A Business at a Glance
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Birkenstock Holding plc
BIRK
$7.5B
Mkt Cap
$40.63
+0.05%
Birkenstock Holding plc (BIRK) has a current P/E ratio of 21.7, compared to its historical median P/E of 36.2. The stock is currently considered Cheap based on its historical valuation range.
Birkenstock Holding plc (BIRK) has a 5-year average return on invested capital (ROIC) of 9.6%. This is below average and may indicate limited pricing power.
Birkenstock Holding plc (BIRK) has a market capitalization of $7.5B. It is classified as a mid-cap stock.
Birkenstock Holding plc (BIRK) does not currently pay a regular dividend.
Based on historical P/E analysis, Birkenstock Holding plc (BIRK) appears cheap. The current P/E of 21.7 is 40% below its historical median of 36.2. The estimated fair value CAGR (P/E method) is 32.2%.
Birkenstock Holding plc (BIRK) operates in the Footwear, (No Rubber) industry, within the Consumer Cyclical sector.
Birkenstock Holding plc (BIRK) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company BIRKENSTOCK’s origins date back to 1774. In 2021, L Catterton, a consumer-focused investment firm, invested and acquired a majority stake in BIRKENSTOCK through affiliated entities. Birkenstock Holding plc was formed on February 19, 2021 as BK LC Lux Finco 2 S.à r.l., a Luxembourg private limited liability company. On April 25, 2023, we changed our name from BK LC Lux Finco 2 S.à r.l. to Birkenstock Group Limited and converted (by way of re-domiciliation) the legal form of our Company to a Jersey private company. On July 12, 2023, we changed our name from Birkenstock Group Limited to Birkenstock Holding Limited. On October 4, 2023, we changed the legal status of our Company to a Jersey public limited company and our name from Birkenstock Holding Limited to Birkenstock Holding plc. Our registered offices are located at 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 2.8B | 2.4B | 1.9B | 1.6B | 1.3B |
| Net Income | 445M | 394M | 207M | 81M | 197M |
| EPS | $2.41 | $2.14 | $1.12 | $0.45 | $1.09 |
| Free Cash Flow | 283M | 348M | 392M | 279M | 172M |
| ROIC | 11.0% | 11.6% | 7.4% | 5.2% | 14.0% |
| Gross Margin | 58.6% | 59.1% | 58.8% | 62.1% | 60.3% |
| Debt/Equity | 0.00 | 0.42 | 0.46 | 0.77 | - |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 13M | 622M | 455M | 283M | 382M |
| Operating Margin | 0.5% | 26.2% | 23.3% | 17.5% | 29.2% |
| ROE | 16.0% | 13.0% | 7.6% | 3.2% | 8.5% |
| Shares Outstanding | 184M | 184M | 185M | 181M | 181M |
| Metric | 2022 | ||||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 1.3B | 1.6B | 1.9B | 2.4B | 2.8B |
| Gross Margin | 60.3% | 62.1% | 58.8% | 59.1% | 58.6% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 91M | 186M | 123M | 142M | 154M |
| EBIT | 382M | 283M | 455M | 622M | 13M |
| Op. Margin | 29.2% | 17.5% | 23.3% | 26.2% | 0.5% |
| Net Income | 197M | 81M | 207M | 394M | 445M |
| Net Margin | 15.1% | 5.0% | 10.6% | 16.6% | 16.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | 14.0% | 5.2% | 7.4% | 11.6% | 11.0% |
| ROE | 8.5% | 3.2% | 7.6% | 13.0% | 16.0% |
| ROA | N/A | 1.6% | 3.9% | 7.1% | 9.0% |
| Cash Flow | |||||
| Op. Cash Flow | 247M | 389M | 463M | 435M | 407M |
| Free Cash Flow | 172M | 279M | 392M | 348M | 283M |
| Owner Earnings | 161M | 299M | 354M | 307M | 263M |
| CapEx | 75M | 111M | 71M | 87M | 124M |
| Maint. CapEx | 86M | 91M | 109M | 129M | 144M |
| Growth CapEx | 0 | 20M | 0 | 0 | 0 |
| D&A | 86M | 91M | 109M | 129M | 144M |
| CapEx/OCF | N/A | N/A | 15.3% | 20.0% | 30.5% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 10M | 57M | 1.4B | 57M | 51M |
| Balance Sheet | |||||
| Net Debt | N/A | 1.6B | 906M | 924M | -218M |
| Cash & Equiv. | 323M | 374M | 384M | 373M | 229M |
| Long-Term Debt | N/A | 2.0B | 1.3B | 1.3B | 1.3B |
| Debt/Equity | N/A | 0.77 | 0.46 | 0.42 | 0.00 |
| Interest Coverage | 3.2 | 2.4 | 3.3 | 6.9 | 0.1 |
| Equity | 2.5B | 2.6B | 2.8B | 3.1B | 2.8B |
| Total Assets | N/A | 5.2B | 5.3B | 5.6B | 4.9B |
| Total Liabilities | N/A | 2.6B | 2.4B | 2.5B | 2.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 245M | 451M | 867M | 816M |
| Working Capital | N/A | 762M | 773M | 930M | -73M |
| Current Assets | N/A | 1.2B | 1.3B | 1.4B | 4.5M |
| Current Liabilities | N/A | 411M | 484M | 514M | 77M |
| Per Share Data | |||||
| EPS | 1.09 | 0.45 | 1.12 | 2.14 | 2.41 |
| Owner EPS | 0.89 | 1.65 | 1.91 | 1.67 | 1.43 |
| Book Value | 13.71 | 14.43 | 15.29 | 16.76 | 15.07 |
| Cash Flow/Share | 1.36 | 2.16 | 2.50 | 2.37 | 3.20 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 181.1M | 180.7M | 185.5M | 183.9M | 183.9M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | 48.3 | 24.0 | 16.9 |
| P/FCF | N/A | N/A | 23.3 | 23.7 | 26.4 |
| EV/EBIT | N/A | N/A | 23.2 | 15.4 | 550.9 |
| Price/Book | N/A | N/A | 3.5 | 3.1 | 2.7 |
| Price/Sales | N/A | N/A | 5.1 | 4.5 | 2.7 |
| FCF Yield | N/A | N/A | 4.2% | 4.2% | 3.8% |
| Market Cap | N/A | N/A | 9.3B | 8.4B | 7.5B |
| Avg. Price | N/A | N/A | 48.94 | 50.91 | 40.63 |
| Year-End Price | N/A | N/A | 49.25 | 44.91 | 40.63 |
Birkenstock Holding plc passes 5 of 9 quality checks, suggesting mixed fundamentals.
Birkenstock Holding plc trades at 21.7x trailing earnings, compared to its 15-year median P/E of 36.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 24.6x vs a median of 23.5x. The company's 5-year average ROIC is 9.6% with a gross margin of 60.1%. At current prices, the estimated annualized return to fair value is +3.9%.
Birkenstock Holding plc (BIRK) has a net profit margin of 16.6%. This is a healthy margin.
Birkenstock Holding plc (BIRK) generated $348 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Birkenstock Holding plc (BIRK) has a debt-to-equity ratio of 0.42. This indicates a conservatively financed balance sheet.
Birkenstock Holding plc (BIRK) reported earnings per share (EPS) of $2.14 in its most recent fiscal year.
Birkenstock Holding plc (BIRK) has a return on equity (ROE) of 13.0%. This indicates moderate shareholder returns.
Birkenstock Holding plc (BIRK) has a 5-year average gross margin of 60.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for Birkenstock Holding plc (BIRK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Birkenstock Holding plc (BIRK) has a book value per share of $16.76, based on its most recent annual SEC filing.