Outstanding	39.46M	37.25M	36.08M	32.08M	31.63M	32.42M	35.01M	35.5M	32.93M	32.72M
Dividend Payout Ratio	0.33%	0.27%	0.3%	17.61%	5.87%	0.51%	0.34%	0.81%	0.71%	0.73%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	152.59M	145.57M	169.99M	171.71M	181.55M	306.41M	255.01M	251.04M	231.02M	230.6M
Cash & Short-Term Investments	21.01M	15.56M	22.34M	19.47M	27.91M	130.2M	70.61M	47.37M	40.59M	37.95M
Cash Only	21.01M	15.56M	22.34M	19.47M	27.91M	130.2M	70.61M	47.37M	40.59M	37.95M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	71.41M	65.48M	72.88M	99.76M	82.28M	102.73M	103.11M	118.16M	112.02M	108.82M
Days Sales Outstanding	15.92	13.95	14.92	23.14	18.55	20.68	18.19	20.52	19.14	19.29
Inventory	21.56M	25.13M	30.62M	27.2M	27.53M	30.27M	34.98M	41.38M	36.13M	35.24M
Days Inventory Outstanding	7.72	6.77	7.82	8.14	7.56	7.52	7.79	8.81	7.68	8.7
Other Current Assets	18.24M	15.29M	15.63M	21.64M	0	0	0	44.12M	42.28M	48.59M
Total Non-Current Assets+	342.32M	366.99M	385.56M	399.24M	549.17M	566.36M	630.7M	613.19M	643.99M	658.35M
Property, Plant & Equipment	214.04M	230.47M	234.33M	226.89M	369.35M	365.85M	421.02M	447.16M	478.71M	486.46M
Fixed Asset Turnover	7.65x	7.44x	7.61x	6.93x	4.38x	4.96x	4.91x	4.70x	4.46x	4.23x
Goodwill	79.66M	85.53M	86.89M	84.52M	80.34M	80.79M	80.63M	70.62M	76.21M	75.46M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	11.11M	10.14M	15.57M	23.26M	0	0	0	0	0	0
Other Non-Current Assets	35.1M	40.08M	48.18M	63.81M	97.64M	108.93M	123.89M	93.49M	89.07M	96.43M
Total Assets+	494.91M	512.57M	555.55M	570.95M	730.72M	872.77M	885.7M	864.23M	875M	888.95M
Asset Turnover	3.31x	3.34x	3.21x	2.76x	2.22x	2.08x	2.34x	2.43x	2.44x	2.32x
Asset Growth %	-0.03%	0.04%	0.08%	0.03%	0.28%	0.19%	0.01%	-0.02%	0.01%	0.02%
Total Current Liabilities+	132.94M	128.03M	132.86M	164.64M	207.94M	288.87M	287.42M	265.16M	304.6M	277.96M
Accounts Payable	43.49M	42.7M	32.01M	27.11M	29.14M	37.37M	28.09M	62.32M	74.95M	61.84M
Days Payables Outstanding	15.58	11.51	8.18	8.11	8.01	9.29	6.26	13.27	15.94	15.27
Short-Term Debt	0	0	20M	20.01M	20M	20M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	31.84M	20.43M	26.49M	41.85M	40.19M	63.78M	68.82M	49.72M	46.68M	53.46M
Current Ratio	1.15x	1.14x	1.28x	1.04x	0.87x	1.06x	0.89x	0.95x	0.76x	0.83x
Quick Ratio	0.99x	0.94x	1.05x	0.88x	0.74x	0.96x	0.77x	0.79x	0.64x	0.70x
Cash Conversion Cycle	8.06	9.21	14.56	23.17	18.1	18.91	19.73	16.06	10.89	12.72
Total Non-Current Liabilities+	319.77M	374.73M	528.65M	708.45M	839.43M	844.37M	765.24M	868.52M	1.01B	1.02B
Long-Term Debt	255.15M	299.82M	446.56M	601.13M	347.29M	328.29M	480.73M	597.07M	757.42M	741.65M
Capital Lease Obligations	854K	0	-6.74M	0	132.93M	138.2M	177.25M	179.93M	175.19M	196.44M
Deferred Tax Liabilities	4.61M	10.05M	12.55M	7.85M	2.65M	948K	258K	0	0	0
Other Non-Current Liabilities	56.82M	61.55M	60.15M	84.79M	341.85M	363.26M	93.15M	68.32M	60.19M	64.92M
Total Liabilities	452.71M	502.76M	661.51M	873.08M	1.05B	1.13B	1.05B	1.13B	1.32B	1.3B
Total Debt+	256M	299.82M	466.56M	621.13M	525.23M	513.57M	685.5M	807.26M	965.72M	971.13M
Net Debt	234.99M	284.26M	444.22M	601.66M	497.32M	383.37M	614.89M	759.89M	925.13M	933.17M
Debt / Equity	4.64x	12.75x	-	-	-	-	-	-	-	-
Debt / EBITDA	1.45x	1.46x	2.40x	8.09x	7.31x	3.67x	3.16x	5.01x	4.57x	4.29x
Net Debt / EBITDA	1.33x	1.38x	2.28x	7.84x	6.92x	2.74x	2.83x	4.72x	4.38x	4.13x
Interest Coverage	33.14x	24.88x	13.38x	1.18x	1.19x	5.30x	8.76x	4.32x	3.38x	3.68x
Total Equity+	55.23M	23.51M	-90.2M	-286.91M	-316.66M	-260.46M	-166.96M	-269.45M	-442.76M	-413.31M
Equity Growth %	-0.5%	-0.57%	-4.84%	-2.18%	-0.1%	0.18%	0.36%	-0.61%	-0.64%	0.07%
Book Value per Share	1.38	0.63	-2.47	-8.88	-10.01	-7.96	-4.72	-7.54	-13.35	-12.59
Total Shareholders' Equity	42.21M	9.8M	-105.95M	-302.13M	-332.32M	-282.18M	-187.67M	-286.39M	-459.09M	-429.53M
Common Stock	437K	441K	442K	443K	447K	453K	490K	491K	492K	493K
Retained Earnings	143.79M	219.28M	292.25M	244.06M	205.7M	219.16M	183.16M	195.86M	219.03M	241.72M
Treasury Stock	-271.56M	-390.32M	-597.07M	-751.7M	-747.33M	-741.72M	-806.47M	-922.43M	-1.12B	-1.12B
Accumulated OCI	-1.84M	-5.89M	-2.12M	-3.14M	-10.19M	-14.17M	-9.97M	-10.13M	-7.8M	-8.46M
Minority Interest	13.03M	13.71M	15.76M	15.22M	15.66M	21.71M	20.71M	16.95M	16.33M	16.21M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	160.31M	144.06M	134.97M	72.8M	61.75M	186.44M	184.68M	117.81M	193.06M	106.63M
Operating CF Margin %	0.1%	0.08%	0.08%	0.05%	0.04%	0.1%	0.09%	0.06%	0.09%	0.05%
Operating CF Growth %	0.31%	-0.1%	-0.06%	-0.46%	-0.15%	2.02%	-0.01%	-0.36%	0.64%	-0.45%
Net Income	81.96M	109.09M	106.53M	3.25M	5.66M	60.61M	124.95M	69.35M	82.1M	84.2M
Depreciation & Amortization	40.31M	40.99M	43.67M	46.4M	47.28M	49.7M	48.82M	52.03M	64.09M	69.41M
Stock-Based Compensation	9.42M	10.12M	10.41M	9.94M	15.3M	16.31M	16.92M	18.39M	17.92M	9.59M
Deferred Taxes	-6.25M	11.62M	498K	1.71M	-3.76M	-9.27M	3.75M	2.8M	-5.99M	-3.04M
Other Non-Cash Items	5.87M	-6.48M	5.08M	10.73M	7.52M	-2.48M	-271K	33.66M	6.16M	-19.16M
Working Capital Changes	29M	-21.29M	-31.21M	779K	-10.24M	71.56M	-9.5M	-58.42M	28.77M	-34.36M
Change in Receivables	-9.18M	1.56M	-7.36M	1.39M	5.94M	-22.42M	-4.09M	-28.02M	-1.84M	-465K
Change in Inventory	4.97M	-3.64M	-5.49M	3.09M	-326K	-2.74M	-4.71M	-7.5M	5.44M	851K
Change in Payables	4.8M	-916K	-8.74M	-1.69M	2.04M	8.23M	-9.28M	1.12M	23.37M	-10.04M
Cash from Investing+	-38.95M	-46.27M	-56.5M	-38.8M	-32.58M	-41.07M	-63.51M	-62.79M	-75.12M	-17.35M
Capital Expenditures	-38.97M	-55.55M	-52.59M	-42.03M	-37.71M	-35.65M	-68.56M	-78.39M	-76.62M	-72.48M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.03%	0.02%	0.02%	0.03%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	942K	5.79M	-3.88M	-4.48M	1.89M	-5.42M	5.75M	-10.36M	7.11M	55.26M
Cash from Financing+	-120.13M	-102.83M	-72.06M	-48.1M	-34.57M	-43.46M	-180.53M	-76.24M	-124.08M	-91.67M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-24.84M	-27.9M	-30.72M	-28.98M	-38.57M	-43.01M	-46.75M	-54.77M	-58.45M	-60.56M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.04M	8.9M	-7.44M	-4.65M	6.49M	-8.37M	-8.06M	-6.06M	960K	-3.24M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	121.34M	88.5M	82.38M	30.77M	24.04M	150.79M	116.12M	39.42M	116.44M	34.15M
FCF Margin %	0.07%	0.05%	0.05%	0.02%	0.01%	0.08%	0.06%	0.02%	0.05%	0.02%
FCF Growth %	0.64%	-0.27%	-0.07%	-0.63%	-0.22%	5.27%	-0.23%	-0.66%	1.95%	-0.71%
FCF per Share	3.03	2.35	2.26	0.95	0.76	4.61	3.29	1.10	3.51	1.04
FCF Conversion (FCF/Net Income)	2.12x	1.39x	1.30x	44.23x	12.69x	3.22x	1.54x	1.74x	2.35x	1.28x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	91.03%	262.59%	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC)	33.42%	41.27%	34.23%	6.81%	7.43%	44.6%	44.21%	17.43%	22.69%	23.45%
Gross Margin	37.77%	20.96%	19.88%	22.48%	17.94%	18.98%	20.76%	18.48%	19.63%	28.21%
Net Margin	4.63%	6.03%	5.82%	0.1%	0.3%	3.19%	5.8%	3.22%	3.84%	4.05%
Debt / Equity	4.64x	12.75x	-	-	-	-	-	-	-	-
Interest Coverage	33.14x	24.88x	13.38x	1.18x	1.19x	5.30x	8.76x	4.32x	3.38x	3.68x
FCF Conversion	2.12x	1.39x	1.30x	44.23x	12.69x	3.22x	1.54x	1.74x	2.35x	1.28x
Revenue Growth	2.45%	4.66%	4.07%	-11.78%	2.92%	11.98%	14.07%	1.63%	1.6%	-3.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America commissary segment	615.61M	-	-	-	-	-	-	217.57M	210.61M	1.04B
North America commissary segment Growth	-	-	-	-	-	-	-	-	-3.20%	392.37%
Domestic company owned restaurants segment	756.31M	815.93M	816.72M	695.67M	652.05M	700.76M	778.32M	708.39M	726.36M	692.74M
Domestic company owned restaurants segment Growth	-	7.88%	0.10%	-14.82%	-6.27%	7.47%	11.07%	-8.99%	2.54%	-4.63%
International	104.69M	113.1M	126.28M	110.55M	126.08M	150.94M	368.2M	158.68M	182.49M	174.05M
International Growth	-	8.04%	11.65%	-12.46%	14.04%	19.72%	143.94%	-56.90%	15.00%	-4.62%
North America franchising segment	96.06M	102.98M	106.73M	79.67M	71.83M	96.73M	-	137.4M	144.55M	143.24M
North America franchising segment Growth	-	7.21%	3.64%	-25.35%	-9.84%	34.67%	-	-	5.20%	-0.91%
Product and Service, Other	-	-	-	-	-	-	-	-	-	14.93M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-
North America commissaries	-	-	-	-	-	-	215.39M	-	-	-
North America commissaries Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Elimination	-	256.44M	265.03M	235.27M	278.33M	279.2M	-	-	-	-
Intersegment Elimination Growth	-	-	3.35%	-11.23%	18.30%	0.31%	-	-	-	-
All Others	14.82M	-	-	-	-	-	-	-	-	-
All Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Papa John's International, Inc. (PZZA) has a price-to-earnings (P/E) ratio of 14.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Papa John's International, Inc. (PZZA) reported $2.09B in revenue for fiscal year 2024. This represents a 71% increase from $1.22B in 2011.

Papa John's International, Inc. (PZZA) saw revenue decline by 3.6% over the past year.

Yes, Papa John's International, Inc. (PZZA) is profitable, generating $38.3M in net income for fiscal year 2024 (4.1% net margin).

Dividend & Returns

Yes, Papa John's International, Inc. (PZZA) pays a dividend with a yield of 4.91%. This makes it attractive for income-focused investors.

Papa John's International, Inc. (PZZA) generated $80.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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