A Business at a Glance
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Table of Contents SUMMARY OF RISK FACTORS We are subject to a variety of risks and uncertainties, including industry and operating risks, financial and economic risks, legal and regulatory risks, risks related to our relationship with Post, risks related to ownership of our Common Stock and certain general risks, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Risks that we deem material are described in Item 1A, “Risk Factors” of this report. These risks include, but are not limited to, the following: •A substantial amount of our net sales comes from our RTD protein shakes, and a decrease in sales of our RTD protein shakes would adversely affect our business, financial condition, results of operations and cash flows. •We operate in a category with strong competition.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.0B | 1.7B | 1.4B | 1.2B |
| Net Income | 183M | 216M | 247M | 166M | 82M | 28M |
| EPS | $1.44 | $1.68 | $1.86 | $1.23 | $0.88 | $0.18 |
| Free Cash Flow | 247M | 256M | 198M | 214M | 19M | 225M |
| ROIC | 39.0% | 48.0% | 55.7% | 43.0% | 24.1% | 23.1% |
| Gross Margin | 31.5% | 33.3% | 35.4% | 31.8% | 30.8% | 31.0% |
| Debt/Equity | 0.00 | -2.39 | -4.05 | -2.65 | -2.47 | -0.20 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 321M | 357M | 388M | 287M | 212M | 168M |
| Operating Margin | 13.8% | 15.4% | 19.4% | 17.2% | 15.5% | 13.5% |
| ROE | 0.0% | -65.5% | -93.1% | -47.3% | -4.8% | -1.1% |
| Shares Outstanding | 120M | 129M | 133M | 135M | 94M | 158M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 828M | 854M | 988M | 1.2B | 1.4B | 1.7B | 2.0B | 2.3B | 2.3B |
| Gross Margin | 33.6% | 36.5% | 34.2% | 31.0% | 30.8% | 31.8% | 35.4% | 33.3% | 31.5% |
| R&D | 8.1M | 7.6M | 9.4M | 11M | 11M | 12M | 14M | 16M | 16M |
| SG&A | 135M | 127M | 152M | 167M | 190M | 216M | 285M | 396M | 394M |
| EBIT | 120M | 163M | 164M | 168M | 212M | 287M | 388M | 357M | 321M |
| Op. Margin | 14.5% | 19.0% | 16.6% | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% | 13.8% |
| Net Income | N/A | N/A | 24M | 28M | 82M | 166M | 247M | 216M | 183M |
| Net Margin | N/A | N/A | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% | 7.9% |
| Non-Recurring | 0 | 0 | 9.6M | 4.7M | 4.7M | 4.7M | 0 | 2.1M | 2.1M |
| Returns on Capital | |||||||||
| ROIC | N/A | N/A | 23.0% | 23.1% | 24.1% | 43.0% | 55.7% | 48.0% | 39.0% |
| ROE | N/A | N/A | -1.1% | -1.1% | -4.8% | -47.3% | -93.1% | -65.5% | 0.0% |
| ROA | N/A | N/A | 3.6% | 4.1% | 11.7% | 23.7% | 32.3% | 24.3% | 17.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | 141M | 98M | 97M | 226M | 21M | 216M | 200M | 261M | 255M |
| Free Cash Flow | 136M | 95M | 95M | 225M | 19M | 214M | 198M | 256M | 247M |
| Owner Earnings | 115M | 73M | 69M | 168M | -10M | 173M | 142M | 220M | 214M |
| CapEx | 5.0M | 3.2M | 2.1M | 1.6M | 1.8M | 1.8M | 1.8M | 4.7M | 7.6M |
| Maint. CapEx | 26M | 25M | 25M | 54M | 21M | 28M | 37M | 19M | 19M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 26M | 25M | 25M | 54M | 21M | 28M | 37M | 19M | 19M |
| CapEx/OCF | N/A | N/A | 2.2% | 0.7% | 8.6% | 0.8% | 0.9% | 1.8% | 3.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 43M | 126M | 147M | 475M | 560M |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.1% | 2.3% | 1.8% | 10.0% | 30.9% |
| Stock-Based Comp | 0 | 0 | 2.5M | 4.6M | 9.8M | 14M | 21M | 22M | 21M |
| Debt Repayment | 0 | 0 | 1.4B | 114M | 675M | 189M | 25M | 450M | 450M |
| Balance Sheet | |||||||||
| Net Debt | -11M | N/A | 651M | 456M | 894M | 808M | 762M | 1.0B | 1.1B |
| Cash & Equiv. | 11M | N/A | 49M | 153M | 36M | 48M | 71M | 72M | 64M |
| Long-Term Debt | 0 | N/A | 623M | 481M | 930M | 857M | 833M | 1.1B | 1.2B |
| Debt/Equity | N/A | N/A | -0.32 | -0.20 | -2.47 | -2.65 | -4.05 | -2.39 | 0.00 |
| Interest Coverage | N/A | N/A | 3.0 | 3.9 | 4.3 | 4.3 | 6.7 | 5.2 | 4.3 |
| Equity | N/A | N/A | -2.2B | -3.1B | -376M | -324M | -206M | -454M | -511M |
| Total Assets | N/A | N/A | 654M | 697M | 707M | 692M | 837M | 941M | 1.1B |
| Total Liabilities | 17M | N/A | 815M | 762M | 1.1B | 1.0B | 1.0B | 1.4B | 1.6B |
| Intangibles | N/A | N/A | 274M | 223M | 203M | 177M | 142M | 125M | 121M |
| Retained Earnings | N/A | N/A | -2.2B | -3.1B | -356M | -190M | 56M | 273M | 316M |
| Working Capital | N/A | N/A | 137M | 137M | 278M | 274M | 389M | 383M | 434M |
| Current Assets | N/A | N/A | 290M | 388M | 421M | 424M | 593M | 666M | 786M |
| Current Liabilities | N/A | N/A | 153M | 251M | 144M | 150M | 204M | 283M | 352M |
| Per Share Data | |||||||||
| EPS | 0.00 | 0.00 | 0.15 | 0.18 | 0.88 | 1.23 | 1.86 | 1.68 | 1.44 |
| Owner EPS | N/A | N/A | 0.44 | 1.06 | -0.11 | 1.29 | 1.07 | 1.71 | 1.79 |
| Book Value | N/A | N/A | -13.93 | -19.42 | -4.02 | -2.40 | -1.55 | -3.53 | -4.26 |
| Cash Flow/Share | N/A | N/A | 0.62 | 1.43 | 0.22 | 1.60 | 1.51 | 2.03 | 1.68 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 156.7M | 157.7M | 93.5M | 134.6M | 132.5M | 128.7M | 119.9M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 33.1 | 44.4 | 24.3 | 33.2 | 32.9 | 21.9 | 10.5 |
| P/FCF | N/A | N/A | 32.7 | 21.8 | 104.2 | 25.7 | 40.9 | 18.5 | 7.3 |
| EV/EBIT | N/A | N/A | 8.7 | 27.5 | 13.5 | 21.8 | 22.7 | 15.9 | 9.1 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 0.8 | 2.9 | 1.7 | 2.6 | 3.6 | 3.6 | 0.8 |
| FCF Yield | N/A | N/A | 12.2% | 5.3% | 1.0% | 3.9% | 2.4% | 5.4% | 13.6% |
| Market Cap | N/A | N/A | 778M | 4.2B | 2.0B | 5.5B | 8.1B | 4.7B | 1.8B |
| Avg. Price | N/A | N/A | 19.52 | 26.37 | 24.93 | 31.94 | 54.46 | 63.93 | 15.11 |
| Year-End Price | N/A | N/A | 19.86 | 31.06 | 21.39 | 40.83 | 61.11 | 36.80 | 15.11 |
BELLRING BRANDS, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
BELLRING BRANDS, INC. trades at 10.4x trailing earnings, compared to its 15-year median P/E of 33.0x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.2x vs a median of 25.7x. The company's 5-year average ROIC is 38.8% with a gross margin of 32.4%. Total shareholder yield (buybacks) is 30.9%. At current prices, the estimated annualized return to fair value is -8.6%.
BELLRING BRANDS, INC. (BRBR) has a current P/E ratio of 10.4, compared to its historical median P/E of 33.0. The stock is currently considered Cheap based on its historical valuation range.
BELLRING BRANDS, INC. (BRBR) has a 5-year average return on invested capital (ROIC) of 38.8%. This indicates strong capital allocation and a potential competitive advantage.
BELLRING BRANDS, INC. (BRBR) has a market capitalization of $1.8B. It is classified as a small-cap stock.
BELLRING BRANDS, INC. (BRBR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 30.91%.
Based on historical P/E analysis, BELLRING BRANDS, INC. (BRBR) appears cheap. The current P/E of 10.4 is 68% below its historical median of 33.0. The estimated fair value CAGR (P/E method) is 20.7%.
BELLRING BRANDS, INC. (BRBR) operates in the Food And Kindred Products industry, within the Consumer Defensive sector.
BELLRING BRANDS, INC. (BRBR) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
BELLRING BRANDS, INC. (BRBR) has a net profit margin of 9.3%. This is a modest margin.
BELLRING BRANDS, INC. (BRBR) generated $256 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BELLRING BRANDS, INC. (BRBR) reported earnings per share (EPS) of $1.68 in its most recent fiscal year.
BELLRING BRANDS, INC. (BRBR) has a return on equity (ROE) of -65.5%. A negative ROE may indicate losses or negative equity.
BELLRING BRANDS, INC. (BRBR) has a 5-year average gross margin of 32.4%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for BELLRING BRANDS, INC. (BRBR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BELLRING BRANDS, INC. (BRBR) has a book value per share of $-3.53, based on its most recent annual SEC filing.