Papa Johns International Inc. (PZZA) intrinsic value & 10-year financials
Papa Johns International Inc. (PZZA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 2.0% a year to $2.1B, with an average return on invested capital of 30.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $19.39
- Market cap
- $638.8M
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- 2.0%
- ROIC (10-yr avg)
- 30.6%
- Free cash flow (FY2025)
- $61.3M
PZZA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $30.5M | $0.90 | $61.3M | 4.3% | 13.0% |
| FY2024 | $2.1B | $83.5M | $2.54 | $34.1M | 7.6% | 25.5% |
| FY2023 | $2.1B | $82.1M | $2.48 | $116.4M | 6.9% | 26.8% |
| FY2022 | $2.1B | $67.8M | $1.89 | $39.4M | 5.2% | 21.3% |
| FY2021 | $2.1B | $120.0M | $0.12 | $116.1M | 8.1% | 58.4% |
| FY2020 | $1.8B | $57.9M | $1.28 | $150.8M | 5.0% | 67.2% |
| FY2019 | $1.6B | $4.9M | -$0.24 | $24.0M | 1.5% | 11.6% |
| FY2018 | $1.6B | $1.6M | $0.05 | $30.8M | 1.9% | 5.0% |
| FY2017 | $1.8B | $102.3M | $2.83 | $82.4M | 8.5% | 37.7% |
| FY2016 | $1.7B | $102.8M | $2.74 | $94.7M | 9.6% | 39.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PAPA JOHNS INTERNATIONAL INC has demonstrated mature, steady growth, with revenue compounding at 2.0% annually over the past decade.
PAPA JOHNS INTERNATIONAL INC has earned high returns on invested capital, averaging 30.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, PAPA JOHNS INTERNATIONAL INC shows that management has aggressively returned capital to shareholders by retiring 12.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PAPA JOHNS INTERNATIONAL INC is modeled at -11.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-11.48 per share.