# Boston Pizza Royalties Income Fund (BPF-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price C$21.08, market value C$449 million.

## Valuation
- **P/E (trailing): 11.3×** (5-yr avg 9.2×, 3-yr avg 10.3×). Boston Pizza Royalties Income Fund trades at 11.3× trailing earnings, well above its own five-year average of 9.2×: investors are paying up relative to the company's past. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 11.1×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.35**. A PEG of 0.35 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 8.5×**. Each dollar of revenue is priced at 8.5×.
- **Price / book: 1.5×**. The shares trade at 1.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 9.4×**. Enterprise value is 9.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 9.0%** (5-yr avg 10.5%). Free cash flow equals 9.0% of the market value, in line with its five-year average of 10.5%. Above 5% is generally attractive.
- **Earnings yield: 8.8%**. The inverse of the P/E: 8.8% of the price is earned each year.

## Profitability
- **Operating margin: 117.8%**. 117.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 81.3%**. 81.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 14.5%**. 14.5% on shareholders' equity is solid.
- **Return on invested capital: 10.7%**. Return on all capital, debt included, is 10.7%.
- **Return on assets: 8.8%**. Each dollar of assets produces 8.8% of profit.

## Growth
- **Revenue growth (1 yr): 4.8%** (3-yr 4.5%/yr, 5-yr 9.7%/yr). Revenue grew 4.8% over the last year, against 9.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 32.0%** (3-yr 14.8%/yr, 5-yr 44.9%/yr). Earnings per share rose 32.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 4.9%/yr**. Free cash flow has compounded at 4.9% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.49**. Debt is 0.49 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 2.2×**. It would take 2.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 7.1×**. Operating profit covers interest 7.1× over, a safe margin.
- **Current ratio: 0.08** (quick 0.08). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 2.94**. A Z-score of 2.94 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 7.06%** (C$1.46 per share, trailing). Boston Pizza Royalties Income Fund yields 7.06%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 76%** (82% of free cash flow). 76% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 18.0%/yr** (1-yr 5.9%). The dividend has compounded at 18.0% a year over five years, doubling roughly every 4 years at that pace.

## Price and momentum
- **Total return (1 yr): 3.6%** (YTD -3.9%, 3-mo -9.3%). The shares are up 3.6% over twelve months including dividends.
- **From 52-week high: -18.3%** (11.7% above the low). Trading 18% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 0.45** (volatility 16%). Beta of 0.45 against the S&P/TSX Composite: the shares move much less than the market.

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Not investment advice.