A Business at a Glance
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The Joy of Krispy Kreme Krispy Kreme, Inc. (“KKI” and, together with its subsidiaries, the “Company” or “Krispy Kreme”) is one of the most beloved and well-known sweet treat brands in the world. Over its nearly 89-year history, Krispy Kreme has developed a broad consumer base globally and currently operates in 42 countries through its unique network of shops (“Doughnut Shops”), partnerships with leading retailers, and growing digital business. The Company’s purpose is to touch and enhance lives through the joy that is Krispy Kreme. Our Business Model We are an omni-channel business that focuses on fresh, high-quality doughnuts with 15,194 points of access globally as of the end of fiscal 2025. We refer to the points of access where consumers can purchase our doughnuts as our “Global Points of Access” or “Points of Access” when referring to points of access in a particular region or segment.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Product sales | $1.09B | $1.35B | $1.65B | $1.63B | $1.49B | 49% |
Company Shops, Fresh Delivery, and Branded Sweet Treats | — | — | $1.59B | $1.57B | $1.45B | 48% |
Mix and equipment revenue from franchisees | $70M | $48M | $59M | $53M | $41M | 1% |
Franchise royalties and other | $37M | $31M | $35M | $38M | $36M | 1% |
Shipping and Handling | $15M | $13M | $13M | $10M | $4M | 0% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.7B | 1.5B | 1.4B | 1.1B |
| Net Income | -516M | -516M | 3.1M | -16M | -25M | -64M |
| EPS | $-3.04 | $-3.04 | $0.02 | $-0.10 | $-0.18 | $-0.52 |
| Free Cash Flow | -64M | -64M | -75M | 28M | 22M | 43M |
| ROIC | -17.7% | -29.1% | 0.2% | 1.1% | 1.7% | 2.2% |
| Gross Margin | 75.5% | 75.5% | 75.4% | 73.4% | 74.4% | 72.3% |
| Debt/Equity | 2.29 | 2.29 | 1.24 | 1.24 | 0.99 | 1.88 |
| Dividends/Share | $0.07 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 |
| Operating Income | -469M | -469M | -8.7M | 29M | 41M | 41M |
| Operating Margin | -30.8% | -30.8% | -0.5% | 1.9% | 3.0% | 3.7% |
| ROE | -79.3% | -57.8% | 0.3% | -1.3% | -2.0% | -9.4% |
| Shares Outstanding | 170M | 170M | 155M | 156M | 136M | 124M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.1B | 1.4B | 1.5B | 1.7B | 1.5B | 1.5B |
| Gross Margin | 72.3% | 74.4% | 73.4% | 75.4% | 75.5% | 75.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 182M | 222M | 223M | 274M | 226M | 226M |
| EBIT | 41M | 41M | 29M | -8.7M | -469M | -469M |
| Op. Margin | 3.7% | 3.0% | 1.9% | -0.5% | -30.8% | -30.8% |
| Net Income | -64M | -25M | -16M | 3.1M | -516M | -516M |
| Net Margin | -5.7% | -1.8% | -1.0% | 0.2% | -33.9% | -33.9% |
| Non-Recurring | 1.7M | 7.1M | 5.0M | 7.6M | 362M | 362M |
| Returns on Capital | ||||||
| ROIC | 2.2% | 1.7% | 1.1% | 0.2% | -29.1% | -17.7% |
| ROE | -9.4% | -2.0% | -1.3% | 0.3% | -57.8% | -79.3% |
| ROA | -2.1% | -0.8% | -0.5% | 0.1% | -18.2% | -19.9% |
| Cash Flow | ||||||
| Op. Cash Flow | 141M | 141M | 140M | 46M | 34M | 34M |
| Free Cash Flow | 43M | 22M | 28M | -75M | -64M | -64M |
| Owner Earnings | 49M | 17M | 11M | -123M | -116M | -116M |
| CapEx | 98M | 119M | 112M | 121M | 98M | 98M |
| Maint. CapEx | 80M | 102M | 110M | 134M | 137M | 137M |
| Growth CapEx | 17M | 18M | 1.5M | 0 | 0 | 0 |
| D&A | 80M | 102M | 110M | 134M | 137M | 137M |
| CapEx/OCF | 341.2% | 84.6% | 79.9% | 263.6% | N/A | 288.7% |
| Capital Allocation | ||||||
| Dividends Paid | 48M | 48M | 23M | 24M | 12M | 12M |
| Dividend Yield | 2.7% | 2.6% | 1.1% | 1.3% | N/A | 2.1% |
| Share Buybacks | 139M | 139M | 4.0M | 5.5M | 1.4M | 1.4M |
| Buyback Yield | N/A | 10.2% | 0.2% | 0.4% | 0.0% | 0.2% |
| Stock-Based Comp | 12M | 23M | 18M | 35M | 13M | 13M |
| Debt Repayment | 226M | 1.1B | 101M | 713M | 729M | 729M |
| Balance Sheet | ||||||
| Net Debt | 1.2B | 1.1B | 1.4B | 1.4B | 1.4B | 1.4B |
| Cash & Equiv. | 37M | 39M | 38M | 29M | 42M | 42M |
| Long-Term Debt | 786M | 680M | 837M | 845M | 912M | 912M |
| Debt/Equity | 1.88 | 0.99 | 1.24 | 1.24 | 2.29 | 2.29 |
| Interest Coverage | 1.8 | 4.0 | 0.8 | -0.1 | -7.1 | -7.1 |
| Equity | 685M | 1.2B | 1.2B | 1.1B | 650M | 650M |
| Total Assets | 3.1B | 3.1B | 3.2B | 3.1B | 2.6B | 2.6B |
| Total Liabilities | 2.2B | 1.8B | 2.0B | 1.9B | 1.9B | 1.9B |
| Intangibles | 998M | 993M | 946M | 820M | 798M | 798M |
| Retained Earnings | -142M | -178M | -279M | -300M | -821M | -821M |
| Working Capital | -334M | -348M | -352M | -313M | -283M | -283M |
| Current Assets | 164M | 178M | 174M | 173M | 174M | 174M |
| Current Liabilities | 498M | 526M | 526M | 486M | 457M | 457M |
| Per Share Data | ||||||
| EPS | -0.52 | -0.18 | -0.10 | 0.02 | -3.04 | -3.04 |
| Owner EPS | 0.40 | 0.12 | 0.07 | -0.79 | -0.68 | -0.68 |
| Book Value | 5.54 | 9.05 | 7.49 | 7.33 | 3.83 | 3.83 |
| Cash Flow/Share | 1.14 | 1.04 | 0.90 | 0.30 | 0.20 | -2.23 |
| Dividends/Share | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.07 |
| Shares Out. | 123.7M | 136.1M | 156.2M | 154.8M | 169.7M | 169.7M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 483.1 | N/A | -1.1 |
| P/FCF | 48.7 | 62.8 | 82.8 | N/A | N/A | N/A |
| EV/EBIT | 494.7 | 33.1 | 80.9 | N/A | N/A | N/A |
| Price/Book | 3.1 | 1.1 | 2.0 | 1.3 | N/A | 0.9 |
| Price/Sales | 1.6 | 1.3 | 1.4 | 1.1 | N/A | 0.4 |
| FCF Yield | 2.1% | 1.6% | 1.2% | -5.0% | N/A | -11.4% |
| Market Cap | 2.1B | 1.4B | 2.3B | 1.5B | 0 | 562M |
| Avg. Price | 14.62 | 13.46 | 13.36 | 11.67 | 0.00 | 3.31 |
| Year-End Price | 17.09 | 10.02 | 14.89 | 9.66 | 0.00 | 3.31 |
Krispy Kreme, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 74.2%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is -11.3%.
Krispy Kreme, Inc. (DNUT) has a 5-year average return on invested capital (ROIC) of -4.8%. This is below average and may indicate limited pricing power.
Krispy Kreme, Inc. (DNUT) has a market capitalization of $562M. It is classified as a small-cap stock.
Yes, Krispy Kreme, Inc. (DNUT) pays a dividend with a trailing twelve-month yield of 2.13%. The company also returns capital through share buybacks, with a buyback yield of 0.24%.
Krispy Kreme, Inc. (DNUT) operates in the Retail-Food Stores industry, within the Consumer Defensive sector.
Krispy Kreme, Inc. (DNUT) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Krispy Kreme, Inc. (DNUT) has a net profit margin of -33.9%. The company is currently unprofitable.
Krispy Kreme, Inc. (DNUT) generated $-64 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Krispy Kreme, Inc. (DNUT) has a debt-to-equity ratio of 2.29. This indicates higher leverage, which may increase financial risk.
Krispy Kreme, Inc. (DNUT) reported earnings per share (EPS) of $-3.04 in its most recent fiscal year.
Krispy Kreme, Inc. (DNUT) has a return on equity (ROE) of -57.8%. A negative ROE may indicate losses or negative equity.
Krispy Kreme, Inc. (DNUT) has a 5-year average gross margin of 74.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Krispy Kreme, Inc. (DNUT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Krispy Kreme, Inc. (DNUT) has a book value per share of $3.83, based on its most recent annual SEC filing.