Domino's Pizza Inc (DPZ)

Domino's Pizza sells pizza through franchisees and has long behaved like a technology company.

Almost every outlet belongs to a franchisee paying a percentage of sales. What stays with the company is the brand, the recipes and — more importantly — the ordering system: its own app and website, through which most sales pass, bypassing delivery aggregators and their commission.

The second and less visible part is supplying franchisees with dough and ingredients from its own plants: that gives the company additional earnings and control over quality. Delivery by its own drivers costs less than an aggregator but requires people. Risks: franchisee solvency, competition from aggregators and cheese prices. A dividend is paid and buybacks are active.