FRSH on NASDAQ

Papa Murphy's

Logo: Jenny59323, CC BY-SA 4.0, via Wikimedia Commons4

Business based in Vancouver, Washington, United States

Papa Murphy's Holdings, Inc. is a take-and-bake pizza company based in Vancouver, Washington.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 18, 2026.

Overview

$838.8MRevenue, fiscal 20255
$183.7MNet income, fiscal 20255
1981Founded1

Compare with another stock.

  • TickerFRSH on NASDAQ1
  • Industryfast food restaurant1
  • HeadquartersVancouver1
  • Websitewww.papamurphys.com
  • Legal formDelaware corporation1
Papa Murphy's in Gillette, Wyoming
Photo: Mr. Satterly, WTFPL, via Wikimedia Commons7

Papa Murphy's Holdings, Inc. is a take-and-bake pizza company based in Vancouver, Washington. It began in 1995 as the merger of two local take-and-bake pizza companies: Papa Aldo's Pizza (founded in 1981) and Murphy's Pizza (founded in 1984). The company and its franchisees operate more than 1,300 outlets in the United States, Canada, and the United Arab Emirates. In April 2019, it was announced that the company would be acquired by MTY Food Group for $190 million.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

85.0%Gross margin5
1.6%Operating margin5
21.9%Net margin5
16.4%Revenue growth, 20255
17.8%Return on equity5
$236.7MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription Services, Software Licenses And Maintenance brought in 99% of the revenue Papa Murphy's broke down this way in fiscal 2025.

  1. Subscription Services, Software Licenses And Maintenance$829.4M599%up 17% from 2024
  2. Professional Services$9.4M51%down 3% from 2024
Products and services by year
Products and services202320242025
Subscription Services, Software Licenses And Maintenance$582.9M$710.7M$829.4M
Professional Services$13.6M$9.7M$9.4M

Regions

North America brought in 30% of the revenue Papa Murphy's broke down this way in fiscal 2025.

  1. North America$390.8M530%up 18% from 2024
  2. United States$354.3M527%up 20% from 2024
  3. EMEA$324.6M525%up 17% from 2024
  4. United Kingdom$113.5M59%up 21% from 2024
  5. Asia Pacific$100.2M58%up 10% from 2024
  6. Geographical Other Than North America, Europe, Middle East, Africa, And Asia Pacific$23.2M52%up 10% from 2024
Regions by year
Regions202320242025
North America$266.3M$329.9M$390.8M
United States$235.3M$294.5M$354.3M
EMEA$230.0M$277.9M$324.6M
United Kingdom$75.1M$94.1M$113.5M
Asia Pacific$83.1M$91.4M$100.2M
Geographical Other Than North America, Europe, Middle East, Africa, And Asia Pacific$17.0M$21.2M$23.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue15¢$126.1M
  • Research and development19¢$163.2M
  • Other costs28¢$235.3M
  • Income tax16¢$130.4M
  • Profit22¢$183.7M

Out of $838.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$5.7M
  • Share buybacks99¢$386.3M

Out of $242.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue8910115$838.8M in 2025+387% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $172.4M$172.4M20192020: $249.7M$249.7M2020+45%2021: $371.0M$371.0M2021+49%2022: $498.0M$498.0M2022+34%2023: $596.4M$596.4M2023+20%2024: $720.4M$720.4M2024+21%2025: $838.8M$838.8M2025+16%
Gross profit8910115$712.7M in 2025+424% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $135.9M$135.9M20192020: $197.2M$197.2M2020+45%2021: $293.0M$293.0M2021+49%2022: $402.2M$402.2M2022+37%2023: $493.1M$493.1M2023+23%2024: $607.1M$607.1M2024+23%2025: $712.7M$712.7M2025+17%
Operating income8910115$13.2M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: -$29.7M-$29.7M20192020: -$56.1M-$56.1M2020+89%2021: -$204.8M-$204.8M2021+265%2022: -$233.4M-$233.4M2022+14%2023: -$170.2M-$170.2M2023−27%2024: -$138.6M-$138.6M2024−19%2025: $13.2M$13.2M2025
Net income8910115$183.7M in 2025
-$400.0M-$200.0M0$200.0M2019: -$31.1M-$31.1M20192020: -$57.3M-$57.3M2020+84%2021: -$192.0M-$192.0M2021+235%2022: -$232.1M-$232.1M2022+21%2023: -$137.4M-$137.4M2023−41%2024: -$95.4M-$95.4M2024−31%2025: $183.7M$183.7M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$838.8M$720.4M$596.4M
Cost of revenue$126.1M$113.3M$103.4M
Gross profit$712.7M$607.1M$493.1M
Research and development$163.2M$164.6M$137.8M
Sales and marketing$394.8M$390.8M$357.8M
General and administrative$141.1M$180.6M$167.7M
Restructuring charges$405.0K$9.7M$0
Total operating expenses$699.5M$745.7M$663.2M
Income (loss) from operations$13.2M-$138.6M-$170.2M
Interest and other income, net$40.1M$47.8M$46.4M
Income (loss) before income taxes$53.3M-$90.8M-$123.8M
Total provision for income taxes-$130.4M$4.5M$13.7M
Net income (loss)$183.7M-$95.4M-$137.4M
Net income (loss) per share - basic (in dollars per share)$0.63-$0.32-$0.47
Net income (loss) per share - diluted (in dollars per share)$0.63-$0.32-$0.47
Basic (in shares)291.1M shares300.8M shares293.1M shares
Diluted (in shares)293.8M shares300.8M shares293.1M shares

Compare Papa Murphy's with another company

The story

The chain of pizzerias traces its history back to 1981, when the Papa Aldo's Pizza chain was founded in Hillsboro, Oregon. Three years later, Murphy's Pizza chain began operating in Petaluma, California. Both chains were later acquired and consolidated by Terry Collins into Papa Murphy's. The chain was incorporated as Papa Murphy's International, Inc. In 2003, Papa Murphy's was voted "Best Pizza Chain in America" by Restaurants and Institutions magazine. The company was merged with PMI Holdings, Inc. in 2004.

In 2010, the chain sold out to Lee Equity Partners of New York City. Sales for the chain totaled $702 million in 2011, which grew to $800 million in 2012 from 1,350 outlets. Reuters reported in 2013 that Papa Murphy's New York parent, Lee Equity Partners, was preparing a public offering for the take-and-bake pizza chain. Official plans for the IPO were announced in March 2014.

Papa Murphy's (FRSH) was added to the Nasdaq May 2, 2014, raising $64.1 million in shares.

Following a loss in the third quarter of 2016, the company announced that it would launch its first national advertising campaign in 2017.

By 2017–2018, the franchisor was struggling, dipping in and out of losses and profitability. In May 2019, it was taken over by Canadian private food conglomerate MTY Food Group, and removed from the NASDAQ.In October 2022, Papa Murphy's was sued in a class action lawsuit alleging the company had been secretly wiretapping the private conversations of everyone who had communicated via the company's online chat feature.

In July 2026, MTY Food Group, announced plans to close between 45 and 50 underperforming corporate-owned locations over the following six to nine months. The restructuring followed a detailed performance review of the company's corporate-owned portfolio, which revealed that the selected locations had collectively generated over CAD 10 million in losses during the preceding 12 months. The closures primarily targeted corporate stores that MTY Food Group had repossessed two years prior in an unsuccessful turnaround attempt. This downsizing initiative reflects broader pizza industry trends in 2026, driven by rising operational costs and shifting consumer spending, which also prompted significant store rationalizations by competitors like Pizza Hut and Papa Johns.

From Wikipedia’s article on Papa Murphy's, shared under CC BY-SA 4.0.6

Leadership

Who has led Papa Murphy's, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (15)

Products and brands

Orders are available by walk-in, online order, or call-in. Some stores have a drive-thru window where customers can pick up online and call-in orders. As part of the take-and-bake concept, the pizzas are made at the store but are not baked there. According to Nation's Restaurant News, take-and-bake pizzerias typically have lower costs because they require less restaurant space and equipment. As a result, they are often able to undercut the national pizza giants. Papa Murphy's also offers salads, dessert items, and soft drinks in various sizes.

From Wikipedia’s article on Papa Murphy's, shared under CC BY-SA 4.0.6

Timeline

  1. Jun 15, 2017New chief executive Weldon W. Spangler becomes CEO16
  2. May 2, 2014Went public Listed on NASDAQ1
  3. May 1, 2014New chief executive Ken Calwell becomes CEO17
  4. 1981Founded Founded1

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.19,561,867$198.0M0.0%+2,562,091
Alphabet Inc.16,206,643$164.0M0.2%No change
Vanguard Portfolio Management LLC15,910,270$161.0M0.0%+366,704
Aqr Capital Management LLC10,981,842$111.1M0.0%+6,227,614
Vanguard Capital Management LLC10,450,026$105.8M0.0%+118,536
Haveli Investment Management LLC8,204,092$83.0M46.2%New
WestBridge Capital Management, LLC7,856,660$79.5M100.0%−5,522,600
Citadel Advisors LLC6,839,801$69.2M0.0%+2,419,179
State Street Corp5,656,669$57.2M0.0%+605,308
Geode Capital Management, LLC5,639,206$57.1M0.0%+468,910
Arrowstreet Capital, Limited Partnership5,154,349$52.2M0.0%New
Morgan Stanley4,886,804$49.5M0.0%+2,666,903
Jupiter Asset Management Ltd4,394,797$44.5M0.2%−585,706
Wellington Management Group Llp4,000,543$40.5M0.0%+353,714
Goldman Sachs Group Inc3,656,418$37.0M0.0%−267,434
Renaissance Technologies LLC3,235,300$32.7M0.0%−1,340,700
Dimensional Fund Advisors LP3,187,127$32.3M0.0%+590,134
Nuveen, LLC2,866,739$29.0M0.0%+85,470
Jane Street Group, LLC2,861,342$29.0M0.0%+977,874
Cypress Point Investment Management LP2,481,388$25.1M4.6%−48,000
Northern Trust Corp2,123,118$21.5M0.0%+251,049
Ieq Capital, LLC2,090,111$21.2M0.1%+21,318
Millennium Management LLC1,869,952$18.9M0.0%+1,471,282
Point72 Asset Management, L.P.1,868,877$18.9M0.0%−318,603
Charles Schwab Investment Management Inc1,799,101$18.2M0.0%+55,754

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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