Pizza Pizza Royalty Corp. (PZA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Pizza Pizza Royalty Corp. stock C$10.25, price C$11.82, that is 13.3% below the price, quality 71 out of 100. Rating: overvalued. Calculated from audited financials with 20 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 8, 2026.
How to read this chart
60‑month range C$8.00 – C$16.39 · fair‑value band C$7.48 – C$13.93 · the C$11.82 price screens above the C$10.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Pizza Pizza Royalty Corp., through its subsidiary, Pizza Pizza Royalty Limited Partnership, franchises and operates quick-service restaurants under the Pizza Pizza and Pizza 73 brands in Canada. The company was incorporated in 2012 and is headquartered in Toronto, Canada.
Stock analysis
Pizza Pizza Royalty Corp. (PZA) currently trades at C$11.82, while our model-based Fair Value estimate is C$10.25, 13% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of C$15.90 per share, and 7 of the 20 models we run sit above the C$11.82 price.
Bear case: the Economic Profit group reads lowest at C$7.68, and 13 of the 20 models stay below the price. Data coverage for this calculation is high.
Scenario range: C$7.48 (bear) to C$13.93 (bull), the price of C$11.82 sits inside 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 71/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pizza Pizza Royalty Corp. reported revenue of C$40.8M in FY2025 versus C$31.9M in FY2021, a compound +6.3%/yr. Reported net income was C$31.3M in FY2025, compounding +7.0%/yr from FY2021.
Key figures
Market cap C$400M (≈ $283M) Micro · P/E ratio 13.0 · P/S ratio 9.97 · EPS (TTM) C$0.9100 · Dividend yield 7.7% · Net margin 76.6% · Return on equity 10.1% · Return on assets (EBIT) 10.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −30% fair-value upside, at −13%, PZA screens cheaper than that median.
Fair Value models
BearC$7.48Fair Value C$10.25BullC$13.93
Price C$11.82 · Downside -13.3%
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.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.
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.74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.5%
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.
+3.8%
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.
+5.1%
Start year 2020 (pandemic). Over 10 years: +1.6% a year
Revenue growth 18 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.
−12.0%
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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.
+12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)7.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.3% vs 1.3%, picking up
Profit margin 2020 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.98% → 98%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +6.3% a year for the price.
Compare Pizza Pizza Royalty Corp. with another stock
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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 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−13.3% · Below median
Profitability
Return on equity (12 months)10.1% · Above median
Return on assets8.3% · Top 25%
Net margin (12 months)76.6% · Top 25%
Operating margin (12 months)98.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−3.6% · Below median
Dividend yield (12 months)7.7% · Top 25%
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Restaurants median · lower = cheaper
P/E (12 months)13.0× · Cheaper than median
P/B1.33× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)9.97× · Priciest 25%
Price / free cash flow (fiscal year)12.6× · Cheaper than median
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Is Pizza Pizza Royalty Corp. (PZA) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of C$10.25 versus a price of C$11.82, about 13% lower (overvalued).
What is the fair value of PZA?
Our model-based fair value for Pizza Pizza Royalty Corp. is C$10.25 (as of Nov 8, 2026), built from audited fundamentals. The current price: C$11.82.
What is the quality score of PZA?
Pizza Pizza Royalty Corp. has a Quality Score of 71/100. 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 Pizza Pizza Royalty Corp. (PZA)?
Our model-based price target is the fair value of C$10.25 (as of Nov 8, 2026) from 20 valuation models. Cautious scenario C$7.48, optimistic scenario C$13.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Pizza Pizza Royalty Corp. stock forecast for 2026?
Our models put fair value at C$10.25, about 13% lower versus a price of C$11.82 (overvalued). Cautious scenario C$7.48, optimistic scenario C$13.93. The calculation is refreshed regularly with new filings.
What is the revenue of Pizza Pizza Royalty Corp. (PZA)?
Pizza Pizza Royalty Corp. reported trailing-twelve-month revenue of about C$40.1M (latest available figure, as of Nov 8, 2026).
Does Pizza Pizza Royalty Corp. pay a dividend?
Pizza Pizza Royalty Corp. currently shows a dividend yield of 7.70% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Pizza Pizza Royalty Corp. (PZA) and when is the ex-dividend date?
Pizza Pizza Royalty Corp. pays a dividend of C$0.91 per share a year, a dividend yield of 7.7%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since at least 2005. The payout ratio is 100% of earnings. Free cash flow covers the dividend 1.41 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Pizza Pizza Royalty Corp. (PZA)?
For today's price to be fair in a discounted-cash-flow model, Pizza Pizza Royalty Corp. would have to grow free cash flow by +8.5 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.1 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of PZA use?
Our models discount Pizza Pizza Royalty Corp. at 11.3 %: a base by market capitalisation (micro), damped by beta 0.62, country premium for Canada. 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 Pizza Pizza Royalty Corp. that is +8.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Pizza Pizza Royalty Corp. (PZA) delivered so far?
Over the past 5 years revenue at Pizza Pizza Royalty Corp. grew +5.1 % a year. The price currently implies free-cash-flow growth of +8.5 % 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 Pizza Pizza Royalty Corp. (PZA) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Pizza Pizza Royalty Corp. (+8.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pizza Pizza Royalty Corp. (PZA)?
The free-cash-flow yield on the price is 7.92 %: that much free cash flow Pizza Pizza Royalty Corp. produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pizza Pizza Royalty Corp. (PZA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pizza Pizza Royalty Corp. it is C$10.25 per share (as of Nov 8, 2026), against a price of C$11.82. It is the blended result of 20 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Pizza Pizza Royalty Corp. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PZA trades above its calculated fair value: price C$11.82, fair value C$10.25, a gap of about −13% (overvalued). 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 PZA?
No. The price is what the market pays today (C$11.82); the fair value is what the company's own numbers justify (C$10.25). For Pizza Pizza Royalty Corp. the two are C$1.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pizza Pizza Royalty Corp. worth?
The market values Pizza Pizza Royalty Corp. at about C$400M (market capitalisation, as of Nov 8, 2026). Per share that is C$11.82; our models calculate a fair value of C$10.25 per share.
What do the bullish and bearish scenarios say about PZA?
Our models span a range for Pizza Pizza Royalty Corp.: cautious scenario C$7.48, base C$10.25, optimistic C$13.93 per share (as of Nov 8, 2026, price C$11.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PZA?
Pizza Pizza Royalty Corp. trades at a price-to-earnings ratio of 13.0 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$10.25 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.7. Other multiples: P/B 1.3, P/S 10.0, EV/EBITDA 11.2.
How solid is the balance sheet of Pizza Pizza Royalty Corp. (PZA)?
Balance-sheet figures for Pizza Pizza Royalty Corp. (as of Nov 8, 2026): return on equity 10.1%, debt of 0.16 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is PZA from its 52-week high?
Pizza Pizza Royalty Corp. trades at C$11.82, about 28% below its 52-week high of C$16.39 and 17% above the low of C$10.14 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$10.25 is for.
Which stocks are comparable to Pizza Pizza Royalty Corp.?
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 Pizza Pizza Royalty Corp. stock attractive at the current price?
The data as of Nov 8, 2026: price C$11.82, calculated fair value C$10.25 (−13%), Quality Score 71/100, from 20 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 PZA calculated?
We run Pizza Pizza Royalty Corp. through 20 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of C$10.25 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. Pizza Pizza Royalty Corp. itself currently trades above fair value. 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 Pizza Pizza Royalty Corp. (PZA)?
The closing price on Nov 6, 2026 was C$11.82. Our model-based fair value is C$10.25, about 13% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pizza Pizza Royalty Corp. right now?
Solid but not exceptional quality (71/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (C$7.48 to C$13.93) leaves room in how you read the outcome.
Where does the earnings growth of Pizza Pizza Royalty Corp. (PZA) come from?
Earnings per share at Pizza Pizza Royalty Corp. grew +1.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.0 %, EBIT margin +0.0 %, tax rate +0.1 %, residual (interest, one-offs) +0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Pizza Pizza Royalty Corp.
How large is the market capitalisation of Pizza Pizza Royalty Corp. (PZA)?
The market capitalisation of Pizza Pizza Royalty Corp. is C$400M (≈ $283M). 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 Pizza Pizza Royalty Corp. (PZA)?
The price-to-sales ratio of Pizza Pizza Royalty Corp. is 9.97 (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 Pizza Pizza Royalty Corp. (PZA)?
Earnings per share at Pizza Pizza Royalty Corp. are C$0.9100 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pizza Pizza Royalty Corp. (PZA)?
The dividend yield of Pizza Pizza Royalty Corp. is 7.7% (payout 100%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Pizza Pizza Royalty Corp. (PZA)?
The net margin of Pizza Pizza Royalty Corp. is 76.6% (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 Pizza Pizza Royalty Corp. (PZA)?
The return on equity (ROE) of Pizza Pizza Royalty Corp. is 10.1% (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 Pizza Pizza Royalty Corp. (PZA)?
On an EBIT basis the return on assets of Pizza Pizza Royalty Corp. is 10.0% (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 Pizza Pizza Royalty Corp. (PZA)?
The operating margin of Pizza Pizza Royalty Corp. is 98.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pizza Pizza Royalty Corp. (PZA)?
Revenue at Pizza Pizza Royalty Corp. is growing −3.6% versus a year earlier (3y avg +3.8%). 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 Pizza Pizza Royalty Corp. (PZA)?
Earnings per share at Pizza Pizza Royalty Corp. are growing −5.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pizza Pizza Royalty Corp. (PZA) carry?
The net debt of Pizza Pizza Royalty Corp. is C$46.2M (fiscal year 2025, ≈ 1.5 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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Broad data
Nov 8, 2026