Domino's Pizza Inc (DPZ)
NEUTRAL基本面
73
价格
$348.87
市值
$11.31B
第一部分 · 这家公司值多少
概览
Domino's Pizza is the world's largest pizza company by store count, but it barely runs any restaurants itself: about 99% of its roughly 22,000 stores are owned and operated by independent franchisees. Domino's makes its money instead by selling franchisees the dough, toppings and packaging their stores need, and by charging them a royalty and advertising fee on every sale, an arrangement built around delivery and takeout rather than dine-in.
盈利方式
Supply chain sales — dough, ingredients, equipment and packaging sold to franchised and company-owned stores — make up most of revenue but carry thin, distribution-style margins. Royalties and advertising fees, a fixed percentage of each franchisee's retail sales, are much smaller in dollars but far more profitable since Domino's incurs no store-level cost to earn them. A small number of company-owned stores and international master-franchisee royalties fill out the rest.
分部营收
Sale of dough, ingredients, equipment and packaging to franchised and company-owned stores across the US and Canada.
Royalties and advertising fees from US franchisees plus retail sales from the small number of company-owned stores.
Royalties from independent master franchisees who operate the Domino's brand outside the United States.
护城河
品牌 · 狭窄Domino's brand recognition, delivery-focused store footprint and years of investment in ordering technology give it real advantages of scale and habit over independent pizzerias. But pizza remains a low-cost, easily substituted meal, and the company competes against comparably resourced national chains, so the edge is real but not durable enough to call wide.
需求驱动因素
防御型A delivered pizza is one of the cheapest hot-meal options available, so demand tends to hold up better than at sit-down restaurants when consumers pull back spending, and some customers trade down to Domino's from pricier alternatives during a downturn. Growth still depends on store openings and comparable-sales trends, but the category itself is fairly resistant to the economic cycle.
主要风险
- Dependence on independent franchisees — With about 99% of stores franchised, Domino's results depend on thousands of independent operators executing the brand consistently; if franchisees struggle with labor, rent or delivery economics, royalty and supply chain income weaken quickly.
- Commodity and input cost inflation — Cheese, meat toppings and other ingredient costs fluctuate, and Domino's may not be able to pass every cost increase through to franchisees and customers without slowing demand.
- Concentrated ingredient supply — The company relies on a single supplier or a limited number of suppliers for certain key ingredients, including pizza cheese and meat toppings, so a disruption at one of them could affect stores broadly.
- Reliance on independent international master franchisees — Most markets outside the US are run by independent master franchisees rather than Domino's directly, exposing international royalty income to local currency swings, political conditions and the execution of partners it does not control.
看多理由
Buyers argue that the franchised, asset-light model converts store growth into high-margin royalty income with little capital from Domino's, that pizza delivery holds up well in tougher economic conditions, and that continued international expansion through master franchisees gives the brand room to grow well beyond its mature US store base.
看空理由
Sellers fear that thousands of franchisees facing labor and rent inflation could slow new-store openings and squeeze the supply chain business that generates most of Domino's dollar revenue, that commodity cost spikes are hard to fully pass through, and that heavy reliance on delivery leaves Domino's exposed to costly competition from food-delivery apps and other chains.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$5.03B
最近12个月（截至2026/6/14）
净利润
$597M
最近12个月（截至2026/6/14）
自由现金流
$672M
股东权益合计
$-3.90B
负债合计
$5.62B
流动比率
1.54
利息覆盖率
4.96
债务/EBITDA
4.91
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$347.84
当前价格
$348.87
安全边际
-0.3%
公允价值区间
$304.32 - $391.36
估算方法
估值指标
市盈率（P/E）
19.80
ROE
-15.4%
市净率（P/B）
-
P/FCF
17.67
毛利率
40.0%
ROIC
66.0%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
66.0%
WACC
7.7%
ROIC − WACC
+58.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（19）
- EPS shows upward trend
- EPS CAGR 17.23%
- Price CAGR 7.94%
- ROIC 66.0%
- Gross Margin 40.0%
- P/FCF 17.67
- Operating Margin 19.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 31.9%
- Analyst Consensus 56% Buy
- Earnings Quality (OCF/NI) 1.30
- Share Dilution -2.2%
- Piotroski F-Score 9/9
未通过（5）
- DCF valuation (Overvalued)
- Revenue Growth 5Y 3.7%
- Earnings Surprise avg -2.8%
- PEG Ratio 2.72
- Net Margin Trend 11.9% vs 12.5%
不可用（4）
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. David Allen Brandon | Executive Chairman | 73 |
| Mr. Russell J. Weiner | CEO & Director | 57 |
| Mr. Sandeep Reddy C.F.A. | Executive VP & CFO | 54 |
| Mr. Joseph Hugh Jordan | COO & President of U.S. | 51 |
审计风险
6
董事会风险
4
薪酬风险
8
股东权利风险
8
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for DPZ, sourced from Markets Gazette.
- 7/20/2026POSITIVEDomino’s shares jump as franchise store operators spend more on ingredients
Domino's Pizza Inc. saw its shares surge approximately 7% in pre-market trading following the release of its second-quarter financial results. The company reported revenue that exceeded analyst estimates by around 2.5%. This positive performance is attributed to increased spending by franchise store operators on ingredients, suggesting robust demand and operational efficiency within the franchise network. For investors, this indicates a strengthening top-line performance and potential for continued growth, possibly leading to upward revisions in earnings forecasts and stock price targets.
- 5/16/2026NEGATIVEAmerica's Pizza Business Is Feeling The Squeeze As Another Chain Files For Bankruptcy While Domino's, Papa John's Warn Consumers Are Pulling Back
The US pizza industry is facing significant headwinds, with Smoking Monkey Pizza filing for Chapter 11 bankruptcy. This follows reports of Pizza Hut store closures and Domino's Pizza warning of consumer pullback due to economic pressures. Domino's, a major player, is experiencing weak sales as consumers become more price-sensitive and reduce discretionary spending. This broad industry weakness suggests a challenging environment for major pizza chains, potentially impacting future revenue and profitability for companies like Domino's and Papa John's.
- 4/27/2026NEGATIVEDomino's Hit By Budget-Conscious Diners, Shares Tumble
Domino's Pizza Inc. (DPZ) shares experienced a significant decline following the release of its Q1 financial results, which fell short of analyst expectations for both revenue and earnings. The company cited a combination of persistent inflation and evolving consumer spending habits as key factors impacting its performance. Budget-conscious diners appear to be reducing discretionary spending on dining out, directly affecting Domino's sales volumes. This trend suggests a challenging near-term outlook for the pizza chain, potentially leading to further pressure on its stock price as investors reassess growth prospects.
- 3/8/2026POSITIVEIs Domino's Stock Going to $500?
Domino's Pizza Inc. (DPZ) stock is trading below its three-year average valuation, suggesting a potential undervaluation. Analysts are questioning if the current price point could propel the stock towards the $500 mark. This valuation metric, when compared to historical performance, often signals an opportunity for investors looking for growth at a reasonable price. The company's ability to maintain market share and innovate its delivery services will be key factors in realizing this potential upside.
- 2/25/2026NEGATIVEHow Prediction Market Traders Won on Domino's Earnings Miss
Domino's Pizza reported a disappointing fourth quarter, missing analysts' earnings estimates. Despite this setback, 'no' contract holders on Polymarket's prediction markets still managed to profit, indicating that some investors correctly anticipated the underperformance. This outcome suggests potential short-term pressure on Domino's stock, as the market typically reacts negatively to earnings misses. Investors should closely monitor the company's upcoming announcements and market reactions to assess the long-term impact of this performance.
- 2/24/2026POSITIVEThis Warren Buffett favorite just hiked its dividend by 15%
Markets Gazette reports a distinctly positive signal for Domino's Pizza investors. The renowned pizza chain has announced a 15% dividend hike, a move that underscores its financial strength and confidence in future growth. This development is particularly significant given the strong presence of Berkshire Hathaway, Warren Buffett's holding company, which owns nearly 10% of Domino's, a stake valued at approximately $1.34 billion. In Q4 2025, Berkshire even increased its stake by 12%, demonstrating clear approval from one of the world's most influential investors. The dividend increase not only rewards current shareholders but could also attract new capital, strengthening the stock's market position.
- 2/24/2026POSITIVEWhy Domino's Pizza Stock Popped Today
Shares of Domino's Pizza, the world's largest pizza company, experienced a significant rally. The positive performance was triggered by management's stated ambition to expand its market dominance even further. Despite its already established leadership position, the company aims to 'get even bigger,' a move that investors have interpreted as a strong signal of confidence in the future and an aggressive growth strategy. The market is pricing in this ambition positively, betting that it will translate into increased market share, new store openings, and further investments in technology to strengthen its leadership. This proactive vision reassures shareholders about the stock's long-term appreciation potential.
via Markets Gazette