Papa John's International, Inc. — Earnings Quality Grade F
PZZA · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 18 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -0.3%, CFFO 18.2%. Cash follows revenue
Expense Quality
Inventory -2.6% vs COGS -0.9%. Normal
CapEx growth 2.7% vs revenue -0.3%. Normal
SG&A/Gross Profit = 58.4%. Normal
Gross margin 20.7%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 4.13. Profits backed by cash
FCF $0.1B, FCF/NI = 1.69
Accruals ratio = -11.4%. Low accruals
Cash $0.0B covers only 4% of debt $0.9B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -15% of equity. Manageable
Debt/EBITDA = 5.2x (>4x). Financial stress
Other assets -11.7% vs revenue -0.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -10% YoY. Normal
Manipulation Score
M-Score = -3.13 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25