We investigate the thermoelectric (TE) figure-of-merit of a single-layer graphene (SLG) sheet by a physics-based analytical technique. We first develop analytical models of electrical and thermal resistances and the Seebeck coefficient of SLG by considering electron interactions with the in-plane and flexural phonons. Using those models, we show that both the figure-of-merit and the TE efficiency can be substantially increased with the addition of isotope doping as it significantly reduces the phonon-dominated thermal conductivity. In addition, we report that the TE open circuit output voltage and output power depends weakly on the SLG sheet dimensions and sheet concentration in the strongly diffusive regime. Proposed models agree well with the available experimental data and demonstrate the immense potential of graphene for waste-heat recovery application. © 1963-2012 IEEE.