DPZ
Domino's Pizza Inc.
stock NASDAQ

I've loved DPZ for a long time -- they were one of the first chains back 10-15 years ago to do online ordering (and order tracking via their pizza tracker).
Problem right now is that they just printed a quarter where SSS was \~1% when the expectation was 2.5-3% (see this [https://research.aardvarklabs.co/research/dpz/earnings/2026-q1/dpz-2026-q1-recap](https://research.aardvarklabs.co/research/dpz/earnings/2026-q1/dpz-2026-q1-recap) for a recap of the quarter).
Overall pizza trends aren't that great, and I think that's probably why pizza hut changed owners. So while I've been a fan, it's not clear to me why someone would want to own the stock now -- maybe you get some pricing levers the team can pull via discounts and promotions, but there's not anything they're working on that is going to materially change the trajectory like internet ordering did 10 years ago.

DPZ is at \~22x trailing earnings, which looks to be the cheapest it's traded since 2018. The bear case is well-covered by other commenters: delivery platforms ate their moat, GLP-1s are cutting into volume, franchisees are squeezed.

What's left looks like a B-tier revenue business, but with industry-leading unit economics and a 30-year track record of adapting. If store-level margins hold, the current price seems to be building in a lot of unmaterialized bad news.

"I see it had a big rise in late 2021"
People bought more delivered pizzas during COVID.
Domino's Pizza $DPZ was a great business with advantages in brand, supply chain and delivery.
Delivery platforms like UberEats has destroyed one, and may be destroying the others:
* Delivery point is obvious
* Platforms lend credibility to non-brand locals
* Dark kitchens gaining scale
Same-store growth is down to <1% in both the US and International as of 26Q1.

What do you guys think of Domino’s? (DPZ)

I've loved DPZ for a long time -- they were one of the first chains back 10-15 years ago to do online ordering (and order tracking via their pizza tracker).
Problem right now is that they just printed a quarter where SSS was \~1% when the expectation was 2.5-3% (see this [https://research.aardvarklabs.co/research/dpz/earnings/2026-q1/dpz-2026-q1-recap](https://research.aardvarklabs.co/research/dpz/earnings/2026-q1/dpz-2026-q1-recap) for a recap of the quarter).
Overall pizza trends aren't that great, and I think that's probably why pizza hut changed owners. So while I've been a fan, it's not clear to me why someone would want to own the stock now -- maybe you get some pricing levers the team can pull via discounts and promotions, but there's not anything they're working on that is going to materially change the trajectory like internet ordering did 10 years ago.

DPZ is at \~22x trailing earnings, which looks to be the cheapest it's traded since 2018. The bear case is well-covered by other commenters: delivery platforms ate their moat, GLP-1s are cutting into volume, franchisees are squeezed.

What's left looks like a B-tier revenue business, but with industry-leading unit economics and a 30-year track record of adapting. If store-level margins hold, the current price seems to be building in a lot of unmaterialized bad news.

"I see it had a big rise in late 2021"
People bought more delivered pizzas during COVID.
Domino's Pizza $DPZ was a great business with advantages in brand, supply chain and delivery.
Delivery platforms like UberEats has destroyed one, and may be destroying the others:
* Delivery point is obvious
* Platforms lend credibility to non-brand locals
* Dark kitchens gaining scale
Same-store growth is down to <1% in both the US and International as of 26Q1.

What do you guys think of Domino’s? (DPZ)