Papa John's International, Inc.

PZZA

Consumer CyclicalSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa Johns trademark in the United States, Canada, and internationally. It operates through four segments: Domestic Company-Owned Restaurants, North America Franchising, North America Commissaries, and International. The company operates dine-in and delivery restaurants. It also offers pizza and other food and beverage products. In addition, the company supplies pizza sauce, dough, food products, paper products, smallware, and cleaning supplies to restaurants. Papa John's International, Inc. was founded in 1984 and is based in Louisville, Kentucky.

Valuation

Market Cap$1.1B

Current Price$35.31as of Jun 23, 2026

P/E Ratio34.79

P/B Ratio-2.39

EV / EBITDA10.83

EV / Sales0.96

Profitability

Operating Margin4.1%

Net Profit Margin1.5%

EBITDA Margin8.8%

Returns

ROE-6.9%

ROCE15.5%

ROIC %-

ROA3.6%

Solvency

Current Ratio0.82

Debt / Equity-2.11

Debt / Assets1.12

CFO / Net Profit4.13

Price History▼ 27.94% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.1B▼ 0.3%

EBITDA$181M▼ 19.8%

Net Profit$31M▼ 63.4%

Cash from Ops (CFO)$126M▲ 18.2%

Free Cash Flow (FCF)$52M▲ 51.0%

Revenue CAGR 3Y-0.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-23.3%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.1B	$181M	$31M	$52M	-6.9%	-0.3%	-63.4%
2024	$2.1B	$226M	$83M	$34M	-19.4%	-3.6%	1.7%
2023	$2.1B	$211M	$82M	$116M	-17.9%	1.6%	21.1%
2022	$2.1B	$161M	$68M	$39M	-23.7%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,102.10	2,135.71	2,059.39	2,053.81
Operating Revenue	-	2,000.46	2,037.68	1,975.70	1,963.28
Cost Of Revenue	-	1,713.67	1,716.40	1,642.76	1,628.13
Gross Profit	-	388.43	419.32	416.63	425.67
Operating Expense	-	267.33	272.17	273.94	340.99
Selling General And Administration	-	215.30	208.08	204.53	248.74
Total Expenses	-	1,981.01	1,988.57	1,916.70	1,969.12
Operating Income	-	121.10	147.14	142.69	84.69
Total Operating Income As Reported	-	109.03	147.14	156.70	89.15
EBITDA	-	161.06	211.23	226.11	181.39
Normalized EBITDA	-	173.13	211.23	212.10	176.93
EBIT	-	109.03	147.14	156.70	89.15
Interest Expense	-	25.26	43.47	42.58	40.77
Net Interest Income	-	-25.26	-43.47	-42.58	-40.77
Other Income Expense	-	-12.06	-6.84	14.02	4.46
Interest Expense Non Operating	-	25.26	43.47	42.58	40.77
Net Non Operating Interest Income Expense	-	-25.26	-43.47	-42.58	-40.77
Pretax Income	-	83.77	103.67	114.13	48.38
Tax Provision	-	14.42	20.87	29.93	16.26
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-2.08	0	3.67	1.50
Net Income Continuous Operations	-	69.35	82.80	84.20	32.12
Net Income From Continuing And Discontinued Operation	-	67.77	82.10	83.49	30.53
Net Income From Continuing Operation Net Minority Interest	-	67.77	82.10	83.49	30.53
Net Income	-	67.77	82.10	83.49	30.53
Net Income Common Stockholders	-	67.36	82.10	83.32	29.57
Net Income Including Noncontrolling Interests	-	69.35	82.80	84.20	32.12
Normalized Income	-	77.76	82.10	73.14	27.57
Diluted NI Availto Com Stockholders	-	67.36	82.10	83.32	29.57
Basic Average Shares	-	35.50	32.93	32.72	32.85
Diluted Average Shares	-	35.72	33.16	32.82	32.94
Reconciled Depreciation	-	52.03	64.09	69.41	92.24
Reconciled Cost Of Revenue	-	1,713.67	1,716.40	1,642.76	1,628.13
Total Unusual Items	-	-12.06	-6.84	14.02	4.46
Total Unusual Items Excluding Goodwill	-	-12.06	-6.84	14.02	4.46
Preferred Stock Dividends	109.85	-	-	-	-
Minority Interests	-	-1.58	-0.70	-0.71	-1.59
Special Income Charges	-	-12.06	-6.84	14.02	4.46
Gain On Sale Of Business	-	-	0	41.29	17.05
Other Special Charges	-	15	0.58	-	-
Restructuring And Mergern Acquisition	-	12.06	6.26	27.27	12.59
Gain On Sale Of Security	1.91	-	-	-	-
Depreciation Amortization Depletion Income Statement	-	52.03	64.09	69.41	92.24
Depreciation And Amortization In Income Statement	-	52.03	64.09	69.41	92.24
General And Administrative Expense	-	215.30	208.08	204.53	248.74
Other Gand A	-	215.30	208.08	204.53	248.74
Other Operating Expenses	-	18.38	-	-	-
Provision For Doubtful Accounts	-	18.38	0.87	-	-
Otherunder Preferred Stock Dividend	-	0.41	0	0.17	0.96

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Papa John's International, Inc.this co.	PZZA	$1.1B	34.79↑ premium	-2.39	-6.9%	10.83
Liquidity Services, Inc.	LQDT	$1.2B	41.00	5.67	13.8%	21.79
Sally Beauty Holdings, Inc.	SBH	$1.1B	5.84	1.44	24.7%	5.98
The RealReal, Inc.	REAL	$1.1B	-26.17	-2.63	10.1%	72.97
MasterBrand, Inc.	MBC

Learn while you research

Hand-picked academy chapters to deepen your understanding of Papa John's International, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.1B

$181M

$31M

$52M

-6.9%

-0.3%

-63.4%

2024

$2.1B

$226M

$83M

$34M

-19.4%

-3.6%

1.7%

2023

$2.1B

$211M

$82M

$116M

-17.9%

1.6%

21.1%

2022

$2.1B

$161M

$68M

$39M

-23.7%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,102.10

2,135.71

2,059.39

2,053.81

Operating Revenue

2,000.46

2,037.68

1,975.70

1,963.28

Cost Of Revenue

1,713.67

1,716.40

1,642.76

1,628.13

Gross Profit

388.43

419.32

416.63

425.67

Operating Expense

267.33

272.17

273.94

340.99

Selling General And Administration

215.30

208.08

204.53

248.74

Total Expenses

1,981.01

1,988.57

1,916.70

1,969.12

Operating Income

121.10

147.14

142.69

84.69

Total Operating Income As Reported

109.03

147.14

156.70

89.15

EBITDA

161.06

211.23

226.11

181.39

Normalized EBITDA

173.13

211.23

212.10

176.93

EBIT

109.03

147.14

156.70

89.15

Interest Expense

25.26

43.47

42.58

40.77

Net Interest Income

-25.26

-43.47

-42.58

-40.77

Other Income Expense

-12.06

-6.84

14.02

4.46

Interest Expense Non Operating

25.26

43.47

42.58

40.77

Net Non Operating Interest Income Expense

-25.26

-43.47

-42.58

-40.77

Pretax Income

83.77

103.67

114.13

48.38

Tax Provision

14.42

20.87

29.93

16.26

Tax Rate For Calcs

Tax Effect Of Unusual Items

-2.08

3.67

1.50

Net Income Continuous Operations

69.35

82.80

84.20

32.12

Net Income From Continuing And Discontinued Operation

67.77

82.10

83.49

30.53

Net Income From Continuing Operation Net Minority Interest

67.77

82.10

83.49

30.53

Net Income

67.77

82.10

83.49

30.53

Net Income Common Stockholders

67.36

82.10

83.32

29.57

Net Income Including Noncontrolling Interests

69.35

82.80

84.20

32.12

Normalized Income

77.76

82.10

73.14

27.57

Diluted NI Availto Com Stockholders

67.36

82.10

83.32

29.57

Basic Average Shares

35.50

32.93

32.72

32.85

Diluted Average Shares

35.72

33.16

32.82

32.94

Reconciled Depreciation

52.03

64.09

69.41

92.24

Reconciled Cost Of Revenue

1,713.67

1,716.40

1,642.76

1,628.13

Total Unusual Items

-12.06

-6.84

14.02

4.46

Total Unusual Items Excluding Goodwill

-12.06

-6.84

14.02

4.46

Preferred Stock Dividends

109.85

Minority Interests

-1.58

-0.70

-0.71

-1.59

Special Income Charges

-12.06

-6.84

14.02

4.46

Gain On Sale Of Business

41.29

17.05

Other Special Charges

0.58

Restructuring And Mergern Acquisition

12.06

6.26

27.27

12.59

Gain On Sale Of Security

1.91

Depreciation Amortization Depletion Income Statement

52.03

64.09

69.41

92.24

Depreciation And Amortization In Income Statement

52.03

64.09

69.41

92.24

General And Administrative Expense

215.30

208.08

204.53

248.74

Other Gand A

215.30

208.08

204.53

248.74

Other Operating Expenses

18.38

Provision For Doubtful Accounts

18.38

0.87

Otherunder Preferred Stock Dividend

0.41

0.17

0.96

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Papa John's International, Inc.this co.

PZZA

$1.1B

34.79↑ premium

-2.39

-6.9%

10.83

Liquidity Services, Inc.

LQDT

$1.2B

41.00

5.67

13.8%

21.79

Sally Beauty Holdings, Inc.

SBH

$1.1B

5.84

1.44

24.7%

5.98

The RealReal, Inc.

REAL

$1.1B

-26.17

-2.63

10.1%

72.97

MasterBrand, Inc.

MBC

Papa John's International, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Papa John's International, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on