NROMOTCRetail-Eating PlacesUS GAAP · USD

Noble Romans Inc

Noble Roman’s Inc. is a U.S.-based pizza and Italian food franchising company founded in 1972. It operates and franchises restaurant concepts under the Noble Roman’s Pizza, Noble Roman’s Craft Pizza & Pub, Noble Roman’s Take-N-Bake, and Tuscano’s Italian Style Subs brands, serving both traditional stand-alone restaurants and non-traditional venues such as hospitals, convenience stores, travel plazas, and entertainment facilities.

Revenue16.5m USD
+8.7 %y/y
Operating profit (EBIT)2.4m USD
+63.1 %y/y
EBIT margin14.6%
+4.9 ppy/y
Net income1.2m USD
+37,063.6 %y/y
Free cash flow1.1m USD
+36.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05101520m USD2020: 12 m USD2020: EBIT 2.3 m USD20202021: 14 m USD2021: EBIT 1.7 m USD20212022: 14 m USD2022: EBIT 0.43 m USD20222023: 14 m USD2023: EBIT 3.4 m USD20232024: 15 m USD2024: EBIT 1.5 m USD20242025: 16 m USD2025: EBIT 2.4 m USD2025162.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Franchise fees35 %

Initial and ongoing franchise-related fees from Noble Roman’s Pizza and Craft Pizza & Pub locations.

Company-operated restaurants45 %

Food and beverage sales from company-owned Craft Pizza & Pub and non-traditional locations.

Non-traditional venue concepts15 %

Pizza operations embedded in host facilities such as hospitals, convenience stores, and travel plazas.

Ingredient and supply distribution5 %

Support for franchisees through approved manufacturers and third-party distributors.

Customers

The company sells primarily to franchisees and prospective franchise operators, especially multi-unit restaurant operators and owners of non-traditional host facilities. End customers are consumers buying pizza, subs, salads, pasta, beer, and wine through company-operated restaurants or franchise locations. The business model depends on both franchise adoption and traffic at the host venues where its non-traditional concepts are placed.

Franchise operators

Buy Noble Roman’s Pizza or Craft Pizza & Pub franchise rights and related support to open and run locations.

Non-traditional host facilities

Hospitals, convenience stores, travel plazas, and entertainment venues that lease space to a branded foodservice concept.

Multi-unit restaurant operators

Experienced operators that can scale Craft Pizza & Pub or non-traditional formats across multiple sites.

End consumers

Guests buying pizza, pub food, and takeout through company-operated or franchised locations.

Strategy

The company is focused on expanding revenue through non-traditional franchise sales while keeping corporate overhead tightly controlled. It is also using company-operated Craft Pizza & Pub locations as a proof point for the format and as a base for future franchising to experienced multi-unit operators.

Grow non-traditional franchise openingsShort term

This is the main scalable growth path and uses host venues with existing traffic.

Develop Craft Pizza & Pub franchisingMedium term

The company-operated stores serve as a template for broader franchise rollout.

Convert pipeline into openingsShort term

Sold-but-not-opened units can turn signed agreements into recurring operating locations.

Geography

Noble Roman’s is headquartered in Indiana and operates primarily in the United States. Its franchise and distribution network is spread across the country, with third-party distributors located throughout the U.S. to support weekly ingredient deliveries to franchisees. The company’s growth depends on U.S. consumer traffic, host-site expansion, and the availability of suitable domestic franchise locations.

Risks

The business depends on franchise development, host-venue traffic, and the success of individual franchisees, so openings can be delayed or fail to perform. It also faces food, labor, delivery, and rent-related cost pressure, along with refinancing and maturity risk on its senior note. As a restaurant franchisor and operator, it is exposed to consumer demand shifts, regulation, and disruptions such as pandemics or supply-chain issues.

Sorted by severity
Franchise development riskHigh

Growth depends on converting leads and signed agreements into operating locations.

Exposure: Non-traditional and Craft Pizza & Pub franchise pipeline

Franchisee performance and closure riskHigh

The company relies on franchisees to open, operate, and remain financially viable.

ExposureNon-traditional entertainmentHospitalConvenience-store sites
Refinancing and debt maturity riskHigh

The senior note requires scheduled principal payments and must be refinanced or repaid.

Exposure: Senior Note due 2026

Input and operating cost inflationMedium

Food ingredients, labor, packaging, rent, and delivery fees affect restaurant economics.

Exposure: Company-operated locations and franchise support economics

Demand and traffic volatilityMedium

Sales depend on consumer traffic at host venues and broader restaurant demand.

Exposure: Non-traditional locations and takeout/carry-out channels

Accounting

Judgemental items
Deferred franchise fee revenue

Upfront franchise fees are recorded as deferred income and recognized over the contract life after opening.

Impact: Affects timing of reported revenue and comparability across periods

Company-operated restaurant revenue recognition

Sales are recognized when food and beverage transactions occur at the location.

Impact: Makes revenue sensitive to traffic, seasonality, and temporary closures

Asset impairment and valuation estimates

Management evaluates property, equipment, receivables, and deferred tax assets for impairment.

Impact: Can lead to charges that reduce reported earnings and asset values

Fair value of warrants

Changes in warrant valuation can flow through earnings without cash impact.

Impact: Creates non-operating volatility in reported net income

Publicly listed companies with a comparable business focus.

Last updated: 29/04/2026