¿La participación de la compañía de pizzas Domino's es una oportunidad de comprar antes de 2026?

The question of whether Domino's Pizza (DPZ) is a compelling buy-the-dip opportunity ahead of 2026 hinges on three critical factors: valuation metrics, growth potential, and institutional confidence. With the stock trading at a discount to estimated fair value, robust operational performance, and renewed interest from institutional investors, the case for a strategic entry point appears nuanced but promising.

Valuation: A Discounted Franchise Model

Domino's Pizza's valuation metrics suggest it may be undervalued relative to its intrinsic worth. As of Q3 2025, the company's price-to-book (P/B) ratio stood at -3.68, calculated using a book value per share of -$117.28 and a closing price of $431.73. While a negative P/B ratio is uncommon for a franchise-heavy business, it reflects the challenges of valuing intangible assets like brand equity and digital infrastructure. More compelling is the price-to-earnings (P/E) ratio of 23.1x, which, though elevated compared to peer averages, aligns with its growth trajectory. Analysts from Sahm Capital and SimplyWall St. estimate a fair value of $496.65 to $500.03, implying a 12.7% to 19% discount to current prices. This gap suggests the market may be underappreciating the company's digital innovation and supply chain efficiencies, which drove a 12.2% year-over-year increase in operating income.

Growth Potential: Digital-First Momentum

Domino's has demonstrated resilience in its core markets, with Q3 2025 reporting 6.3% global retail sales growth (excluding foreign currency impact), driven by 5.2% U.S. same-store sales growth and 1.7% international growth. The company's expansion strategy-adding 214 new stores globally in the quarter-further underscores its long-term potential. Analysts highlight its digital transformation, including new e-commerce platforms and delivery partnerships, as key drivers of future margins. However, risks persist: international unit growth has slowed, and shifting consumer preferences toward health-conscious dining could pressure margins. Despite these challenges, the franchise model's scalability and high royalty margins provide a durable foundation for earnings growth.

Institutional Confidence: A Bullish Sentiment

Institutional investors have signaled renewed confidence in DPZ. Berkshire Hathaway Inc., for instance, added 348,077 shares to its portfolio in Q3 2025, while hedge funds and institutions collectively purchased 9.6 million shares over 24 months, representing $4.23 billion in transactions. Analyst ratings also lean positive, with 23 to 27 analysts assigning a "Buy" or "Moderate Buy" rating and an average price target of $490-implying a 20% upside from current levels. Notably, price targets range from $340 to $574, reflecting divergent views on macroeconomic risks and the sustainability of growth. The presence of both "Buy" and "Sell" ratings underscores the need for caution, but the overall institutional trend remains bullish.

### Conclusion: A Calculated Opportunity
Domino's Pizza's stock appears to offer a compelling risk-rebalance for investors willing to navigate near-term volatility. The discount to estimated fair value, coupled with strong operational execution and institutional backing, supports a "Buy-the-Dip" thesis. However, the high P/E ratio and international growth challenges warrant careful monitoring. For those with a medium-term horizon, DPZ's digital-first strategy and franchise model's resilience make it a worthy candidate for a diversified portfolio ahead of 2026.