Latest Ratios: P/E Ratio 38.5x · EV/EBITDA 12.1x · 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 | $1.1B | $1.3B | $1.3B | $2.5B | $2.9B | $4.7B | $2.8B | $2.0B | $1.3B | $2.0B | $3.2B |
| Enterprise Value | $2.2B | $2.4B | $2.2B | $3.5B | $3.7B | $5.3B | $3.2B | $2.5B | $1.9B | $2.5B | $3.5B |
| P/E Ratio → | 38.49 | 43.67 | 15.56 | 30.74 | 43.55 | 39.26 | 47.94 | 421.00 | 780.59 | 19.83 | 31.23 |
| P/S Ratio | 0.55 | 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 | 18.59 | 21.12 | 37.97 | 21.71 | 74.58 | 40.62 | 18.41 | 83.10 | 41.79 | 24.87 | 36.37 |
| P/OCF | 9.05 | 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 | 12.10 | 12.96 | 9.86 | 16.35 | 22.97 | 24.56 | 22.57 | 34.74 | 24.58 | 12.81 | 17.04 |
| EV / EBIT | 24.63 | 26.37 | 14.23 | 23.47 | 33.93 | 31.69 | 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 | 8.76 | 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 | 5.4% | 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 | 2.6% | 2.3% | 6.4% | 3.3% | 2.3% | 2.5% | 2.1% | 0.2% | 0.1% | 5.0% | 3.2% |
| FCF Yield | 5.4% | 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% | 1.5% | 0.1% | 0.0% | 12.3% | 10.2% | 3.8% |
| Total Shareholder Yield | 5.4% | 4.7% | 4.8% | 10.6% | 6.1% | 2.4% | 1.2% | 1.4% | 14.5% | 11.7% | 4.7% |
| Shares Outstanding | — | $33M | $33M | $33M | $36M | $35M | $33M | $32M | $32M | $37M | $38M |
Franchisee margin compression risk
According to current market data, PZZA trades at a 40.88x TTM P/E ratio, which appears disconnected from its stagnant revenue trajectory and suggests that investors are pricing in a recovery that remains unsupported by the company's recent -0.27% year-over-year revenue growth performance.
The forward P/E of 24.85 implies an expectation of significant earnings expansion that seems optimistic given the current 1.49% net margin. When compared to peers like Domino's, the valuation appears to be pricing in a turnaround that may be hindered by the company's structural reliance on low-margin commissary operations.
Based on reported financial statements, the company's ROIC has trended downward to 3.6% in 2026Q1, reflecting a persistent inability to generate returns on invested capital that exceed the cost of capital, a trend that warrants further investigation into the efficacy of recent capital allocation strategies.
The decline in ROIC from 9.6% in 2024Q3 to current levels suggests that the company's heavy investment in physical commissary infrastructure is failing to drive incremental value. This decay in returns indicates that the business model may be struggling to maintain its competitive moat against more asset-light franchise competitors.
As reported in recent filings, the cash conversion cycle has remained relatively stable at 14 days, yet the underlying components reveal that the company is struggling to optimize its inventory and payables, which may be exacerbating the liquidity constraints observed in the current fiscal period.
The asset turnover ratio of 0.54 suggests that the company's capital-intensive commissary model is not generating sufficient revenue per dollar of assets employed. This inefficiency appears to be a structural drag on profitability, as the company must maintain significant inventory levels to support its standardized ingredient specifications.
According to the latest balance sheet data, the current ratio of 0.84 indicates that the company maintains a thin liquidity buffer, which may leave it vulnerable to sudden shocks in commodity costs or unexpected disruptions within the franchise network's operational cash flow requirements.
The quick ratio of 0.72 further highlights the company's reliance on inventory turnover to meet short-term obligations. Investors should monitor these liquidity metrics closely, as any further deterioration could limit the company's ability to fund necessary maintenance CapEx or support its franchisees during periods of economic stress.
Based on the company's unique business model, the P/E ratio is frequently misapplied by analysts, as it fails to account for the significant non-cash charges and commissary-related depreciation that distort the true earnings power of the high-margin royalty and franchise fee business segments.
A more appropriate metric for evaluating PZZA would be an adjusted EV/EBITDA that strips out the low-margin commissary wholesale revenue. Relying on P/E obscures the underlying operational health of the franchise system, which is the primary driver of long-term value for the brand.
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 38.5x. The historical average is 26.3x. This places it at the 75th percentile of its historical range.
Papa John's International, Inc.'s current EV/EBITDA is 12.1x. 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 38.5x. This is at the 75th 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 5.36% 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.