Domino's vs Texas Roadhouse
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The short version
- Texas Roadhouse is the larger business, with $5.9B of revenue in fiscal 2025 against $4.9B for Domino's.
- Texas Roadhouse grew revenue faster (9.4%, against 5.0%).
- Domino's kept more of each dollar of sales as operating profit (19.3% operating margin, against 8.1%).
- Domino's turned more of its sales into free cash flow (13.6% FCF margin, against 5.8%).
- Domino's earned a higher return on the capital invested in it (92.2%, against 33.0%).
- Investors pay more for each dollar of Texas Roadhouse’s earnings: a P/E of 26.5x against 17.3x for Domino's.
| Latest fiscal year | DPZ · FY25 | TXRH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $10.9B |
| Revenue | $4.9B | $5.9B |
| Free cash flow | $672M | $342M |
| Net income | $602M | $414M |
| Growth | ||
| Revenue growth | 5.0% | 9.4% |
| 5-year growth | 3.7% | 19.6% |
| Share count change | −2.2% | −0.8% |
| Profitability | ||
| Gross margin | 40.0% | — |
| Operating margin | 19.3% | 8.1% |
| Net margin | 12.2% | 7.1% |
| FCF margin | 13.6% | 5.8% |
| Return on capital | 92.2% | 33.0% |
| Return on equity | — | 29.4% |
| Balance sheet | ||
| Net debt | $4.7B | −$132M |
| Net debt / EBITDA | 4.5x | −0.2x |
| Dividends and buybacks | $595M | $331M |
| Valuation & quality | ||
| P/E | 17.3x | 26.5x |
| Piotroski F-score | 8 | 4 |
Revenue
FY16
DPZ $2.5B
TXRH $2.0B
FY17
DPZ $2.8B
TXRH $2.2B
FY18
DPZ $3.4B
TXRH $2.5B
FY19
DPZ $3.6B
TXRH $2.8B
FY20
DPZ $4.1B
TXRH $2.4B
FY21
DPZ $4.4B
TXRH $3.5B
FY22
DPZ $4.5B
TXRH $4.0B
FY23
DPZ $4.5B
TXRH $4.6B
FY24
DPZ $4.7B
TXRH $5.4B
FY25
DPZ $4.9B
TXRH $5.9B
DPZ
TXRH
Operating margin
FY16
DPZ 18.4%
TXRH 8.6%
FY17
DPZ 18.7%
TXRH 8.4%
FY18
DPZ 16.7%
TXRH 7.6%
FY19
DPZ 17.4%
TXRH 7.7%
FY20
DPZ 17.6%
TXRH 1.0%
FY21
DPZ 17.9%
TXRH 8.6%
FY22
DPZ 16.9%
TXRH 8.0%
FY23
DPZ 18.3%
TXRH 7.6%
FY24
DPZ 18.7%
TXRH 9.6%
FY25
DPZ 19.3%
TXRH 8.1%
DPZ
TXRH
Free cash flow
FY16
DPZ $234M
TXRH $92.3M
FY17
DPZ $251M
TXRH $125M
FY18
DPZ $274M
TXRH $197M
FY19
DPZ $411M
TXRH $160M
FY20
DPZ $504M
TXRH $76.0M
FY21
DPZ $560M
TXRH $268M
FY22
DPZ $388M
TXRH $266M
FY23
DPZ $485M
TXRH $218M
FY24
DPZ $512M
TXRH $399M
FY25
DPZ $672M
TXRH $342M
DPZ
TXRH
Return on capital
FY16
DPZ 99.4%
TXRH 18.0%
FY17
DPZ 112.3%
TXRH 19.0%
FY18
DPZ 113.7%
TXRH 21.7%
FY19
DPZ 107.3%
TXRH 22.8%
FY20
DPZ 110.9%
TXRH 2.9%
FY21
DPZ 93.5%
TXRH 30.9%
FY22
DPZ 81.6%
TXRH 31.7%
FY23
DPZ 82.6%
TXRH 31.6%
FY24
DPZ 87.1%
TXRH 40.0%
FY25
DPZ 92.2%
TXRH 33.0%
DPZ
TXRH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.