Franchise development risk
Growth depends on converting leads and signed agreements into operating locations.
- Scope
- Non-traditional and Craft Pizza & Pub franchise pipeline
- Materiality
- high
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.
17,0 %
7,1 %
+8,7 %
0.40
0.28
| % | |
|---|---|
| Franchise fees | 35% Initial and ongoing franchise-related fees from Noble Roman’s Pizza and Craft Pizza & Pub locations. |
| Company-operated restaurants | 45% Food and beverage sales from company-owned Craft Pizza & Pub and non-traditional locations. |
| Non-traditional venue concepts | 15% Pizza operations embedded in host facilities such as hospitals, convenience stores, and travel plazas. |
| Ingredient and supply distribution | 5% Support for franchisees through approved manufacturers and third-party distributors. |
The company sells primarily to franchisees and prospective franchise operators, especially multi-unit restaurant...
- Franchise operatorsprimary
Buy Noble Roman’s Pizza or Craft Pizza & Pub franchise rights and related support to open and run locations.
- Non-traditional host facilitiesprimary
Hospitals, convenience stores, travel plazas, and entertainment venues that lease space to a branded foodservice concept.
- Multi-unit restaurant operatorssecondary
Experienced operators that can scale Craft Pizza & Pub or non-traditional formats across multiple sites.
- End consumersprimary
Guests buying pizza, pub food, and takeout through company-operated or franchised locations.
Noble Roman’s is headquartered in Indiana and operates primarily in the United States...
- •Headquartered in Indiana, United States
- •Operations and franchise network are primarily U.S.-based
- •Third-party distributors are strategically located nationwide
- •Non-traditional sites depend on local host-venue traffic
- •No country-level revenue disclosure was provided
The company is focused on expanding revenue through non-traditional franchise sales while keeping corporate overhead...
01
Grow non-traditional franchise openingsshort-term
This is the main scalable growth path and uses host venues with existing traffic.
02
Develop Craft Pizza & Pub franchisingmedium-term
The company-operated stores serve as a template for broader franchise rollout.
03
Convert pipeline into openingsshort-term
Sold-but-not-opened units can turn signed agreements into recurring operating locations.
The business depends on franchise development, host-venue traffic, and the success of individual franchisees, so...
Franchisee performance and closure risk
The company relies on franchisees to open, operate, and remain financially viable.
- Scope
- Non-traditional entertainment, hospital, and convenience-store sites
- Materiality
- high
Refinancing and debt maturity risk
The senior note requires scheduled principal payments and must be refinanced or repaid.
- Scope
- Senior Note due 2026
- Materiality
- high
Input and operating cost inflation
Food ingredients, labor, packaging, rent, and delivery fees affect restaurant economics.
- Scope
- Company-operated locations and franchise support economics
- Materiality
- medium
Demand and traffic volatility
Sales depend on consumer traffic at host venues and broader restaurant demand.
- Scope
- Non-traditional locations and takeout/carry-out channels
- Materiality
- medium
Deferred franchise fee revenue
Affects timing of reported revenue and comparability across periods
Company-operated restaurant revenue recognition
Makes revenue sensitive to traffic, seasonality, and temporary closures
Asset impairment and valuation estimates
Can lead to charges that reduce reported earnings and asset values
Fair value of warrants
Creates non-operating volatility in reported net income
: 29.4.2026