Noble Romans Inc (NROM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Noble Romans Inc stock $1.14, price $0.62, upside +83.9%, quality 61 out of 100. Rating: strongly undervalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $0.1400 – $0.9000 · fair‑value band $0.8500 – $1.54 · the $0.6200 price screens below the $1.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Noble Roman's, Inc., together with its subsidiaries, sells and services franchises in the United States.
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It also licenses and operates company-owned stand-alone restaurants and non-traditional foodservice operations under the Noble Roman's Craft Pizza & Pub, Noble Roman's Pizza, Noble Roman's Take-N-Bake, and Tuscano's Italian Style Subs brand names.
The company was incorporated in 1972 and is headquartered in Indianapolis, Indiana.
Stock analysis
Noble Romans Inc (NROM) currently trades at $0.6200, while our model-based Fair Value estimate is $1.14, implying the stock looks roughly 46% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $1.30 per share, and 19 of the 23 models we run sit above the $0.6200 price.
Bear case: the Economic Profit group reads lowest at $0.7950, and 4 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: $0.8500 (bear) to $1.54 (bull), the price of $0.6200 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Noble Romans Inc reported revenue of $16.5M in FY2025 versus $13.9M in FY2021, a compound +4.3%/yr. Reported net income was $1.2M in FY2025, compounding +23.2%/yr from FY2021.
Key figures
Market cap $13.8M Micro · P/E ratio 15.5 · P/S ratio 0.83 · EPS (TTM) $0.0400 · Net margin 6.9% · Return on equity 35.3% · Return on assets (EBIT) 11.4% (5-year average) · Operating margin 17.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 265% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −30% fair-value upside, at 84%, NROM screens cheaper than that median.
Fair Value models
Bear$0.8500Fair Value $1.14Bull$1.54
Price $0.6200 · Upside +83.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.0343 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
Start year 2020 (pandemic). Over 10 years: +7.9% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+18.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.2%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 18%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +6.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Restaurants · 200 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+83.9% · Top 25%
Profitability
Return on equity (12 months)35.3% · Top 25%
Return on assets7.4% · Top 25%
Net margin (12 months)6.9% · Top 25%
Operating margin (12 months)17.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.1% · Below median
Balance sheet
Debt / equity1.79× · Highest 25%
Valuation Multiplesvs Restaurants median · lower = cheaper
P/E (12 months)15.5× · Cheaper than median
P/B4.01× · Pricier than median
P/S (12 months)0.83× · Cheaper than median
Price / free cash flow (fiscal year)12.5× · Cheaper than median
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Is Noble Romans Inc (NROM) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $1.14 versus a price of $0.6200, about +84% upside (undervalued).
What is the fair value of NROM?
Our model-based fair value for Noble Romans Inc is $1.14 (as of Nov 5, 2026), built from audited fundamentals. The current price: $0.6200.
What is the quality score of NROM?
Noble Romans Inc has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Noble Romans Inc (NROM)?
Our model-based price target is the fair value of $1.14 (as of Nov 5, 2026) from 23 valuation models. Cautious scenario $0.8500, optimistic scenario $1.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Noble Romans Inc stock forecast for 2026?
Our models put fair value at $1.14, about +84% upside versus a price of $0.6200 (undervalued). Cautious scenario $0.8500, optimistic scenario $1.54. The calculation is refreshed regularly with new filings.
What is the revenue of Noble Romans Inc (NROM)?
Noble Romans Inc reported trailing-twelve-month revenue of about $16.6M (latest available figure, as of Nov 5, 2026).
What growth is priced into Noble Romans Inc (NROM)?
For today's price to be fair in a discounted-cash-flow model, Noble Romans Inc would have to grow free cash flow by +9.3 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of NROM use?
Our models discount Noble Romans Inc at 8.5 %: a base by market capitalisation (nano), damped by beta 0.12, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Noble Romans Inc that is +9.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Noble Romans Inc (NROM) delivered so far?
Over the past 5 years revenue at Noble Romans Inc grew +7.4 % a year. The price currently implies free-cash-flow growth of +9.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Noble Romans Inc (NROM) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Noble Romans Inc (+9.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Noble Romans Inc (NROM)?
The free-cash-flow yield on the price is 7.99 %: that much free cash flow Noble Romans Inc produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Noble Romans Inc (NROM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Noble Romans Inc it is $1.14 per share (as of Nov 5, 2026), against a price of $0.6200. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Noble Romans Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NROM trades below its calculated fair value: price $0.6200, fair value $1.14, a gap of about +84% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NROM?
No. The price is what the market pays today ($0.6200); the fair value is what the company's own numbers justify ($1.14). For Noble Romans Inc the two are $0.5200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Noble Romans Inc worth?
The market values Noble Romans Inc at about $13.8M (market capitalisation, as of Nov 5, 2026). Per share that is $0.6200; our models calculate a fair value of $1.14 per share.
What do the bullish and bearish scenarios say about NROM?
Our models span a range for Noble Romans Inc: cautious scenario $0.8500, base $1.14, optimistic $1.54 per share (as of Nov 5, 2026, price $0.6200). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NROM?
Noble Romans Inc trades at a price-to-earnings ratio of 15.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1.14 is built from several models across several years. Other multiples: PEG 1.0, P/B 4.0, P/S 0.8, EV/EBITDA 5.9.
What is the PEG ratio of NROM?
The PEG ratio of Noble Romans Inc is 0.99 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Noble Romans Inc (NROM)?
Balance-sheet figures for Noble Romans Inc (as of Nov 5, 2026): return on equity 35.3%, debt of 1.79 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is NROM from its 52-week high?
Noble Romans Inc trades at $0.6200, about 17% below its 52-week high of $0.7500 and 265% above the low of $0.1700 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $1.14 is for.
Which stocks are comparable to Noble Romans Inc?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Yum! Brands, Inc, Chipotle Mexican Grill, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Noble Romans Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $0.6200, calculated fair value $1.14 (+84%), Quality Score 61/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NROM calculated?
We run Noble Romans Inc through 23 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $1.14 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Noble Romans Inc currently trades 46% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Noble Romans Inc (NROM)?
The closing price on Nov 6, 2026 was $0.6200. Our model-based fair value is $1.14, about +84% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Noble Romans Inc right now?
The price is below even our cautious bear case ($0.8500). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($0.8500 to $1.54) leaves room in how you read the outcome.
Key figures of Noble Romans Inc
How large is the market capitalisation of Noble Romans Inc (NROM)?
The market capitalisation of Noble Romans Inc is $13.8M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Noble Romans Inc (NROM)?
The price-to-sales ratio of Noble Romans Inc is 0.83 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Noble Romans Inc (NROM)?
Earnings per share at Noble Romans Inc are $0.0400 (price ÷ EPS = P/E 15.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Noble Romans Inc (NROM)?
The net margin of Noble Romans Inc is 6.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Noble Romans Inc (NROM)?
The return on equity (ROE) of Noble Romans Inc is 35.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Noble Romans Inc (NROM)?
On an EBIT basis the return on assets of Noble Romans Inc is 11.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Noble Romans Inc (NROM)?
The operating margin of Noble Romans Inc is 17.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Noble Romans Inc (NROM)?
Revenue at Noble Romans Inc is growing +1.1% versus a year earlier (3y avg +4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Noble Romans Inc (NROM)?
Earnings per share at Noble Romans Inc are growing −28.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Noble Romans Inc (NROM) carry?
The net debt of Noble Romans Inc is $5.5M (fiscal year 2025, ≈ 5.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 5, 2026