The Company in a Nutshell
| Date Reviewed | 03/12/2026 |
| Company Name | Boston Pizza Royalties Income Fund |
| Symbol | BPF.UN.TO |
| Sector | Consumer Discretionary |
| Industry | Restaurants |
| Beta | 0.74 |
| PRO Rating | 3 |
| Dividend Safety | 1 |
Business Model
Boston Pizza Royalties Income Fund (the Fund) is a Canada-based open-ended trust. The Fund operates through its subsidiaries, Boston Pizza Holdings Trust, Boston Pizza Holdings GP Inc. and Boston Pizza Holdings Limited Partnership, its 80% owned subsidiary Boston Pizza GP Inc. (BPGP), and Boston Pizza Royalties Limited Partnership. BPGP is the managing general partner of Royalties LP. The Fund indirectly, through Royalties LP, acquire the trademarks and trade names owned by Boston Pizza International Inc. (BPI), including 'Boston Pizza' and other similar related items, logos and designs (collectively, the BP Rights) used in connection with the operation of Boston Pizza restaurants in Canada. The Company operates approximately 372 Boston Pizza Restaurants in the Royalty Pool, of which approximately 370 were operating and open for business to the public.
| Current price | 24.47 |
| ROE | 14.80 % |
| ROIC | 10.00 % |
| Shareholder Yield | 0.20 % |
| 5-Yr Total Return | 178.00 % |
| 1-Yr Total Return | 53.85 % |
| Next Earnings Date | 05-07-26 |
Latest Quarter Information
What the CEO said:
CEO/President commentary: Jordan Holm said the brand “delivered strong fourth quarter results to conclude a record setting year,” adding that “Strategic promotions and disciplined execution helped us successfully navigate macroeconomic challenges.” He said the team remains “vigilant” as economic and political uncertainty evolves, while focusing on enhancing guest experiences, supporting franchisees, and driving long-term growth through innovation and operational excellence. Holm also highlighted take-out and delivery momentum, sharper value/promotional execution, and cost and supply chain discipline to support profitability into 2026.
What we say:
2026-03-11, Boston Pizza Royalties reported a good quarter with an increase of 4.4% in revenue and 6.1% in EPS. Revenue rose on higher Royalty Income and Distribution Income, with management citing take-out/delivery momentum and effective promotions as the main sales drivers. Net income increased mainly from a higher fair value gain plus a lift in royalty/distribution income, partly offset by taxes and net interest, so EPS grew much faster than revenue. Monthly distribution held at $0.12 per unit ($0.36 quarterly). The fund's strategy is “proactive and agile” to drive sales, optimize supply chains, deepen loyalty, and protect franchisee profitability while monitoring cash and payout.
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 11.40 % |
| 5-Yr EPS Growth | 0.75 % |
| 5-Yr Div Growth | 12.55 % |
Potential Risks
| Debt/Equity | 0.50 |
| Financial Debt to EBITDA (TTM) | 2.80 |
| Current Ratio (Quarterly) | 0.10 |
| Credit Score | 96 |
Dividend Growth Perspective
| Dividend ($) | 1.44 |
| Dividend Yield Fwd | 5.90 % |
| Dividend Frequency | Monthly |
| Average 5-Yr Yield | 7.70 % |
| Payout Ratio (%) | 76.70 |
| Cash Payout Ratio (%) | 102.15 |
| DGR 1-Yr (TTM) | 2.15 |
| DGR 3-Yr (TTM) | 4.40 |
| DGR 5-Yr (TTM) | 12.55 |
| DGR Streak | |
| Chowder Score | 18.50 |
| Next DVD PMT | 03-31-26 |
Valuation
(Data for `ddm_growth_rate_years` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
| Market Cap | 520.00 M |
| PE Ratio | 14.20 |
| Fwd PE | 13.15 |
| Price to Book Ratio | 1.80 |
| DDM Valuation | 0 |
| Average 5-Yr PE | 12.79 |
| Value Score | 82 |