A Business at a Glance
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Our Company When used in this report, the terms “the Company,” “our Company,” “Primo Brands,” “we,” “us,” or “our” refers to Primo Brands Corporation, together with its consolidated subsidiaries, for periods following the Transaction (as defined below) and to Triton Water Parent, Inc. and its consolidated subsidiaries (collectively, “BlueTriton”) and/or Primo Water Corporation and its consolidated subsidiaries (collectively, “Primo Water”) for periods prior to the Transaction. Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every U.S. state and Canada. We were organized as a Delaware corporation in 2024, initially under the name Triton US HoldCo, Inc. On November 8, 2024, Triton US HoldCo, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | 6.7B | 6.7B | 5.2B | 4.7B |
| Net Income | 60M | 60M | -16M | 64M |
| EPS | $0.16 | $0.16 | $-0.07 | $0.29 |
| Free Cash Flow | 303M | 303M | 314M | 117M |
| ROIC | 2.5% | 3.2% | 2.5% | 7.9% |
| Gross Margin | 30.3% | 30.3% | 31.5% | 28.8% |
| Debt/Equity | 1.94 | 1.94 | 1.67 | 1,513.52 |
| Dividends/Share | $0.40 | $0.40 | $0.09 | $0.00 |
| Operating Income | 430M | 430M | 360M | 406M |
| Operating Margin | 6.5% | 6.5% | 7.0% | 8.6% |
| ROE | 2.0% | 1.9% | -0.5% | 2366.7% |
| Shares Outstanding | 376M | 376M | 234M | 220M |
| Metric | 2023 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 4.7B | 5.2B | 6.7B | 6.7B |
| Gross Margin | 28.8% | 31.5% | 30.3% | 30.3% |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | 924M | 1.1B | 1.4B | 1.4B |
| EBIT | 406M | 360M | 430M | 430M |
| Op. Margin | 8.6% | 7.0% | 6.5% | 6.5% |
| Net Income | 64M | -16M | 60M | 60M |
| Net Margin | 1.4% | -0.3% | 0.9% | 0.9% |
| Non-Recurring | 0 | 54M | 27M | 27M |
| Returns on Capital | ||||
| ROIC | 7.9% | 2.5% | 3.2% | 2.5% |
| ROE | 2366.7% | -0.5% | 1.9% | 2.0% |
| ROA | 1.2% | -0.1% | 0.6% | 0.6% |
| Cash Flow | ||||
| Op. Cash Flow | 321M | 464M | 680M | 680M |
| Free Cash Flow | 117M | 314M | 303M | 303M |
| Owner Earnings | 14M | 122M | 20M | 20M |
| CapEx | 204M | 150M | 377M | 377M |
| Maint. CapEx | 306M | 333M | 610M | 610M |
| Growth CapEx | 0 | 0 | 0 | 0 |
| D&A | 306M | 333M | 610M | 610M |
| CapEx/OCF | 63.4% | 32.4% | 55.5% | 55.5% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 36M | 151M | 151M |
| Dividend Yield | N/A | 0.7% | 1.5% | 2.1% |
| Share Buybacks | 0 | 10M | 422M | 422M |
| Buyback Yield | N/A | 0.1% | 6.8% | 5.8% |
| Stock-Based Comp | 1.3M | 8.7M | 50M | 50M |
| Debt Repayment | 0 | 5.1M | 8.0M | 8.0M |
| Balance Sheet | ||||
| Net Debt | 4.0B | 5.1B | 5.4B | 5.4B |
| Cash & Equiv. | 47M | 614M | 377M | 377M |
| Long-Term Debt | 3.5B | 5.0B | 5.1B | 5.1B |
| Debt/Equity | 1513.52 | 1.67 | 1.94 | 1.94 |
| Interest Coverage | N/A | 1.1 | 1.3 | 1.3 |
| Equity | 2.7M | 3.4B | 3.0B | 3.0B |
| Total Assets | 5.2B | 11.2B | 10.6B | 10.6B |
| Total Liabilities | 5.2B | 7.8B | 7.6B | 7.6B |
| Intangibles | 1.4B | 3.2B | 3.0B | 3.0B |
| Retained Earnings | -1.0B | -1.5B | -2.0B | -2.0B |
| Working Capital | -85M | 118M | -65M | -65M |
| Current Assets | 698M | 1.5B | 1.2B | 1.2B |
| Current Liabilities | 783M | 1.4B | 1.3B | 1.3B |
| Per Share Data | ||||
| EPS | 0.29 | -0.07 | 0.16 | 0.16 |
| Owner EPS | 0.06 | 0.52 | 0.05 | 0.05 |
| Book Value | 0.01 | 14.70 | 7.97 | 7.97 |
| Cash Flow/Share | 1.46 | 1.98 | 1.81 | 1.78 |
| Dividends/Share | 0.00 | 0.09 | 0.40 | 0.40 |
| Shares Out. | 220.3M | 234.3M | 375.6M | 375.6M |
| Valuation | ||||
| P/E Ratio | 49.0 | N/A | 103.8 | 121.3 |
| P/FCF | 26.7 | 22.9 | 20.6 | 24.1 |
| EV/EBIT | 16.3 | 32.3 | 25.8 | 29.5 |
| Price/Book | N/A | 2.1 | 2.1 | 2.4 |
| Price/Sales | 0.6 | 0.9 | 1.5 | 1.1 |
| FCF Yield | 3.7% | 4.4% | 4.9% | 4.2% |
| Market Cap | 3.1B | 7.2B | 6.2B | 7.3B |
| Avg. Price | 13.39 | 20.61 | 26.96 | 19.41 |
| Year-End Price | 14.22 | 30.62 | 16.61 | 19.41 |
Primo Brands Corp passes 3 of 9 quality checks, indicating weak fundamentals.
Primo Brands Corp trades at 121.3x trailing earnings, compared to its 15-year median P/E of 49.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.3x vs a median of 22.9x. The company's 5-year average ROIC is 4.5% with a gross margin of 30.2%. Total shareholder yield (dividends + buybacks) is 7.9%. At current prices, the estimated annualized return to fair value is +15.5%.
Primo Brands Corp (PRMB) has a current P/E ratio of 121.3, compared to its historical median P/E of 49.0. The stock is currently considered Expensive based on its historical valuation range.
Primo Brands Corp (PRMB) has a 5-year average return on invested capital (ROIC) of 4.5%. This is below average and may indicate limited pricing power.
Primo Brands Corp (PRMB) has a market capitalization of $7.3B. It is classified as a mid-cap stock.
Yes, Primo Brands Corp (PRMB) pays a dividend with a trailing twelve-month yield of 2.08%. The company also returns capital through share buybacks, with a buyback yield of 5.78%.
Based on historical P/E analysis, Primo Brands Corp (PRMB) appears expensive. The current P/E of 121.3 is 147% above its historical median of 49.0. The estimated fair value CAGR (P/E method) is -20.1%.
Primo Brands Corp (PRMB) operates in the Beverages industry, within the Consumer Defensive sector.
Primo Brands Corp (PRMB) reported annual revenue of $6.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Primo Brands Corp (PRMB) has a net profit margin of 0.9%. This is a modest margin.
Primo Brands Corp (PRMB) generated $303 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Primo Brands Corp (PRMB) has a debt-to-equity ratio of 1.94. This indicates higher leverage, which may increase financial risk.
Primo Brands Corp (PRMB) reported earnings per share (EPS) of $0.16 in its most recent fiscal year.
Primo Brands Corp (PRMB) has a return on equity (ROE) of 1.9%. This indicates moderate shareholder returns.
Primo Brands Corp (PRMB) has a 5-year average gross margin of 30.2%. This indicates decent pricing power.
The Ledger Terminal provides 3 years of financial data for Primo Brands Corp (PRMB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Primo Brands Corp (PRMB) has a book value per share of $7.97, based on its most recent annual SEC filing.