Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 9.5x · 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 | $663M | $1.3B | $1.3B | $2.5B | $2.9B | $4.7B | $2.8B | $2.0B | $1.3B | $2.0B | $3.2B |
| Enterprise Value | $1.7B | $2.4B | $2.2B | $3.5B | $3.7B | $5.3B | $3.2B | $2.5B | $1.9B | $2.5B | $3.5B |
| P/E Ratio → | 22.39 | 43.67 | 15.56 | 30.74 | 43.55 | 39.26 | 47.94 | 421.00 | 780.59 | 19.83 | 31.23 |
| P/S Ratio | 0.32 | 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 | 10.81 | 21.12 | 37.97 | 21.71 | 74.58 | 40.62 | 18.41 | 83.10 | 41.79 | 24.87 | 36.37 |
| P/OCF | 5.26 | 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 | — | 1.14 | 1.08 | 1.62 | 1.76 | 2.58 | 1.74 | 1.54 | 1.20 | 1.40 | 2.04 |
| EV / EBITDA | 9.48 | 12.96 | 9.86 | 16.35 | 22.97 | 24.56 | 22.57 | 34.74 | 24.58 | 12.81 | 17.04 |
| EV / EBIT | 19.28 | 26.37 | 14.23 | 23.47 | 33.93 | 31.33 | 34.20 | 97.31 | 58.31 | 16.44 | 21.07 |
| EV / FCF | — | 38.34 | 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 | 3.4% | 3.4% | 9.5% | 9.4% | 7.7% | 13.7% | 7.2% | 0.7% | 0.3% | 19.4% | 20.5% |
| ROIC | 11.7% | 11.7% | 23.5% | 22.7% | 17.4% | 44.2% | 44.6% | 7.4% | 6.8% | 34.2% | 41.3% |
| ROCE | 14.3% | 14.3% | 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 | 6.02 | 6.02 | 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 | 5.82 | 5.82 | 4.13 | 4.38 | 4.72 | 2.83 | 2.74 | 6.92 | 7.84 | 2.28 | 1.38 |
| Debt / FCF | — | 17.22 | 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 | 0.13 | 0.13 | 0.14 | 0.13 | 0.18 | 0.25 | 0.45 | 0.13 | 0.12 | 0.17 | 0.12 |
| Asset Turnover | — | 2.22 | 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 | 9.2% | 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 | 4.5% | 2.3% | 6.4% | 3.3% | 2.3% | 2.5% | 2.1% | 0.2% | 0.1% | 5.0% | 3.2% |
| FCF Yield | 9.2% | 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 | 9.2% | 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 22.4x. The historical average is 26.3x. This places it at the 54th percentile of its historical range.
Papa John's International, Inc.'s current EV/EBITDA is 9.5x. 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 22.4x. This is at the 54th 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 9.21% 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 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Domestic demand stagnation and margin compression
Metrics are mathematically derived from official filings.
Margin Compression Masks Structural Pressures
According to the latest quarterly data, PZZA's operating margin fell to 4.8% in 2026Q2 from 5.6% a year earlier, while net margin slipped to 1.8%, reflecting persistent cost pressures.
The gross margin volatility, swinging from 29.8% in 2025Q2 to 15.5% in 2025Q4 and back to 29.7% in 2026Q2, suggests commodity and promotional swings are distorting underlying profitability. The operating margin decline despite revenue stabilization indicates that SG&A and other costs are not flexing downward, implying limited operating leverage. The 2024Q3 net margin spike to 8.2% appears to be an outlier, likely driven by one-time gains, and the subsequent reversion to sub-2% margins underscores the strained earnings power.
Return on Capital Decaying Amid Negative Equity
ROIC has deteriorated from 9.6% in 2024Q3 to 3.7% in 2026Q2, per reported figures, while the company's negative equity position makes ROE uninformative, signaling a declining return on invested capital.
The sharp drop in ROIC from 9.6% to 3.7% over eight quarters indicates that the company is generating less operating profit per dollar of invested capital, a sign of decaying capital efficiency. This decline is driven by both margin compression and a shrinking asset base, as total assets fell from $847.2M to $805.0M. The negative stockholders' equity, which deepened to -$453.1M, suggests that the company is not compounding returns but rather eroding its capital base, which may limit future investment capacity.
Working Capital Efficiency Holds Steady
Based on the latest quarterly data, PZZA's cash conversion cycle improved to 10 days in 2026Q2 from 13 days a year earlier, driven by stable DSO and DIO, though DPO remains low at 18 days.
The cash conversion cycle of 10 days is relatively short, indicating that the company converts its inventory and receivables into cash quickly, which is typical for a QSR model with high inventory turnover. However, the DPO of 18 days suggests limited supplier leverage, as the company pays its suppliers relatively quickly, which may reflect the commissary model's pass-through pricing. The stable DSO of 19 days indicates consistent receivables management, but the low DPO could be a missed opportunity to optimize working capital further.
Leverage Elevated with Thin Coverage
As reported in the latest financials, PZZA's debt-to-EBITDA rose to 21.58 in 2026Q2 from 20.92 a year earlier, while interest coverage fell to 2.44, indicating a strained debt service capacity.
The debt-to-EBITDA ratio of 21.58 is extremely high, reflecting both elevated debt levels and depressed EBITDA, which has been impacted by margin compression. Interest coverage of 2.44 is thin, meaning that operating income covers interest expenses only about 2.4 times, leaving little buffer for further earnings deterioration. The negative equity position exacerbates the leverage risk, as the company's debt-to-assets ratio is approximately 116%, suggesting that creditors are bearing significant risk.
Liquidity Strained with Minimal Cash Buffer
According to the latest balance sheet data, PZZA's current ratio stands at 0.83 in 2026Q2, with cash and equivalents of only $28.5M, indicating a tight liquidity position that may not withstand severe stress.
The current ratio of 0.83 implies that current liabilities exceed current assets, a common situation in the restaurant industry due to high payables, but the low cash balance of $28.5M is concerning given the company's debt service requirements. The quick ratio of 0.71, which excludes inventory, suggests that even liquid assets are insufficient to cover short-term obligations. Under a severe demand shock, the company may need to rely on external financing or asset sales, which could be challenging given its negative equity and high leverage.
Misapplied EV/EBITDA in a Commissary Model
The most commonly misapplied ratio for PZZA is EV/EBITDA, which at 10.22 appears cheap but obscures the low-margin commissary revenue that inflates EBITDA, making the multiple misleading.
EV/EBITDA is often used to compare PZZA to peers like DPZ, but the commissary segment's pass-through revenue and low margins distort EBITDA, making the multiple appear artificially low. A more appropriate metric would be EV/EBIT or EV/royalty income, which isolates the high-margin franchising and royalty streams. Additionally, the high debt load and negative equity are not captured in EV/EBITDA, so investors should adjust for these factors to get a true picture of valuation.