A CRITICAL ANALYSIS OF DOMINOS INC. INC'S SHAREHOLDER WEALTH CREATION IN THE FIVE YEARS FROM 2018 TO 2022
对 DOMINOS INC. INC. 在 2018 年至 2022 年五年期间的股东财富创造的批判性分析

STUDENT’S NAME:kaihan zhang
学生姓名：kaihan zhang

STUDENT’S NUMBER:31842048
学生人数：31842048

COURSE NAME/CODE:acm013
课程名称/代码：acm013

INSTRUCTOR:
教练：

SUBMISSION DATE:06/09/2024

Word account 7600

contents

1.Introduction 3

1.1Company background 3

1.2Industry background 4

1.3Goals and objectives 4

1.4Design and Methods 5

1.5Structure of project 5

2. Literature review 7
2. L迭代复习7

2.1. The basic concept of shareholder wealth creation and capital structure 7
2.1.股东财富创造和资本结构的基本概念 7

2.2 Domino's business model and financial performance 8
2.2 达美乐的商业模式和财务业绩8

2.3. The impact of market competition and the external environment 9
2.3.市场竞争和外部环境的影响9

2.4Dividend Theories 10
2.4股息理论10

2.5. Conclusions of the literature review 12
2.5.文献综述结论12

3.Company and sector overview 13
3.公司和行业概述13

3.1Company Overview 13
3.1公司概况13

3.2Industry Overview: 16
3.2行业概况：16

3.3 Domino's Position in the Sector 16
3.3 多米诺骨牌在第16 区的地位

4 Creation of shareholders wealth data selection and analysis 17
4创建股东财富数据选择和分析17

4.1domino Stock price data from2018 to 2022 18
4.12018年至 2022 年的 Domino 股价数据18

4.2Earnings Per Share (EPS) 19
4.2每股收益 （EPS）19

4.3revenue per share 20
4.3每股收入20

4.4Net operating cash flow per share 21
4.4 每股净经营现金流21

4.5 ROIC 22
4.5 投资回报率22

4.6Profit Margins 23
4.6 利润率23

4.7Earnings before interest and tax 25
4.7E息税前计算25

4.8Revenue 26
4.8 营收26

4.9Dividend Policy 26
4.9 股息政策26

4.10dividend-payout-ratio 27
4.10 股息支付比率27

4.11Analysis of the capital structure 29
4.11资本结构分析29

5 Discussion and evaluation 29
5 讨论与评价29

5.1Discussion and evaluation of domino Stock price from2018 to 2022 30
5.1D2018-2022 年多米诺骨牌股价的讨论和评估30

5.2Discussion and evaluation of domino EPS 31
5.2多米诺骨牌 EPS 的 D 讨论和评估31

5.3Discuss and evaluation of revenue per share 32
5.3讨论和评估每股收益32

5.4Discuss and evaluation of net operating cash flow per share 33
5.4讨论和评估每股净经营现金流 33

5.5 Discuss and evaluation of roic 34
5.5 roic 34 的讨论和评估

5.6Discussion and evaluation of profit margin 35
5.6D利润率的讨论和评估35

5.7Discuss and evaluation of ebit 37
5.7EBIT 37 的讨论和评估

5.8Discussion and evaluation of revenue 38
5.8D收入的讨论和评估38

5.9Discussion and evaluation of dividend 39
5.9 股息的讨论和评估 39

5.10Discuss and evaluation of dividend payout ratios 41
5.10讨论和评估股息支付率41

5.11 Discussion and evaluation of capital structure 42
5.11 资本结构的讨论和评估 42

6. Conclusion 43
6. 结论43

7.Reference 44
7.参考文献44

Appendix 49
附录49

1.Introduction
1.I 简介

The maximization of shareholder wealth is to pursue the maximum possible growth of shareholder value through reasonable business activities. The shareholders are the owners of a company, and the main reason they invest is to profit from the company's future growth. Increasing company value or profit growth is not the only way to create shareholder wealth. In addition, short-term economic gains do not mean long-term wealth accumulation. Therefore, when preparing shareholders for the long term, company executives should consider not only profitability, and consider the , wealth realization, growth strategies, and internal and external risks of the company.
股东财富的最大化是通过合理的商业活动来追求股东价值的最大可能增长。股东是公司的所有者，他们投资的主要原因是从公司的未来增长中获利。增加公司价值或利润增长并不是创造股东财富的唯一途径。此外，短期的经济收益并不意味着长期的财富积累。因此，在为股东做长期准备时，公司高管不仅要考虑盈利能力，还要考虑财富实现、增长战略以及公司的内部和外部风险。

This project analyzes Domino's' strategic and financial performance in shareholder wealth creation.
本项目分析了达美乐在股东财富创造方面的战略和财务绩效。

1.1Company background
1.1公司背景

Domino's Pizza (Domino's Pizza) is an international chain of pizza delivery restaurants based in Ann Arbor, Michigan. The company was listed on the New York Stock Exchange in 2004. Domino's Pizza has more than 17,200 restaurants in more than 90 countries and regions, including the United States, Canada, Australia, the Netherlands, Britain, France, Japan, South Korea and other countries. The brand is known for its fast service and delivery business, particularly popular among young people, and is the second largest fast food category after hamburgers. With its innovation and expansion strategy, Domino's Pizza has achieved remarkable success worldwide, especially in the Chinese market, and has demonstrated strong growth momentum through continuous store expansion and brand promotion.
Domino's Pizza （Domino's Pizza） 是一家位于密歇根州安娜堡的国际连锁披萨外卖餐厅。该公司于 2004 年在纽约证券交易所上市。达美乐披萨在 90 多个国家和地区拥有 17,200 多家餐厅，包括美国、加拿大、澳大利亚、荷兰、英国、法国、日本、韩国等国家。该品牌以其快餐服务和送货业务而闻名，尤其受到年轻人的欢迎，是仅次于汉堡包的第二大快餐品类。凭借其创新和扩张战略，达美乐披萨在全球范围内取得了显著的成功，尤其是在中国市场，并通过持续的门店扩张和品牌推广展示了强劲的增长势头。

1.2Industry background
1.2行业背景

In the mid-20th century America, fast food won over among consumers. Over time, the fast food industry has gradually expanded globally and formed a number of international brands with strong influence. With their standardized operation process, unified product quality and convenient service mode, these brands have successfully established a huge consumer group in the world, and become the leader in the fast food industry.
在 20 世纪中叶的美国，快餐在消费者中赢得了青睐。随着时间的推移，快餐行业逐渐在全球范围内扩张，并形成了一批具有强大影响力的国际品牌。这些品牌凭借其标准化的运营流程、统一的产品质量和便捷的服务模式，成功地在全球建立了庞大的消费群体，成为快餐行业的佼佼者。

However, with consumers' increasing attention to health and nutrition, the fast food industry is also facing some challenges and changes. Many fast food companies begin to focus on the balance and health of their products, offering healthier, low-fat, low-calorie meals, and improving service mode and dining environment to provide more comfortable and convenient dining experience.
然而，随着消费者对健康和营养的日益重视，快餐行业也面临着一些挑战和变化。许多快餐企业开始注重产品的平衡和健康，提供更健康、低脂肪、低热量的餐点，并改善服务模式和用餐环境，提供更舒适、便捷的用餐体验。

With the progress of technology and changing consumer demand, the fast food industry will pay more attention to the quality of products and service; while exploring new business models and marketing strategies to adapt to the changing market and meet the needs of consumers.
随着技术的进步和消费者需求的变化，快餐行业将更加注重产品和服务的质量;同时探索新的商业模式和营销策略，以适应不断变化的市场并满足消费者的需求。

1.3Goals and objectives
1.3目标

Domino's is the case study of the project, which will assess and evaluate the creation of shareholder wealth over the period from 2018 to 2022. It mainly focuses on the relationship between business operation and shareholder wealth creation, and the role of shareholders in wealth maximization, and the impact of active acquisition strategies on shareholder wealth creation. The objectives of this project are outlined as follows:
达美乐是该项目的案例研究，它将评估和评价 2018 年至 20 22 年期间股东财富的创造。主要关注企业经营与股东财富创造的关系，以及股东在财富最大化中的作用，以及主动收购策略对股东财富创造的影响。本项目的目标概述如下：

Discuss academic theories about creating shareholder wealth creation.
讨论有关创造股东财富创造的学术理论。

Analyze the economic and industrial situation of Domino's operation, as well as the shareholder wealth accumulation strategy.
分析达美乐运营的经济和工业状况，以及股东财富积累策略。

Analyze and evaluate Domino's financial performance from 2018 to 2022.
分析和评估 Domino 2018 年至 2022 年的财务业绩。

D Integrative analysis of academic theories related to the business performance of the wealth created by Domino's shareholders over the past five years.
D 与达美乐股东在过去五年中创造的财富的商业绩效相关的学术理论的综合分析。

1.4Design and Methods
1.4设计和方法

In order to achieve the goals and objectives, this study is divided into four phases: discussion of relevant theories, collection and analysis of quantitative and qualitative data, evaluation and discussion of data results, and final conclusions. All data for the project comes mainly from Domino's annual reports, relevant financial websites, academic journals and the company's official website. In addition, some data and charts have been added to clarify the comparative analysis of case companies and industries. The project is based on academic theory and links Domino's data analysis with relevant findings in order to delve deeper into the topic.
为了实现目标和目的，本研究分为四个阶段：相关理论的讨论、定量和定性数据的收集和分析、数据结果的评估和讨论以及最终结论。该项目的所有数据主要来自达美乐的年报、相关财务网站、学术期刊和公司官方网站。此外，还添加了一些数据和图表，以阐明案例公司和行业的比较分析。该项目基于学术理论，并将 Domino 的数据分析与相关发现联系起来，以便更深入地研究该主题。

But this project has some limitations.，some negative information may not be disclosed. In addition, the material in the article may include subjective comments from the Company and the financial media. Therefore, it may not accurately represent Domino's performance.
但是这个项目有一些限制，一些负面信息可能不会被公开此外，文章中的材料可能包括来自公司和财经媒体的主观评论。因此，它可能无法准确代表 Domino 的性能。

1.5Structure of project
1.5S工程结构

This study aims to investigate the shareholder wealth created by domino companies between 2018 and 2022. This study will be divided into six parts.
本研究旨在调查多米诺骨牌公司在 2018 年至 2022 年间创造的股东财富。本研究将分为六个部分。

Introduction
介绍

This section describes the main objectives of the paper, the background of Domino's and the industry in which it operates. Four research objectives, writing methods and structure are proposed.
本节介绍了该报的主要目标、Domino's 的背景及其经营的行业。提出了 4 个研究目标、写作方法和结构。

literature review,
文献综述，

This section analyzes some academic theories related to wealth creation for shareholders, such as agency theory, shareholder wealth maximization, capital structure, business diversification, dividend policy, and profitability
本节分析了一些与股东财富创造相关的学术理论，例如代理理论、股东财富最大化、资本结构、业务多元化、股息政策和盈利能力

Overview of the company and sector
公司和行业概况 

This section provides an overview of Domino's and the industry in which it operates, as well as Domino's operations as a whole,and Domino's position in the industry
本节概述了 Domino 及其运营所在的行业，以及 Domino 的整体运营情况，以及 Domino 在行业中的地位

Data collection and analysis
资料收集与分析

This section uses a lot of data to illustrate Domino's financial performance from 2018 to 2022 and compares it to the competition
本节使用大量数据来说明达美乐 2018 年至 2022 年的财务业绩，并将其与竞争对手进行比较

Discussion and evaluation
讨论和评估

This section is primarily a detailed expansion of the data from the previous section, and also evaluates and compares Domino's performance with academic theories, and evaluates the wealth that the company has created for its shareholders.
本节主要是对上一节数据的详细扩展，还将 Domino 的业绩与学术理论进行了评估和比较，并评估了公司为股东创造的财富。

conclusion
结论

This section summarizes the full text and analyzes the achievement of the four objectives originally proposed in the article and outlines potential areas for further research.
本节总结了全文，分析了文章中最初提出的四个目标的实现情况，并概述了进一步研究的潜在领域。

2. Literature review
2. L迭代审查

A literature review is an important part of a critical analysis report, which summarizes existing research and theoretical frameworks and provides a basis for further analysis. The following is a literature review of Domino's shareholder wealth creation between 2018 and 2022:
文献综述是批判性分析报告的重要组成部分，它总结了现有的研究和理论框架，并为进一步分析提供了基础。以下是 2018 年至 2022 年期间达美乐股东财富创造的文献综述：

2.1. The basic concept of shareholder wealth creation and capital structure
2.1.股东财富创造和资本结构的基本概念

The core idea of shareholder wealth creation is to increase shareholder returns by increasing the value of the company through business activities and capital return policies. Shareholder wealth is typically measured through metrics such as share price performance, dividend payments, share buybacks, earnings per share growth (EPS), and return on equity (ROE). The literature shows that shareholder wealth creation is closely related to corporate strategy, market environment, industry competition, and macroeconomic factors (Damodaran, 2012)
股东财富创造的核心思想是通过商业活动和资本返还政策增加公司的价值，从而提高股东回报。股东财富通常通过股价表现、股息支付、股票回购、每股收益增长 （EPS） 和股本回报率 （ROE） 等指标来衡量。文献表明，股东财富创造与公司战略、市场环境、行业竞争和宏观经济因素密切相关（Damodaran，2012 年）

Capital return policies, including dividend payments and share buybacks, are important factors that affect shareholder wealth. According to research by Clark (2020), Domino's's share buyback program between 2018 and 2022 effectively boosted earnings per share, which in turn drove the stock price higher and created more wealth for shareholders. In addition, stable dividend payments also provide shareholders with consistent cash flow returns. However, Harris (2022) notes that over-reliance on share buybacks may limit a company's investment in other growth areas, which in turn can affect future profitability and shareholder wealth creation.
资本返还政策，包括股息支付和股票回购，是影响股东财富的重要因素。根据 Clark （2020） 的研究，达美乐在 2018 年至 2022 年期间的股票回购计划有效提高了每股收益，进而推高了股价，为股东创造了更多财富。此外，稳定的股息支付还为股东提供了稳定的现金流回报。然而，Harris （2022） 指出，过度依赖股票回购可能会限制公司在其他增长领域的投资，这反过来又会影响未来的盈利能力和股东财富创造。

Capital Structure
资本结构

The capital structure of a firm is an important topic in corporate finance, and Modigliani and Miller's (1958) irrelevance theorem suggests that in a perfect market, the value of a firm is not affected by its capital structure. However, practical factors, such as taxes, bankruptcy costs, agency costs, and information asymmetry, mean that capital structure decisions are indeed relevant. Therefore, when determining the capital structure, enterprises need to balance interests and financial risks.
公司的资本结构是公司财务中的一个重要话题，Modigliani 和 Miller （1958） 的无关定理表明，在完美的市场中，公司的价值不受其资本结构的影响。然而，税收、破产成本、代理成本和信息不对称等实际因素意味着资本结构决策确实是相关的。因此，企业在确定资本结构时，需要平衡利益和财务风险。

2.2 Domino's business model and financial performance
2.2 达美乐的商业模式和财务业绩

A.Business Model: Domino's business model is based on Quick Service Catering (QSR) with a focus on improving operational efficiency and customer experience through technological innovation and supply chain management. The literature notes that Domino's success in digital transformation and online ordering systems has set it apart from the highly competitive fast food industry (Yohn, 2019). In addition, Domino's' global expansion strategy and franchise model have provided significant support for revenue growth and shareholder wealth creation (Boyer & Hult, 2020).
A.商业模式：达美乐的商业模式以快餐 （QSR） 为基础，专注于通过技术创新和供应链管理来提高运营效率和客户体验。文献指出，达美乐在数字化转型和在线订购系统方面的成功使其在竞争激烈的快餐行业中脱颖而出（Yohn，2019 年）。此外，达美乐的全球扩张战略和特许经营模式为收入增长和股东财富创造提供了重要支持（Boyer & Hult，2020）。

B.Financial Performance: It is widely accepted in the literature that Domino's financial performance is closely linked to its shareholder wealth creation. According to Goddard's (2020) research, Domino's has significantly improved its shareholder returns through effective cost control, consistent same-store sales growth, and an ongoing share buyback program. However, despite Domino's share price performance during the pandemic in 2020, the literature also notes that the company faces the risk of slower growth as the market returns to normal, which could impact long-term shareholder wealth creation (Moran, 2021).
B.财务业绩：文献中普遍认为，达美乐的财务业绩与其股东创造财富密切相关。根据 Goddard （2020） 的研究，达美乐通过有效的成本控制、持续的同店销售额增长和持续的股票回购计划，显著提高了股东回报。然而，尽管达美乐在 2020 年大流行期间的股价表现不佳，但文献还指出，随着市场恢复正常，该公司面临增长放缓的风险，这可能会影响股东的长期财富创造（Moran，2021 年）。

Domino's digital transformation between 2018 and 2022 has been extensively studied, and much of the literature points to this transformation as a key driver of the company's shareholder wealth growth. Mendelson's (2021) research shows that Domino's has significantly improved customer satisfaction and operational efficiency by investing in online ordering platforms, mobile apps, and data analytics technology, which is directly reflected in the growth of its share price and the increase in shareholder wealth. However, Bennett (2022) warns that Domino's lead in this area could weaken as competitors gradually close the digital gap, which in turn could impact its shareholder returns.
达美乐在 2018 年至 2022 年期间的数字化转型已被广泛研究，许多文献指出这种转型是公司股东财富增长的关键驱动力。Mendelson （2021） 的研究表明，达美乐通过投资在线订购平台、移动应用程序和数据分析技术，显著提高了客户满意度和运营效率，这直接反映在其股价的增长和股东财富的增加上。然而，Bennett （2022） 警告说，随着竞争对手逐渐缩小数字差距，达美乐在这一领域的领先地位可能会减弱，这反过来可能会影响其股东回报。

2.3. The impact of market competition and the external environment
2.3.市场竞争和外部环境的影响

The literature shows that market competition and the external environment are important external factors affecting shareholder wealth creation. Baker and Sweeney (2019) point out that the highly competitive nature of the fast food industry and the impact of emerging food delivery platforms on traditional catering companies have brought challenges to Domino's market share. At the same time, Rogers' (2021) research highlights the negative impact of macroeconomic factors, such as inflation, rising labor costs, and supply chain disruptions, on Domino's operating costs and margins, which can adversely affect shareholder wealth.
文献表明，市场竞争和外部环境是影响股东财富创造的重要外部因素。Baker 和 Sweeney （2019） 指出，快餐行业的激烈竞争性质以及新兴食品配送平台对传统餐饮公司的影响，给达美乐的市场份额带来了挑战。与此同时，Rogers （2021） 的研究强调了宏观经济因素（如通货膨胀、劳动力成本上升和供应链中断）对达美乐运营成本和利润率的负面影响，这可能会对股东财富产生不利影响。

The COVID-19 outbreak has had a profound impact on the global restaurant industry, and many studies have explored the impact of the pandemic on Domino's shareholder wealth creation. According to Kumar's (2021) analysis, in the early days of the pandemic, Domino's saw a surge in demand for its food delivery business, driven by stay-a-home measures, which led to a surge in the stock price and significantly boosted shareholder wealth. However, as the pandemic gradually eases, consumer behavior changes, and the market returns to normal, Domino's faces the dual pressures of slower growth and increased competition, which poses a challenge to future shareholder wealth creation (Smith, 2022).
COVID-19 的爆发对全球餐饮业产生了深远的影响，许多研究探讨了大流行对达美乐股东财富创造的影响。根据 Kumar （2021） 的分析，在大流行初期，在居家措施的推动下，达美乐的食品配送业务需求激增，导致股价飙升并显着增加了股东财富。然而，随着疫情逐渐缓解，消费者行为发生变化，市场恢复正常，达美乐面临着增长放缓和竞争加剧的双重压力，这对未来股东的财富创造构成了挑战（Smith，2022）。

2.4Dividend Theories
2.4股息理论

The Domino Dividend Theory is an emerging concept in the field of corporate finance, particularly within the study of dividend policy. This theory describes how a change in a company's dividend policy could trigger a ripple effect that could have an impact on the company itself and other companies in the industry, as well as the broader market. Ninkovic, (1994)
多米诺股息理论是公司财务领域的一个新兴概念，尤其是在股息政策研究中。 该理论描述了公司股息政策的变化如何引发连锁反应，从而对公司本身和业内其他公司以及更广泛的市场产生影响。宁科维奇，（1994 年）

The Domino dividend theory mainly includes the following minor theories
多米诺红数理论主要包括以下次要理论

Dividend Irrelevance Theory:
股息无关理论：

This theory argues that in a perfect market, a firm’s dividend policy does not affect its valuation. The Domino Dividend Theory challenges this by suggesting that dividend changes can have significant knock-on effects on other firms and stakeholders.Miller and Modigliani (1961),
他的理论认为，在一个完美的市场中，公司的股息政策不会影响其估值。多米诺骨牌股息理论对此提出了挑战，它认为股息变化会对其他公司和利益相关者产生重大的连锁反应。米勒和莫迪利亚尼 （1961），

Bird-in-the-Hand Theory:
鸟中手理论：

Gordon (1963) suggests that investors prefer the certainty of dividends over potential future capital gains, implying that higher dividends increase a firm's value. This idea contributes to the Domino Dividend Theory by suggesting that firms may alter their dividend policies to attract investors, thereby influencing competitors' actions.
Gordon （1963） 认为，投资者更喜欢股息的确定性，而不是潜在的未来资本收益，这意味着更高的股息会增加公司的价值。这个想法有助于多米诺骨牌股息理论，它建议公司可以改变他们的股息政策以吸引投资者，从而影响竞争对手的行动。

Signaling Theory:
信号理论：

According to signaling theory, managers use dividends to signal their confidence in the firm’s future prospects (Bhattacharya, 1979). The Domino Dividend Theory extends this by proposing that such signals can influence not just investors but also competitors and other market participants.
根据信号理论，经理们使用股息来表明他们对公司未来前景的信心（Bhattacharya，1979）。多米诺骨牌股息理论扩展了这一点，提出此类信号不仅可以影响投资者，还可以影响竞争对手和其他市场参与者。

Agency Theory:
代理理论：

Jensen and Mecklin (1976) argue that dividends can reduce agency costs by limiting the free cash flow available to managers, thereby aligning their interests with those of shareholders.
Jensen 和 Mecklin （1976） 认为，股息可以通过限制经理人可用的自由现金流来降低代理成本，从而使他们的利益与股东的利益保持一致。

The Domino dividend theory holds that a change in a company's dividend policy could have a ripple effect that affects other companies in the same industry or even across industries
多米诺股息理论认为，公司股息政策的变化可能会产生连锁反应，影响同一行业甚至跨行业的其他公司

Studies have shown that announcing a dividend can lead to a significant reaction from competitors. For example, Grulen, Mikley, and Swaminathan (2002) found that firms often mimicked the dividend policies of their industry peers, supporting the domino effect view.
研究表明，宣布派息可能会导致竞争对手的重大反应。例如，Grulen、Mikley 和 Swaminathan （2002） 发现，公司经常模仿行业同行的股息政策，支持多米诺骨牌效应的观点。

Research by Nissim and Ziv (2001) indicates that dividend increases are often followed by higher future earnings, which could encourage other firms to increase their dividends in response, reinforcing the domino effect.
Nissim 和 Ziv （2001） 的研究表明，股息增加之后通常会带来更高的未来收益，这可能会鼓励其他公司增加股息作为回应，从而加强多米诺骨牌效应。

Empirical evidence supports the idea that dividend changes are used by firms as signals to the market. Miller and Rock (1985) showed that firms use dividend announcements to convey private information, which could trigger responses from competitors.
实证证据支持这样的观点，即公司将股息变化用作向市场发出信号。Miller 和 Rock （1985） 表明，公司使用股息公告来传达私人信息，这可能会引发竞争对手的反应。

2.5. Conclusions of the literature review
2.5.文献综述结论

Taken together, the available literature provides a multifaceted analysis of Domino's shareholder wealth creation between 2018 and 2022. Research shows that Domino's' digital transformation, return on capital policies, and response to market competition are the main drivers of shareholder wealth creation. However, intensifying market competition, uncertainty in the external environment, and the recovery of the market after the pandemic may have an impact on shareholder wealth creation in the future. Future research should further explore how these factors interact to fully assess Domino's long-term shareholder wealth creation capabilities.
综上所述，现有文献对 2018 年至 2022 年期间达美乐股东财富创造进行了多方面分析。研究表明，达美乐的数字化转型、资本回报政策和对市场竞争的反应是股东创造财富的主要驱动力。然而，市场竞争加剧、外部环境的不确定性以及大流行后市场的复苏可能会对未来股东的财富创造产生影响。未来的研究应进一步探索这些因素如何相互作用，以全面评估达美乐的长期股东财富创造能力。

The Domino Dividend Theory offers a unique perspective on the interconnectedness of dividend policies across firms and industries. While still an emerging concept, it builds on existing theories of dividend policy by emphasizing the broader market implications of dividend decisions. Future research should focus on empirical validation of the theory, particularly across different industries and market conditions, and explore the behavioral aspects of stakeholder responses to dividend changes.Ninkovich, (1994)
多米诺股息理论为公司和行业之间股息政策的相互关联性提供了独特的视角。虽然仍然是一个新兴概念，但它通过强调股息决策对更广泛的市场影响，建立在现有的股息政策理论之上。未来的研究应侧重于该理论的实证验证，特别是在不同行业和市场条件下，并探索利益相关者对股息变化的反应的行为方面。宁科维奇，（1994）

3.Company and sector overview
3.公司和行业概况

3.1Company Overview
3.1公司概况

Domino's Pizza was founded in 1960 in Michigan, United States, by Thomas · Mona. In 1965, the company changed its name to Domino's Pizza'; in 1983, Domino's began the process of internationalization, opening its first overseas restaurant in Canada; in 2004, it was listed on the New York Stock Exchange in United States; in 2017, it surpassed Pizza Hut in market share and became the world's largest pizza company. Domino's ticker symbol is (DPZ.N). As of September 2, 2024, the company's market capitalization is $14.1 billion.(Dominos Inc., 2024).
Domino's Pizza 于 1960 年在美国密歇根州由 Thomas ·蒙纳。1965 年，公司更名为 Domino's Pizza';1983 年，达美乐开始了国际化进程，在加拿大开设了第一家海外餐厅;2004年在美国纽约证券交易所上市;2017 年，它的市场份额超过必胜客，成为世界上最大的披萨公司。Domino 的股票代码是 （DPZ.N） 的 S S截至 2024 年 9 月 2 日，该公司的市值为 141 亿美元。（多米诺骨牌公司，2024）。

Introduction to the top 5 shareholders of Domino's
达美乐前 5 大股东介绍

Figure 1：Domino's top five major shareholders
图 1：达美乐的前五大股东 

Source:https://quotes.sina.com.cn/usstock/hq/owership.php?s=dpz
来源：https：//quotes.sina.com.cn/usstock/hq/owership.php?s=dpz

Domino's has a wide global presence in the market. As of January 1, 2023, Domino's has a total of 19,880 stores in more than 90 markets around the world, of which 13,194 are international franchises and the rest are directly operated stores (Source: 2022-annual-report).
Domino's 在市场上拥有广泛的全球影响力。截至 2023 年 1 月 1 日，达美乐在全球 90 多个市场共拥有 19,880 家门店，其中 13,194 家为国际特许经营店，其余为直营店（来源：2022 年报）。

Figure 2:Top 10 international markets,
图 2：前 10 大国际市场 

Source:https://news.winshang.com/html/071/0393.html）

There are many types of Domino's revenue, mainly direct sales income, franchise fee income, supply chain income, etc.
达美乐的收入有很多种，主要有直销收入、加盟费收入、供应链收入等。

Domino's revenue and profit have grown steadily, with revenue increasing from $3432.87 million to $4537.16 million from 2018 to 2022, an increase of 32.16%; Net profit increased by 24.94% from US$361.97 million to US$452.26 million. （Source: Appendix1）
达美乐的收入和利润稳步增长，2018 年至 2022 年收入从 34.3287 亿美元增长到 45.3716 亿美元，增长 32.16%;净利润从 3.6197 亿美元增长 24.94% 至 4.5226 亿美元。（来源：附录 1）

Figure 3 ：Revenue and net profit chart: (Source Appendix 1-6)
图 3：收入和净利润图表：（来源附录 1-6）

Domino's gross profit margin and net profit margin remain stable, with gross profit margin of about 38% and net profit of about 11% from 2018 to 2022.
达美乐的毛利率和净利润率保持稳定，2018年至2022年的毛利率约为38%，净利润约为11%。

Domino's Inc. has implemented various sustainability and corporate social responsibility (CSR) programs to reduce environmental impact, enhance community engagement, and promote ethical business practices. Dominos has been attempting to conduct business responsibly. Dominos has always strongly emphasized giving back to the neighborhood, whether it is through school fundraisers, sponsorship of young sports teams, or providing emergency food to first responders. Dominos Inc. has removed all artificial food coloring and MSG from their products and instead uses premium beef that is free of fillers. The company used packing boxes composed of 70% recycled content to attain eco-friendly outcomes. Prahara, A'yuni,(2021).
Domino's Inc. 实施了各种可持续发展和企业社会责任 （CSR） 计划，以减少对环境的影响，增强社区参与度，并促进合乎道德的商业实践。Dominos 一直在尝试负责任地开展业务。Dominos 一直强调回馈社区，无论是通过学校筹款、赞助年轻运动队，还是为急救人员提供紧急食品。Dominos Inc. 已从其产品中删除了所有人造食用色素和味精，而是使用不含填充剂的优质牛肉。该公司使用由 70% 回收成分组成的包装箱来实现环保成果。Prahara， A'yuni，（2021 年）。

3.2Industry Overview:
3.2行业概况： 

Domino's belongs to the Fast Food Restaurant (QSR) industry. The fast food industry places a strong emphasis on customer service with a focus on speed of service, standardized menus, and a strong emphasis on customer service. The QSR industry is categorized by type of cooking (e.g., pizza, burger, sandwich, coffee), and pizza is an important part.
Domino's 属于快餐店 （QSR） 行业。快餐行业非常重视客户服务，注重服务速度、标准化菜单，并非常重视客户服务。QSR 行业按烹饪类型（例如，比萨饼、汉堡、三明治、咖啡）分类，比萨饼是的重要组成部分。

Domino's operates in a very competitive environment, with many strong competitors such as Pizza Hut (Yum!). Papa John's, Little Caesar, and regional chains. In addition, Domino's competes with other QSR brands such as McDonald's, Subway and KFC.
达美乐在竞争非常激烈的环境中运营，有许多强大的竞争对手，例如必胜客 （Yum！）。Papa John's、Little Caesar 和区域连锁店。此外，达美乐还与麦当劳、赛百味和肯德基等其他 QSR 品牌竞争。

When it comes to pizza, Domino's is one of the leaders in the pizza industry.
在披萨方面，达美乐是披萨行业的领导者之一。

More and more companies are investing in technology to improve customer convenience. As more and more consumers pursue healthier eating habits, QSR chains are rapidly developing low-calorie foods and vegetarian diets. The rapid development of food delivery services has created opportunities for QSRs. The convenience of online ordering and third-party delivery apps like Uber Eats has intensified the competition in the market.Manhas, Sharma, Quintela, (2024)
越来越多的公司正在投资技术以提高客户的便利性。随着越来越多的消费者追求更健康的饮食习惯，QSR 连锁店正在迅速发展低热量食品和素食。送餐服务的快速发展为 QSR 创造了机会。在线订购和 Uber Eats 等第三方配送应用程序的便利性加剧了市场竞争。Manhas， Sharma， Quintela， （2024）

The main challenge facing the industry is the rising cost of labor and goods. The QSR industry is expected to continue to grow at a rapid pace, driven by a growing middle-class population, urbanization, and a growing demand for convenience.
该行业面临的主要挑战是不断上涨的劳动力和商品成本。在不断增长的中产阶级人口、城市化和对便利性不断增长的需求的推动下，预计 QSR 行业将继续快速增长。

3.3 Domino's Position in the Sector
3.3 Domino 在该领域的地位

Domino's Pizza is known for its innovative use of technology and efficient delivery business, and is a leader in the global pizza delivery market. The main reason Domino's has been able to grow rapidly and maintain its competitive edge is the emphasis on digital ordering and a strong franchise network. Although the company has performed well over the past few years, especially during the pandemic, it has faced ongoing challenges from a competitive market, rising costs, and changing consumer preferences. Mendelson, (2021)
Domino's Pizza 以其对技术的创新使用和高效的配送业务而闻名，是全球披萨配送市场的领导者。达美乐能够快速增长并保持竞争优势的主要原因是强调数字订购和强大的特许经营网络。尽管该公司在过去几年中表现良好，尤其是在大流行期间，但它仍面临着来自竞争市场、成本上升和消费者偏好变化的持续挑战。门德尔森，（2021 年）

Domino's will need to continue to innovate and adapt to changes in the external environment to maintain its market leadership position. At the same time, the focus should be on customer experience, improving technology and operational efficiency to meet the challenges of the QSR industry. Feng & Li (2024)
达美乐需要不断创新并适应外部环境的变化，以保持其市场领导地位。同时，重点应放在客户体验、提高技术和运营效率上，以应对 QSR 行业的挑战。Feng & Li （2024）

4 Creation of shareholders wealth data selection and analysis
4创建股东财富数据选择和分析

This chapter is the core part of this article, selecting several factors based on the data and conducting a detailed analysis to determine Domino's financial performance from 2018 to 2022.
本章是本文的核心部分，根据数据选择几个因素并进行详细分析，以确定达美乐 2018 年至 2022 年的财务表现。

We collected key financial data from Domino's, as well as data from two competitors (McDonald's and Pizza Hut) to discover the company's strengths and weaknesses by comparing it to the competition. Through its own analysis, Domino's has identified Domino's strengths in financial management, which contribute to the creation of shareholder wealth
我们收集了达美乐的关键财务数据，以及两个竞争对手（麦当劳和必胜客）的数据，通过与竞争对手进行比较来发现公司的优势和劣势。通过自己的分析，达美乐确定了达美乐在财务管理方面的优势，这有助于创造股东财富

Below we analyze Domino's stock price changes over the past five years and look at multiple financial indicators, including earnings per share, earnings metrics, other metrics, i.e., earnings per share, revenue per share, cash flow per share analysis, return on investment, gross profit margin, EBIT, revenue growth, dividend policy, and Analysis of the capital structure etc., to discover the path of wealth creation for Domino's shareholders.
下面我们分析达美乐过去五年的股价变化，并查看多个财务指标，包括每股收益、收益指标、其他指标，即每股收益、每股收入、每股现金流分析、投资回报率、毛利率、息税前利润、收入增长、股息政策以及资本结构分析等。 探索达美乐股东创造财富的途径。

4.1domino Stock price data from2018 to 2022
4.12018 年至 2022 年的多米诺骨牌股价数据

The value of a company is measured by its share price, which also reflects the acceptability of the investment market. Stock price is a measure of the value of the company and the wealth of its shareholders. Here is a chart of Domino's stock price performance in 2018-2022
一家公司的价值是以其股价来衡量的，这也反映了投资市场的可接受性。股票价格是衡量公司价值和股东财富的指标。这是达美乐 2018-2022 年股价表现的图表

Figure4：source from https://cn.investing.com/equities/dominos-pizza-inc-historical-data
图4：来自 https://cn.investing.com/equities/dominos-pizza-inc-historical-data 的源代码

（source can be seen in appendix6）
（来源见附录 6）

As we can see from the chart above, Domino's shares were active during the 2018-2022 period, leading the way, while McDonald's and Pizza Hut were weaker. In particular, the stock price has soared in 2021, with the highest share price on December 1 being 2.1 times that of McDonald's and 4 times that of Pizza Hut.
从 上图中可以看出，达美乐的股票在 2018-2022 年期间很活跃，一路领先，而麦当劳和必胜客则表现疲软。特别是 2021 年的股价飙升，12 月 1 日的最高股价是麦当劳的 2.1 倍，必胜客的 4 倍。

Domino's stock price rose from $216.85 to $353 during the five-year period from 2018 to 2022, an increase of $136.15, or 62.79%; On December 1, 2021, the stock price peaked at $564.33, an increase of up to 197.45%; Domino's has created tremendous wealth for its shareholders.
在 2018 年至 2022 年的五年期间，达美乐的股价从 216.85 美元上涨至 353 美元，上涨了 136.15 美元，涨幅为 62.79%;2021 年 12 月 1 日，股价最高达到 564.33 美元，涨幅高达 197.45%;达美乐为其股东创造了巨大的财富。

4.2Earnings Per Share (EPS)
4.2每股收益 （EPS）

Earnings per share (EPS) refers to the net profit held by the common shareholders of a business or the net loss of the business. Earnings per share can generally reflect the operating results of a company, measure the profitability of common shares and the investment risk. It is an important financial indicator for investors and other information users to evaluate the profitability of a company, predict the growth potential of a company, and then make relevant economic decisions.
每股收益 （EPS） 是指企业普通股股东持有的净利润或企业的净亏损。每股收益通常可以反映公司的经营业绩，衡量普通股的盈利能力和投资风险。它是投资者和其他信息使用者评估公司盈利能力、预测公司增长潜力，然后做出相关经济决策的重要财务指标。

Figure 5 ：Earnings per share chart: Earnings per share compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6)
图 5：每股收益图表：2018-2022 年与麦当劳公司和百胜品牌相比的每股收益（来源附录 1-6）

Horizontal and industry comparison, Domino's ranked first, McDonald's second, Pizza Hut for loss; far ahead among competitors, indicating that the profitability of the company has unique advantages in the industry.EPS performed outstandingly, doubling McDonald's in 2020 and 1.5 times in 2022.
横向和行业比较，达美乐排名第一，麦当劳排名第二，必胜客亏损;在竞争对手中遥遥领先，说明公司的盈利能力在行业中具有得天独厚的优势。EPS 表现突出，2020 年是麦当劳的两倍，2022 年是麦当劳的 1.5 倍。

Longitudinal, Domino's earnings per share showed a significant increase year by year over the five years, but decreased slightly in 2022. In 2019, it increased by $1.18 over 2018, up 13.6%; in 2020,2019 by $2.78 over 2019, up 28.3%; up $1.11 over 2020, up 8.8%; in 2022, down $1.06 over 2021, down 7.7%. This shows that Domino's profitability is steadily rising, and its ability to create wealth for shareholders is super strong.
纵向来看，达美乐的每股收益在过去五年中逐年大幅增长，但在 2022 年略有下降。2019 年，它比 2018 年增长了 1.18 美元，增长了 13.6%;2020,2019 年比 2019 年增长 2.78 美元，增长 28.3%;比 2020 年增长 1.11 美元，增长 8.8%;2022 年，比 2021 年下降 1.06 美元，下降 7.7%。这表明达美乐的盈利能力正在稳步上升，为股东创造财富的能力超强。

4.3revenue per share
4.3每股收入

revenue per share is an important financial metric that measures the sales revenue of a company per share. This metric can help to understand the company's sales and thus assess the company's profitability.
每股收入是衡量公司每股销售收入的重要财务指标。该指标可以帮助了解公司的销售额，从而评估公司的盈利能力。

Figure 6，Revenue per share chart, Revenue per share compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6).
图 6，每股收入图表，2018-2022 年每股收入与麦当劳公司和百胜品牌相比（来源附录 1-6）。

As you can see from the chart above, Domino's earnings per share are much higher than the other two peers, with an average revenue per share of 3.68 times that of McDonald's and 5.13 times that of Pizza Hut over a five-year period.
从上图可以看出，达美乐的每股收益远高于其他两家同行，五年期间平均每股收入是麦当劳的 3.68 倍，是必胜客的 5.13 倍。

Domino's earnings per share over a five-year period showed a steady upward trend, from $83.77 in 2018 to $128.10 in 2022, an increase of 53%. The chart above shows that Domino's earnings per share provide the basis for shareholder value creation.
达美乐五年期间的每股收益呈稳步上升趋势，从 2018 年的 83.77 美元增加到 2022 年的 128.10 美元，增长了 53%。上图显示，达美乐的每股收益为股东价值创造提供了基础。

4.4Net operating cash flow per share
4.4 每股净经营现金流

Net Operating cash flow per share is a material financial measure that reflects the company's business. It doesn't make any sense if a company has high earnings per share or high undistributed profit per share, but has poor cash flow, which means that the listed company does not have enough cash to protect the dividend distribution.
每股净经营现金流是反映公司业务的重要财务指标。如果一家公司的每股收益高或每股未分配利润高，但现金流不佳，这意味着上市公司没有足够的现金来保护股息分配，那就没有任何意义了。

Figure 7(Source Appendix 1-6).
图 7（来源附录 1-6）。

As can be seen in the chart above, Domino's 5-year operating cash flow per share is much higher than the other 2, which is 1.34 times that of McDonald's and 2.66 times that of Pizza Hut in 2022. Domino's operating cash flow per share grew steadily over the five-year period, from $9.62 per share in 2018 to $13.43 in 2022, including a high of $17.98 in 2021.
从上图可以看出，达美乐的 5 年经营每股现金流远高于其他 2 年，是 2022 年麦当劳的 1.34 倍和必胜客的 2.66 倍。达美乐的每股经营现金流在五年期间稳步增长，从 2018 年的每股 9.62 美元增长到 2022 年的 13.43 美元，其中包括 2021 年的 17.98 美元高位。

Domino's ample cash flow ensures that dividends are paid on time, which increases investor confidence.
达美乐充足的现金流确保按时支付股息，从而增强投资者的信心。

4.5 ROIC
4.5 投资回报率

ROIC is an important indicator to measure the investment efficiency of a company, which reflects the relationship between the profits generated by the company's operating activities and the invested capital. The level of ROIC directly affects the shareholder value of the enterprise
ROIC是衡量公司投资效率的重要指标，它反映了公司经营活动产生的利润与投入资本之间的关系。ROIC的高低直接影响企业的股东价值

Figure8 ：ROIC chart, ROIC compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6).
图8：2018-2022 年 ROIC 图表，与 McDonald's Corp 和 Yum Brands 的 ROIC 比较（来源附录 1-6）。

As you can see from the chart above, Domino's ROI has been leading the industry for the past five years. The average return on investment over a five-year period was 2.65 times and 1.35 times that of McDonald's and Pizza Hut, respectively.
从上图中可以看出，达美乐的 ROI 在过去五年中一直处于行业领先地位。五年期间的平均投资回报率分别是麦当劳和必胜客的 2.65 倍和 1.35 倍。

Domino's's high ROI in the industry shows that the company's development and management level is superior to other companies.
达美乐在行业中的高 ROI 表明，该公司的发展和管理水平优于其他公司。

However, Domino's return on investment has been stable and declining over a five-year period, from 43.02% in 2018 to 29.51% in 2022, a decrease of 31%.
然而，达美乐的投资回报率在五年内一直保持稳定并不断下降，从 2018 年的 43.02% 下降到 2022 年的 29.51%，下降了 31%。

4.6Profit Margins
4.6 利润率

Profit margins are financial metrics that measure the percentage of revenue that a company retains as profit after all expenses are deducted. They are essential indicators of a company's profitability and efficiency in managing its costs relative to its revenues. There are several types of profit margins:
利润率是衡量公司在扣除所有费用后保留为利润的收入百分比的财务指标。它们是公司相对于收入管理成本的盈利能力和效率的重要指标。利润率有几种类型：

Here are the profit margins for Domino's Pizza from 2018 to 2022, including gross margin, operating margin, and net profit margin:
以下是 Domino's Pizza 从 2018 年到 2022 年的利润率，包括毛利率、营业利润率和净利润率：

Figure9：Profit Margins chart, Profit Margins compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6).
图9：利润率图表，2018-2022 年与麦当劳公司和百胜品牌相比的利润率（来源附录 1-6）。

Compared with the three units in the same industry, Domino's profit margin is lower than the other two in the past five years. In 2022, the gross profit margin, operating profit margin, and net profit margin will only account for 0.64 times, 0.50 times, and 0.37 times for McDonald's, and 0.75 times, 0.70 times, and 0.51 times for Pizza Hut, respectively.
与同行业的三家单位相比，达美乐近五年的利润率低于其他两家。2022 年，麦当劳的毛利率、营业利润率、净利润率分别仅占 0.64 倍、0.50 倍、0.37 倍，必胜客分别占 0.75 倍、0.70 倍、0.51 倍。

Domino's gross margin, operating margin, and net profit margin remained stable from 2018 to 2022, remaining around 38%, 17%, and 11%, respectively. Compared with the other two companies, the profit margin is low, but the performance in the same industry is more outstanding.
2018 年至 2022 年，达美乐的毛利率、营业利润率和净利润率保持稳定，分别保持在 38%、17% 和 11% 左右。与其他两家公司相比，利润率较低，但在同行业中的表现更加突出。

4.7Earnings before interest and tax
4.7E未计利息和税前

EBIT is an important financial indicator that measures a company's profitability before interest and income taxes. This concept is critical when assessing a company's profitability and financial health, as it reflects the company's performance in its operations and investment activities, regardless of external financing costs (such as interest payments) and tax burdens.
息税前利润 （EBIT） 是衡量公司在利息和所得税前的盈利能力的重要财务指标。在评估公司的盈利能力和财务状况时，这个概念至关重要，因为它反映了公司在其运营和投资活动中的表现，而与外部融资成本（如利息支付）和税收负担无关。

Figure10：Earnings before interest and tax chart, Earnings before interest and tax compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6).
图10：2018-2022 年息税前利润图表，2018-2022 年与麦当劳和百胜品牌相比的息税前利润（来源附录 1-6）。

Domino's EBIT in the chart above is the lowest among the three units, which does not create higher value for the company.at the same time，Domino's after-tax profit is the lowest among the three companies, but this does not affect the ranking of earnings per share。
上图中的达美乐息税前利润是三个单位中最低的，并没有为 company.at 创造更高的价值同时，达美乐的税后利润是三个公司中最低的，但这并不影响每股收益的排名。

4.8Revenue
4.8 收入

Revenue growth is a key indicator of a company's financial health and market performance. For Domino's Pizza, analyzing revenue growth from 2018 to 2022 provides insight into how the company expanded its operations and responded to market conditions, including the impact of the COVID-19 pandemic.
收入增长是衡量公司财务状况和市场表现的关键指标。对于 Domino's Pizza 来说，分析 2018 年至 2022 年的收入增长可以深入了解公司如何扩大业务和应对市场状况，包括 COVID-19 大流行的影响。

The following chart shows the revenue growth of Domino's Pizza from 2018 to 2022.
下图显示了 Domino's Pizza 从 2018 年到 2022 年的收入增长。

Figure 11 Domino's Pizza revenue from 2018 to 2022 (Source Appendix 1-6)
图 11 2018 年至 2022 年达美乐披萨收入（来源附录 1-6）

From the chart,we can see Domino's Pizza's revenue increased steadily over the five years. In 2019, up $185.9 million from 2018, up 5.42%; 2020 $498.64 million from 2019, up 13.78%; $239.96 million from 2021 from 2020, up 5.83%; 2022 $17979 million from 2021, up 4.13% from 2021.
从图表中，我们可以看到 Domino's Pizza 的收入在五年中稳步增长。2019 年，比 2018 年增长 1.859 亿美元，增长 5.42%;2020 年比 2019 年增长 4.9864 亿美元，增长 13.78%;比 2021 年增长 2.3996 亿美元，比 2020 年增长 5.83%;2022 年比 2021 年增长 179.79 亿美元，比 2021 年增长 4.13%。

4.9Dividend Policy
4.9 分红政策

Dividend policy refers to the strategy that a company uses to determine how much of its earnings will be distributed to shareholders as dividends and how much of it will be retained for reinvesting in the business. It is very important in a company's financial strategy and can affect investors' perceptions and stock value.
股息政策是指公司用来确定其收益中有多少将作为股息分配给股东，以及保留多少用于再投资于业务的策略。它在公司的财务战略中非常重要，可以影响投资者的看法和股票价值。

Figure 12：Dividend per share chart, Earnings per share compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6);
图 12：2018-2022 年每股股息图表、每股收益与麦当劳公司和百胜品牌的比较（来源附录 1-6）;

From a horizontal point of view, Domino's dividend payment ranks second among the leading fast food companies, McDonald's first, and Pizza Hut third;
从横向角度来看，达美乐的股息支付在领先的快餐公司中排名第二，麦当劳排名第一，必胜客排名第三;

Vertically, Domino's dividend payments increased year by year during the five-year period, and in 2019, the dividend increased by $0.40 compared with 2018, an increase of 18.2%; In 2020, the dividend increased by $0.52 compared to 2019, an increase of 20%; In 2021, the dividend increased by $0.64 compared to 2020, an increase of 20.5%; $0.74 increase in 2022 compared to 2021: an increase of 17%; These figures reflect the steady increase in Domino's dividends over the past five years.
纵向方面，达美乐的股息支付在五年期间逐年增加，2019 年的股息与 2018 年相比增加了 0.40 美元，增长了 18.2%;2020 年，股息与 2019 年相比增加了 0.52 美元，增长了 20%;2021 年，股息增加了 0 美元。64 与 2020 年相比，增长了 20.5%;与 2021 年相比，2022 年增加了 0.74 美元：增长了 17%;这些数字反映了达美乐股息在过去五年中的稳步增长。

4.10dividend-payout-ratio
4.10 股息支付比率

Figure 13 ：Dividend-payout-ratio chart, Dividend-payout-ratio compared to McDonald's Corp and Yum Brands in 2018-2022 (Source Appendix 1-6)
图 13：D年支出比率图表，D指数支出比率与 2018-2022 年麦当劳公司和百胜品牌的比较（来源附录 1-6）

As can be seen in the chart above, Domino's has a lower dividend payout ratio compared to McDonald's and Pizza Hut.
从上图可以看出，与麦当劳和必胜客相比，达美乐的股息支付率较低。

The company's earnings per share are higher, but there are many possibilities to choose a low dividend policy. The company's funding needs, which may require more funds for internal investments or debt repayment, in order to opt for a lower dividend payout ratio; Companies are growth companies and may be more inclined to use profits for scale and innovation, so dividend payout ratios are lower.
该公司的每股收益较高，但选择低股息政策的可能性很多。公司的资金需求，可能需要更多资金用于内部投资或偿还债务，以便选择较低的股息支付率;公司是成长型公司，可能更倾向于将利润用于规模和创新，因此股息支付率较低。

Although the dividend payout ratio is lower than the other 2, Domino's has opted for a steadily increasing dividend payout ratio policy, from 25.45% in 2018 to 34.76% in 2022. It is this low dividend payment policy that guarantees the company's capital needs and scale expansion and innovation, and ensures the potential to create shareholder wealth
虽然股息支付率低于其他两种，但达美乐选择了稳步提高的股息支付率政策，从 2018 年的 25.45% 增加到 2022 年的 34.76%。正是这种低股息支付政策保证了公司的资本需求和规模扩张和创新，并确保了创造股东财富的潜力

4.11Analysis of the capital structure
4.11资本结构分析

Capital structure refers to the value composition and proportional relationship of various capitals of an enterprise, which is the result of the financing combination of an enterprise in a certain period, and the maximization of shareholder wealth is to create the most wealth for shareholders through reasonable financial operation. If the enterprise can clarify the relationship between the capital structure of the industry and the maximization of shareholder wealth, adjust the capital structure in time to maximize the shareholder wealth.Baharin,, & Sentosa, (2024)
资本结构是指企业各种资本的价值构成和比例关系，是企业在一定时期内进行融资组合的结果，股东财富的最大化是通过合理的财务运作为股东创造最大的财富。如果企业能够明确行业的资本结构与股东财富最大化之间的关系，及时调整资本结构，使股东财富最大化。巴哈林和圣淘沙，（2024）

Figure 14(Source Appendix 1-6)
图 14（来源附录 1-6）

Domino's financial statements show that shareholders' equity has been negative for a long time during the 5-year period, such as -4189.06 million US dollars in 2022, and the asset-liability ratio has been very high for a long time, such as 361% in 2022. The company has long relied on a large amount of debt to maintain the daily operation of the enterprise.
达美乐的财务报表显示，股东权益在 5 年期间长期为负，例如 2022 年的 -41.8906 亿美元，资产负债率长期处于非常高的位置，例如 2022 年的 361%。公司长期依赖大量债务来维持企业的日常运营。

5 Discussion and evaluation
5 讨论与评价

According to Friedman (1970), the main goal of a business is to maximize shareholder value. Domino's adheres to this view in order to be accountable to its shareholders. Based on an analysis of Domino's strategic and financial performance and an assessment of factors influencing the wealth creation of Domino's shareholders. Since a company's performance can also be influenced by both external and internal factors (Teoh, 2019), this section shows how different aspects of Domino's wealth creation affect a company's wealth creation, as well as the risks that the company experiences and how it manages to overcome them.
根据 Friedman （1970） 的说法，企业的主要目标是股东价值最大化。达美乐坚持这一观点，以便对其股东负责。基于对达美乐战略和财务业绩的分析，以及对影响达美乐股东财富创造的因素的评估。由于公司的业绩也会受到外部和内部因素的影响（Teoh，2019 年），本节展示了达美乐财富创造的不同方面如何影响公司的财富创造，以及公司所经历的风险以及它如何设法克服这些风险。

5.1Discussion and evaluation of domino Stock price from2018 to 2022
5.1D2018-2022 年多米诺骨牌股价的讨论和评估

Discussion
讨论

Domino's shares have been on the rise from 2018 to 2022, especially during the pandemic.
达美乐的股价从 2018 年到 2022 年一直在上涨，尤其是在大流行期间。

Domino's drove its share price higher in 2018 through effective marketing strategies such as digital orders and global expansion. The company has made significant progress in technological innovation and operational efficiency, which has won the hearts and minds of investors. The expansion of the international market in 2019 supported the rise in stock prices. At the same time, Domino's has launched new products and promotions to further engage consumers. In 2020, the pandemic led to an increase in demand for takeaways, which had a positive impact on Domino's. Domino's quickly adapted to the changes brought about by the pandemic and achieved significant improvements in performance. (Dominos Inc., 2020).
达美乐通过数字订单和全球扩张等有效的营销策略，在 2018 年推高了其股价。公司在技术创新和运营效率方面取得了重大进展，赢得了投资者的心。2019 年国际市场的扩张支撑了股价的上涨。与此同时，达美乐推出了新产品和促销活动，以进一步吸引消费者。2020 年，大流行导致对外卖的需求增加，这对 Domino's 产生了积极影响。达美乐迅速适应了疫情带来的变化，并在绩效方面取得了显著的改善。（多米诺骨牌公司，2020）。

while the company continued to strengthen its competitiveness in the market through global expansion and technological innovation. In addition, investors' optimistic expectations about the company's future also drove its share price higher. In 2022, Domino's faced a lot of challenges, mainly rising raw material costs and economic uncertainty, which hit the company's profit margins. In addition, the overall macroeconomic environment of the market is changing, and changes in investor sentiment will also have an impact on stock prices.(Dominos Inc., 2022).
同时，公司通过全球扩张和技术创新不断增强其在市场上的竞争力。此外，投资者对公司未来的乐观预期也推动其股价走高。2022 年，达美乐面临诸多挑战，主要是原材料成本上涨和经济不确定性，这打击了公司的利润率。此外，市场的整体宏观经济环境正在发生变化，投资者情绪的变化也会对股价产生影响。（多米诺骨牌公司，2022 年）。

Evaluation
评估

The factors affecting the stock market are mainly performance growth, market expansion, and proactive response policies to changes in the external environment.when the company benefited significantly from its strong takeaway and delivery business model. However, changes in the market and economic environment, as well as some internal and external challenges faced by the company, have also had an impact on the stock price. Overall, Domino's has demonstrated good adaptability and growth potential during this time.(Dominos Inc., 2022).
影响股市的因素主要是业绩增长、市场扩张和对外部环境变化的积极响应政策。然而，市场和经济环境的变化，以及公司面临的一些内部和外部挑战，也对股价产生了影响。总体而言，达美乐在此期间表现出良好的适应性和增长潜力。（多米诺骨牌公司，2022 年）。

5.2Discussion and evaluation of domino EPS
5.2D讨论和多米诺骨牌 EPS 的评估

Discussion
讨论

From 2018 to 2021, Domino's Pizza experienced strong EPS growth, reflecting its effective business model, successful digital transformation, and strategic global expansion. However, the decline in 2022 shows the challenges the company faces as it navigates a post-pandemic environment characterized by rising costs, supply chain issues, and increased competition.
从 2018 年到 2021 年，达美乐披萨的每股收益增长强劲，这反映了其有效的商业模式、成功的数字化转型和战略性全球扩张。然而，2022 年的下降表明，该公司在应对以成本上升、供应链问题和竞争加剧为特征的后疫情环境时面临的挑战。

Despite setbacks in 2022, Domino's overall EPS performance during the period demonstrates Domino's' ability to create significant shareholder value even in a rapidly changing market. The company's future strategy is likely to focus on addressing these challenges in order to recover and potentially accelerate EPS growth in the coming years.(Dominos Inc., 2022).
尽管 2022 年遭遇挫折，但达美乐在此期间的整体每股收益表现表明，即使在快速变化的市场中，达美乐也有能力为股东创造重大价值。公司的未来战略可能侧重于应对这些挑战，以便在未来几年恢复并可能加速 EPS 的增长。（多米诺骨牌公司，2022 年）。

Evaluation
评估

The steady increase in earnings per share reflects very good operating results and the creation of more shareholder wealth.From 2018 to 2022, Domino's long-term growth in earnings per share has created huge wealth for investors and increased investor confidence.(Dominos Inc., 2022).
每股收益的稳步增长反映了非常好的经营业绩和创造更多的股东财富。从 2018 年到 2022 年，达美乐每股收益的长期增长为投资者创造了巨大的财富，增强了投资者的信心。（多米诺骨牌公司，2022 年）。

5.3Discuss and evaluation of revenue per share
5.3讨论和评估每股收益

Discussion
D震荡

Domino's Pizza's revenue per share growth from 2018 to 2022 reflects a combination of strategic foresight, operational efficiency, and the ability to adapt to external challenges such as the COVID-19 pandemic. The steady growth of RPS shows that the company has not only been successful in increasing revenue, but has also managed its equity base in a way that benefits shareholders.
Domino's Pizza 从 2018 年到 2022 年的每股收入增长反映了战略远见、运营效率和适应 COVID-19 大流行等外部挑战的能力的结合。RPS 的稳步增长表明，该公司不仅成功地增加了收入，而且还以有利于股东的方式管理了其股本基础。

The growth of RPS during the pandemic has highlighted Domino's resilience. Due to previous investments in technology and logistics, the company is well-positioned to benefit from the growing demand for delivery.(Dominos Inc., 2020).
RPS 在疫情期间的增长凸显了达美乐的韧性。由于之前在技术和物流方面的投资，该公司处于有利地位，可以从不断增长的交付需求中受益。（多米诺骨牌公司，2020）。

Domino's's continued growth in RPS post-pandemic has shown that it has been able to retain customers and sustain revenue even as market conditions change.Domino's' continued RPS growth highlights its potential for continued long-term growth, driven by further global expansion, continued digital innovation and strategic franchising.(Dominos Inc., 2021).
Domino's 在疫情后 RPS 的持续增长表明，即使市场条件发生变化，它也能够留住客户并维持收入。达美乐 RPS 的持续增长凸显了其在进一步全球扩张、持续数字创新和战略特许经营的推动下持续长期增长的潜力。（多米诺骨牌公司，2021）。

However, the slowdown in growth in 2022 suggests that Domino's may face challenges in maintaining the same level of growth as competition intensifies and market conditions stabilize.
然而，2022 年增长放缓表明，随着竞争加剧和市场状况稳定，达美乐在保持相同增长水平方面可能面临挑战。

Evaluation
评估

Domino's Pizza's revenue per share from 2018 to 2022 reflects a strong and sustained growth trajectory driven by strategic investments in technology, global expansion, and an adaptable business model. While the company faces the challenge of sustaining this growth in the post-pandemic era, its track record demonstrates that it is well-positioned to continue to create shareholder value through effective revenue generation and operational management.(Dominos Inc., 2022).
达美乐披萨 2018 年至 2022 年的每股收入反映了在技术战略投资、全球扩张和适应性强的商业模式推动下强劲而持续的增长轨迹。虽然该公司在后疫情时代面临保持这种增长的挑战，但其业绩记录表明，它有能力通过有效的创收和运营管理继续创造股东价值。（多米诺骨牌公司，2022 年）。

5.4Discuss and evaluation of net operating cash flow per share
5.4讨论和评估每股净经营现金流

Discussion
讨论

From 2018 to 2021, Domino's Pizza's net operating cash flow per share continued to grow. This reflects strong operating performance, with the company generating more cash from its core business activities each year.(Dominos Inc., 2021).
从 2018 年到 2021 年，达美乐披萨的每股净经营现金流持续增长。这反映了强劲的经营业绩，公司每年从其核心业务活动中产生更多现金。（多米诺骨牌公司，2021）。

Several factors could contribute to this slowdown, including increased costs, post-pandemic normalization of consumer behavior, and increased competition.
有几个因素可能导致这种放缓，包括成本增加、大流行后消费者行为正常化以及竞争加剧。

Despite a slight decline in 2022, the overall trend from 2018 to 2022 suggests that the company has strong and sustainable cash flow generation capabilities, which are critical to the company's long-term financial health.
尽管 2022 年略有下降，但 2018 年至 2022 年的总体趋势表明，该公司具有强大且可持续的现金流生成能力，这对公司的长期财务健康至关重要。

Evaluation
评估

Domino's Pizza's net operating cash flow per share from 2018 to 2022 highlights the company's strong operating fundamentals. The slight decline in 2022 shows that while Domino's remains a strong source of cash, it faces challenges as market conditions normalize.Strong cash flow has enabled Domino's to reinvest its business, repay debt, and return capital to shareholders through dividends and share repurchases.(Dominos Inc., 2022).
达美乐披萨 2018 年至 2022 年的每股净经营现金流凸显了该公司强劲的经营基本面。2022 年的小幅下降表明，虽然达美乐仍然是强大的现金来源，但随着市场状况正常化，它面临着挑战。强劲的现金流使达美乐能够将其业务再投资、偿还债务，并通过股息和股票回购向股东返还资本。（多米诺骨牌公司，2022 年）。

5.5 Discuss and evaluation of roic
5.5 roic 的讨论和评估

Discussion
讨论

Domino's ROIC has been leading the industry for the past five years. The average return on investment over a five-year period was 2.65 times and 1.35 times that of McDonald's and Pizza Hut, respectively. First of all, a higher ROIC means that the company is more efficient in using capital, which can reduce the cost of capital for the company. In modern financial theory, the cost of capital is one of the important factors that determine the value of a firm, so reducing the cost of capital can increase the shareholder value of a firm. Second, a higher ROIC can attract more investors and funds, because investors tend to invest in companies with strong profitability and high capital utilization efficiency. These additional funds can be used for the expansion and development of the business, further enhancing shareholder value.(Dominos Inc., 2022).
Domino's ROIC 在过去五年中一直处于行业领先地位。五年期间的平均投资回报率分别是麦当劳和必胜客的 2.65 倍和 1.35 倍。首先，较高的 ROIC 意味着公司使用资金的效率更高，这可以降低公司的资金成本。在现代金融理论中，资本成本是决定公司价值的重要因素之一，因此降低资本成本可以提高公司的股东价值。其次，较高的 ROIC 可以吸引更多的投资者和资金，因为投资者倾向于投资于盈利能力强、资金利用效率高的公司。这些额外的资金可用于业务的扩展和发展，进一步提高股东价值。（多米诺骨牌公司，2022 年）。

Therefore, a decrease in ROIC may indicate that the company is facing a funding gap, limited debt space, inefficient use of capital, or declining efficiency due to business expansion.
因此，ROIC 的下降可能表明公司面临资金缺口、债务空间有限、资金利用效率低下或因业务扩张而效率下降。

Evaluation
评估

To sum up, business managers should strive to improve ROIC, which can be improved by optimizing capital structure, improving asset turnover, reducing costs, and optimizing business structure, so as to increase the shareholder value of the enterprise. At the same time, managers should also focus on long-term strategic planning and investment decisions to ensure continuous improvement in ROIC and thus continue to enhance shareholder value.
综上所述，企业管理者应该努力提高 ROIC，这可以通过优化资本结构、提高资产周转率、降低成本、优化业务结构来提高，从而增加企业的股东价值。同时，管理者还应关注长期战略规划和投资决策，以确保 ROIC 的持续改进，从而继续提高股东价值。

5.6Discussion and evaluation of profit margin
5.6D利润率的讨论和评估

Discussion
讨论

Let's start with gross margins. Domino's efficient cost management, including centralized procurement, standardized operations, and economies of scale, has maintained strong gross margins. Domino's's global supply chain system enables lower costs for raw materials. Gross margin was also supported by adjustments to Domino's product mix and strategic pricing. These changes help increase revenue per order.
让我们从毛利率开始。Domino 的高效成本管理，包括集中采购、标准化运营和规模经济，一直保持着强劲的毛利率。Domino's 的全球供应链系统可以降低原材料成本。毛利率也受到达美乐产品组合和战略定价调整的支持。这些变化有助于提高每笔订单的收入。

Second, let's talk about the operating interest rate
二、我们来谈谈营业利率

Domino's was able to achieve strong operating margins by leveraging technology to streamline operations. Kitchen automation, efficient labor management, and excellent delivery routes all contribute to lower operating costs. A large percentage of Domino's stores are operated by franchised dealers, which reduces the company's direct operating expenses. The franchise model allows Domino's to collect franchise fees and excise taxes while minimizing the capital outlay required to open and operate a new store.
Domino's 能够通过利用技术简化运营来实现强劲的营业利润率。厨房自动化、高效的劳动力管理和出色的送货路线都有助于降低运营成本。达美乐的大部分商店由特许经销商经营，这减少了公司的直接运营费用。特许经营模式允许达美乐收取特许经营费和消费税，同时最大限度地减少开设和运营新店所需的资本支出。

Finally, there is the net profit margin
最后，是净利润率

The company's net profit margin benefited from operational efficiency and lower tax rates. In addition, Domino's maintained a relatively low debt-to-equity ratio, which minimized interest expense, further supporting net profitability. Domino's participates in a share buyback program that can boost earnings per share and thus increase expected profitability from an investor's perspective
该公司的净利润率受益于运营效率和较低的税率。此外，达美乐保持了相对较低的债务权益比率，这最大限度地减少了利息支出，进一步支持了净盈利能力。达美乐参与了一项股票回购计划，该计划可以提高每股收益，从而从投资者的角度提高预期盈利能力

Evaluation
评估

Domino's Pizza saw steady growth in its profit margins between 2018 and 2022. The most significant improvement occurred during the pandemic, when the company managed to sustain most of its earnings into 2022. This reflects the company's effective cost management, scalability, and the successful implementation of digital strategies that have kept operating costs at relatively low margins despite increased revenues
Domino's Pizza 在 2018 年至 2022 年期间的利润率稳步增长。最显着的改善发生在大流行期间，当时该公司设法将其大部分收益维持到 2022 年。这反映了公司有效的成本管理、可扩展性以及数字战略的成功实施，尽管收入增加，但仍将运营成本保持在相对较低的利润率

5.7Discuss and evaluation of EBIT
5.7EBIT 的讨论和评估

Discussion
讨论

Domino's has always focused on controlling costs. This has allowed Domino's to grow EBIT during periods of increased demand and effectively manage costs during more challenging times.
Domino's 一直专注于控制成本。这使得达美乐能够在需求增加的时期提高息税前利润，并在更具挑战性的时期有效管理成本。

A large portion of Domino's stores are franchised, which has reduced the company's operating costs and capital expenditures, thereby increasing its EBIT margin. The franchise model also allowed Domino's to scale quickly while maintaining a relatively lean corporate structure
达美乐的大部分商店都是特许经营店，这降低了公司的运营成本和资本支出，从而提高了其息税前利润率。特许经营模式还使达美乐能够快速扩展，同时保持相对精简的公司结构

Domino's investment in technology has been a key driver of EBIT growth. The company's focus on digital transformation has not only improved the customer experience, but also increased the accuracy, speed, and overall operational efficiency of orders.
Domino 在技术方面的投资一直是 EBIT 增长的关键驱动力。该公司对数字化转型的关注不仅改善了客户体验，还提高了订单的准确性、速度和整体运营效率。

Evaluation
评估

Domino's Pizza's EBIT from 2018 to 2022 reflects a company that effectively leverages its operational strengths, technological innovations, and market opportunities to improve profitability. EBIT during the pandemic. Going forward, Domino's may need to explore new revenue streams, such as menu diversification, partnerships, or new market segments, to offset the potential flattening of demand in its traditional delivery model. In addition, continued investment in technology and automation can further improve operational efficiency and support EBIT growth.
Domino's Pizza 2018 年至 2022 年的息税前利润反映了一家有效利用其运营优势、技术创新和市场机会来提高盈利能力的公司。疫情期间的息税前利润。展望未来，达美乐可能需要探索新的收入来源，例如菜单多样化、合作伙伴关系或新的细分市场，以抵消其传统配送模式中可能的需求趋于平缓。此外，对技术和自动化的持续投资可以进一步提高运营效率并支持息税前利润增长。

5.8Discussion and evaluation of revenue
5.8D收入的讨论和评估

Discussion
讨论

From 2018 to 2019，Domino's delivered strong revenue growth of 12% during the period, driven by continued expansion of its delivery services, successful marketing campaigns and technology enhancements. The company's focus on improving the efficiency of its fulfillment network and investing in its digital platforms, such as online ordering and Domino's apps, contributed to this growth.(Dominos Inc., 2019).
从 2018 年到 2019 年，达美乐在此期间实现了 12% 的强劲收入增长，这得益于其配送服务的持续扩张、成功的营销活动和技术改进。该公司专注于提高其配送网络的效率，并投资于其数字平台，例如在线订购和 Domino 的应用程序，为这一增长做出了贡献。（多米诺骨牌公司，2019）。

The growth from 2019 to 2020 was 10.8%, reflecting the significant impact of the COVID-19 pandemic. Takeaway has become more popular as restaurants face restrictions and limited dine-in options. Domino's, with its strong influence, has benefited from this change. During this period, the company has maintained a consistent increase in revenue, proving its operational efficiency and adaptability.
2019 年至 2020 年的增长为 10.8%，反映了 COVID-19 大流行的重大影响。由于餐厅面临限制和有限的堂食选择，外卖变得越来越受欢迎。达美乐凭借其强大的影响力，从这一变化中受益。在此期间，公司收入保持持续增长，证明了其运营效率和适应性。

Revenue grew 7.3% from 2020 to 2021, slowing down compared to the previous year. During this period, the pandemic gradually recovered, which may have been a major reason for the decline in growth.
从 2020 年到 2021 年，收入增长了 7.3%，与上一年相比有所放缓。在此期间，疫情逐渐恢复，这可能是增长下降的主要原因。

There was a slight decrease of 2.3% from 2021 to 2022, a shift from the rapid growth of previous years. (Dominos Inc., 2022).
从 2021 年到 2022 年，销售额略有下降 2.3%，与前几年的快速增长不同。 （多米诺骨牌公司，2022 年）。

Evaluation
评估

From 2018 to 2020, Domino's Pizza saw a significant increase in revenue, largely due to the pandemic and its strong delivery model. However, growth slowed in 2021 and declined slightly in 2022. This trend highlights the impact of external factors, such as the end of pandemic-related demand peaks and increased competition in the market, as well as operational and economic challenges. Despite these fluctuations, Domino's remains a strong player in the pizza and delivery industry, with a well-established brand and a constant focus on innovation.(Dominos Inc., 2022).
从 2018 年到 2020 年，达美乐披萨的收入大幅增长，这主要是由于大流行及其强大的交付模式。然而，增长在 2021 年放缓，并在 2022 年略有下降。这一趋势凸显了外部因素的影响，例如与大流行相关的需求高峰结束和市场竞争加剧，以及运营和经济挑战。尽管存在这些波动，达美乐仍然是披萨和外卖行业的强大参与者，拥有成熟的品牌并始终专注于创新。（多米诺骨牌公司，2022 年）。

5.9Discussion and evaluation of dividend
5.9 分红的讨论和评估

Discussion
讨论

Domino's Dividend Analysis (2018-2022):
达美乐股息分析（2018-2022 年）：

Dividend growth has been steady from 2018 to 2022, with Domino's increasing its dividend per share from $2.20 to $4.40, nearly doubling its dividend over the past five years, demonstrating the strength of Domino's profitability.
从 2018 年到 2022 年，股息增长一直稳定，达美乐的每股股息从 2.20 美元增加到 4.40 美元，在过去五年中股息几乎翻了一番，展示了达美乐的盈利能力。

The steady increase in dividends is consistent with Domino's's expanding revenues, profitability and efficient operations. Domino's has maintained strong operating margins and cash flows, and as a result, has the potential to return a higher percentage of earnings to shareholders. Despite investments in technology, new store openings, and supply chain improvements, the company has been able to generate consistent free cash flow, which has allowed for increased dividends and significant share buybacks.
股息的稳步增长与达美乐不断扩大的收入、盈利能力和高效运营是一致的。达美乐一直保持着强劲的营业利润率和现金流，因此有可能为股东带来更高比例的收益回报。尽管在技术、新店开业和供应链改进方面进行了投资，但该公司仍然能够产生稳定的自由现金流，从而增加股息和大量股票回购。

Domino's dividends are very safe. The company balances capital allocation between dividends, share buybacks, and business reinvestment, making its dividend policy sustainable.
达美乐的股息非常安全。该公司在股息、股票回购和业务再投资之间平衡资本配置，使其股息政策可持续。

In addition to increasing its dividends, Domino's is returning value to shareholders through aggressive share buybacks. Share buybacks, combined with the growth of dividends, amplify shareholder returns.
除了增加股息外，达美乐还通过激进的股票回购为股东带来价值回报。股票回购与股息的增长相结合，放大了股东回报。

The continued increase in dividends makes Domino's an attractive investment for income-focused investors, as it offers both regular income and capital appreciation potential.
股息的持续增长使达美乐成为对注重收入的投资者有吸引力的投资，因为它提供了常规收入和资本增值潜力。

Evaluation
评估

Domino’s Pizza has demonstrated a strong commitment to increasing dividends over the 2018-2022 period, The company’s solid financial foundation, driven by robust free cash flow, profitability, and operational efficiencies, supports this dividend growth. Domino’s ability to balance capital reinvestment and return of value to shareholders through dividends and share buybacks has made it an attractive stock for income-oriented and long-term investors. The increasing dividends signal confidence in its business model and financial health, making its dividend strategy both sustainable and growth-focused moving forward.(Dominos Inc., 2022).
Domino's Pizza 已表现出对在 2018-2022 年期间增加股息的坚定承诺，在强劲的自由现金流、盈利能力和运营效率的推动下，公司坚实的财务基础支持了这一股息增长。达美乐能够通过股息和股票回购平衡资本再投资和股东价值回报，这使其成为对以收入为导向的长期投资者有吸引力的股票。不断增加的股息表明对其商业模式和财务状况充满信心，使其股息战略既可持续又以增长为重点。（多米诺骨牌公司，2022 年）。

5.10Discuss and evaluation of dividend payout ratios
5.10讨论和评估股息支付率

Discussion
讨论

Domino's Pizza has maintained a consistently growing dividend payout ratio over a five-year period, which indicates a steady increase in earnings. Fluctuations in earnings and a company's need to reinvest can affect changes in this ratio. (Domino's Corporation, 2022).
达美乐披萨在五年期间一直保持着持续增长的股息支付率，这表明收益稳步增长。收益的波动和公司再投资的需求会影响该比率的变化。（达美乐公司，2022 年）。

Domino's typically increases dividends if earnings grow, resulting in higher payout ratios. Conversely, if earnings fall or the company sees more investment opportunities, it may retain more earnings, which results in a lower faction rate.
如果收益增长，达美乐通常会增加股息，从而提高派息率。相反，如果收益下降或公司看到更多投资机会，它可能会保留更多收益，从而导致较低的派系税率。

In recent years, Domino's has increased its payout in line with earnings growth, maintaining a stable payout ratio. This stability shows that the company has struck a balance between the need to reward shareholders and the need to maintain sufficient earnings to achieve growth. (Domino's Corporation, 2022).
近年来，达美乐根据盈利增长增加了派息，保持了稳定的派息率。这种稳定性表明，该公司在回报股东的需求和保持足够收益以实现增长的需求之间取得了平衡。（达美乐公司，2022 年）。

Evaluation
评估

The dividend payout ratio is a key metric of Domino's Pizza's financial strategy. By maintaining a stable and reasonable payout ratio, Domino's can demonstrate a commitment to shareholder returns while ensuring sufficient capital for future investments. This ratio reflects Domino's' broader financial position, operational stability and management's confidence in sustaining long-term earnings growth.
股息支付率是 Domino's Pizza 财务战略的关键指标。通过保持稳定合理的派息率，达美乐可以展示对股东回报的承诺，同时确保为未来的投资提供足够的资金。这一比率反映了达美乐更广泛的财务状况、运营稳定性以及管理层对维持长期盈利增长的信心。

Investors often view Domino's payout ratio as an indicator of the company's financial discipline and its ability to balance short-term returns with long-term growth potential. Going forward, the company's ability to maintain or increase its payout ratio will depend on its continued earnings performance, reinvestment needs and overall market conditions.
投资者通常将达美乐的派息率视为公司财务纪律及其平衡短期回报与长期增长潜力的能力的指标。展望未来，公司维持或提高派息率的能力将取决于其持续的盈利表现、再投资需求和整体市场状况。

5.11 Discussion and evaluation of capital structure
5.11 资本结构的讨论和评估

The adjustment of capital structure includes debt optimization, which can reduce the cost of capital of enterprises. The cost of capital is one of the most important costs in the process of enterprise operation, and by optimizing the debt structure and reducing the cost of financing, the cost of capital can be reduced, the profitability of the enterprise can be improved, and the equity of shareholders can be enhanced. Baharin, & Sentosa, (2024)Domino's capital structure from 2018 to 2022 has been adjusted every year, and Domino's optimized capital structure has created huge wealth for shareholders
资本结构的调整包括债务优化，可以降低企业的资金成本。资金成本是企业经营过程中最重要的成本之一，通过优化债务结构，降低融资成本，可以降低资金成本，提高企业的盈利能力，增强股东权益。巴哈林和圣淘沙，（2024年）达美乐的资本结构从2018年到2022年每年都在调整，达美乐优化的资本结构为股东创造了巨大的财富。

6. Conclusion
6. 总结

Overall, Domino's expansion plans, share buyback strategies, dividend payments, optimized capital institutions, and corporate social responsibility are all working to increase shareholder value.
总体而言，达美乐的扩张计划、股票回购战略、股息支付、优化的资本机构和企业社会责任都在努力提高股东价值。

Firstly，This study assesses Domino's shareholder wealth creation over the period from 2018 to 2022 by examining financial data and analyzing industry trends through business strategies. Domino's showed good performance in wealth development, as evidenced by an assessment of its financial and non-financial performance.
首先，本研究通过研究财务数据和通过商业战略分析行业趋势，评估达美乐在 2018 年至 2022 年期间的股东财富创造。达美乐在财富开发方面表现出色，对其财务和非财务业绩的评估证明了这一点。

Secondly，Based on an analysis of Domino's financial results, shareholders have relatively high stock values and receive consistent dividend returns. Further analysis shows that Domino's provides good return rates for investors due to its higher profitability.
其次，根据对达美乐财务业绩的分析，股东的股票价值相对较高，并获得稳定的股息回报。进一步分析表明，达美乐由于其更高的盈利能力，为投资者提供了良好的回报率。

Thirdly，Domino's manages executives increase shareholder wealth through sound operations, expansion, and innovative marketing strategies.
第三，达美乐管理层通过健全的运营、扩张和创新营销策略来增加股东财富。

Finally, Domino's also tries to increase the wealth of its shareholders. The main reason for its business recovery is the overly aggressive portfolio in its expansion plans, business diversification and ongoing share repurchase programs, which have all led to active shareholder wealth creation. When making company decisions, shareholders should act as supervisors and managers should act as "investment agents" to limit the risks of shareholders' wealth production.
最后，达美乐还试图增加其股东的财富。其业务复苏的主要原因是其扩张计划、业务多元化和正在进行的股票回购计划中过于激进的投资组合，这些都导致了股东积极创造财富。在做出公司决策时，股东应该充当监事，经理应该充当“投资代理人”，以限制股东财富生产的风险。

Reference
参考

Ansell, R., John, P.: COVID-19 ends longest employment recovery and expansion in ces history, causing unprecedented job losses in 2020. Monthly Labor Rev. 1–49 (2021)
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Appendix
附录

Appendix1: Profit Statement _ Domino's Pizza (US) (dpz.n) 2018-2022
附录 1：利润表 _ 达美乐披萨 （美国） （dpz.n） 2018-2022   

income statement
损益表     

Earnings per share are expressed in U.S. dollars and in other units in millions of dollars Sources from https://xs.qianzhan.com/us/gongsixinxi_dpz.n.html
每股收益以美元表示，其他单位以百万美元表示来源：https://xs.qianzhan.com/us/gongsixinxi_dpz.n.html  

https://cn.investing.com/equities/dominos-pizza-inc-dividends  

Appendix 2: Balance Sheet _ Domino's Pizza (US) (dpz.n) 2018-2022
附录 2：资产负债表 _ 达美乐披萨（美国） （dpz.n） 2018-2022   

Sources from : https://xs.qianzhan.com/us/gongsixinxi_dpz.n.html
来源 ： https://xs.qianzhan.com/us/gongsixinxi_dpz.n.html  

Appendix3: Profit Statement _ McDonald's (mcd.n)　
附录 3：利润表 _ 麦当劳 （mcd.n）     

Earnings per share are expressed in U.S. dollars and in other units in millions of dollars
每股收益以美元表示，其他单位以百万美元表示  

https://xs.qianzhan.com/us/gongsixinxi_mcd.n.html     

Appendix4: Profit Statement _ Yum! Brands (yum.n)
附录 4：利润表 _ 好吃！品牌 （yum.n）     

Earnings per share are expressed in U.S. dollars and in other units in millions of dollars
每股收益以美元表示，其他单位以百万美元表示  

https://xs.qianzhan.com/us/gongsixinxi_yum.n.html 

Appendix5: Financial Summary (2018-2022) _ Domino's Pizza (US)
附录 5：财务摘要（2018-2022 年）_ Domino's Pizza（美国）     

Each share is measured in US dollars
每股以美元为单位  

https://xs.qianzhan.com/us/gongsixinxi_dpz.n.html  

Appendix6:Stock close data (January 1,2018-January 1, 2023)（USD）
附件 6：收盘数据（2018 年 1 月 1 日至 2023 年 1 月 1 日）（美元）   

https://cn.investing.com/equities/dominos-pizza-inc-historical-data  

https://cn.investing.com/equities/mcdonalds-historical-data  

https://cn.investing.com/equities/yum!-brands-inc-historical-data