Diversified Revenue StreamsNoble Roman's multi-channel model—company stores, franchising and retail frozen products—creates durable, less capital-intensive cash flows. Franchising supplies steady royalties and supports expansion with lower capex, while retail distribution diversifies demand beyond restaurant traffic.

Improving Cash GenerationTTM positive free cash flow with FCF roughly tracking net income (~0.9x) shows earnings are converting into cash. Stronger cash conversion supports organic growth, funds modest franchise support, and provides a pathway to reduce leverage over time if margins remain stable.

Margin Recovery And EBITDA GrowthMargin expansion across channels (Craft Pizza margins rising, convenience program margins very high) and higher trailing EBITDA indicate improving unit economics. Structural margin gains increase the company's ability to fund growth and franchise incentives while absorbing commodity cost variability.

Bears Say

Elevated LeverageA debt-to-equity ratio around 3x is high for a restaurant operator and constrains financial flexibility. Elevated leverage raises vulnerability to demand or cost shocks, limits the ability to invest opportunistically, and makes the company more dependent on consistent cash generation to meet obligations.

Weak Debt Service CoverageOperating cash flow covering a small fraction of debt (~0.16x) signals limited debt-service capacity despite positive FCF. Historical periods of negative free cash flow increase the chance that earnings volatility could quickly strain liquidity and force operational or financing compromises.

Refinancing RiskRefinancing remains unresolved with existing terms only through June 2026, creating medium-term liquidity risk. If markets tighten or terms worsen, the company could face higher interest costs or restrictive covenants, which would hamper expansion plans and pressure free cash flow.

Noble Roman's News

Noble Roman’s Earnings Call: Growth Amid Challenges

Noble Roman’s (($NROM)) has held its Q3 earnings call. Read on for the main highlights of the call....

4M ago

NROM

Noble Roman’s Board Changes Amid Shareholder Meeting Issues

An announcement from Noble Roman’s ( ($NROM) ) is now available. On September 16, 2025, Marcel Herbst resigned...

5M ago

NROM

Noble Roman’s Earnings Call: Positive Growth Amid Challenges

Noble Roman’s (($NROM)) has held its Q2 earnings call. Read on for the main highlights of the call....

6M ago

NROM

Noble Roman’s Earnings Call: Mixed Results and Strategic Plans

Noble Roman’s (($NROM)) has held its Q1 earnings call. Read on for the main highlights of the call....

8M ago

NROM

NROM FAQ

What was Noble Roman's Inc’s price range in the past 12 months?

Noble Roman's Inc lowest stock price was $0.14 and its highest was $0.40 in the past 12 months.

What is Noble Roman's Inc’s market cap?

Noble Roman's Inc’s market cap is $7.78M.

When is Noble Roman's Inc’s upcoming earnings report date?

Noble Roman's Inc’s upcoming earnings report date is May 13, 2026 which is in 69 days.

How were Noble Roman's Inc’s earnings last quarter?

Noble Roman's Inc released its earnings results on Nov 14, 2025. The company reported $0.025 earnings per share for the quarter, beating the consensus estimate of N/A by $0.025.

Is Noble Roman's Inc overvalued?

According to Wall Street analysts Noble Roman's Inc’s price is currently Overvalued. Get more investment ideas with TipRanks Premium

Does Noble Roman's Inc pay dividends?

Noble Roman's Inc does not currently pay dividends.

What is Noble Roman's Inc’s EPS estimate?

Noble Roman's Inc’s EPS estimate for its next earnings report is not yet available.

How many shares outstanding does Noble Roman's Inc have?

Noble Roman's Inc has 22,215,511 shares outstanding.

What happened to Noble Roman's Inc’s price movement after its last earnings report?

Noble Roman's Inc reported an EPS of $0.025 in its last earnings report, beating expectations of N/A. Following the earnings report the stock price went up 11.765%.

Which hedge fund is a major shareholder of Noble Roman's Inc?

Currently, no hedge funds are holding shares in NROM

What is the TipRanks Smart Score and how is it calculated?

Smart Score combines eight research factors - such as analyst recommendations, hedge fund trends, and technical indicators - to measure a stock’s outlook. These signals are unified into a single score that reflects bullish or bearish momentum. See detailed methodology

Company Description

Noble Roman's Inc

Noble Roman's, Inc. sells and services franchises, and licenses and operates foodservice locations for stand-alone restaurants and non-traditional foodservice operations. The company franchises, licenses, and operates foodservice locations under the Noble Roman's Craft Pizza & Pub, Noble Roman's Pizza, Noble Roman's Take-N-Bake, and Tuscano's Italian Style Subs trade names, which provide breadsticks and cheesy stix with dip, pizza, pasta, salads, wings, baked sandwiches, and other related breakfast products, as well as a selection of desserts. As of December 31, 2021, it operated 3,069 franchised/licensed outlets. Noble Roman's, Inc. was incorporated in 1972 and is headquartered in Indianapolis, Indiana.