HIGHOutside partySupplier
mozzarella cheese
“10-K Item 1: 'We are dependent on a sole supplier for all of our cheese made from mozzarella domestically and substantially all of our cheese internationally.'”
PZZA · Concentration risk · 10-K extracted
Papa John's International (PZZA) concentration risks
Updated
The most significant concentration Papa John's International discloses is mozzarella cheese, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Papa John's International’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partySupplier
garlic sauce
“10-K Item 1: 'We also depend on a sole source for our supply of garlic sauce'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Papa John's discloses two sole-source supplier dependencies that sit at the center of its concentration profile: the company depends on a sole supplier for all of its domestically made mozzarella cheese and substantially all of its cheese internationally, and separately depends on a sole source for its garlic sauce supply. Both are dependency-type exposures disclosed at a significant scale rather than structural features of the business model — they reflect specific counterparty relationships rather than an inherent characteristic of the business itself. No percentage figures are given for either, but the "sole supplier" and "sole source" framing means there is currently no alternative in place for either input. Because these are two of the brand's most recognizable ingredients, a disruption at either supplier — a plant issue, a contract dispute, a quality problem — could affect product availability and consistency across the system with no readily available substitute to fall back on. Netting the two together, they represent the same type of idiosyncratic single-point-of-failure risk applied to two different core ingredients, making supply-chain resilience for cheese and garlic sauce the key swing factor investors should watch.
For the engine’s reasoning on PZZA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Restaurants
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PZZA● | Papa John's International, Inc. | 2 | 0 | 0 | 2 |
| BJRI | BJ's Restaurants, Inc. | 1 | 1 | 0 | 2 |
| BLMN | Bloomin' Brands, Inc. | 1 | 0 | 0 | 1 |
| BH | Biglari Holdings Inc. | 0 | 1 | 0 | 1 |
| BH-A | Biglari Holdings Inc. | 0 | 1 | 0 | 1 |
| BROS | Dutch Bros Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.