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Papa John's International, Inc.

PZZA Consumer Cyclical Restaurants

Papa John's International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, roughly unchanged from fiscal 2024.

Revenue
−10.5%
EPS
−29.1%
Free cash flow
+15.0%
Total debt
−2.81%

Quarter to September 2026, against a year earlier

19.63 0.26 −1.31%
Market cap
$654.8M
P/E
25.5×
Fwd P/E
22.4×
Dividend yield
7.03%
F-score
6/9
Altman Z
3.68
Beneish M
−3.06
Dividend safety
18/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.22%

Capital & Financial Ratios $m

Size
Market Cap 654.81
Revenue ttm 1,914.03
Net income ttm 27.55
Free cash flow ttm 14.18
Net debt Q 709.87
Valuation
P/E 25.52
Forward P/E 22.40
Price / sales 0.34
Forward P/S Powerpack
Price / FCF 45.75
Price / book 0.00
Financial health
Current ratio Q 0.77 (below 1: weak)
Debt / equity Q (1.68) (negative: negative equity)
Interest coverage Q 1.51
Growth
Revenue growth Q −10.49% (below 0%: shrinking)
Operating income growth Q −11.98% (below 0%: shrinking)
EPS, this year −17.79% (below 0%: weak)
EPS, next year A +12.02%
Revenue, next year A −8.37% (below 0%: weak)
EPS, past 5 yrs −6.80% (below 0%: weak)
EPS, next 5 yrs A +2.77%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 1.5×; over the ten years it ranged from 0.7× in 2026 to 2.5× in 2021.
P/E against its own 10 years 30.85%
10-year low 10-year high
P/S against its own 10 years 1.06%
10-year low 10-year high
EV/Sales against its own 10 years 1.10%
10-year low 10-year high
EV/FCF against its own 10 years 92.81%
10-year low 10-year high

Dividends

Yield
7.03%
Annual rate
1.38
Payout ratio
181.8%
Growth, 2018–26
+0.28%/yr
  1. 0.90 ’18
  2. 0.90 ’19 +0
  3. 0.90 ’20 +0
  4. 1.15 ’21 +28
  5. 1.54 ’22 +34
  6. 1.76 ’23 +14
  7. 1.84 ’24 +5
  8. 1.84 ’25 +0
  9. 0.92 ’26 −50
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 41 38 37 27
Receivables 107 104 109 96
Inventory 36 35 34 32
Other — — 5 —
231 231 237 208
2023 2024 2025 Q'26
Payables 75 62 61 67
ST’ Debt — — 5 11
Other — — — —
305 278 291 268

Compound Annual Growth %

10y 5y 3y
Sales 2.29% 2.52% (0.77%)
Cash Flow (2.98%) (7.54%) 2.27%
Earnings (8.94%) (6.66%) (24.00%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.43 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.40 0.32 Miss by 0.08
Q4 FY25 0.33 0.34 Beat by 0.01
Q1 FY26 0.40 0.32 Miss by 0.08
Q2 FY26 0.43 0.46 Beat by 0.03
Q3 FY26 0.10 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.21 0.24 0.10 — —
’25 0.27 0.28 0.13 0.21 0.90
’24 0.44 0.37 1.27 0.44 2.54
’23 0.65 0.54 0.48 0.79 2.48
’22 0.29 0.70 0.23 0.66 1.89
’21 0.82 (2.30) 0.79 0.67 0.12
’20 0.15 0.48 0.35 0.28 1.28
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 479 482 455 — —
’25 518 529 508 498 2,054
’24 514 508 507 531 2,059
’23 527 515 523 571 2,136
’22 543 523 511 526 2,102
’21 512 515 513 529 2,068
’20 410 461 473 470 1,813
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7 29 23 — —
’25 31 36 39 20 126
’24 12 30 14 51 107
’23 41 53 33 66 193
’22 25 20 31 41 118
’21 63 65 66 (9) 185
’20 34 54 81 18 186
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 11 8 — —
’25 19 16 20 (2) 53
’24 (1) 14 45 (24) 34
’23 22 37 17 40 116
’22 15 0 13 11 39
’21 56 50 46 (36) 116
’20 28 46 70 7 151
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,714 1,783 1,663 1,619 1,813 2,068 2,102 2,136 2,059 2,054 1,914 +2.0% 1,882 1,838 1,829 (3.8%)
Gross margin, % 28.14 27.32 30.68 32.35 34.11 35.92 25.90 27.03 28.21 28.89 28.86 +0.8 pt
EBT 159 140 7 5 75 151 84 104 114 48 44 (12.4%)
EBT margin, % 9.27 7.87 0.40 0.31 4.16 7.30 3.99 4.85 5.54 2.36 2.30 (6.9) pt
Net income 109 107 4 6 61 125 69 83 84 32 28 (12.7%)
Per share, $
Per share, $ Revenue 46.00 49.42 51.83 51.19 55.93 59.09 59.22 64.85 62.95 62.52 57.90 +3.5%
Earnings 2.76 2.86 0.05 (0.24) 1.29 0.12 1.90 2.49 2.55 0.90 0.77 (11.7%)
Cash flow 4.03 3.74 2.88 1.95 5.75 5.28 3.32 5.86 3.26 3.84 2.37 (0.6%)
Capex (1.49) (1.46) (1.31) (1.19) (1.10) (1.96) (2.21) (2.33) (2.22) (2.24) (1.94) +4.6%
Free cash flow 2.54 2.28 1.57 0.76 4.65 3.32 1.11 3.54 1.04 1.60 0.43 (5.0%)
Book value 0.26 (2.94) (9.48) (10.01) (8.23) (4.93) (7.62) (13.47) (12.66) (13.20) (13.27) n/m
Shares, m 37 36 32 32 32 35 35 33 33 33 33 (1.4%)
Valuation, ×
Valuation, × P/E 30.83 19.88 1,990.50 0.00 66.29 0.00 41.86 30.34 16.11 42.30 25.52 223.8
P/S 1.85 1.15 0.77 1.23 1.52 2.26 1.34 1.17 0.65 0.62 0.34 1.3
P/B 323.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32.3
EV/Sales 2.02 1.40 1.12 1.45 1.64 2.48 1.62 1.52 1.01 0.96 0.71 1.5
EV/FCF 36.48 30.38 36.99 97.54 19.78 44.15 86.44 27.95 60.79 37.57 95.79 47.8
Cash, $m
Cash, $m Operating cash flow 150 135 92 62 186 185 118 193 107 126 78 (1.9%)
Capex (56) (53) (42) (38) (36) (69) (78) (77) (72) (73) (64) +3.2%
Free cash flow 95 82 50 24 151 116 39 116 34 53 14 (6.3%)
Balance, $m
Balance, $m Working capital 18 37 7 (26) 18 (32) (14) (74) (47) (54) (60) n/m
Net debt 284 444 588 347 232 454 599 741 727 709 710 +10.7%
Shareholders’ equity 10 (106) (304) (317) (267) (172) (271) (444) (414) (434) (439) n/m
Returns, %
Returns, % ROA 20.46 19.34 0.43 (1.15) 5.21 0.46 7.70 9.44 9.45 3.43 3.03 (17.0) pt
ROIC 34.97 27.90 6.95 50.52 0.00 37.32 20.76 30.93 31.35 20.22 19.05 (14.8) pt
ROE 395.97 (214.84) (1.21) 2.46 (14.30) (1.85) (30.40) (22.99) (19.43) (6.97) (5.82) (402.9) pt
People
People Employees 23,100 22,400 18,000 16,500 16,700 14,000 12,000 13,200 11,400 9,400 — (9.5%)
Revenue/emp, $m 0.07 0.08 0.09 0.10 0.11 0.15 0.18 0.16 0.18 0.22 — +12.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Papa John's International, Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BLMN Bloomin' Brands, Inc. $896.5M 11.7× 11.5× +1.67% (above 0%: growing) n/m +218.52% (above 0%: growing) 0.00% 1.97% Compare
FWRG First Watch Restaurant Group, Inc. $809.9M 39.0× 138× +10.71% (above 0%: growing) +55.20% (above 0%: growing) +2.94% (above 0%: growing) 21.13% 3.16% Compare
CNNE Cannae Holdings, Inc. $705.2M — (loss-making) — (loss-making) −7.26% (below 0%: shrinking) n/m +64.83% (above 0%: growing) 16.54% (55.58%) Compare
PZZA Papa John's International, Inc. $654.8M 25.5× 22.4× −10.49% (below 0%: shrinking) −29.07% (below 0%: shrinking) +14.97% (above 0%: growing) 27.76% 3.13%
HDL Super Hi International Holding Ltd. Unsponsored ADR $597.8M 39.4× — +9.99% (above 0%: growing) n/m +43.42% (above 0%: growing) 65.85% 5.26% Compare
PTLO Portillo's Inc. $533.1M 28.9× 31.0× +6.97% (above 0%: growing) +200.00% (above 0%: growing) +438.83% (above 0%: growing) 65.56% 6.07% Compare
BRCB Black Rock Coffee Bar, Inc. $529.3M — (loss-making) 53.2× +25.01% (above 0%: growing) — −27.71% (below 0%: shrinking) 73.07% 6.51% Compare
LOCO El Pollo Loco Holdings, Inc. $500.9M 12.8× 13.7× +3.94% (above 0%: growing) −8.00% (below 0%: shrinking) −94.89% (below 0%: shrinking) 0.00% 8.05% Compare
BH.A Biglari Holdings Inc. $491.2M — (loss-making) — (loss-making) −1.19% (below 0%: shrinking) −18.71% (below 0%: shrinking) −73.82% (below 0%: shrinking) 30.05% 0.00% Compare
Median of peers $565.5M 28.9× 31.0× +5.46% +23.60% +23.18% 25.59% 4.21%

All 55 Restaurants stocks →

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together 1.80%
BlackRock, Inc.50 Hudson YardsNew York, NY 14.30%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 11.00%
EARNEST Partners LLC.1180 Peachtree Street NE, Suite 5.90%
DePrince, Race & Zollo, Inc.250 S. Park Avenue, Suite 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Papa John's International, Inc. (PZZA) Latest News

5 Nov

Impact 3 · · Moby
Impact 3 · · GuruFocus.com
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Impact 3 · · The Motley Fool transcript
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21 Oct

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19 Oct

Impact 4 · · Simply Wall St.
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16 Oct

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29 Sep

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18 Sep

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14 Sep

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10 Sep

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8 Sep

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2 Sep

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1 Sep

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9 Aug

Impact 4 · · dailydot.com
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7 Aug

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Impact 3 · · MarketBeat transcript

6 Aug

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Impact 3 · · The Motley Fool
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stockrow.com/PZZA · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com