XStocksXray

Research report · 16 October 2026

Dominos Pizza Inc (DPZ)

Consumer Discretionary · Restaurants · US stock · price as of 16 Oct 2026

Key indicators

Price	$308.64
52-week range	$280.27 – $434.73
Market cap	$10.2B
P/E (trailing)	17.0×
EV / EBITDA	13.7×
Free-cash-flow yield	6.2%
Dividend yield	2.5%
Revenue (last 12 months)	$5.1B
Revenue growth (3y a year)	2.9%
Operating margin	19.7%
Return on invested capital	111.1%
Net debt / EBITDA	4.3×

Fair value

Blended fair value$482.61 range $442 – $533

Versus priceUndervalued+56% to fair value

Peer multiples	$379.53
Fundamentals-adjusted multiple	$527.38
10-year DCF (market-scaled)	$540.93
Earnings power value (floor, not blended)	$133.49
Model uncertainty	Medium

X-Ray Score

63/ 100 · High confidence · ahead of 89% of sector peers

Valuation62

Growth57

Profitability89

Financial health36

Dividends65

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Domino's Pizza is a pizza restaurant company that sells through a network of franchised and a few company-owned stores around the world, offering delivery, carryout and online ordering. Most stores are run by independent franchisees. Revenue comes from royalties and fees paid by franchisees, sales of food and supplies from the company's distribution centers, and sales at the stores it owns directly.

The figures show revenue of $5.1 billion for the last twelve months and three-year growth of 2.9% a year. It reports an operating margin of 19.7%. Capital is used to generate a return on invested capital of 111%. Leverage, measured as net debt to EBITDA, is 4.3 times. The company pays a dividend with a yield of 2.5%.

StocksXray gives Dominos Pizza Inc an X-Ray Score of 63 out of 100 (high confidence), ahead of 89% of the S&P 500 stocks in its sector. Its strongest lens is profitability (89) and its weakest is financial health (36).

Our fair value blend is $482.61 (range $442.23 to $532.88). At $308.64 the stock trades 36% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Dominos Pizza Inc (DPZ)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2022	FY2023	FY2023	FY2024	FY2025	Now
Price	$524.92	$326.08	$393.55	$415.59	$418.23	$308.64
Market cap	$19.8B	$11.8B	$13.9B	$14.5B	$14.3B	$10.2B
P/E	38.8×	26.0×	26.8×	24.9×	23.8×	17.0×
EV / revenue	5.7×	3.7×	4.2×	3.9×	3.8×	2.9×
EV / EBITDA	29.0×	–	20.9×	18.8×	18.2×	13.7×
Price / free cash flow	35.3×	30.3×	28.7×	28.4×	21.3×	16.1×
Free-cash-flow yield	2.8%	3.3%	3.5%	3.5%	4.7%	6.2%
Price / book	–	–	–	–	–	–
Dividend yield	0.72%	1.35%	1.23%	1.45%	1.66%	2.50%

Fundamentals checklist ● 8 Good · ● 3 Average · ● 5 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−8.5%Good

Free-cash-flow yield6.2%Average

Risk models

Altman Z score-7.8×Bad

Piotroski F-Score8 of 9Good

Growth

EPS growth (3y)11.9%Good

Free-cash-flow growth (3y)20.1%Good

Revenue growth (3y)2.9%Bad

Growth consistency100%Good

Balance sheet

Current ratio0.5×Bad

Net debt / EBITDA4.3×Bad

Interest cover5.0×Bad

Valuation

Fair value vs price1.6×Average

EBIT / EV yield6.7%Average

Profitability

Return on invested capital111.1%Good

Operating margin19.7%Good

Gross profitability114.8%Good

Red flags

Negative equity — Book equity is negative

XStocksXray

Dominos Pizza Inc (DPZ)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY22	FY23	FY23	FY24	FY25	LTM
Revenue	4,357	4,537	4,479	4,706	4,940	5,066
Gross profit	1,688	1,649	1,727	1,849	1,974	2,029
Operating income	780	–	820	879	954	1,000
Net income	510	452	519	584	602	609
Diluted EPS ($)	13.54	12.53	14.66	16.69	17.57	18.12
Free cash flow	560	388	485	512	672	636
Gross margin	38.7%	36.3%	38.6%	39.3%	40.0%	40.0%
Operating margin	17.9%	–	18.3%	18.7%	19.3%	19.7%
Net margin	11.7%	10.0%	11.6%	12.4%	12.2%	12.0%
Balance sheet	FY22	FY23	FY23	FY24	FY25	LTM
Total assets	1,672	1,602	1,675	1,737	1,716	1,766
Cash	148	60	114	186	126	229
Total debt	5,070	5,022	4,990	3,826	4,811	4,886
Equity	-4,210	-4,189	-4,070	-3,962	-3,901	-3,955
Dividend per share ($)	3.76	4.40	4.84	6.04	6.96	7.71

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue ($M)	1,145	1,147	1,536	1,151	1,194	1,186
Growth vs a year earlier	+4.3%	+6.2%	+6.4%	+3.5%	+4.3%	+3.4%
Net income ($M)	131	139	182	140	136	152
Diluted EPS ($)	3.81	4.08	–	4.13	4.07	4.60

XStocksXray

Dominos Pizza Inc (DPZ)

Peers in Restaurants

Company	X-Ray
DPZ · Dominos Pizza Inc	63
CMG · Chipotle Mexican Grill Inc	60
DRI · Darden Restaurants Inc	53
MCD · Mcdonalds Corp	53
YUM · Yum Brands Inc	47

Market Compass outlook for Consumer Discretionary: Neutral (53/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−0.2%
1 month	+3.7%
3 months	−5.6%
6 months	−16.0%
1 year	−24.5%
3 years	−8.4%
5 years	−30.8%

Technical summary

DailyBearish5 bullish · 3 neutral · 8 bearish

WeeklyStrongly bearish0 bullish · 1 neutral · 11 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$319.80 / $343.88
52-week low / high	$280.27 / $434.73
Classic pivot, support and resistance	S2 301.18 · S1 304.91 · P – · R1 310.89 · R2 313.14

Recent dividends

Ex-dividend date	Amount per share
15 Dec 2026	$1.9900
15 Sep 2026	$1.9900
15 Jun 2026	$1.9900
13 Mar 2026	$1.9900
15 Dec 2025	$1.7400
15 Sep 2025	$1.7400

XStocksXray

Dominos Pizza Inc (DPZ)

Strengths

Return on invested capital of 111.1% is ahead of 96% of its sector peers.
Operating margin of 19.7% is ahead of 74% of its sector peers.
Piotroski F-Score of 8 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Altman Z score is weak against Consumer Discretionary peers (-7.8×).
Revenue growth (3y) is weak against Consumer Discretionary peers (2.9%).
Current ratio is weak against Consumer Discretionary peers (0.5×).
Net debt / EBITDA is weak against Consumer Discretionary peers (4.3×).
Interest cover is weak against Consumer Discretionary peers (5.0×).
The Altman Z score of -7.8× is in the distress zone.
Red flag: Negative equity (Book equity is negative).

Latest SEC filings

Date	Form	Items
13 Oct 2026	10-Q
13 Oct 2026	8-K	2.02,9.01
8 Oct 2026	8-K	5.02
20 Jul 2026	10-Q
20 Jul 2026	8-K	2.02,9.01
14 Jul 2026	8-K	5.02,8.01,9.01
22 Jun 2026	8-K	5.02,7.01,9.01
27 Apr 2026	8-K	5.02

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.