A Business at a Glance
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BELLRING BRANDS, INC.
BRBR
$1.7B
Mkt Cap
$12.95
+0.39%
BELLRING BRANDS, INC. (BRBR) has a current P/E ratio of 8.9, 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 $1.5B. 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 27.14%.
Based on historical P/E analysis, BELLRING BRANDS, INC. (BRBR) appears cheap. The current P/E of 8.9 is 73% below its historical median of 33.0. The estimated fair value CAGR (P/E method) is 20.3%.
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 is a nutrition company that manufactures and markets ready-to-drink (RTD) protein shakes and protein powders through two primary brands: Premier Protein and Dymatize. The company operates an asset-light business model, relying on third-party contract manufacturers for the production of most products, including one manufacturer for nearly half of RTD protein shakes. Premier Protein generates the substantial majority of net sales, with RTD protein shakes representing the largest revenue contributor, while the company also offers protein powders and innovation products targeting incremental consumption occasions. Distribution occurs through multiple channels including mass retailers, food-drug-mass (FDM) retailers, e-commerce, and club retailers, with the company serving both direct consumers and retail customers who drive household penetration and repeat purchase rates. The company's competitive moat rests on mainstream brand appeal, high repeat rates, best-in-class household penetration and brand equity scores, category leadership position, and execution capabilities in a growing RTD shake category that retailers consolidate behind best-performing brands. BellRing operates primarily in the United States with international presence through Dymatize, and generates cash flow through a combination of volume growth, pricing actions, and promotional investments to defend market share in an increasingly competitive environment.
【Competitive intensity moderating gradually】 Management expects the challenging operating environment characterized by increased competitive intensity, a more pressured consumer, and macro-driven cost headwinds to persist through the second half of 2026, with competitive intensity from insurgent brands expected to gradually moderate over time. The company anticipates base pricing across the RTD shake category to rise given the rapidly inflating input environment, particularly whey protein costs, while promotional intensity is expected to remain elevated in the near term as newer brands work to establish market presence. Long-term, management remains confident that scaled players with deep category expertise, mainstream appeal, and high repeat rates will emerge as winners as retailers consolidate shelf space, positioning Premier to capture its fair share of category growth driven by expanded distribution, innovation, and brand investment. The company is maintaining advertising investment at approximately 4% of sales to defend share and support long-term growth, while continuing to execute on cost savings initiatives and disciplined capital allocation priorities.
| Metric | Target | Period |
|---|---|---|
| Net sales | $2.325 billion–$2.365 billion | FY2026 |
| Adjusted EBITDA | $315 million–$335 million | FY2026 |
| Adjusted EBITDA margin | approximately 14% or 14.5% | FY2026 |
| Q3 net sales growth | down approximately 1% | Q3 FY2026 |
| Q3 adjusted EBITDA margin | approximately 16% | Q3 FY2026 |
Net sales (FY2026): “we now expect net sales of $2.325 billion-$2.365 billion, which represents flat to 2% growth”
Adjusted EBITDA (FY2026): “Adjusted EBITDA is expected to be $315 million-$335 million, with a margin of approximately 14% or 14.5%, excluding the inventory-related charge in Q2”
Adjusted EBITDA margin (FY2026): “Adjusted EBITDA is expected to be $315 million-$335 million, with a margin of approximately 14% or 14.5%, excluding the inventory-related charge in Q2”
Q3 net sales growth (Q3 FY2026): “For the third quarter, we expect net sales growth to be down approximately 1%, with Premier declining slightly, somewhat offset by Dymatize growth”
Q3 adjusted EBITDA margin (Q3 FY2026): “Third quarter adjusted EBITDA margin is expected to be approximately 16% and reflect significant year-over-year commodity and freight inflation, tariffs, and higher planned advertising investment”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.0B | 1.7B | 1.4B | 1.2B |
| Net Income | 158M | 216M | 247M | 166M | 82M | 28M |
| EPS | $1.28 | $1.68 | $1.86 | $1.23 | $0.88 | $0.70 |
| Free Cash Flow | 186M | 256M | 198M | 214M | 19M | 225M |
| ROIC | 32.9% | 48.0% | 55.7% | 43.0% | 24.1% | 23.1% |
| Gross Margin | 30.2% | 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 | 292M | 357M | 388M | 287M | 212M | 168M |
| Operating Margin | 12.5% | 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 | 119M | 129M | 133M | 135M | 94M | 39M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 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% | 30.2% |
| R&D | 8.1M | 7.6M | 9.4M | 11M | 11M | 12M | 14M | 16M | 16M |
| SG&A | 135M | 127M | 152M | 167M | 190M | 216M | 285M | 396M | 395M |
| EBIT | 120M | 163M | 164M | 168M | 212M | 287M | 388M | 357M | 292M |
| Op. Margin | 14.5% | 19.0% | 16.6% | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% | 12.5% |
| Net Income | N/A | N/A | 24M | 28M | 82M | 166M | 247M | 216M | 158M |
| Net Margin | N/A | N/A | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% | 6.8% |
| Non-Recurring | 0 | 0 | 9.6M | 4.7M | 4.7M | 0 | 0 | 2.1M | 2.1M |
| Returns on Capital | |||||||||
| ROIC | N/A | N/A | 24.1% | 23.1% | 24.1% | 43.0% | 55.7% | 48.0% | 32.9% |
| ROE | N/A | N/A | -2.8% | -1.1% | -4.8% | -47.3% | -93.1% | -65.5% | 0.0% |
| ROA | N/A | N/A | 3.8% | 4.1% | 11.7% | 23.7% | 32.3% | 24.3% | 15.4% |
| Cash Flow | |||||||||
| Op. Cash Flow | 141M | 98M | 97M | 226M | 21M | 216M | 200M | 261M | 195M |
| Free Cash Flow | 136M | 95M | 95M | 225M | 19M | 214M | 198M | 256M | 186M |
| Owner Earnings | 115M | 73M | 69M | 168M | -10M | 173M | 142M | 220M | 154M |
| CapEx | 5.0M | 3.2M | 2.1M | 1.6M | 1.8M | 1.8M | 1.8M | 4.7M | 8.8M |
| 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% | 4.5% |
| 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 | 417M |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.1% | 2.3% | 1.8% | 10.0% | 27.1% |
| Stock-Based Comp | 0 | 0 | 2.5M | 4.6M | 9.8M | 14M | 21M | 22M | 22M |
| Debt Repayment | 0 | 0 | 1.4B | 114M | 675M | 189M | 25M | 450M | 450M |
| Balance Sheet | |||||||||
| Net Debt | -11M | -5.5M | 651M | 456M | 894M | 808M | 762M | 1.0B | 1.2B |
| Cash & Equiv. | 11M | 5.5M | 49M | 153M | 36M | 48M | 71M | 72M | 33M |
| Long-Term Debt | 0 | 0 | 623M | 481M | 930M | 857M | 833M | 1.1B | 1.2B |
| Debt/Equity | N/A | 0.00 | -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 | 5.2 |
| Equity | N/A | 486M | -2.2B | -3.1B | -376M | -324M | -206M | -454M | -498M |
| Total Assets | N/A | 595M | 654M | 697M | 707M | 692M | 837M | 941M | 1.0B |
| Total Liabilities | 17M | 108M | 815M | 762M | 1.1B | 1.0B | 1.0B | 1.4B | 1.5B |
| Intangibles | N/A | 297M | 274M | 223M | 203M | 177M | 142M | 125M | 117M |
| Retained Earnings | N/A | 0 | -2.2B | -3.1B | -356M | -190M | 56M | 273M | 350M |
| Working Capital | N/A | 127M | 137M | 137M | 278M | 274M | 389M | 383M | 455M |
| Current Assets | N/A | 220M | 290M | 388M | 421M | 424M | 593M | 666M | 756M |
| Current Liabilities | N/A | 93M | 153M | 251M | 144M | 150M | 204M | 283M | 301M |
| Per Share Data | |||||||||
| EPS | 0.00 | 0.00 | 0.60 | 0.70 | 0.88 | 1.23 | 1.86 | 1.68 | 1.28 |
| Owner EPS | N/A | N/A | 1.77 | 4.26 | -0.11 | 1.29 | 1.07 | 1.71 | 1.30 |
| Book Value | N/A | N/A | -55.73 | -77.68 | -4.02 | -2.40 | -1.55 | -3.53 | -4.19 |
| Cash Flow/Share | N/A | N/A | 2.48 | 5.73 | 0.22 | 1.60 | 1.51 | 2.03 | 1.49 |
| 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 | 39.2M | 39.4M | 93.5M | 134.6M | 132.5M | 128.7M | 118.7M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 33.1 | 44.4 | 24.3 | 33.2 | 32.9 | 21.9 | 10.2 |
| P/FCF | N/A | N/A | 8.2 | 5.5 | 104.2 | 25.7 | 40.9 | 18.5 | 8.3 |
| EV/EBIT | N/A | N/A | 8.7 | 27.5 | 13.5 | 21.8 | 22.7 | 15.9 | 9.2 |
| 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 | 0.7 |
| FCF Yield | N/A | N/A | 12.2% | 5.3% | 1.0% | 3.9% | 2.4% | 5.4% | 12.1% |
| Market Cap | N/A | N/A | 778M | 4.2B | 2.0B | 5.5B | 8.1B | 4.7B | 1.5B |
| Avg. Price | N/A | N/A | 19.52 | 26.37 | 24.93 | 31.94 | 54.46 | 63.93 | 12.95 |
| Year-End Price | N/A | N/A | 19.86 | 31.06 | 21.39 | 40.83 | 61.11 | 36.80 | 12.95 |
BELLRING BRANDS, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
BELLRING BRANDS, INC. trades at 8.9x 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 6.2x vs a median of 18.5x. The company's 5-year average ROIC is 38.8% with a gross margin of 32.4%. Total shareholder yield (buybacks) is 27.1%. At current prices, the estimated annualized return to fair value is -8.0%.
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.
Based on recent SEC filings and earnings disclosures, Management expects the challenging operating environment characterized by increased competitive intensity, a more pressured consumer, and macro-driven cost headwinds to persist through the second half of 2026, with competitive intensity from insurgent brands expected to gradually moderate over time. The company anticipates base pricing across the RTD shake category to rise given the rapidly inflating input environment, particularly whey protein costs, while promotional intensity is expected to remain elevated in the near term as newer brands work to establish market presence. Long-term, management remains confident that scaled players with deep category expertise, mainstream appeal, and high repeat rates will emerge as winners as retailers consolidate shelf space, positioning Premier to capture its fair share of category growth driven by expanded distribution, innovation, and brand investment. The company is maintaining advertising investment at approximately 4% of sales to defend share and support long-term growth, while continuing to execute on cost savings initiatives and disciplined capital allocation priorities.
Based on recent SEC filings and earnings calls, BELLRING BRANDS, INC. (BRBR) has provided the following forward guidance: Net sales: $2.325 billion–$2.365 billion (FY2026); Adjusted EBITDA: $315 million–$335 million (FY2026); Adjusted EBITDA margin: approximately 14% or 14.5% (FY2026); Q3 net sales growth: down approximately 1% (Q3 FY2026); Q3 adjusted EBITDA margin: approximately 16% (Q3 FY2026).