The Company in a Nutshell
| Date Reviewed | 06/06/2026 |
| Company Name | Boston Pizza Royalties Income Fund |
| Symbol | BPF.UN.TO |
| Sector | Consumer Discretionary |
| Industry | N/A |
| Beta | 0.73 |
| 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 | 23.49 |
| ROE | 14.80 % |
| ROIC | 10.00 % |
| Shareholder Yield | 0.20 % |
| 5-Yr Total Return | 156.15 % |
| 1-Yr Total Return | 35.80 % |
| Next Earnings Date | 08-12-26 |
Latest Quarter Information
What the CEO said:
Jordan Holm, President of Boston Pizza International, said, “We are pleased with our first quarter results, highlighted by strong total franchise sales and same restaurant sales,” adding, “Our results demonstrate the resilience of our brand and the continued loyalty of our guests.”
What we say:
2026-06-05, Boston Pizza Royalties Income Fund reported a strong quarter performance on EPS and revenue with +171.4% and +3.2% respectively. Revenue rose as Royalty Income increased to $9.534M from $9.246M and Distribution Income to $3.145M from $3.036M on higher system sales. Earnings increased mainly from a fair value gain on the BP Canada LP investment ($9.711M gain vs $1.910M loss) plus ~$0.4M higher royalty/distribution income, partly offset by higher deferred taxes, interest and current taxes. Monthly distribution raised to $0.124/unit from $0.120, effective March 2026; April distribution set at $0.124. No formal guidance; focus on SRS (+3.1%), takeout/delivery and promotions.
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 10.35 % |
| 5-Yr EPS Growth | 0.70 % |
| 5-Yr Div Growth | 13.25 % |
Potential Risks
| Debt/Equity | 0.50 |
| Financial Debt to EBITDA (TTM) | 2.85 |
| Current Ratio (Quarterly) | 0.10 |
| Credit Score | 96 |
Dividend Growth Perspective
| Dividend ($) | 1.488 |
| Dividend Yield Fwd | 6.35 % |
| Dividend Frequency | Monthly |
| Average 5-Yr Yield | 7.70 % |
| Payout Ratio (%) | 76.70 |
| Cash Payout Ratio (%) | 102.55 |
| DGR 1-Yr (TTM) | 5.20 |
| DGR 3-Yr (TTM) | 4.60 |
| DGR 5-Yr (TTM) | 13.25 |
| DGR Streak | |
| Chowder Score | 19.55 |
| Next DVD PMT | 05-29-26 |
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 | 515.00 M |
| PE Ratio | 11.90 |
| Fwd PE | 13.05 |
| Price to Book Ratio | 1.75 |
| DDM Valuation | 0 |
| Average 5-Yr PE | 12.43 |
| Value Score | 83 |