Latest Ratios: P/E Ratio 25.4x · EV/EBITDA 9.4x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $655M | $1.3B | $1.3B | $2.5B | $2.9B | $4.7B | $2.8B | $2.0B | $1.3B | $2.0B | $3.2B |
| Enterprise Value | $1.6B | $2.2B | $2.2B | $3.5B | $3.7B | $5.3B | $3.2B | $2.5B | $1.9B | $2.5B | $3.5B |
| P/E Ratio → | 25.39 | 43.67 | 15.56 | 30.74 | 43.55 | 39.26 | 47.94 | 421.00 | 780.59 | 19.83 | 31.23 |
| P/S Ratio | 0.34 | 0.63 | 0.63 | 1.18 | 1.40 | 2.28 | 1.53 | 1.23 | 0.82 | 1.15 | 1.88 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | 136.88 |
| P/FCF | 26.14 | 21.12 | 37.97 | 21.71 | 74.58 | 40.62 | 18.41 | 83.10 | 41.79 | 24.87 | 36.37 |
| P/OCF | 5.20 | 10.28 | 12.16 | 13.09 | 24.95 | 25.54 | 14.89 | 32.35 | 17.66 | 15.18 | 22.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | 1.08 | 1.62 | 1.76 | 2.58 | 1.74 | 1.54 | 1.20 | 1.40 | 2.04 |
| EV / EBITDA | 9.42 | 12.11 | 9.86 | 16.35 | 22.97 | 24.56 | 22.57 | 34.74 | 24.58 | 12.81 | 17.04 |
| EV / EBIT | 17.47 | 24.64 | 14.23 | 23.47 | 33.93 | 31.33 | 34.20 | 97.31 | 58.31 | 16.44 | 21.07 |
| EV / FCF | — | 35.83 | 65.30 | 29.65 | 93.86 | 45.91 | 20.95 | 103.79 | 61.35 | 30.27 | 39.58 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.9% | 28.9% | 28.2% | 19.6% | 18.5% | 20.8% | 19.0% | 17.9% | 22.5% | 19.9% | 21.0% |
| Operating Margin | 4.3% | 4.3% | 7.6% | 6.9% | 5.2% | 8.1% | 5.0% | 1.5% | 1.9% | 8.5% | 9.6% |
| Net Profit Margin | 1.5% | 1.5% | 4.1% | 3.8% | 3.2% | 5.8% | 3.2% | 0.3% | 0.1% | 5.8% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | 262.6% |
| ROA | 3.5% | 3.5% | 9.5% | 9.4% | 7.7% | 13.7% | 7.2% | 0.7% | 0.3% | 19.4% | 20.5% |
| ROIC | 13.5% | 13.5% | 23.5% | 22.7% | 17.4% | 44.2% | 44.6% | 7.4% | 6.8% | 34.2% | 41.3% |
| ROCE | 15.4% | 15.4% | 26.5% | 25.2% | 18.2% | 28.5% | 16.3% | 5.3% | 7.3% | 37.4% | 44.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | 12.75 |
| Debt / EBITDA | 5.16 | 5.16 | 4.29 | 4.57 | 5.01 | 3.16 | 3.67 | 7.31 | 8.09 | 2.40 | 1.46 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | 12.09 |
| Net Debt / EBITDA | 4.97 | 4.97 | 4.13 | 4.38 | 4.72 | 2.83 | 2.74 | 6.92 | 7.84 | 2.28 | 1.38 |
| Debt / FCF | — | 14.71 | 27.33 | 7.95 | 19.28 | 5.30 | 2.54 | 20.69 | 19.56 | 5.39 | 3.21 |
| Interest Coverage | 2.19 | 2.19 | 3.68 | 3.38 | 4.32 | 8.86 | 5.43 | 1.25 | 1.26 | 13.44 | 25.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.83 | 0.76 | 0.95 | 0.89 | 1.06 | 0.87 | 1.04 | 1.28 | 1.14 |
| Quick Ratio | 0.70 | 0.70 | 0.70 | 0.64 | 0.79 | 0.77 | 0.96 | 0.74 | 0.88 | 1.05 | 0.94 |
| Cash Ratio | 0.12 | 0.12 | 0.14 | 0.13 | 0.18 | 0.25 | 0.45 | 0.13 | 0.12 | 0.17 | 0.12 |
| Asset Turnover | — | 2.45 | 2.32 | 2.44 | 2.43 | 2.34 | 2.08 | 2.22 | 2.76 | 3.21 | 3.34 |
| Inventory Turnover | 42.54 | 42.54 | 41.95 | 47.51 | 41.41 | 46.86 | 48.54 | 48.27 | 44.84 | 46.66 | 53.90 |
| Days Sales Outstanding | — | 20.02 | 19.29 | 19.14 | 20.52 | 18.19 | 20.68 | 18.55 | 23.14 | 14.92 | 13.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.3% | 4.7% | 4.7% | 2.3% | 1.9% | 0.9% | 1.1% | 1.4% | 2.3% | 1.5% | 0.9% |
| Payout Ratio | 200.3% | 200.3% | 72.5% | 71.2% | 80.8% | 33.6% | 50.7% | 586.8% | 1760.9% | 29.6% | 27.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 2.3% | 6.4% | 3.3% | 2.3% | 2.5% | 2.1% | 0.2% | 0.1% | 5.0% | 3.2% |
| FCF Yield | 3.8% | 4.7% | 2.6% | 4.6% | 1.3% | 2.5% | 5.4% | 1.2% | 2.4% | 4.0% | 2.7% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 8.3% | 4.3% | 5.5% | 0.1% | 0.0% | 12.3% | 10.2% | 3.8% |
| Total Shareholder Yield | 9.3% | 4.7% | 4.8% | 10.6% | 6.1% | 6.4% | 1.2% | 1.4% | 14.5% | 11.7% | 4.7% |
| Shares Outstanding | — | $33M | $33M | $33M | $36M | $35M | $33M | $32M | $32M | $37M | $38M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PZZA stock.
Papa John's International, Inc.'s current P/E ratio is 25.4x. The historical average is 26.3x. This places it at the 57th percentile of its historical range.
Papa John's International, Inc.'s current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Based on historical data, Papa John's International, Inc. is trading at a P/E of 25.4x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Papa John's International, Inc.'s current dividend yield is 9.32% with a payout ratio of 200.3%.
Papa John's International, Inc. has 28.9% gross margin and 4.3% operating margin.
Papa John's International, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Thin margins with negative equity
Metrics are mathematically derived from official filings.
Discount Multiples Mask Weakening Earnings Base
According to the supplied valuation snapshot, PZZA trades at 24.5x trailing and 16.3x forward earnings, a forward discount that implies the market expects earnings to recover from a 1.5% trailing net margin.
The forward P/E compression from 24.5x to 16.3x suggests investors are pricing in a meaningful earnings rebound, which may be optimistic given revenue declined roughly 14% from 2025Q2 to 2026Q3. Against peers, PZZA's 0.33x price-to-sales sits well below DPZ's 17.9x P/E and YUM's 12.8x, but the discount appears tied to structurally thinner margins rather than mispricing alone. Investors should monitor whether forward estimates are revised downward, as a 9.7% dividend yield may be partly a signal of market skepticism about sustainability.
Margin Volatility Undermines Earnings Quality
As reported in the quarterly figures, PZZA's gross margin swung between 15.5% and 29.8% over the period, while operating margin fell from 5.6% in 2024Q4 to 3.1% in 2026Q3, suggesting limited pricing power.
The gross margin range is wide enough to indicate that commodity pass-through and commissary dynamics dominate reported results rather than a stable operating model. A 4.3% trailing operating margin and 1.5% net margin leave little buffer against promotional spending or delivery cost inflation. Compared with DPZ's 12.2% net margin and MCD's 31.9%, PZZA's profitability appears structurally lagging rather than temporarily depressed.
Debt Exceeds Asset Base Constraining Flexibility
Based on reported balance sheet figures, PZZA's total debt of $914.0M exceeds total assets of $772.8M in 2026Q3, while interest coverage has compressed to 1.5x from 6.1x in 2024Q3.
Interest coverage deterioration from 6.1x to 1.5x over roughly two years suggests debt service is becoming materially less comfortable as operating earnings contract. A debt-to-assets position above 100% limits refinancing optionality and may warrant closer scrutiny of maturity schedules, which are not included in the supplied data. The negative stockholders' deficit of roughly -$445.6M should be read as a reflection of cumulative capital returns and losses rather than a standalone solvency verdict.
Thin Liquidity Buffer Under Stress
According to recent SEC filings, PZZA's current ratio fell to 0.77 in 2026Q3 from 0.87 in 2025Q3, with cash of $26.8M covering only a small fraction of current obligations relative to the $914.0M debt load.
A current ratio below 1.0 combined with a quick ratio of 0.66 indicates the company relies on ongoing operating cash inflows to meet short-term obligations. Under a severe demand shock, the limited cash position could force reliance on revolver capacity, the availability of which is not disclosed in the supplied data. This warrants investigation of credit facility terms before drawing firm conclusions on near-term solvency.
Cash Conversion Flatters Underlying Economics
The strongest counterpoint is that PZZA's operating cash flow of $22.7M against net income of $3.1M in 2026Q3 rests largely on $17M to $19M of quarterly D&A add-backs, which may overstate cash generation.
The OCF-to-net-income ratio above 7x suggests earnings quality is driven by non-cash charges rather than operating surplus, a pattern that may not persist if asset reinvestment rises. Free cash flow has oscillated between roughly -$6.3M and +$15.8M across recent quarters, and dividends of about $15.3M per quarter frequently exceed it. The bear case therefore centers on whether dividend coverage is sustainable without leverage or asset sales, though management intent cannot be confirmed from the data.