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Papa John s International, Inc., a Delaware corporation (referred to as the Company, Papa John s, Papa Johns or in the first person notations of we, us and our ), operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark Papa Johns. At December 28, 2025, there were 6,083 Papa Johns restaurants in o…
Operating margin is thin at 4.34%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 0.3% YoY. Margins deteriorated 3.3pp alongside, both lines moving the wrong way.
ROIC dropped from 13.09% to 7.64%, capital efficiency is deteriorating. Net debt of $902M represents 14.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.01B
▼ -0.3% YoY
Net Income (TTM)
$29M
▼ -63.4% YoY
Op. Margin
4.27%
▼ -3.3pp YoY
ROIC
7.37%
▼ -5.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$36M
▲ +79.5% YoY
Op. Cash Flow (TTM)
$102M
▲ +18.2% YoY
Net Debt
$914M
Cash & Equiv.
$39M
5Y CAGR: +2.5%
5Y CAGR: -16.5%
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