PZZA (Papa John's International) Cyclically Adjusted PB Ratio: (As of Aug. 13, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

PZZA Papa John's International Inc PZZA
63 GF Score
Price $24.08
GF Value $42.87
Valuation Significantly Undervalued
! 3 Warning Signs
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What is Papa John's International Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Papa John's International  (NAS:PZZA) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Papa John's International Cyclically Adjusted PB Ratio Related Terms


Papa John's International Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Papa John's International's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Papa John's International Cyclically Adjusted PB Ratio Chart

Papa John's International Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
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Papa John's International Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

PZZA vs BH, CBRL, FWRG: Cyclically Adjusted PB Ratio Comparison

For the Restaurants subindustry, Papa John's International's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Papa John's International Cyclically Adjusted PB Ratio vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Papa John's International's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Papa John's International's Cyclically Adjusted PB Ratio falls into.


PZZA
63GF Score
Papa John's International Inc PZZA
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Papa John's International Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Papa John's International's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Papa John's International's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=-13.763/333.9520*333.9520
=-13.763

Current CPI (Jun. 2026) = 333.9520.

Papa John's International Quarterly Data

Book Value per Share CPI Adj_Book
201609 -0.669 241.428 -0.925
201612 -0.107 241.432 -0.148
201703 0.241 243.801 0.330
201706 0.248 244.955 0.338
201709 -1.679 246.819 -2.272
201712 -3.587 246.524 -4.859
201803 -8.291 249.554 -11.095
201806 -8.449 251.989 -11.197
201809 -9.250 252.439 -12.237
201812 -10.176 251.233 -13.526
201903 -10.462 254.202 -13.744
201906 -10.617 256.143 -13.842
201909 -10.866 256.759 -14.133
201912 -10.420 256.974 -13.541
202003 -10.707 258.115 -13.853
202006 -9.508 257.797 -12.317
202009 -8.874 260.280 -11.386
202012 -8.670 260.474 -11.116
202103 -7.814 264.877 -9.852
202106 -4.506 271.696 -5.538
202109 -4.210 274.310 -5.125
202112 -5.243 278.802 -6.280
202203 -6.281 287.504 -7.296
202206 -7.080 296.311 -7.979
202209 -7.822 296.808 -8.801
202212 -8.245 296.797 -9.277
202303 -15.180 301.836 -16.795
202306 -14.850 305.109 -16.254
202309 -14.633 307.789 -15.877
202312 -14.131 306.746 -15.384
202403 -14.166 312.332 -15.147
202406 -14.152 314.175 -15.043
202409 -13.204 315.301 -13.985
202412 -13.157 315.605 -13.922
202503 -13.198 319.799 -13.782
202506 -13.190 322.561 -13.656
202509 -13.399 324.800 -13.777
202512 -13.559 324.054 -13.973
202603 -13.652 330.213 -13.807
202606 -13.763 333.952 -13.763

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Papa John's International (PZZA) Overvalued in 2026?

Based on GuruFocus' analysis, Papa John's International stock appears to be undervalued. The current stock price of $24.08 is trading 43.8% below its estimated GF Value™ of $42.87. GuruFocus considers Papa John's International to be Significantly Undervalued.

Key valuation signals for PZZA:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $42.87 vs. price of $24.08 (43.8% below fair value)
  • GF Score™: 63/100 with 3 warning signs

No single metric tells the full story. See the PZZA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Papa John's International Business Description

Other Exchanges 1PZZA:ItalyPP1:Germany
Address 2002 Papa John\'s Boulevard, Louisville, KY, USA, 40299-2367
Papa John's International Inc operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants. It has four defined reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International. The company derives maximum revenue from North America commissaries segment. The North America commissaries segment consists of the operations of its regional dough production and product distribution centers in the United States and Canada and derives its revenues principally from the sale and distribution of food and paper products to Domestic Company-owned and franchised restaurants in the United States and Canada.
63GF Score

Get the complete analysis for PZZA

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$24.08
Price
$42.87
GF Value