# Dominos PIZZA Enterprises (DMP.AU)

Canonical: https://gigainvestors.com/s/DMP.AU

Analysis as of: 2026-10-16T07:42:34.319Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 21.57 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.14×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.08×

- FY2024: 0.11×

- FY2025: 0.11×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.9%

- ROIC, second-lowest year: 8.7%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 29.7%

- Recent gross margin (lower of latest and 3-year median): 25.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 37.6%

- FY2018: 32.3%

- FY2019: 34.5%

- FY2020: 12.8%

- FY2021: 18.2%

- FY2022: 13.0%

- FY2023: 8.0%

- FY2024: 12.8%

- FY2025: 11.4%

- FY2026: 8.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -260M

- Net income, five-year total: AUD 157M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 1.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -0.25×

- FY2023: -2.75×

- FY2024: 0.25×

- FY2025: 14.57×

- FY2026: 0.59×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 34.5% vs 11.4%

- Per-share earnings: 1.16 to -0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: AUD -3.1B

- Cumulative retained earnings: AUD -215M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -1.20

- Per-share value, starting three-year median: AUD 1.16

- Per-share value, ending three-year median: AUD -0.04

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.0%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.3B

- Cumulative net income, 10 years: AUD 820M

- ROIC, first three-year median: 34.5%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 1.16

- FY2018: AUD 1.42

- FY2019: AUD 1.35

- FY2020: AUD 1.60

- FY2021: AUD 2.12

- FY2022: AUD 1.83

- FY2023: AUD 0.45

- FY2024: AUD 1.05

- FY2025: AUD -0.04

- FY2026: AUD -1.42

### accounting: pass

- Sloan accruals: -17.7%

- Receivables to sales index (DSRI): 1.27×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.6%

- FY2018: -4.9%

- FY2019: -4.2%

- FY2020: -7.0%

- FY2021: -8.1%

- FY2022: -5.5%

- FY2023: -7.6%

- FY2024: -5.4%

- FY2025: -6.4%

- FY2026: -17.7%

## Holders

## Price story

Down 84% since Oct 2021 · sales -11.2%

Story as of 2026-10-16T10:00:12.389Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -11.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.1B 

- FY2018: AUD 1.2B 

- FY2019: AUD 1.4B 

- FY2020: AUD 1.9B 

- FY2021: AUD 2.2B 

- FY2022: AUD 2.3B 

- FY2023: AUD 2.3B 

- FY2024: AUD 2.4B 

- FY2025: AUD 2.3B 

- FY2026: AUD 2.0B 

### Gross margin · FY2026

gross margin 25.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 31.7% 

- FY2018: 32.9% 

- FY2019: 36.1% 

- FY2020: 28.4% 

- FY2021: 28.6% 

- FY2022: 28.0% 

- FY2023: 25.0% 

- FY2024: 30.9% 

- FY2025: 56.7% 

- FY2026: 25.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are AUD 2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2026: revenue 2039942000; grossProfit 513770000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DMP.AU: Domino's Pizza Enterprises Limited operates retail food outlets. It also holds franchise rights under the Domino's brand in Australia, New Zealand, Belgium, France, the Netherlands, Japan, Cambodia, Germany, Luxembourg, Taiwan, Malaysia, and Singapore. The company was founded in 1983 and is based in Brisbane, Australia.

### Why customers stay

Margins ranged from 25.2% to 56.7% during 2024–26; it earns 12.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2024: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2025: grossProfit / revenue = 56.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2026: grossProfit / revenue = 25.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); 10-year return on capital observations [[2017,0.3758858008583789],[2018,0.3234982522912321],[2019,0.3445665657268571],[2020,0.12763544543897382],[2021,0.18209382314280761],[2022,0.12980325096173226],[2023,0.07964401112219269],[2024,0.12841497570884328],[2025,0.1141145751619338],[2026,0.08715970100997361]]; median 0.12910911333528777. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2017: growth capex 19660000; upkeep 46349000; owner earnings 102857000. Growth capex / owner earnings = 0.1911391543599366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2018: growth capex 986000; upkeep 53070000; owner earnings 121466000. Growth capex / owner earnings = 0.008117497900647095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2019: growth capex 26899000; upkeep 62301000; owner earnings 115912000. Growth capex / owner earnings = 0.23206397957070882.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2021: growth capex 14318000; upkeep 129586000; owner earnings 31826000. Growth capex / owner earnings = 0.4498837428517564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); FY2024: growth capex 0; upkeep 90185000; owner earnings 23773800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); Dividend observations: [[2017,77086000],[2018,90808000],[2019,96124000],[2020,102806000],[2021,121984000],[2022,150147000],[2023,119013000],[2024,55461000],[2025,68165000],[2026,39184000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 37% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DMP.AU SharesStats.PercentInsiders = 37.013 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:34.319Z); Closing price 21.57 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 21.53043529656379; price multiple 1.0018376174420647. FY2026 cash earnings/share -0.8333169634046075. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 64.25 per share

- 2016-11: AUD 67.78 per share

- 2016-12: AUD 64.99 per share

- 2017-01: AUD 59.45 per share

- 2017-02: AUD 55.70 per share

- 2017-03: AUD 58.12 per share

- 2017-04: AUD 61.12 per share

- 2017-05: AUD 57.47 per share

- 2017-06: AUD 52.08 per share

- 2017-07: AUD 53.31 per share

- 2017-08: AUD 43.15 per share

- 2017-09: AUD 45.82 per share

- 2017-10: AUD 46.59 per share

- 2017-11: AUD 47.00 per share

- 2017-12: AUD 46.70 per share

- 2018-01: AUD 47.99 per share

- 2018-02: AUD 39.39 per share

- 2018-03: AUD 41.73 per share

- 2018-04: AUD 42.17 per share

- 2018-05: AUD 49.23 per share

- 2018-06: AUD 52.22 per share

- 2018-07: AUD 49.95 per share

- 2018-08: AUD 54.10 per share

- 2018-09: AUD 53.20 per share

- 2018-10: AUD 54.01 per share

- 2018-11: AUD 45.99 per share

- 2018-12: AUD 40.65 per share

- 2019-01: AUD 45.50 per share

- 2019-02: AUD 41.25 per share

- 2019-03: AUD 43.42 per share

- 2019-04: AUD 43.00 per share

- 2019-05: AUD 39.11 per share

- 2019-06: AUD 37.64 per share

- 2019-07: AUD 38.57 per share

- 2019-08: AUD 42.77 per share

- 2019-09: AUD 46.45 per share

- 2019-10: AUD 51.01 per share

- 2019-11: AUD 52.82 per share

- 2019-12: AUD 52.36 per share

- 2020-01: AUD 54.89 per share

- 2020-02: AUD 55.58 per share

- 2020-03: AUD 51.10 per share

- 2020-04: AUD 58.05 per share

- 2020-05: AUD 62.33 per share

- 2020-06: AUD 68.69 per share

- 2020-07: AUD 73.92 per share

- 2020-08: AUD 80.75 per share

- 2020-09: AUD 79.22 per share

- 2020-10: AUD 84.73 per share

- 2020-11: AUD 74.02 per share

- 2020-12: AUD 86.68 per share

- 2021-01: AUD 92.02 per share

- 2021-02: AUD 89.95 per share

- 2021-03: AUD 96.25 per share

- 2021-04: AUD 106.65 per share

- 2021-05: AUD 110.30 per share

- 2021-06: AUD 120.51 per share

- 2021-07: AUD 116.65 per share

- 2021-08: AUD 156.74 per share

- 2021-09: AUD 160.46 per share

- 2021-10: AUD 135.46 per share

- 2021-11: AUD 129.72 per share

- 2021-12: AUD 118.03 per share

- 2022-01: AUD 103.40 per share

- 2022-02: AUD 78.95 per share

- 2022-03: AUD 87.85 per share

- 2022-04: AUD 75.31 per share

- 2022-05: AUD 68.83 per share

- 2022-06: AUD 68.00 per share

- 2022-07: AUD 72.44 per share

- 2022-08: AUD 63.55 per share

- 2022-09: AUD 51.52 per share

- 2022-10: AUD 63.75 per share

- 2022-11: AUD 66.38 per share

- 2022-12: AUD 66.25 per share

- 2023-01: AUD 75.70 per share

- 2023-02: AUD 49.96 per share

- 2023-03: AUD 49.87 per share

- 2023-04: AUD 50.42 per share

- 2023-05: AUD 48.31 per share

- 2023-06: AUD 46.43 per share

- 2023-07: AUD 49.10 per share

- 2023-08: AUD 54.05 per share

- 2023-09: AUD 53.18 per share

- 2023-10: AUD 50.80 per share

- 2023-11: AUD 53.80 per share

- 2023-12: AUD 58.94 per share

- 2024-01: AUD 39.65 per share

- 2024-02: AUD 45.05 per share

- 2024-03: AUD 43.39 per share

- 2024-04: AUD 39.44 per share

- 2024-05: AUD 38.71 per share

- 2024-06: AUD 35.89 per share

- 2024-07: AUD 32.77 per share

- 2024-08: AUD 30.02 per share

- 2024-09: AUD 35.45 per share

- 2024-10: AUD 33.48 per share

- 2024-11: AUD 32.60 per share

- 2024-12: AUD 29.44 per share

- 2025-01: AUD 30.09 per share

- 2025-02: AUD 28.33 per share

- 2025-03: AUD 25.57 per share

- 2025-04: AUD 25.23 per share

- 2025-05: AUD 23.44 per share

- 2025-06: AUD 19.27 per share

- 2025-07: AUD 18.27 per share

- 2025-08: AUD 15.08 per share

- 2025-09: AUD 13.48 per share

- 2025-10: AUD 18.32 per share

- 2025-11: AUD 21.38 per share

- 2025-12: AUD 21.00 per share

- 2026-01: AUD 22.85 per share

- 2026-02: AUD 20.33 per share

- 2026-03: AUD 16.20 per share

- 2026-04: AUD 16.47 per share

- 2026-05: AUD 17.99 per share

- 2026-06: AUD 15.63 per share

- 2026-07: AUD 18.57 per share

- 2026-08: AUD 20.86 per share

- 2026-09: AUD 20.53 per share

- 2026-10: AUD 21.90 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 11.41 per share, central AUD 15.12 per share, high AUD 17.65 per share

- FY2018: low AUD 14.78 per share, central AUD 20.10 per share, high AUD 23.46 per share

- FY2019: low AUD 19.20 per share, central AUD 27.06 per share, high AUD 31.64 per share

- FY2020: low AUD 26.49 per share, central AUD 36.82 per share, high AUD 42.83 per share

- FY2021: low AUD 27.95 per share, central AUD 37.53 per share, high AUD 43.72 per share

- FY2022: low AUD 5.50 per share, central AUD 7.71 per share, high AUD 8.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations