PZZA Consumer Cyclical

Papa John's International, Inc.

$18.56-1.80%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Restaurants
Country: United States
Market cap: 611.0M USD
Enterprise value: 1.3B USD
Full-time employees: 9,400

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.83 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.06 vs peers 0.63) and less liquidity (current ratio 0.83 vs peers 1.48)

Ranks #1,147 of 1,502 consumer cyclical companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Papa John's International's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Returning more cash than it generates. Paid out $393M vs $212M of free cash flow over the 3 fiscal years to 2025.
Papa John's International returned $393M to shareholders over three years, 185% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Share count shrinking. Shares outstanding down 5.1% from December 2022 to July 2026.
Papa John's International had 5.1% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 5.6% in the 12 months to June 2026 vs the 12 months before.
Papa John's International is more profitable than most peers, yet revenue fell 5.6% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

37/ 100

Oct 5 37 → Nov 4 37

Valuation

Is the price right?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.04Sector median: 0.0439 · MAD: 0.0329

EBITDA yield13.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.02Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield5.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.10Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield-74.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

11/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 2.3%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-63.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.67Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-1.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.95Sector median: 0.0425 · MAD: 0.0636

Revenue growth-5.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.44Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.45Sector median: 0.0638 · MAD: 0.0461

Return on assets3.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.0331 · MAD: 0.0254

Return on invested capital27.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.31Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin20.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.06

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.44Sector median: 0.6345 · MAD: 0.2980

Current ratio0.83×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.17Sector median: 1.4800 · MAD: 0.5570

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Papa John's International

Is Papa John's International getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: 12-month revenue fell 2.3%. Its overall score is unchanged at 37/100 since Oct 28, 2026.
How is Papa John's International valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 1,612 consumer cyclical peers. EBITDA yield 13.4% vs a peer median of 8.8% (stronger than 74% of peers).EBITDA yield 13.4% vs peers 8.8% (stronger than 74% of peers).
Is Papa John's International growing?: More slowly than most of its peers. Growth scores 11/100 against 1,612 consumer cyclical peers. Earnings per share growth -63.6% vs a peer median of 4.2% (weaker than 94% of peers).Earnings per share growth -63.6% vs peers 4.2% (weaker than 94% of peers).
How profitable is Papa John's International?: More profitable than most of its peers. Profitability scores 71/100 against 1,612 consumer cyclical peers. Return on invested capital 27.2% vs a peer median of 7.3% (stronger than 90% of peers).Return on invested capital 27.2% vs peers 7.3% (stronger than 90% of peers). Operating margin 4.3% vs a peer median of 6.4% (weaker than 64% of peers).Operating margin 4.3% vs peers 6.4% (weaker than 64% of peers).
How risky is Papa John's International?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.83× vs a peer median of 1.48× (weaker than 84% of peers).Current ratio 0.83× vs peers 1.48× (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 28, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 29, 2026

Got weaker

12-month revenue fell 2.3%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.0B USD	2.0B USD	−2.3%
Net income (12 months)	28.6M USD	27.6M USD	−3.5%
Operating margin	4.3%	4.3%	+0.0 pts
Free cash flow (12 months)	36.0M USD	34.2M USD	−4.8%
Debt	735.2M USD	727.5M USD	−1.0%
Cash	39.0M USD	28.5M USD	−27.0%
Shares outstanding	32.9M	32.9M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Restaurants · 19 companies

Valuations in Restaurants are within their usual range since 2016.

40% of months since 2016 were valued lower than now.
12% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +17% (medians): earnings grew faster than prices.
Median price-to-sales is −28% vs the whole market, against a usual −11%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	8.1%	5.2%	6.9%	7.6%	4.3%	▼ 3.3 pts
Net margin	5.8%	3.2%	3.8%	4.1%	1.5%	▼ 2.6 pts
Return on assets (ROA)	13.6%	7.8%	9.4%	9.4%	3.6%	▼ 5.7 pts
Free cash flow margin	5.6%	1.9%	5.5%	1.7%	3.0%	▲ 1.3 pts
Current ratio	0.89×	0.95×	0.76×	0.83×	0.82×	▼ 1.6%
Quick ratio	0.77×	0.79×	0.64×	0.70×	0.70×	▼ 0.7%
Interest coverage	8.76×	4.09×	—	—	—	—

PZZA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.83 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.06 vs peers 0.63) and less liquidity (current ratio 0.83 vs peers 1.48)

Ranks #1,147 of 1,502 consumer cyclical companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Papa John's International's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Returning more cash than it generates. Paid out $393M vs $212M of free cash flow over the 3 fiscal years to 2025.

Papa John's International returned $393M to shareholders over three years, 185% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Share count shrinking. Shares outstanding down 5.1% from December 2022 to July 2026.

Papa John's International had 5.1% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 5.6% in the 12 months to June 2026 vs the 12 months before.

Papa John's International is more profitable than most peers, yet revenue fell 5.6% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about Papa John's International

Is Papa John's International getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: 12-month revenue fell 2.3%. Its overall score is unchanged at 37/100 since Oct 28, 2026.

How is Papa John's International valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 1,612 consumer cyclical peers. EBITDA yield 13.4% vs a peer median of 8.8% (stronger than 74% of peers).EBITDA yield 13.4% vs peers 8.8% (stronger than 74% of peers).

Is Papa John's International growing?

More slowly than most of its peers. Growth scores 11/100 against 1,612 consumer cyclical peers. Earnings per share growth -63.6% vs a peer median of 4.2% (weaker than 94% of peers).Earnings per share growth -63.6% vs peers 4.2% (weaker than 94% of peers).

How profitable is Papa John's International?

More profitable than most of its peers. Profitability scores 71/100 against 1,612 consumer cyclical peers. Return on invested capital 27.2% vs a peer median of 7.3% (stronger than 90% of peers).Return on invested capital 27.2% vs peers 7.3% (stronger than 90% of peers). Operating margin 4.3% vs a peer median of 6.4% (weaker than 64% of peers).Operating margin 4.3% vs peers 6.4% (weaker than 64% of peers).

How risky is Papa John's International?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.83× vs a peer median of 1.48× (weaker than 84% of peers).Current ratio 0.83× vs peers 1.48× (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.0B USD

2.0B USD

−2.3%

Net income (12 months)

28.6M USD

27.6M USD

−3.5%

Operating margin

4.3%

4.3%

+0.0 pts

Free cash flow (12 months)

36.0M USD

34.2M USD

−4.8%

Debt

735.2M USD

727.5M USD

−1.0%

Cash

39.0M USD

28.5M USD

−27.0%

Shares outstanding

32.9M

32.9M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

8.1%

5.2%

6.9%

7.6%

4.3%

▼ 3.3 pts

Net margin

5.8%

3.2%

3.8%

4.1%

1.5%

▼ 2.6 pts

Return on assets (ROA)

13.6%

7.8%

9.4%

3.6%

▼ 5.7 pts

Free cash flow margin

5.6%

1.9%

5.5%

1.7%

3.0%

▲ 1.3 pts

Current ratio

0.89×

0.95×

0.76×

0.83×

0.82×

▼ 1.6%

Quick ratio

0.77×

0.79×

0.64×

0.70×

▼ 0.7%

Interest coverage

8.76×

4.09×

—