Krispy Kreme, Inc. (DNUT) 10-Year Financial Performance & Capital Metrics

DNUT • • Industrial / General

Consumer DefensiveGrocery StoresSpecialty & Natural Food RetailersBakery & Confectionery Retailers

AboutKrispy Kreme, Inc., together with its subsidiaries, operates through an omni-channel business model to provide doughnut experiences and produce doughnuts. The company operates through three segments: U.S. and Canada, International, and Market Development. It also produces cookies, brownies, cookie cakes, ice cream, cookie-wiches, and cold milk, as well as doughnut mixes, other ingredients, and doughnut-making equipment. As of January 2, 2022, the company had 1,810 Krispy Kreme and Insomnia Cookies-branded shops in approximately 30 countries worldwide, which include 971 company owned and 839 franchised. It serves through doughnut shops, delivered fresh daily outlets, ecommerce, and delivery business. The company was formerly known as Krispy Kreme Doughnuts, Inc. and changed its name to Krispy Kreme, Inc. in May 2021. Krispy Kreme, Inc. was founded in 1937 and is headquartered in Charlotte, North Carolina.Show more

Revenue $1.67B -1.2%
EBITDA $125M -10.2%
Net Income $3M +108.2%
EPS (Diluted) 0.02 +107.8%
Gross Margin 75.43% +2.3%
EBITDA Margin 7.5% -9.1%
Operating Margin -0.52% -167.3%
Net Margin 0.19% +108.3%
ROE 0.25% +108.6%
ROIC -0.26% -166.6%
Debt/Equity 1.16 +5.2%
Interest Coverage -0.15 -155.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.7%
✓Healthy dividend yield of 3.7%
✓Trading at only 0.5x book value

✗Weaknesses

✗Negative free cash flow
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.24%

5Y11.66%

3Y6.35%

TTM-10.4%

Profit (Net Income) CAGR

10Y-32.86%

5Y-

3Y-

TTM-1913.38%

EPS CAGR

10Y29.98%

5Y-

3Y-

TTM-1937.74%

ROCE

10Y Avg6.82%

5Y Avg0.6%

3Y Avg0.42%

Latest-0.33%

Peer Comparison

Bakery & Confectionery Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DNUTKrispy Kreme, Inc.	632.95M	3.70	206.42	-1.23%	-33.27%	-73.38%		1.16

Profit & Loss

	Feb 2013	Feb 2014	Feb 2015	Jan 2016	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	435.84M	460.33M	490.33M	518.71M	959.41M	1.12B	1.38B	1.53B	1.69B	1.67B
Revenue Growth %	0.08%	0.06%	0.07%	0.06%	0.85%	0.17%	0.23%	0.11%	0.1%	-0.01%
Cost of Goods Sold+	362.83M	376.65M	395.94M	414.48M	262.01M	879.37M	354.09M	406.23M	443.24M	409.18M
COGS % of Revenue	0.83%	0.82%	0.81%	0.8%	0.27%	0.78%	0.26%	0.27%	0.26%	0.25%
Gross Profit+	73.02M	83.68M	94.39M	104.23M	697.39M	242.67M	1.03B	1.12B	1.24B	1.26B
Gross Margin %	0.17%	0.18%	0.19%	0.2%	0.73%	0.22%	0.74%	0.73%	0.74%	0.75%
Gross Profit Growth %	0.29%	0.15%	0.13%	0.1%	5.69%	-0.65%	3.25%	0.09%	0.11%	0.01%
Operating Expenses+	35.17M	38.18M	45.72M	51.13M	659.4M	238.39M	989.2M	1.09B	1.23B	1.26B
OpEx % of Revenue	0.08%	0.08%	0.09%	0.1%	0.69%	0.21%	0.71%	0.72%	0.73%	0.76%
Selling, General & Admin	25.09M	25.71M	31.09M	30.31M	190.24M	216.32M	261.88M	265.76M	312.74M	325.41M
SG&A % of Revenue	0.06%	0.06%	0.06%	0.06%	0.2%	0.19%	0.19%	0.17%	0.19%	0.2%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	10.08M	11.4M	15.06M	21.82M	469.16M	22.07M	727.31M	828.93M	916.98M	939.55M
Operating Income+	38.03M	46.57M	48.24M	52.1M	38M	4.28M	41.1M	28.98M	13.14M	-8.73M
Operating Margin %	0.09%	0.1%	0.1%	0.1%	0.04%	0%	0.03%	0.02%	0.01%	-0.01%
Operating Income Growth %	0.44%	0.22%	0.04%	0.08%	-0.27%	-0.89%	8.6%	-0.3%	-0.55%	-1.66%
EBITDA+	47.93M	57.68M	61.08M	68.3M	101.77M	84.68M	142.71M	139.24M	139.04M	124.86M
EBITDA Margin %	0.11%	0.13%	0.12%	0.13%	0.11%	0.08%	0.1%	0.09%	0.08%	0.07%
EBITDA Growth %	0.39%	0.2%	0.06%	0.12%	0.49%	-0.17%	0.69%	-0.02%	-0%	-0.1%
D&A (Non-Cash Add-back)	9.89M	11.11M	12.84M	16.2M	63.77M	80.4M	101.61M	110.26M	125.89M	133.6M
EBIT	38.03M	47.94M	49.62M	56.82M	38.61M	5.38M	38.91M	25.94M	9.35M	79.83M
Net Interest Income+	-1.53M	-441K	-450K	-1.27M	-60.03M	-57.21M	-43.01M	-34.1M	-50.34M	-60.07M
Interest Income	1.53M	441K	450K	1.27M	0	0	0	0	0	0
Interest Expense	0	0	0	0	60.03M	57.21M	43.01M	34.1M	50.34M	60.07M
Other Income/Expense	-1.72M	-1.51M	-21K	-264K	-59.42M	-56.11M	-45.2M	-37.14M	-54.14M	28.5M
Pretax Income+	36.32M	45.06M	48.22M	51.83M	-21.42M	-51.83M	-4.1M	-8.16M	-40.99M	19.77M
Pretax Margin %	0.08%	0.1%	0.1%	0.1%	-0.02%	-0.05%	-0%	-0.01%	-0.02%	0.01%
Income Tax+	15.54M	10.8M	18.16M	19.44M	12.58M	9.11M	10.74M	612K	-4.35M	15.95M
Effective Tax Rate %	0.57%	0.76%	0.62%	0.63%	1.75%	1.25%	5.98%	1.91%	0.93%	0.16%
Net Income+	20.78M	34.26M	30.06M	32.4M	-37.41M	-64.78M	-24.51M	-15.62M	-37.92M	3.1M
Net Margin %	0.05%	0.07%	0.06%	0.06%	-0.04%	-0.06%	-0.02%	-0.01%	-0.02%	0%
Net Income Growth %	-0.88%	0.65%	-0.12%	0.08%	-2.15%	-0.73%	0.62%	0.36%	-1.43%	1.08%
Net Income (Continuing)	20.78M	34.26M	30.06M	32.4M	-34M	-60.94M	-14.84M	-8.78M	-36.65M	3.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	148.6M	163.68M	104.07M	102.54M	94.1M	29.89M
EPS (Diluted)+	0.00	0.00	0.00	0.00	-0.23	-0.39	-0.16	-0.10	-0.23	0.02
EPS Growth %	-	-	-	-	-	-0.7%	0.59%	0.38%	-1.3%	1.08%
EPS (Basic)	0.00	0.00	0.00	0.00	-0.23	-0.39	-0.16	-0.10	-0.23	0.02
Diluted Shares Outstanding	121.97M	123.99M	120.28M	116.75M	159.73M	164.89M	167.25M	167.47M	168.29M	171.5M
Basic Shares Outstanding	118.06M	117.72M	116.06M	114.08M	159.73M	164.89M	167.25M	167.47M	168.29M	169.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	7.65%

Balance Sheet

	Feb 2013	Feb 2014	Feb 2015	Jan 2016	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	134.78M	127.49M	104.6M	99.14M	117.87M	164.09M	156.9M	178.27M	173.58M	172.94M
Cash & Short-Term Investments	66.33M	55.75M	50.97M	50.78M	37.4M	38.51M	38.56M	35.37M	38.19M	28.96M
Cash Only	66.33M	55.75M	50.97M	50.78M	35.37M	37.46M	38.56M	35.37M	38.19M	28.96M
Short-Term Investments	0	0	0	0	2.02M	1.05M	0	0	0	0
Accounts Receivable	24.65M	24.55M	26.66M	26.54M	48.35M	74.35M	62.15M	69.35M	74.89M	67.72M
Days Sales Outstanding	20.64	19.47	19.85	18.67	18.4	24.19	16.39	16.55	16.21	14.84
Inventory	12.36M	16.75M	18.19M	16.31M	22.56M	38.52M	34.85M	46.24M	34.72M	28.13M
Days Inventory Outstanding	12.43	16.23	16.77	14.36	31.43	15.99	35.92	41.55	28.59	25.1
Other Current Assets	26.94M	26.93M	5.67M	2.74M	77K	23K	630K	27.31M	25.79M	48.12M
Total Non-Current Assets+	207.15M	211.06M	248.11M	243.73M	2.76B	2.9B	2.99B	2.97B	3.07B	2.9B
Property, Plant & Equipment	78.02M	92.82M	115.76M	127.71M	708.73M	794.94M	874.09M	889.74M	995.18M	921.01M
Fixed Asset Turnover	5.59x	4.96x	4.24x	4.06x	1.35x	1.41x	1.58x	1.72x	1.69x	1.81x
Goodwill	23.5M	23.5M	26.09M	26.09M	1.05B	1.09B	1.11B	1.09B	1.1B	1.05B
Intangible Assets	699K	601K	3.98M	4.89M	984.87M	998.01M	992.52M	966.09M	946.35M	819.93M
Long-Term Investments	16K	0	0	0	17.23M	0	0	8.06M	2.81M	91.07M
Other Non-Current Assets	104.92M	94.14M	102.28M	85.04M	13.48M	17.4M	16.43M	-124.65M	20.73M	19.5M
Total Assets+	341.94M	338.55M	352.71M	342.88M	2.87B	3.06B	3.15B	3.15B	3.24B	3.07B
Asset Turnover	1.27x	1.36x	1.39x	1.51x	0.33x	0.37x	0.44x	0.49x	0.52x	0.54x
Asset Growth %	0.02%	-0.01%	0.04%	-0.03%	7.38%	0.06%	0.03%	0%	0.03%	-0.05%
Total Current Liabilities+	46.68M	46.41M	49.96M	49.72M	382.5M	497.83M	526.16M	516.47M	525.59M	486.17M
Accounts Payable	12.2M	16.79M	17.09M	19.76M	138.75M	148.65M	182.1M	225.28M	156.49M	123.32M
Days Payables Outstanding	12.27	16.27	15.76	17.4	193.29	61.7	187.71	202.41	128.86	110
Short-Term Debt	2.15M	0	0	0	46.36M	41.24M	36.58M	35M	54.63M	40M
Deferred Revenue (Current)	0	0	0	0	0	0	0	1000K	0	0
Other Current Liabilities	6.76M	3.32M	4.64M	5.39M	84.28M	0	0	36.88M	0	135.67M
Current Ratio	2.89x	2.75x	2.09x	1.99x	0.31x	0.33x	0.30x	0.35x	0.33x	0.36x
Quick Ratio	2.62x	2.39x	1.73x	1.67x	0.25x	0.25x	0.23x	0.26x	0.26x	0.30x
Cash Conversion Cycle	20.81	19.43	20.86	15.64	-143.46	-21.52	-135.4	-144.32	-84.06	-70.06
Total Non-Current Liabilities+	48.83M	27.05M	34.97M	37.02M	1.61B	1.71B	1.28B	1.33B	1.45B	1.42B
Long-Term Debt	23.59M	0	0	0	1.05B	1.13B	680.31M	739.05M	836.62M	781.18M
Capital Lease Obligations	0	1.66M	9.35M	11.22M	354.88M	376.1M	415.21M	412.76M	454.58M	468.74M
Deferred Tax Liabilities	0	0	0	0	152.71M	144.87M	145.42M	143.12M	123.92M	130.75M
Other Non-Current Liabilities	25.23M	25.39M	25.61M	25.8M	47.21M	63.45M	42.51M	0	36.09M	32.2M
Total Liabilities	95.51M	73.45M	84.93M	86.73M	1.99B	2.21B	1.81B	1.85B	1.98B	1.91B
Total Debt+	25.74M	2M	9.69M	11.54M	1.5B	1.59B	1.18B	1.24B	1.4B	1.35B
Net Debt	-40.59M	-53.74M	-41.28M	-39.24M	1.47B	1.56B	1.14B	1.2B	1.36B	1.32B
Debt / Equity	0.10x	0.01x	0.04x	0.05x	1.70x	1.88x	0.89x	0.95x	1.10x	1.16x
Debt / EBITDA	0.54x	0.03x	0.16x	0.17x	14.76x	18.82x	8.29x	8.87x	10.04x	10.84x
Net Debt / EBITDA	-0.85x	-0.93x	-0.68x	-0.57x	14.41x	18.37x	8.02x	8.62x	9.77x	10.60x
Interest Coverage	-	-	-	-	0.63x	0.07x	0.96x	0.85x	0.26x	-0.15x
Total Equity+	246.43M	265.09M	267.79M	256.14M	883.42M	848.36M	1.34B	1.3B	1.26B	1.16B
Equity Growth %	-0.01%	0.08%	0.01%	-0.04%	2.45%	-0.04%	0.57%	-0.03%	-0.03%	-0.08%
Book Value per Share	2.02	2.14	2.23	2.19	5.53	5.14	7.99	7.76	7.51	6.79
Total Shareholders' Equity	246.43M	265.09M	267.79M	256.14M	734.82M	684.68M	1.23B	1.2B	1.17B	1.13B
Common Stock	354.07M	338.13M	310.77M	266.72M	1K	1.25M	1.67M	1.68M	1.69M	1.7M
Retained Earnings	-107.3M	-73.04M	-42.98M	-10.58M	-77.88M	-142.2M	-178.41M	-217.49M	-278.99M	-299.64M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-338K	0	0	0	-5.55M	-1.21M	-2.48M	-9.15M	7.25M	-32.13M
Minority Interest	0	0	0	0	148.6M	163.68M	104.07M	102.54M	94.1M	29.89M

Cash Flow

	Feb 2013	Feb 2014	Feb 2015	Jan 2016	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	59.31M	56.91M	62.87M	78.94M	80.81M	28.68M	141.22M	139.82M	45.54M	45.83M
Operating CF Margin %	0.14%	0.12%	0.13%	0.15%	0.08%	0.03%	0.1%	0.09%	0.03%	0.03%
Operating CF Growth %	0.75%	-0.04%	0.1%	0.26%	0.02%	-0.65%	3.92%	-0.01%	-0.67%	0.01%
Net Income	20.78M	34.26M	30.06M	32.4M	-34M	-60.94M	-14.84M	-16M	-37.92M	3.1M
Depreciation & Amortization	9.89M	11.11M	12.84M	16.2M	63.77M	80.4M	101.61M	110.26M	125.89M	133.6M
Stock-Based Compensation	6.8M	6.45M	4.47M	5.58M	10.74M	11.6M	22.92M	0	24.2M	35.15M
Deferred Taxes	0	0	0	0	8.42M	-36K	-3.5M	-14.24M	-18.49M	3.07M
Other Non-Cash Items	19.86M	5.58M	23.11M	20.78M	34.4M	8.13M	1.93M	49.68M	28.55M	-94.27M
Working Capital Changes	1.98M	-485K	-7.61M	3.98M	-2.51M	-10.48M	33.1M	10.11M	-76.68M	-34.81M
Change in Receivables	-248K	556K	-3.96M	-808K	-1.26M	-11.94M	-3.82M	-9.48M	-3.52M	-13.89M
Change in Inventory	299K	-4.55M	-1.34M	1.91M	-3.22M	-15.35M	-301K	-12.52M	780K	-2.01M
Change in Payables	0	0	0	0	-10.15M	12.91M	0	32.02M	-74.47M	-20.16M
Cash from Investing+	-14.44M	-22.17M	-33.65M	-29.16M	-226.61M	-168.13M	-153.41M	-120.88M	-112.59M	19.28M
Capital Expenditures	-14.22M	-23.42M	-31.45M	-28.93M	-76.37M	-97.83M	-119.5M	-111.72M	-121.43M	-120.79M
CapEx % of Revenue	0.03%	0.05%	0.06%	0.06%	0.08%	0.09%	0.09%	0.07%	0.07%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	695K	2.86M	4.95M	1.66M	645K	3.52M	11.4M	-916K	10.26M	163.96M
Cash from Financing+	-22.86M	-45.33M	-34.01M	-49.97M	129.08M	139.44M	16.1M	-17.43M	71.86M	-73.95M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-2.63M	-42K	-48.19M	-23.43M	-23.56M	-23.69M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	245K	2.38M	10.26M	1.93M	42.32M	76.93M	7.57M	-25.05M	5.99M	-9.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.09M	33.49M	31.43M	50M	4.44M	-69.15M	21.73M	28.1M	-75.88M	-74.96M
FCF Margin %	0.1%	0.07%	0.06%	0.1%	0%	-0.06%	0.02%	0.02%	-0.05%	-0.05%
FCF Growth %	1.05%	-0.26%	-0.06%	0.59%	-0.91%	-16.58%	1.31%	0.29%	-3.7%	0.01%
FCF per Share	0.37	0.27	0.26	0.43	0.03	-0.42	0.13	0.17	-0.45	-0.44
FCF Conversion (FCF/Net Income)	2.85x	1.66x	2.09x	2.44x	-2.16x	-0.44x	-5.76x	-8.95x	-1.20x	14.81x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2012	2013	2014	2015	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.39%	13.39%	11.28%	12.37%	-6.57%	-7.48%	-2.24%	-1.19%	-2.96%	0.25%
Return on Invested Capital (ROIC)	13.89%	16.74%	16.53%	17.62%	2.22%	0.14%	1.26%	0.87%	0.39%	-0.26%
Gross Margin	16.75%	18.18%	19.25%	20.09%	72.69%	21.63%	74.42%	73.45%	73.71%	75.43%
Net Margin	4.77%	7.44%	6.13%	6.25%	-3.9%	-5.77%	-1.77%	-1.02%	-2.25%	0.19%
Debt / Equity	0.10x	0.01x	0.04x	0.05x	1.70x	1.88x	0.89x	0.95x	1.10x	1.16x
Interest Coverage	-	-	-	-	0.63x	0.07x	0.96x	0.85x	0.26x	-0.15x
FCF Conversion	2.85x	1.66x	2.09x	2.44x	-2.16x	-0.44x	-5.76x	-8.95x	-1.20x	14.81x
Revenue Growth	8.09%	5.62%	6.52%	5.79%	84.96%	16.95%	23.38%	10.51%	10.21%	-1.23%

Revenue by Segment

	2021	2022	2023	2024
Finished Product In Shops	1.31B	1.44B	1.59B	1.57B
Finished Product In Shops Growth	-	10.54%	10.35%	-1.14%
Mix And Equipment Revenue From Franchisees	47.87M	54.62M	58.59M	53.33M
Mix And Equipment Revenue From Franchisees Growth	-	14.11%	7.27%	-8.98%
Royalty	30.93M	32.02M	34.94M	37.62M
Royalty Growth	-	3.53%	9.13%	7.67%

Revenue by Geography

	2021	2022	2023	2024
U.S.	-	-	1.1B	1.06B
U.S. Growth	-	-	-	-4.18%
UNITED STATES	955.38M	1.05B	-	-
UNITED STATES Growth	-	9.89%	-	-
All Other	104.36M	124.56M	-	-
All Other Growth	-	19.35%	-	-
Australia / New Zealand	99.58M	114.25M	-	-
Australia / New Zealand Growth	-	14.73%	-	-
MEXICO	77.83M	96.35M	-	-
MEXICO Growth	-	23.80%	-	-

Frequently Asked Questions

Valuation & Price

Krispy Kreme, Inc. (DNUT) has a price-to-earnings (P/E) ratio of 206.4x. This suggests investors expect higher future growth.

Growth & Financials

Krispy Kreme, Inc. (DNUT) reported $1.53B in revenue for fiscal year 2024. This represents a 281% increase from $403.2M in 2011.

Krispy Kreme, Inc. (DNUT) saw revenue decline by 1.2% over the past year.

Krispy Kreme, Inc. (DNUT) reported a net loss of $510.4M for fiscal year 2024.

Dividend & Returns

Yes, Krispy Kreme, Inc. (DNUT) pays a dividend with a yield of 3.74%. This makes it attractive for income-focused investors.

Krispy Kreme, Inc. (DNUT) has a return on equity (ROE) of 0.3%. This is below average, suggesting room for improvement.

Krispy Kreme, Inc. (DNUT) had negative free cash flow of $98.8M in fiscal year 2024, likely due to heavy capital investments.

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