Noble Romans Inc
Noble Roman’s Inc. is a U.S.-based pizza and Italian food franchising company founded in 1972. It operates and franchises restaurant concepts under the Noble Roman’s Pizza, Noble Roman’s Craft Pizza & Pub, Noble Roman’s Take-N-Bake, and Tuscano’s Italian Style Subs brands, serving both traditional stand-alone restaurants and non-traditional venues such as hospitals, convenience stores, travel plazas, and entertainment facilities.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueInitial and ongoing franchise-related fees from Noble Roman’s Pizza and Craft Pizza & Pub locations.
Food and beverage sales from company-owned Craft Pizza & Pub and non-traditional locations.
Pizza operations embedded in host facilities such as hospitals, convenience stores, and travel plazas.
Support for franchisees through approved manufacturers and third-party distributors.
Customers
The company sells primarily to franchisees and prospective franchise operators, especially multi-unit restaurant operators and owners of non-traditional host facilities. End customers are consumers buying pizza, subs, salads, pasta, beer, and wine through company-operated restaurants or franchise locations. The business model depends on both franchise adoption and traffic at the host venues where its non-traditional concepts are placed.
Buy Noble Roman’s Pizza or Craft Pizza & Pub franchise rights and related support to open and run locations.
Hospitals, convenience stores, travel plazas, and entertainment venues that lease space to a branded foodservice concept.
Experienced operators that can scale Craft Pizza & Pub or non-traditional formats across multiple sites.
Guests buying pizza, pub food, and takeout through company-operated or franchised locations.
Strategy
The company is focused on expanding revenue through non-traditional franchise sales while keeping corporate overhead tightly controlled. It is also using company-operated Craft Pizza & Pub locations as a proof point for the format and as a base for future franchising to experienced multi-unit operators.
This is the main scalable growth path and uses host venues with existing traffic.
The company-operated stores serve as a template for broader franchise rollout.
Sold-but-not-opened units can turn signed agreements into recurring operating locations.
Geography
Noble Roman’s is headquartered in Indiana and operates primarily in the United States. Its franchise and distribution network is spread across the country, with third-party distributors located throughout the U.S. to support weekly ingredient deliveries to franchisees. The company’s growth depends on U.S. consumer traffic, host-site expansion, and the availability of suitable domestic franchise locations.
Risks
The business depends on franchise development, host-venue traffic, and the success of individual franchisees, so openings can be delayed or fail to perform. It also faces food, labor, delivery, and rent-related cost pressure, along with refinancing and maturity risk on its senior note. As a restaurant franchisor and operator, it is exposed to consumer demand shifts, regulation, and disruptions such as pandemics or supply-chain issues.
Growth depends on converting leads and signed agreements into operating locations.
Exposure: Non-traditional and Craft Pizza & Pub franchise pipeline
The company relies on franchisees to open, operate, and remain financially viable.
The senior note requires scheduled principal payments and must be refinanced or repaid.
Exposure: Senior Note due 2026
Food ingredients, labor, packaging, rent, and delivery fees affect restaurant economics.
Exposure: Company-operated locations and franchise support economics
Sales depend on consumer traffic at host venues and broader restaurant demand.
Exposure: Non-traditional locations and takeout/carry-out channels
Accounting
Judgemental itemsUpfront franchise fees are recorded as deferred income and recognized over the contract life after opening.
Impact: Affects timing of reported revenue and comparability across periods
Sales are recognized when food and beverage transactions occur at the location.
Impact: Makes revenue sensitive to traffic, seasonality, and temporary closures
Management evaluates property, equipment, receivables, and deferred tax assets for impairment.
Impact: Can lead to charges that reduce reported earnings and asset values
Changes in warrant valuation can flow through earnings without cash impact.
Impact: Creates non-operating volatility in reported net income
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Last updated: 29/04/2026