# Noble Romans Inc > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Noble Romans Inc). ## Overview 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. ## Products & services • Franchise sales for Noble Roman’s Pizza locations • Craft Pizza & Pub restaurant format • Non-traditional pizza concepts for host venues • Company-operated Craft Pizza & Pub locations • Proprietary ingredient distribution support - **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. - Franchise sales for Noble Roman’s Pizza locations - Craft Pizza & Pub restaurant format - Non-traditional pizza concepts for host venues - Company-operated Craft Pizza & Pub locations - Proprietary ingredient distribution support ## 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** (primary) — Buy Noble Roman’s Pizza or Craft Pizza & Pub franchise rights and related support to open and run locations. - **Non-traditional host facilities** (primary) — Hospitals, convenience stores, travel plazas, and entertainment venues that lease space to a branded foodservice concept. - **Multi-unit restaurant operators** (secondary) — Experienced operators that can scale Craft Pizza & Pub or non-traditional formats across multiple sites. - **End consumers** (primary) — Guests buying pizza, pub food, and takeout through company-operated or franchised locations. - Franchisees buying rights to operate Noble Roman’s concepts - Multi-unit restaurant operators expanding into pizza formats - Hospitals and other host facilities seeking foodservice tenants - Convenience stores and travel plazas adding quick-service pizza - Consumers purchasing pizza, subs, salads, and beverages ## 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. - **United States** (100%) — Business operations and distribution are described as U.S.-based; no country split disclosed. - 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 ## 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 openings** (short-term) — This is the main scalable growth path and uses host venues with existing traffic. - **Develop Craft Pizza & Pub franchising** (medium-term) — The company-operated stores serve as a template for broader franchise rollout. - **Convert pipeline into openings** (short-term) — Sold-but-not-opened units can turn signed agreements into recurring operating locations. - Expand non-traditional franchise locations across the U.S. - Convert a pipeline of sold-but-not-opened units into openings - Use company-operated Craft Pizza & Pub stores as a model - Target experienced multi-unit operators for full-service growth - Maintain tight control over administrative overhead ## 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. - **Franchise development risk** [high] — Growth depends on converting leads and signed agreements into operating locations. - **Franchisee performance and closure risk** [high] — The company relies on franchisees to open, operate, and remain financially viable. - **Refinancing and debt maturity risk** [high] — The senior note requires scheduled principal payments and must be refinanced or repaid. - **Input and operating cost inflation** [medium] — Food ingredients, labor, packaging, rent, and delivery fees affect restaurant economics. - **Demand and traffic volatility** [medium] — Sales depend on consumer traffic at host venues and broader restaurant demand. - Franchise openings may not occur as planned - Individual franchisees may underperform or close - Food, labor, rent, and delivery costs can pressure margins - Debt maturity and refinancing create liquidity risk - Consumer demand and traffic can shift quickly ## Accounting Revenue recognition depends on the type of activity, including franchise fees that are deferred and amortized over the contract life once a location opens. Company-operated restaurant revenue is recognized as sales are incurred, which makes quarterly results sensitive to traffic, openings, and temporary closures. Investors should also watch estimates for asset impairment, deferred tax assets, and the fair value of warrants, all of which can materially affect reported results. - **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 - Franchise fees are deferred until locations open and then amortized - Restaurant sales are recognized as incurred at company-operated sites - Quarterly results can swing with openings, closures, and traffic - Asset impairment testing affects property, equipment, and deferred tax assets - Warrant fair value changes can create non-cash earnings volatility --- *Last updated: 2026-04-29T04:40:17.311821+00:00*