Domino's Pizza, Inc.
DPZ 7.5Price and target zones价格与目标区间
What the company does公司做什么
Domino's Pizza sells pizza and other food through more than 21,000 stores around the world. Almost none of those stores belong to Domino's itself — about 99% are owned by independent local business owners, called franchisees. Domino's makes most of its money by making and delivering the dough and other food to those local stores, not from selling pizza to the public. It also collects a royalty — a small cut of each store's sales — for the right to use the Domino's name. This surprises many people, because Domino's looks like a restaurant but runs more like a food-supply and licensing business.Domino's Pizza通过全球超过21,000家门店销售披萨和其他食品。这些门店几乎没有一家属于Domino's自己——约99%由独立的本地生意人拥有，也就是所谓的加盟商。Domino's的大部分钱是靠制作面团和其他食材、并把它们配送到这些本地门店赚来的，而不是靠向公众卖披萨。它还收取一笔特许权使用费——从每家门店的销售额里抽一小份——作为使用Domino's这个名字的代价。这让很多人感到意外，因为Domino's看起来像一家餐厅，运作起来却更像一家食品供应和授权公司。
Earns from营收来源 Domino's takes in money three ways — selling food and supplies to franchise stores, taking a royalty cut of store sales, and running its own small number of company-owned stores.Domino's靠三种方式进账——向加盟门店出售食材和物资、从门店销售额中抽取特许权使用费、以及经营自己数量不多的直营门店。
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Domino's Pizza, Inc. operates as a pizza company worldwide. The company operates through three segments: U.S. Stores, International Franchise, and Supply Chain. It offers pizzas under the Domino's brand name through company-owned and franchised stores. The company also provides bread products, wings, boneless chicken, pastas, oven-baked sandwiches, soft drink products and desserts. In addition, it offers parmesan stuffed crust pizza; spicy chicken bacon ranch specialty pizza; and garlic, and cinnamon bread bites, as well as croissant, chocolate volcano, and chicken burst pizzas. Domino's Pizza, Inc. was founded in 1960 and is based in Ann Arbor, Michigan.
What the company sells公司卖什么share of revenue营收占比
Supply chain供应链
60%This is Domino's largest business by far. Regional centers make fresh pizza dough and pack other food and supplies, then truck them to almost every US and Canadian store.这是多美乐迄今为止最大的业务。区域中心制作新鲜的披萨面团，打包其他食材和物料，再用卡车运到几乎每一家美国和加拿大门店。
- Food and equipment sales食材和设备销售
- Domino's sells dough, toppings, boxes, and equipment to its franchise stores. Because franchisees buy these from Domino's, this is a steady, repeat source of money tied to how many pizzas the stores sell.多美乐向它的加盟门店出售面团、配料、包装盒和设备。由于加盟商都从多美乐这里采购，这是一笔与门店卖出多少披萨挂钩的、稳定且重复的收入来源。
US stores美国门店
33%This covers Domino's home market. It blends the royalty checks and advertising fees from thousands of independent franchise owners with the smaller revenue from stores Domino's runs itself.这块覆盖多美乐的本土市场。它把来自数千名独立加盟店主的特许权使用费和广告费，与多美乐自营门店较小的那部分收入合在一起。
- US franchise royalties, advertising, and fees美国加盟特许权使用费、广告费和其他费用
- franchise owners pay Domino's a percentage of their store sales, plus a shared advertising fee, for the right to use the brand and system.加盟店主按门店销售额的一定比例向多美乐付费，再加上一笔共同的广告费，换取使用品牌和这套系统的权利。
- Company-owned store sales自营门店销售
- pizza sold directly from the small number of US stores Domino's runs itself, used partly to test new ideas before offering them to franchisees.由多美乐自己经营的少数美国门店直接卖出的披萨，部分用来在把新点子推给加盟商之前先做测试。
International franchise国际加盟
7%Outside the US and Canada, almost every store is run by a local franchise partner.在美国和加拿大之外，几乎每一家门店都由当地的加盟合作伙伴经营。
- International royalties and fees国际特许权使用费和其他费用
- local partners in over 90 countries pay Domino's a cut of their sales for the brand, recipes, and systems, at very little cost to Domino's.90多个国家的当地合作伙伴按销售额的一定比例向多美乐付费，换取品牌、配方和系统，而多美乐为此付出的成本很小。
Company facts公司资料
- Founded成立时间
- 1960
- Employees员工人数
- 6,200
- Industry行业
- Restaurants
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Watch
- Downgrade watch. 81% ROIC, 20% FCF CAGR, Berkshire 9.7%. But Q2 (7/20): revenue beat, EPS missed $4.07 vs $4.17, US SSS +0.1% — weakest in over a year. Break is SSS <0% two straight Q; this was +0.1%. One more flat quarter breaks it. Entry $295-310. FV $380-460
📋 ⚠️ 下调观察。 81% ROIC，20% 自由现金流复合增长率，伯克希尔持股 9.7%。但第二季度（7/20）：收入超预期，EPS 不及预期 $4.07 对比 $4.17，美国同店销售 +0.1% —— 一年多来最弱。 破位条件是同店销售连续两个季度 <0%；这次是 +0.1%。再来一个持平的季度就破位。 入场 $295-310。合理价值 $380-460。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Revenue growth营收增长
- +4%
- Dividend yield股息率
- 2.18%
Competitors竞争对手
Why customers stay客户为什么留下
Domino's supply-chain network, delivery scale, and ordering app are expensive to copy, so a small rival cannot match how fast and cheaply Domino's gets a pizza to a customer's door.Domino's的供应链网络、配送规模和点餐应用都很贵才能复制，所以一个小对手没法比得上Domino's把一份披萨又快又便宜地送到顾客家门口的能力。