PZZAPAPA JOHNS INTERNATIONAL INC

Retail-Eating Places

Revenue: $2.1B; 0.3% YoY
Operating margin: 4.3%; 43% YoY
EBITDA: $181M; 20% YoY
Market cap: $607M
Employees: —
Net debt / EBITDA: 3.8×; $688M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
413% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$607M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.1B	$2.1B	$2.1B	$2.1B	0.3%
Operating income	$168M	$109M	$147M	$157M	$89M	43%
Net income	$120M	$68M	$82M	$83M	$31M	63%
Operating cash flow	$185M	$118M	$193M	$107M	$126M	18%
Capex	$69M	$78M	$77M	$72M	$65M	11%
Stock-based comp	$17M	$18M	$18M	$10M	$15M	56%
Buybacks	$72M	$125M	$210M	$2M	$0	100%
Dividends	$40M	$55M	$58M	$61M	$61M	1.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 3, 2023	Starboard Value LP	SC 13D/A	1.7%	Passive
Aug 20, 2021	Starboard Value LP	SC 13D/A	7.6%	Passive
May 13, 2021	Starboard Value LP	SC 13D/A	9.5%	Passive
Mar 30, 2020	SCHNATTER JOHN H	SC 13D/A	4.0%	Passive
Feb 13, 2020	SCHNATTER JOHN H	SC 13D/A	6.1%	Passive
Jan 15, 2020	Starboard Value LP	SC 13D/A	10.0%	Active
Nov 7, 2019	SCHNATTER JOHN H	SC 13D/A	10.5%	Passive
Oct 22, 2019	Legion Partners Asset Management, LLC	SC 13D/A	0.0%	Passive
Oct 3, 2019	Legion Partners Asset Management, LLC	SC 13D/A	5.4%	Passive
Sep 24, 2019	Legion Partners Asset Management, LLC	SC 13D/A	2.8%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.