Pizza franchising and non-traditional food service
Strategic Profile
Founded in 1972 as a pizzeria on the Indiana University campus, Noble Roman's has pivoted toward a franchise model targeting non-traditional foodservice venues rather than standalone restaurants. After being delisted from NASDAQ, the company launched an aggressive nationwide expansion campaign during the mid-2000s based on franchising. The company operates multiple brands including Noble Roman's Pizza, Craft Pizza & Pub, Take-N-Bake, and Tuscano's Italian Style Subs.
Cyborg Score Rationale
As of May 2026, Noble Roman's stock trades at $0.33 with a market cap of $7.3M. The company became embroiled in multiple lawsuits with franchisees, and trailing twelve-month revenue as of September 2025 was $15.7M. The business remains operationally challenged with limited scale and a depressed valuation.
Top Insights
Pivoted from company-operated chain model to asset-light franchising strategy, targeting non-traditional venues (airports, universities, military bases, convenience stores) where capital requirements are lower and unit-level economics are simpler
Craft Pizza & Pub concept introduced as premium relaunch attempt; early units in Indiana showing positive unit economics (~$1.35M average volume with 20%+ EBITDA targets) but expansion remains highly localized
OTC-traded penny stock with minimal market cap ($7.3M) and significant delisting history; stock was removed from NASDAQ following capital constraints and failed acquisition attempt (Papa Gino's in 1996)
Franchisee litigation and operational complexity: lawsuits from failing location operators citing flawed dual-brand concepts, lack of pre-opening testing, and insufficient operational/marketing support damaging brand credibility
Named Competitors
Pizza Hut — Global pizza delivery and carryout chain