Papa John's International, Inc. (PZZA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+398.5%

$94.22

vs $18.90 price

Levered DCF

$20.43

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.61

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.69×	15.72×	30.61×	43.32×	38.91×	47.4×	421×	776.02×
P/B	-2.9×	-3.05×	-5.47×	-10.2×	-24.9×	-9.75×	-6.01×	-4.23×
P/S	0.63×	0.64×	1.18×	1.39×	2.26×	1.52×	1.23×	0.81×
EV / EBITDA	12.94×	9.93×	16.26×	22.86×	24.15×	22.06×	34.21×	24.38×
Gross margin	28.9%	28.2%	19.6%	18.5%	20.8%	19.0%	17.9%	22.5%
Operating margin	4.3%	7.6%	6.9%	5.2%	8.1%	5.0%	1.5%	1.9%
Net margin	1.5%	4.1%	3.8%	3.2%	5.8%	3.2%	0.3%	0.1%
Current ratio	0.82×	0.83×	0.76×	0.95×	0.89×	1.06×	0.87×	1.04×
Debt / equity	-2.46×	-2.26×	-2.1×	-2.82×	-3.65×	-1.82×	-1.58×	-2.06×
Interest coverage	2.19×	3.68×	3.38×	4.32×	8.76×	5.3×	1.19×	1.18×
Dividend yield	4.7%	4.6%	2.3%	1.9%	1.0%	1.6%	1.9%	2.3%
Payout ratio	200.3%	72.5%	71.2%	80.8%	39.0%	74.2%	792.7%	1760.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.9%	-19.4%	-17.9%	-23.7%	-64.0%	-20.5%	-1.5%	-0.5%
Return on invested capital	8.8%	18.0%	19.5%	14.3%	22.3%	11.5%	4.3%	3.9%
Return on assets	3.3%	9.4%	9.4%	7.8%	13.6%	6.6%	0.7%	0.3%
Free cash flow yield	4.7%	2.6%	4.6%	1.3%	2.5%	5.5%	1.2%	2.4%
Earnings yield	2.4%	6.4%	3.3%	2.3%	2.6%	2.1%	0.2%	0.1%
Enterprise value	$2.3B	$2.2B	$3.4B	$3.7B	$5.3B	$3.1B	$2.5B	$1.9B
Net debt / EBITDA	5.82×	4.13×	4.38×	4.72×	2.81×	2.7×	6.82×	7.81×
Cash conversion cycle (days)	13	13	11	16	20	19	18	23