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Pizza Restaurants (independent + franchise)

The 3 anchors. Don't leave the meeting without them.

1THE PRICE

1.0x–2.5x for independents (PMQ Pizza Media transaction analysis; Sofer Advisors Dec 2025); very few exceed 3.5x SDE; trades at discount vs. broader restaurant average (2.14x–2.96x) due to competitive pressures and commodity sensitivity

Typical deal: $150K–$300K (independent); franchise units $300K–$800K

2THE LEVER

Franchise brand affiliation

Push this up, multiple goes up

3THE LANDMINE

Declining revenue trend over 2+ years

Surface this in the first 15 min

SDE multiple

EBITDA multiple

2.5x–4.5x for independents; franchise brands (Domino's, Papa John's, Pizza Hut) achieve higher multiples due to brand value, systemized operations, and financing availability; multi-unit operators with delivery technology can reach 5x+

Deal size range

$50K – $2M–$3M (multi-unit franchise group or strong independent with delivery territory)

OPEN

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Three things to nail in the first 10 minutes.

1
Independents trade at 1.0x–2.5x SDE; very few exceed 3.5x SDE — this is a competitive, margin-sensitive category.
2
Franchise units (Domino's, Papa John's) achieve higher multiples due to brand systems and SBA financing availability.
3
Revenue multiples of 0.20x–0.40x annual revenue — delivery/off-premise mix improves this ratio.

Verified — pricing landed clean

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Pizza Restaurants (independent + franchise)

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Want the full Pizza Restaurants (independent + franchise) playbook?

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