Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Papa Johns International Inc.PZZA · shops | |
|---|---|
| Grade |  C/Don the C/D boundary of 258 graded peers; percentile 58.8, sampling error 2.9 points; lower is stronger |
| Rank | 152 of 258 |
| Profitability | A/Bpercentile 21.7 |
| Solvency | Dpercentile 75.7 |
| Growth and financing | C/Dpercentile 61.5 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $837.5M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $19.452026-10-08; market equity $640.3M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
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.” Papa Johns began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants operating in 50 countries and territories.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 21.7 | |||||||
| Gross profitability | not computable | 42.6% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | not computable | 10.9% | |||||
| a prior annual debt, equity, and cash observation is required | |||||||
| Accruals ratio | (11.1%) | [1,3-5] | (4.9%) | 21.7 | 287 | 2025-12-28 | |
| Gross margin stability, five years | not computable | 1.2 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 75.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 0.75 | [1,6-11] | 1.92 | 61.4 | 208 | 2025-12-28 | |
| Net debt to EBITDA | 3.79x | [9,12-14] | 1.84x | 82.8 | 100 | 2025-12-28 | |
| Interest coverage | not computable | 2.26x | |||||
| latest aligned inputs end 2022-12-25; latest annual assets end 2025-12-28 | |||||||
| Current ratio | 0.82x | [6-7] | 1.37x | 83.0 | 295 | 2025-12-28 | |
| Growth and financing, sleeve percentile 61.5 | |||||||
| Revenue growth, three-year compound | (0.8%) | [2,15-17] | 1.5% | 60.1 | 269 | 2025-12-28 | |
| Free cash flow growth, three-year compound | 15.9% | [4,18-24] | 5.6% | 30.1 | 147 | 2025-12-28 | |
| Reinvestment rate | (57.0%) | [6-7,9,14,18,25-28] | 7.3% | 85.4 | 152 | 2025-12-28 | |
| Asset growth, three years | (1.0%) | [1,5,29-30] | 3.4% | 65.7 | 272 | 2025-12-28 | |
| Net share issuance, one year | 0.5% | [31-32] | (0.6%) | 66.2 | 211 | 2026-02-20 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.069; sampling error 2.9 percentile points on 258 peers.
Among 258 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 147 | Grocery Outlet Holding Corp. (GO) Grocery Outlet Holding Corp. (GO) Cmiddle fifth; percentile 56.8 Nasdaq · Retail-Grocery Stores market equity $1.2B; last close $11.93 No active warnings; 10 of 14 inputs | 56.8 | C | |
| 148 | Distribution Solutions Group, Inc. (DSGR) Distribution Solutions Group, Inc. (DSGR) C/Don the C/D boundary; percentile 57.2 Nasdaq · Wholesale-Machinery, Equipment & Supplies market equity $1.6B; last close $35.07 No active warnings; 11 of 14 inputs | 57.2 | C/D | |
| 149 | Kroger Co. (KR) Kroger Co. (KR) C/Don the C/D boundary; percentile 57.6 NYSE · Retail-Grocery Stores market equity $36.3B; last close $61.42 No active warnings; 10 of 14 inputs | 57.6 | C/D | |
| 150 | United Natural Foods Inc. (UNFI) United Natural Foods Inc. (UNFI) C/Don the C/D boundary; percentile 58.0 NYSE · Wholesale-Groceries, General Line market equity $2.7B; last close $44.06 No active warnings; 12 of 14 inputs | 58.0 | C/D | |
| 151 | Autonation, Inc. (AN) Autonation, Inc. (AN) C/Don the C/D boundary; percentile 58.4 NYSE · Retail-Auto Dealers & Gasoline Stations market equity $5.2B; last close $156.87 No active warnings; 8 of 14 inputs | 58.4 | C/D | |
| 152 | Papa Johns International Inc. (PZZA) Papa Johns International Inc. (PZZA) C/Don the C/D boundary; percentile 58.8 Nasdaq · Retail-Eating Places market equity $640.7M; last close $19.45 No active warnings; 9 of 14 inputs | 58.8 | C/D | |
| 153 | Autozone Inc. (AZO) Autozone Inc. (AZO) C/Don the C/D boundary; percentile 59.1 NYSE · Retail-Auto & Home Supply Stores market equity $47.5B; last close $2,910.72 No active warnings; 9 of 14 inputs | 59.1 | C/D | |
| 154 | Stitch Fix, Inc. (SFIX) Stitch Fix, Inc. (SFIX) C/Don the C/D boundary; percentile 59.5 Nasdaq · Retail-Catalog & Mail-Order Houses last close $2.73 No active warnings; 8 of 14 inputs | 59.5 | C/D | |
| 155 | Resideo Technologies, Inc. (REZI) Resideo Technologies, Inc. (REZI) C/Don the C/D boundary; percentile 59.9 NYSE · Wholesale-Hardware market equity $2.6B; last close $17.19 Warnings: short runway; 9 of 14 inputs | 59.9 | C/D | short runway |
| 156 | Albertsons Companies, Inc. (ACI) Albertsons Companies, Inc. (ACI) C/Don the C/D boundary; percentile 60.3 NYSE · Retail-Grocery Stores market equity $6.0B; last close $12.34 No active warnings; 11 of 14 inputs | 60.3 | C/D | |
| 157 | Genuine Parts Co. (GPC) Genuine Parts Co. (GPC) C/Don the C/D boundary; percentile 60.7 NYSE · Wholesale-Motor Vehicle Supplies & New Parts market equity $17.7B; last close $128.19 No active warnings; 8 of 14 inputs | 60.7 | C/D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 61.4 | 2204 |
| sector peers, equal sleeves (the grade) | C/D | 58.8 | 258 |
| same exchange, equal sleeves | D | 63.3 | 1219 |
| sector peers, equal inputs | D/E | 79.8 | 258 |
Each letter is one fifth of the 258 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (49.4%) | (0.1%) | 8 | hotter than 8 of 100 peers |
| Distance from 52-week high | (64.8%) | (24.1%) | 8 | closer to its high than 8 of 100 peers |
| EBIT to enterprise value | 6.7% | 5.3% | 65 | pricier than 35 of 100 peers |
| Free cash flow yield | 9.6% | 4.2% | 80 | pricier than 20 of 100 peers |
| Book value to price | (0.71) | 0.36 | 4 | pricier than 96 of 100 peers |
| Sales to price | 3.21 | 1.75 | 71 | pricier than 29 of 100 peers |
| Composite equity issuance, five years | (15.4%) | (16.7%) | 51 | more equity-funded than 51 of 100 peers |
| Relative strength against the sector, log excess return | (0.66) | 0.02 | 8 | ahead of 8 of 100 peers |
Inputs: market equity $640.7M; EBIT $89.1M; free cash flow $61.3M; book equity -$453.1M; sales $2.1B; debt $722.3M; cash $34.6M[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-28 | ||
|---|---|---|
| Return on assets above zero | 3.4% | ✓ pass[3,5] |
| Operating cash flow above zero | $126.0M | ✓ pass[4] |
| Return on assets improved | (6.1 pts) | ✗ fail[3,5,29,34] |
| Operating cash flow exceeds net income | $95.5M | ✓ pass[3-4] |
| Long-term leverage fell | (1.8 pts) | ✓ pass[1,5,29,35-36] |
| Current ratio improved | (1.4 pts) | ✗ fail[6-7,27-28] |
| No new shares issued | 0.5% | ✗ fail[31-32] |
| Gross margin improved | n/a | |
| Asset turnover improved | (4.3 pts) | ✗ fail[2,5,15,29] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[4,37-40] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $28.9M |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $837.5M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:NetIncomeLoss | $30.5M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $126.0M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $889.0M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | current assets | us-gaap:AssetsCurrent | $237.4M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | current liabilities | us-gaap:LiabilitiesCurrent | $291.0M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $210.8M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | operating income | us-gaap:OperatingIncomeLoss | $89.1M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | -$444.8M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | liabilities | us-gaap:Liabilities | $1.3B | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 12 | total debt | us-gaap:LongTermDebt | $722.3M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 13 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $34.6M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 14 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $92.2M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2022-12-25 | 2025-02-27 | 10-K | filing · viewer · series |
| 18 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $64.7M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $106.6M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $72.5M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 21 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $193.1M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $76.6M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $117.8M | 2022-12-25 | 2025-02-27 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $78.4M | 2022-12-25 | 2025-02-27 | 10-K | filing · viewer · series |
| 25 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $48.4M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 26 | income tax | us-gaap:IncomeTaxExpenseBenefit | $16.3M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $230.6M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $278.0M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $875.0M | 2023-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $864.2M | 2022-12-25 | 2024-02-29 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 32,810,752 | 2026-02-20 | 2026-02-26 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 32,661,038 | 2025-02-21 | 2025-02-27 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 32,921,687 | 2026-07-31 | 2026-08-06 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $83.5M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $710.4M | 2025-12-28 | 2026-02-26 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $741.6M | 2024-12-29 | 2026-02-26 | 10-K | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $35.8M | 2026-06-28 | 2026-08-06 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $7.2M | 2026-03-29 | 2026-05-07 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $106.2M | 2025-09-28 | 2025-11-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $66.8M | 2025-06-29 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 58.8 is 1.2 points from the nearest band edge; sampling error is 2.9 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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