In a medium saucepan off the heat, whisk together the ketchup, brown sugar, molasses, pineapple juice, apple cider vinegar, Worcestershire, and Dijon until smooth.

Whisk in the liquid smoke, garlic powder, onion powder, smoked paprika, black pepper, salt, and cayenne until fully combined.

Set over medium heat until it just bubbles, then reduce to low. Simmer uncovered, stirring often, for about 20 minutes, until thick and glossy and it coats the back of a spoon.

Remove from heat and let cool — it thickens more as it sits. Taste and adjust sweetness or tang, then transfer to a jar.