Boston Pizza Royalties Income Fund

Boston Pizza Royalties Income Fund

BPZZF
Boston Pizza Royalties Income FundUS flagOther OTC
15.80
USD
- -
- -
336.20MMarket Cap
Boston Pizza Royalties Income Fund
BPZZF
(Other OTC)

Recent

price

15.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.83
1.92
1.99
1.98
2.02
2.17
2.16
2.16
2.08
2.08
1.51
1.63
2.11
2.3
2.33
2.44
2.46
Revenue per Share
-0.01
1.07
0.14
0.97
1.06
1.02
1.86
1.3
0.4
1.03
0.44
1.74
1.42
1.38
1.5
1.98
2.26
Basic EPS, GAAP
1.7
1.89
1.3
1.63
1.65
1.77
1.82
1.78
1.63
1.63
1.06
1.42
1.6
1.77
1.79
1.87
1.88
Free Cash Flow per Basic Share
0.12
1.08
1.16
1.22
1.23
1.28
1.37
1.38
1.38
1.38
0.52
1.04
1.18
1.27
1.43
1.51
1.53
Dividend per Share
11.09
11.1
10.61
9.93
10.08
12.52
12.98
13.51
12.51
12.17
11.94
12.82
13.04
13.11
13.17
13.63
13.96
Book Value per Share
-4.75
-4.82
-4.53
-6.05
-6.13
-0.1
-0.05
1.02
-0.35
-0.86
-1.27
-0.39
-0.17
-0.25
-0.19
0.28
0.61
Tangible Book Value per Share
14
15
15
15
16
19
20
21
22
22
22
22
22
21
21
21
21
Basic Weighted Avg Shares
27
28
29
30
31
41
44
45
46
45
33
35
45
49
50
52
52
Sales/Revenue/Turnover
95.39
96.7
96.15
96.53
96.73
96.99
97.32
97.29
97.25
97.25
95.59
96.3
96.94
96.97
96.54
97.03
97.11
Operating Margin (%)
2
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
16
2
15
16
19
38
27
9
23
10
37
31
30
32
42
48
Net Income, GAAP
175.63
27
74.36
30.13
29.16
28.63
21.49
25.83
43.32
28.6
39.7
14.68
22.88
25.97
27.47
25.87
25.62
Effective Tax Rate (%)
-0.79
55.71
6.99
49.02
52.6
47.02
86.13
60.41
19.01
49.57
29.32
106.41
67.26
60.1
64.38
81.27
91.82
Profit Margin (%)
1
-28
2
2
2
4
4
4
3
-86
2
-82
-1
-2
-4
-95
-94
Working Capital
30
- -
30
42
50
84
87
87
88
- -
88
- -
86
86
87
- -
- -
LT Debt
162
162
165
149
156
256
263
296
273
265
257
276
281
279
280
290
297
Total Equity
-10.72
10.28
3.72
10.54
10.79
10.33
9.71
8.8
6.76
8.82
5.36
8.11
9.19
9.41
9.22
9.73
9.85
Return on Invested Capital (%)
-9.93
10.84
2.04
10.04
10.54
9
12.96
9.04
3.31
7.69
3.66
12.03
9.79
9.33
10.03
12.58
14.15
Return on Capital (%)
-0.13
9.64
1.25
9.42
10.79
9.31
14.55
9.66
3.05
8.37
3.67
14.04
10.99
10.57
11.4
14.79
16.59
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
87
100
101
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
21
21
21
Market Capitalization
446
487
521

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
11
9
9
Cash, Cash Equivalents & STI
6
4
4
Accounts Receivable, Net
3
3
4
Inventories
- -
- -
- -
Total Current Liabilities
100
104
102
Payables & Accruals
1
4
1
ST Debt
87
100
101
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.4%
2.5%
3.51%
Free Cash Flow
3.31%
12.21%
4.13%
Net Income, GAAP
41.23%
61.88%
32.3%
Sales/Revenue/Turnover
3.37%
10.14%
4.81%
Total Cash Common Dividend
10.04%
27.93%
6.16%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
12
13
13
12
50
2025
12
13
13
13
52
2026
13
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.4
0.35
0.44
- -
1.5
2025
0.3
0.67
0.49
- -
1.98
2026
0.57
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.33
0.34
0.34
- -
1.43
2025
0.34
0.34
0.36
- -
1.51
2026
0.36
- -
- -
- -
- -
Business
Boston Pizza Royalties Income Fund (BPZZF) engages in owning trademarks and trade names and operates and franchises Boston Pizza restaurants in Canada through its indirect ownership of Boston Pizza Royalties Limited Partnership. The Fund, incorporated in 2002 and headquartered in Richmond, British Columbia, Canada, provides ongoing royalty and distribution income to unitholders derived from a fixed percentage of franchise revenues within its Royalty Pool, subject to adjustments for new openings and closures. The Fund is a limited‑purpose open‑ended trust that benefits from the Boston Pizza system’s scale while maintaining an ownership structure that consolidates branding, marketing, and franchise operations under the Boston Pizza International Inc. umbrella. The primary business activity centers on collecting royalties from Boston Pizza restaurants and distributing cash to unitholders, with additional operating and branding support through its partnership with BPI1. Main products and services: - Royalty stream from Boston Pizza restaurants: 5.5% of franchise revenues within the Royalty Pool (net of pro rata retained interest), adjusted annually for new restaurants opened and closed restaurants; - Franchise operations and brand management support: licensing of trademarks and trade names, brand governance, and marketing coordination via Boston Pizza International Inc.; - Management of distributions to unitholders: regular cash distributions funded by royalty and related income, reflecting performance of the Boston Pizza system; - Financial reporting and investor relations services related to fund operations and franchise performance; - Administrative and governance services through the limited partnership structure and affiliated entities; - Strategic oversight and coordination with BP Canada Limited Partnership for franchise system growth and capital deployment. Latest major company changes: - 2025 annual updates indicate continued stable royalty pool with 372 restaurants and no changes to the Royalty Pool as of January 1, 2026, reflecting no new openings or permanent closures in 2025; this maintains the Fund’s royalty base and distribution framework. - 2025 second‑quarter and 2025 year‑to‑date results show continued franchise sales growth and an increase in distributable cash and monthly distributions to unitholders, signaling ongoing strategic execution and financial strength; distributions were raised to a new high monthly rate during 2025. - Ongoing alignment with Boston Pizza International Inc. to sustain franchise network growth and brand loyalty, with continued emphasis on system‑wide performance and royalty optimization practices; public disclosures emphasize stability in the Royalty Pool and franchise activity. - Public reporting and market updates through press releases and financial portals reflect material updates in quarterly results, including franchise sales growth and distribution announcements, reinforcing the Fund’s income characteristics and shareholder value focus. Additional context: - Industry and business segments: royalty income funds within the restaurant franchise sector; Canadian franchising and brand licensing; royalty-based investment vehicles. - Target markets: Canadian Boston Pizza franchise network; retail and consumer dining sector through franchised restaurant operations. - Geographic operations: Canada; headquarters in Richmond, British Columbia; network-wide licensing and branding managed for Boston Pizza restaurants across Canada. - Founding year and headquarters: founded 2002; headquarters in Richmond, Canada. - Subsidiaries/parent relationships: Fund operates via Boston Pizza Royalties Limited Partnership; linked to Boston Pizza International Inc. and James Treliving Holdings Ltd. as its parent/affiliate structure through shared ownership and control. - Governance and structure: open‑ended limited purpose trust; TSX listing as BPF.UN; distribution policy influenced by franchise sales, royalty income, and distributable cash.

Company News

  • Boston Pizza Royalties Income Fund (BPF.UN:CA) Q2 2026 Earnings Call Transcript

  • Boston Pizza Royalties Income Fund (BPF.UN:CA) Shareholder/Analyst Call Prepared Remarks Transcript

  • Boston Pizza Royalties Income Fund Q1 Earnings Call Highlights

  • Boston Pizza: A Defensive Play In A Cooling Canadian Consumer Market

  • Boston Pizza Royalties Income Fund (BPF.UN:CA) Q4 2025 Earnings Call Transcript

  • Boston Pizza: Still A Strong Royalty Generator

  • Boston Pizza Royalties Income Fund (BPF.UN:CA) Q3 2025 Earnings Call Transcript

  • Boston Pizza: Distributions Grow As Fundamentals Strengthen (Rating Upgrade)

  • Boston Pizza Royalties Income Fund (BPZZF) Q2 2025 Earnings Call Transcript

  • Boston Pizza: Don't Sell Yet After The Rally, The Price Is Still Justifiable

  • Boston Pizza Royalties Income Fund (BPZZF) Q1 2025 Earnings Call Transcript

  • Boston Pizza: More Than Ever, Same-Store Sales Matter For Dividend Sustainability

  • Boston Pizza Royalties Income Fund (BPZZF) Q4 2024 Earnings Call Transcript

  • Boston Pizza: A Dividend Crust That's Neither Too Thick Nor Too Thin

  • Boston Pizza: 7.8% Yield But Weakness Showing Up In Numbers

  • Boston Pizza Royalties Income Fund (BPZZF) Q3 2024 Earnings Call Transcript

  • Boston Pizza: 8% Yield But Maybe Time For The Exit

  • Boston Pizza: A Look At The 8.3% Yield After Q1 Results

  • Boston Pizza Royalties Income Fund (BPZZF) Q1 2024 Earnings Call Transcript

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