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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. In the quarter to June 2026, revenue fell 8.84%, EPS fell 10.7%, free cash flow fell 31.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

19.39 0.18 −0.92%
Market cap
$644.3M
P/E
23.9×
Fwd P/E
22.7×
Dividend yield
7.12%
F-score
6/9
Altman Z
3.68
Beneish M
−3.06
Dividend safety
18/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.13%

Capital & Financial Ratios $m

Market Cap 644.28
Revenue 1,967.34
Net Income 28.74
Free Cash Flow 25.61
Net Debt 726.71
Current Ratio 0.83 (below 1: weak)
Debt/Equity (1.71) (negative: negative equity)
P/E ratio 23.94
Fwd P/E 22.70
P/S ratio 0.33
P/B ratio 0.00
Past 5Y EPS Growth (6.80%) (below 0%: weak)
This Y EPS Growth (17.06%) (below 0%: weak)
Next Y EPS Growth 12.13%
Next Y revenue growth (8.32%) (below 0%: weak)
Next 5Y EPS Growth 3.40%

Green and red mark values outside typical ranges. 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 26.30%
10-year low 10-year high
P/S against its own 10 years 0.15%
10-year low 10-year high
EV/Sales against its own 10 years 0.15%
10-year low 10-year high
EV/FCF against its own 10 years 72.92%
10-year low 10-year high

Dividends

Payout Ratio 1.75
Annual Dividend Rate 1.38
Annual Dividend Yield 7.12%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.92
0.46
0.46
2025 1.84
0.46
0.46
0.46
0.46
2024 1.84
0.46
0.46
0.46
0.46
2023 1.76
0.42
0.42
0.46
0.46
2022 1.54
0.35
0.35
0.42
0.42
2021 1.15
0.23
0.23
0.35
0.35
2020 0.90
0.23
0.23
0.23
0.23
2019 0.90
0.23
0.23
0.23
0.23
2018 0.90
0.23
0.23
0.23
0.23
2017 0.85
0.20
0.20
0.23
0.23
2016 0.75
0.18
0.18
0.20
0.20
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 41 38 37 28
Receivables 107 104 109 96
Inventory 36 35 34 33
Other — — 5 11
231 231 237 234
2023 2024 2025 Q'26
Payables 75 62 61 68
ST’ Debt — — 5 12
Other — — — 3
305 278 291 283

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%

Revenue $m

Mar Jun Sep Dec Year
’26 479 482 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.21 0.24 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 44.47 55.05 38.05 38.29 28.55 78.41 66.74 60.66 38.25 30.16

Analyst estimates 2026–2028

Powerpack
High 90.49 87.45 69.45 65.67 102.25 140.68 133.40 97.78 78.67 55.74
People
People Employees 23,100 22,400 18,000 16,500 16,700 14,000 12,000 13,200 11,400 9,400
Revenue/emp, $m 0.07 0.08 0.09 0.10 0.11 0.15 0.18 0.16 0.18 0.22
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
Gross margin, % 28.14 27.32 30.68 32.35 34.11 35.92 25.90 27.03 28.21 28.89
EBT 159 140 7 5 75 151 84 104 114 48
EBT margin, % 9.27 7.87 0.40 0.31 4.16 7.30 3.99 4.85 5.54 2.36
Net income 109 107 4 6 61 125 69 83 84 32
Depreciation 41 44 46 47 50 49 52 64 69 92
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
Earnings 2.76 2.86 0.05 (0.24) 1.29 0.12 1.90 2.49 2.55 0.90
Cash flow 4.03 3.74 2.88 1.95 5.75 5.28 3.32 5.86 3.26 3.84
Capex (1.49) (1.46) (1.31) (1.19) (1.10) (1.96) (2.21) (2.33) (2.22) (2.24)
Free cash flow 2.54 2.28 1.57 0.76 4.65 3.32 1.11 3.54 1.04 1.60
Book value 0.26 (2.94) (9.48) (10.01) (8.23) (4.93) (7.62) (13.47) (12.66) (13.20)
Shares, m 37 36 32 32 32 35 35 33 33 33
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
P/S 1.85 1.15 0.77 1.23 1.52 2.26 1.34 1.17 0.65 0.62
P/B 323.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 2.02 1.40 1.12 1.45 1.64 2.48 1.62 1.52 1.01 0.96
EV/FCF 36.48 30.38 36.99 97.54 19.78 44.15 86.44 27.95 60.79 37.57
Cash, $m
Cash, $m Operating cash flow 150 135 92 62 186 185 118 193 107 126
Capex (56) (53) (42) (38) (36) (69) (78) (77) (72) (73)
Free cash flow 95 82 50 24 151 116 39 116 34 53
Balance, $m
Balance, $m Working capital 18 37 7 (26) 18 (32) (14) (74) (47) (54)
Total debt 300 467 621 375 362 525 646 782 765 746
Net debt 284 444 588 347 232 454 599 741 727 709
Shareholders’ equity 10 (106) (304) (317) (267) (172) (271) (444) (414) (434)
Returns, %
Returns, % ROA 20.46 19.34 0.43 (1.15) 5.21 0.46 7.70 9.44 9.45 3.43
ROIC 34.97 27.90 6.95 50.52 0.00 37.32 20.76 30.93 31.35 20.22
ROE 395.97 (214.84) (1.21) 2.46 (14.30) (1.85) (30.40) (22.99) (19.43) (6.97)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $850.2M 31.1× 8.6× +1.34% (above 0%: growing) +23.33% (above 0%: growing) +321.24% (above 0%: growing) 39.06% 3.77% Compare
FWRG First Watch Restaurant Group, Inc. $762.8M 40.4× 67.6× +15.20% (above 0%: growing) +33.33% (above 0%: growing) −580.44% (below 0%: shrinking) 20.43% 2.29% Compare
CNNE Cannae Holdings, Inc. $704.0M — (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. $644.3M 23.9× 22.7× −8.84% (below 0%: shrinking) −10.71% (below 0%: shrinking) −31.42% (below 0%: shrinking) 29.72% 4.81%
HDL Super Hi International Holding Ltd. Unsponsored ADR $634.3M 37.9× — +9.99% (above 0%: growing) n/m +43.42% (above 0%: growing) 65.85% 5.26% Compare
LOCO El Pollo Loco Holdings, Inc. $496.7M 13.8× 14.0× +2.97% (above 0%: growing) +79.17% (above 0%: growing) +155.53% (above 0%: growing) 32.80% 14.42% 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
KRUS Kura Sushi USA, Inc. $475.3M — (loss-making) — (loss-making) +16.17% (above 0%: growing) −40.00% (below 0%: shrinking) +46.90% (above 0%: growing) 11.94% (0.05%) Compare
DIN DINE BRANDS GLOBAL, INC. $417.8M 65.3× 8.5× +4.38% (above 0%: growing) −60.67% (below 0%: shrinking) −97.04% (below 0%: shrinking) 37.86% 13.16% Compare
Median of peers $565.5M 37.9× 11.3× +3.68% +2.31% +45.16% 31.43% 3.03%

All 56 Restaurants stocks →

Papa John's International, Inc. (PZZA) key facts

  • Papa John's International, Inc. (PZZA) is a Restaurants company in the Consumer Cyclical sector, listed on Nasdaq.
  • Papa John's International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, roughly unchanged from fiscal 2024.
  • As of October 16, 2026, PZZA traded at $19.39, a market capitalization of $644.3 million.
  • Papa John's International, Inc. pays an annual dividend of $1.38 per share, a yield of 7.12%, with a payout ratio of 174.7%.
  • Return on equity was −6.97% and debt-to-equity -1.71.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.68 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

16 Jun

Impact 5 ·

14 Jun

Impact 5 ·

14 May

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10 Apr

Impact 5 ·

3 Apr

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12 Mar

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11 Mar

Impact 5 ·
Impact 5 ·
stockrow.com/PZZA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com