BellRing Brands, Inc. (BRBR) 10-Year Financial Performance & Capital Metrics

BRBR • • Industrial / General

Consumer DefensivePackaged FoodsPlant-Based & Alternative ProteinsProtein Powders & Nutritional Shakes

AboutBellRing Brands, Inc., together with its subsidiaries, provides various nutrition products in the United States and internationally. It offers ready-to-drink shake and powder protein products primarily under the Premier Protein and Dymatize brands. The company sells its products through club, food, drug, mass, eCommerce, specialty, and convenience channels. BellRing Brands, Inc. was incorporated in 2019 and is headquartered in Saint Louis, Missouri.Show more

Revenue $2.32B +16.1%
EBITDA $376M -11.4%
Net Income $216M -12.3%
EPS (Diluted) 1.68 -9.7%
Gross Margin 33.26% -6.1%
EBITDA Margin 16.23% -23.6%
Operating Margin 15.43% -20.6%
Net Margin 9.33% -24.4%
ROE -
ROIC 47.81% -13.2%
Debt/Equity -
Interest Coverage 5.23 -21.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 55.9%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.6%
✓Share count reduced 2.9% through buybacks
✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

✗Weak momentum: RS Rating 7 (bottom 7%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y18.57%

3Y19.09%

TTM16.27%

Profit (Net Income) CAGR

10Y-

5Y55.87%

3Y37.98%

TTM3.35%

EPS CAGR

10Y-

5Y-7.86%

3Y10.65%

TTM-107.19%

ROCE

10Y Avg40.05%

5Y Avg50.2%

3Y Avg57.78%

Latest55.35%

Peer Comparison

Protein Powders & Nutritional Shakes

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BRBRBellRing Brands, Inc.	2.88B	24.32	14.48	16.05%	10.26%		8.89%

Profit & Loss

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	713.2M	827.5M	854.4M	988.3M	1.25B	1.37B	1.67B	2B	2.32B
Revenue Growth %	-	0.16%	0.03%	0.16%	0.26%	0.1%	0.22%	0.2%	0.16%
Cost of Goods Sold+	467.4M	549.8M	542.6M	672.5M	860.9M	949.7M	1.14B	1.29B	1.55B
COGS % of Revenue	0.66%	0.66%	0.64%	0.68%	0.69%	0.69%	0.68%	0.65%	0.67%
Gross Profit+	245.8M	277.7M	311.8M	315.8M	386.2M	421.8M	530.2M	707.3M	770.4M
Gross Margin %	0.34%	0.34%	0.36%	0.32%	0.31%	0.31%	0.32%	0.35%	0.33%
Gross Profit Growth %	-	0.13%	0.12%	0.01%	0.22%	0.09%	0.26%	0.33%	0.09%
Operating Expenses+	153.7M	157.9M	149.3M	149.9M	218.2M	209.4M	242.9M	319.6M	413M
OpEx % of Revenue	0.22%	0.19%	0.17%	0.15%	0.17%	0.15%	0.15%	0.16%	0.18%
Selling, General & Admin	131M	135.1M	127.1M	140.5M	167.1M	189.7M	203.6M	284.6M	396M
SG&A % of Revenue	0.18%	0.16%	0.15%	0.14%	0.13%	0.14%	0.12%	0.14%	0.17%
Research & Development	7.2M	8.1M	7.6M	9.4M	0	0	12M	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	0.01%	-	-
Other Operating Expenses	22.7M	22.8M	22.2M	0	51.1M	19.7M	27.3M	35M	17M
Operating Income+	92.1M	119.8M	162.5M	165.9M	168M	212.4M	287.3M	387.7M	357.4M
Operating Margin %	0.13%	0.14%	0.19%	0.17%	0.13%	0.15%	0.17%	0.19%	0.15%
Operating Income Growth %	-	0.3%	0.36%	0.02%	0.01%	0.26%	0.35%	0.35%	-0.08%
EBITDA+	117.4M	145.7M	187.8M	191.2M	221.7M	233.7M	315.6M	424.2M	376M
EBITDA Margin %	0.16%	0.18%	0.22%	0.19%	0.18%	0.17%	0.19%	0.21%	0.16%
EBITDA Growth %	-	0.24%	0.29%	0.02%	0.16%	0.05%	0.35%	0.34%	-0.11%
D&A (Non-Cash Add-back)	25.3M	25.9M	25.3M	25.3M	53.7M	21.3M	28.3M	36.5M	18.6M
EBIT	92.1M	119.8M	169.2M	164M	166.4M	194.8M	287.3M	387.7M	357.4M
Net Interest Income+	0	0	0	-54.7M	-43.2M	-49.2M	-66.9M	-58.3M	-68.4M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	54.7M	43.2M	49.2M	66.9M	58.3M	68.4M
Other Income/Expense	-26.5M	0	0	-56.6M	-44.8M	-66.8M	-66.9M	-58.3M	-68.4M
Pretax Income+	65.6M	119.8M	162.5M	109.3M	123.2M	145.6M	220.4M	329.4M	289M
Pretax Margin %	0.09%	0.14%	0.19%	0.11%	0.1%	0.11%	0.13%	0.17%	0.12%
Income Tax+	30.4M	23.7M	39.4M	9.2M	8.8M	29.6M	54.9M	82.9M	72.8M
Effective Tax Rate %	0.54%	0.8%	0.76%	0.22%	0.22%	0.57%	0.75%	0.75%	0.75%
Net Income+	35.2M	96.1M	123.1M	23.5M	27.6M	82.3M	165.5M	246.5M	216.2M
Net Margin %	0.05%	0.12%	0.14%	0.02%	0.02%	0.06%	0.1%	0.12%	0.09%
Net Income Growth %	-	1.73%	0.28%	-0.81%	0.17%	1.98%	1.01%	0.49%	-0.12%
Net Income (Continuing)	35.2M	96.1M	123.1M	100.1M	114.4M	116M	165.5M	246.5M	216.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	2.02B	3B	0	0	0	0
EPS (Diluted)+	1.03	2.80	3.12	2.53	2.90	1.24	1.23	1.86	1.68
EPS Growth %	-	1.72%	0.11%	-0.19%	0.15%	-0.57%	-0.01%	0.51%	-0.1%
EPS (Basic)	1.03	2.80	3.12	2.54	2.90	0.86	1.24	1.89	1.70
Diluted Shares Outstanding	34.29M	34.29M	39.43M	39.5M	39.5M	135.6M	134.1M	132.3M	128.5M
Basic Shares Outstanding	34.29M	34.29M	39.43M	39.4M	39.5M	135.3M	133M	130.3M	126.9M
Dividend Payout Ratio	-	1.38%	0.81%	1.37%	0.89%	-	-	-	-

Balance Sheet

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	165.8M	163.7M	219.5M	290.2M	388.1M	421.3M	424.2M	592.7M	665.5M
Cash & Short-Term Investments	7.8M	10.9M	5.5M	48.7M	152.6M	35.8M	48.4M	71.1M	71.8M
Cash Only	7.8M	10.9M	5.5M	48.7M	152.6M	35.8M	48.4M	71.1M	71.8M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	63M	87.2M	68.4M	83.1M	103.9M	173.3M	168.2M	220.4M	223.4M
Days Sales Outstanding	32.24	38.46	29.22	30.69	30.41	46.12	36.83	40.3	35.2
Inventory	85.7M	61.6M	138.2M	150.5M	117.9M	199.8M	194.3M	286.1M	330.4M
Days Inventory Outstanding	66.92	40.89	92.97	81.68	49.99	76.79	62.4	81.02	78
Other Current Assets	0	0	7.4M	7.9M	13.7M	12.4M	13.3M	15.1M	39.9M
Total Non-Current Assets+	417.4M	396.7M	375M	363.3M	308.4M	285.9M	267.4M	244.3M	275.5M
Property, Plant & Equipment	9.9M	11.9M	11.7M	10.2M	8.9M	15.5M	15.9M	15M	19M
Fixed Asset Turnover	72.04x	69.54x	73.03x	96.89x	140.12x	88.48x	104.83x	133.08x	121.93x
Goodwill	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M
Intangible Assets	341.5M	318.7M	296.5M	274.3M	223.1M	203.3M	176.8M	141.8M	125M
Long-Term Investments	0	0	-14.1M	-9M	-7.6M	0	0	0	0
Other Non-Current Assets	100K	200K	900K	12.9M	10.5M	1.2M	4.6M	8.7M	33.2M
Total Assets+	583.2M	560.4M	594.5M	653.5M	696.5M	707.2M	691.6M	837M	941M
Asset Turnover	1.22x	1.48x	1.44x	1.51x	1.79x	1.94x	2.41x	2.38x	2.46x
Asset Growth %	-	-0.04%	0.06%	0.1%	0.07%	0.02%	-0.02%	0.21%	0.12%
Total Current Liabilities+	76.6M	94.3M	92.7M	153.1M	251.3M	143.5M	150.2M	203.7M	282.8M
Accounts Payable	48.4M	58.2M	61.7M	56.7M	91.9M	91.4M	85M	120.6M	119.5M
Days Payables Outstanding	37.8	38.64	41.5	30.77	38.96	35.13	27.3	34.15	28.21
Short-Term Debt	1.9M	1M	0	63.8M	116.3M	1.9M	0	2.2M	0
Deferred Revenue (Current)	1000K	300K	-400K	0	0	0	0	0	0
Other Current Liabilities	12.6M	23.7M	16.2M	21.9M	26.4M	36.7M	42.9M	57.1M	163.3M
Current Ratio	2.16x	1.74x	2.37x	1.90x	1.54x	2.94x	2.82x	2.91x	2.35x
Quick Ratio	1.05x	1.08x	0.88x	0.91x	1.08x	1.54x	1.53x	1.51x	1.18x
Cash Conversion Cycle	61.37	40.72	80.68	81.6	41.43	87.78	71.93	87.17	84.98
Total Non-Current Liabilities+	22.2M	14.4M	15.4M	661.4M	510.7M	939.9M	864.9M	839.2M	1.11B
Long-Term Debt	0	0	0	622.6M	481.2M	929.5M	856.8M	833.1M	1.08B
Capital Lease Obligations	0	0	0	11M	8.6M	6.6M	6.1M	4.3M	0
Deferred Tax Liabilities	22.2M	13.6M	14.1M	9M	7.6M	2.2M	400K	400K	400K
Other Non-Current Liabilities	0	800K	1.3M	18.8M	13.3M	1.6M	1.6M	1.4M	27.4M
Total Liabilities	98.8M	108.7M	108.1M	814.5M	762M	1.08B	1.02B	1.04B	1.39B
Total Debt+	1.9M	1M	400K	699.6M	608.4M	938M	865M	839.6M	1.08B
Net Debt	-5.9M	-9.9M	-5.1M	650.9M	455.8M	902.2M	816.6M	768.5M	1.01B
Debt / Equity	0.00x	0.00x	0.00x	-	-	-	-	-	-
Debt / EBITDA	0.02x	0.01x	0.00x	3.66x	2.74x	4.01x	2.74x	1.98x	2.88x
Net Debt / EBITDA	-0.05x	-0.07x	-0.03x	3.40x	2.06x	3.86x	2.59x	1.81x	2.69x
Interest Coverage	-	-	-	3.03x	3.89x	4.32x	4.29x	6.65x	5.23x
Total Equity+	484.4M	451.7M	486.4M	-161M	-65.5M	-376.2M	-323.5M	-205.9M	-453.9M
Equity Growth %	-	-0.07%	0.08%	-1.33%	0.59%	-4.74%	0.14%	0.36%	-1.2%
Book Value per Share	14.13	13.17	12.34	-4.08	-1.66	-2.77	-2.41	-1.56	-3.53
Total Shareholders' Equity	484.4M	451.7M	486.4M	-2.18B	-3.06B	-376.2M	-323.5M	-205.9M	-453.9M
Common Stock	485.4M	453.1M	489M	400K	400K	1.4M	1.4M	1.4M	1.4M
Retained Earnings	0	0	0	-2.18B	-3.06B	-355.6M	-190.1M	56.4M	272.6M
Treasury Stock	0	0	0	0	0	-24.7M	-151M	-299M	-775.6M
Accumulated OCI	-1M	-1.4M	-2.6M	-4M	-3.5M	-4.3M	-3.1M	-2M	-1M
Minority Interest	0	0	0	2.02B	3B	0	0	0	0

Cash Flow

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	80.4M	141.2M	98.3M	97.2M	226.1M	21M	215.6M	199.6M	260.6M
Operating CF Margin %	0.11%	0.17%	0.12%	0.1%	0.18%	0.02%	0.13%	0.1%	0.11%
Operating CF Growth %	-	0.76%	-0.3%	-0.01%	1.33%	-0.91%	9.27%	-0.07%	0.31%
Net Income	35.2M	96.1M	123.1M	100.1M	114.4M	116M	165.5M	246.5M	216.2M
Depreciation & Amortization	25.3M	25.9M	25.3M	25.3M	53.7M	21.3M	28.3M	36.5M	18.6M
Stock-Based Compensation	30.7M	1.9M	3.5M	2.5M	4.6M	9.8M	14.2M	21M	22.1M
Deferred Taxes	-1.3M	-8.6M	500K	-3.3M	-1.5M	-4M	-6M	-8.7M	-20.4M
Other Non-Cash Items	4.1M	4.6M	9.1M	5.9M	4.6M	19M	1.2M	1.9M	700K
Working Capital Changes	-9.4M	23.2M	-63.2M	-33.3M	50.3M	-141.1M	12.4M	-97.6M	23.4M
Change in Receivables	-10.5M	-19M	14.9M	-14.2M	-21M	-70.7M	5.5M	-51.6M	-1.3M
Change in Inventory	2.3M	24.1M	-77.2M	-11.5M	32.4M	-83.9M	6.4M	-90.9M	-43.1M
Change in Payables	-600K	17.4M	-1.9M	-12.1M	42.1M	10.3M	3.1M	49.2M	69.6M
Cash from Investing+	2.1M	-5M	-3.2M	-2.1M	-1.6M	-1.8M	-1.8M	-1.8M	-4.7M
Capital Expenditures	-3.9M	-5M	-3.2M	-2.1M	-1.6M	-1.8M	-1.8M	-1.8M	-4.7M
CapEx % of Revenue	0.01%	0.01%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	6M	0	-3.2M	0	0	0	0	0	0
Cash from Financing+	-84M	-133M	-100.2M	-52.6M	-120.9M	-135M	-201.7M	-175.1M	-238.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-100.2M	-32.1M	-24.6M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-84M	-133M	-100.2M	-9.6M	-2.5M	418.7M	-2.2M	-3.5M	-11.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	76.5M	136.2M	95.1M	95.1M	224.5M	19.2M	213.8M	197.8M	255.9M
FCF Margin %	0.11%	0.16%	0.11%	0.1%	0.18%	0.01%	0.13%	0.1%	0.11%
FCF Growth %	-	0.78%	-0.3%	0%	1.36%	-0.91%	10.14%	-0.07%	0.29%
FCF per Share	2.23	3.97	2.41	2.41	5.68	0.14	1.59	1.50	1.99
FCF Conversion (FCF/Net Income)	2.28x	1.47x	0.80x	4.14x	8.19x	0.26x	1.30x	0.81x	1.21x
Interest Paid	0	0	0	48.8M	35.7M	45M	66.6M	59.6M	0
Taxes Paid	0	0	300K	10.1M	12M	34.6M	60.9M	93.2M	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.27%	20.53%	26.24%	14.44%	-	-	-	-	-
Return on Invested Capital (ROIC)	14.44%	19.53%	26.41%	25.62%	28.63%	34.77%	42.29%	55.09%	47.81%
Gross Margin	34.46%	33.56%	36.49%	31.95%	30.97%	30.75%	31.81%	35.43%	33.26%
Net Margin	4.94%	11.61%	14.41%	2.38%	2.21%	6%	9.93%	12.35%	9.33%
Debt / Equity	0.00x	0.00x	0.00x	-	-	-	-	-	-
Interest Coverage	-	-	-	3.03x	3.89x	4.32x	4.29x	6.65x	5.23x
FCF Conversion	2.28x	1.47x	0.80x	4.14x	8.19x	0.26x	1.30x	0.81x	1.21x
Revenue Growth	-	16.03%	3.25%	15.67%	26.19%	9.98%	21.53%	19.76%	16.05%

Revenue by Segment

	2020	2021	2022	2023	2024	2025
Shakes and other beverages	810.1M	1.01B	1.08B	1.33B	1.62B	1.89B
Shakes and other beverages Growth	-	25.19%	6.88%	22.42%	22.02%	16.90%
Powders	121.7M	178.6M	242.2M	289.7M	326.7M	366.5M
Powders Growth	-	46.75%	35.61%	19.61%	12.77%	12.18%
Other Products	7.2M	9.1M	9.3M	50.1M	50.3M	57.2M
Other Products Growth	-	26.39%	2.20%	438.71%	0.40%	13.72%
Nutrition Bars	49.3M	45.2M	36M	-	-	-
Nutrition Bars Growth	-	-8.32%	-20.35%	-	-	-

Frequently Asked Questions

Valuation & Price

BellRing Brands, Inc. (BRBR) has a price-to-earnings (P/E) ratio of 14.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BellRing Brands, Inc. (BRBR) reported $2.22B in revenue for fiscal year 2025. This represents a 212% increase from $713.2M in 2017.

BellRing Brands, Inc. (BRBR) grew revenue by 16.1% over the past year. This is strong growth.

Yes, BellRing Brands, Inc. (BRBR) is profitable, generating $228.3M in net income for fiscal year 2025 (9.3% net margin).

Dividend & Returns

BellRing Brands, Inc. (BRBR) generated $126.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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BellRing Brands, Inc. (BRBR) 10-Year Financial Performance & Capital Metrics

BRBR • • Industrial / General

Consumer DefensivePackaged FoodsPlant-Based & Alternative ProteinsProtein Powders & Nutritional Shakes

Revenue $2.32B +16.1%
EBITDA $376M -11.4%
Net Income $216M -12.3%
EPS (Diluted) 1.68 -9.7%
Gross Margin 33.26% -6.1%
EBITDA Margin 16.23% -23.6%
Operating Margin 15.43% -20.6%
Net Margin 9.33% -24.4%
ROE -
ROIC 47.81% -13.2%
Debt/Equity -
Interest Coverage 5.23 -21.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 55.9%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.6%
✓Share count reduced 2.9% through buybacks
✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

✗Weak momentum: RS Rating 7 (bottom 7%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y18.57%

3Y19.09%

TTM16.27%

Profit (Net Income) CAGR

10Y-

5Y55.87%

3Y37.98%

TTM3.35%

EPS CAGR

10Y-

5Y-7.86%

3Y10.65%

TTM-107.19%

ROCE

10Y Avg40.05%

5Y Avg50.2%

3Y Avg57.78%

Latest55.35%

Peer Comparison

Protein Powders & Nutritional Shakes

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BRBRBellRing Brands, Inc.	2.88B	24.32	14.48	16.05%	10.26%		8.89%

Profit & Loss

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	713.2M	827.5M	854.4M	988.3M	1.25B	1.37B	1.67B	2B	2.32B
Revenue Growth %	-	0.16%	0.03%	0.16%	0.26%	0.1%	0.22%	0.2%	0.16%
Cost of Goods Sold+	467.4M	549.8M	542.6M	672.5M	860.9M	949.7M	1.14B	1.29B	1.55B
COGS % of Revenue	0.66%	0.66%	0.64%	0.68%	0.69%	0.69%	0.68%	0.65%	0.67%
Gross Profit+	245.8M	277.7M	311.8M	315.8M	386.2M	421.8M	530.2M	707.3M	770.4M
Gross Margin %	0.34%	0.34%	0.36%	0.32%	0.31%	0.31%	0.32%	0.35%	0.33%
Gross Profit Growth %	-	0.13%	0.12%	0.01%	0.22%	0.09%	0.26%	0.33%	0.09%
Operating Expenses+	153.7M	157.9M	149.3M	149.9M	218.2M	209.4M	242.9M	319.6M	413M
OpEx % of Revenue	0.22%	0.19%	0.17%	0.15%	0.17%	0.15%	0.15%	0.16%	0.18%
Selling, General & Admin	131M	135.1M	127.1M	140.5M	167.1M	189.7M	203.6M	284.6M	396M
SG&A % of Revenue	0.18%	0.16%	0.15%	0.14%	0.13%	0.14%	0.12%	0.14%	0.17%
Research & Development	7.2M	8.1M	7.6M	9.4M	0	0	12M	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	0.01%	-	-
Other Operating Expenses	22.7M	22.8M	22.2M	0	51.1M	19.7M	27.3M	35M	17M
Operating Income+	92.1M	119.8M	162.5M	165.9M	168M	212.4M	287.3M	387.7M	357.4M
Operating Margin %	0.13%	0.14%	0.19%	0.17%	0.13%	0.15%	0.17%	0.19%	0.15%
Operating Income Growth %	-	0.3%	0.36%	0.02%	0.01%	0.26%	0.35%	0.35%	-0.08%
EBITDA+	117.4M	145.7M	187.8M	191.2M	221.7M	233.7M	315.6M	424.2M	376M
EBITDA Margin %	0.16%	0.18%	0.22%	0.19%	0.18%	0.17%	0.19%	0.21%	0.16%
EBITDA Growth %	-	0.24%	0.29%	0.02%	0.16%	0.05%	0.35%	0.34%	-0.11%
D&A (Non-Cash Add-back)	25.3M	25.9M	25.3M	25.3M	53.7M	21.3M	28.3M	36.5M	18.6M
EBIT	92.1M	119.8M	169.2M	164M	166.4M	194.8M	287.3M	387.7M	357.4M
Net Interest Income+	0	0	0	-54.7M	-43.2M	-49.2M	-66.9M	-58.3M	-68.4M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	54.7M	43.2M	49.2M	66.9M	58.3M	68.4M
Other Income/Expense	-26.5M	0	0	-56.6M	-44.8M	-66.8M	-66.9M	-58.3M	-68.4M
Pretax Income+	65.6M	119.8M	162.5M	109.3M	123.2M	145.6M	220.4M	329.4M	289M
Pretax Margin %	0.09%	0.14%	0.19%	0.11%	0.1%	0.11%	0.13%	0.17%	0.12%
Income Tax+	30.4M	23.7M	39.4M	9.2M	8.8M	29.6M	54.9M	82.9M	72.8M
Effective Tax Rate %	0.54%	0.8%	0.76%	0.22%	0.22%	0.57%	0.75%	0.75%	0.75%
Net Income+	35.2M	96.1M	123.1M	23.5M	27.6M	82.3M	165.5M	246.5M	216.2M
Net Margin %	0.05%	0.12%	0.14%	0.02%	0.02%	0.06%	0.1%	0.12%	0.09%
Net Income Growth %	-	1.73%	0.28%	-0.81%	0.17%	1.98%	1.01%	0.49%	-0.12%
Net Income (Continuing)	35.2M	96.1M	123.1M	100.1M	114.4M	116M	165.5M	246.5M	216.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	2.02B	3B	0	0	0	0
EPS (Diluted)+	1.03	2.80	3.12	2.53	2.90	1.24	1.23	1.86	1.68
EPS Growth %	-	1.72%	0.11%	-0.19%	0.15%	-0.57%	-0.01%	0.51%	-0.1%
EPS (Basic)	1.03	2.80	3.12	2.54	2.90	0.86	1.24	1.89	1.70
Diluted Shares Outstanding	34.29M	34.29M	39.43M	39.5M	39.5M	135.6M	134.1M	132.3M	128.5M
Basic Shares Outstanding	34.29M	34.29M	39.43M	39.4M	39.5M	135.3M	133M	130.3M	126.9M
Dividend Payout Ratio	-	1.38%	0.81%	1.37%	0.89%	-	-	-	-

Balance Sheet

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	165.8M	163.7M	219.5M	290.2M	388.1M	421.3M	424.2M	592.7M	665.5M
Cash & Short-Term Investments	7.8M	10.9M	5.5M	48.7M	152.6M	35.8M	48.4M	71.1M	71.8M
Cash Only	7.8M	10.9M	5.5M	48.7M	152.6M	35.8M	48.4M	71.1M	71.8M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	63M	87.2M	68.4M	83.1M	103.9M	173.3M	168.2M	220.4M	223.4M
Days Sales Outstanding	32.24	38.46	29.22	30.69	30.41	46.12	36.83	40.3	35.2
Inventory	85.7M	61.6M	138.2M	150.5M	117.9M	199.8M	194.3M	286.1M	330.4M
Days Inventory Outstanding	66.92	40.89	92.97	81.68	49.99	76.79	62.4	81.02	78
Other Current Assets	0	0	7.4M	7.9M	13.7M	12.4M	13.3M	15.1M	39.9M
Total Non-Current Assets+	417.4M	396.7M	375M	363.3M	308.4M	285.9M	267.4M	244.3M	275.5M
Property, Plant & Equipment	9.9M	11.9M	11.7M	10.2M	8.9M	15.5M	15.9M	15M	19M
Fixed Asset Turnover	72.04x	69.54x	73.03x	96.89x	140.12x	88.48x	104.83x	133.08x	121.93x
Goodwill	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M	65.9M
Intangible Assets	341.5M	318.7M	296.5M	274.3M	223.1M	203.3M	176.8M	141.8M	125M
Long-Term Investments	0	0	-14.1M	-9M	-7.6M	0	0	0	0
Other Non-Current Assets	100K	200K	900K	12.9M	10.5M	1.2M	4.6M	8.7M	33.2M
Total Assets+	583.2M	560.4M	594.5M	653.5M	696.5M	707.2M	691.6M	837M	941M
Asset Turnover	1.22x	1.48x	1.44x	1.51x	1.79x	1.94x	2.41x	2.38x	2.46x
Asset Growth %	-	-0.04%	0.06%	0.1%	0.07%	0.02%	-0.02%	0.21%	0.12%
Total Current Liabilities+	76.6M	94.3M	92.7M	153.1M	251.3M	143.5M	150.2M	203.7M	282.8M
Accounts Payable	48.4M	58.2M	61.7M	56.7M	91.9M	91.4M	85M	120.6M	119.5M
Days Payables Outstanding	37.8	38.64	41.5	30.77	38.96	35.13	27.3	34.15	28.21
Short-Term Debt	1.9M	1M	0	63.8M	116.3M	1.9M	0	2.2M	0
Deferred Revenue (Current)	1000K	300K	-400K	0	0	0	0	0	0
Other Current Liabilities	12.6M	23.7M	16.2M	21.9M	26.4M	36.7M	42.9M	57.1M	163.3M
Current Ratio	2.16x	1.74x	2.37x	1.90x	1.54x	2.94x	2.82x	2.91x	2.35x
Quick Ratio	1.05x	1.08x	0.88x	0.91x	1.08x	1.54x	1.53x	1.51x	1.18x
Cash Conversion Cycle	61.37	40.72	80.68	81.6	41.43	87.78	71.93	87.17	84.98
Total Non-Current Liabilities+	22.2M	14.4M	15.4M	661.4M	510.7M	939.9M	864.9M	839.2M	1.11B
Long-Term Debt	0	0	0	622.6M	481.2M	929.5M	856.8M	833.1M	1.08B
Capital Lease Obligations	0	0	0	11M	8.6M	6.6M	6.1M	4.3M	0
Deferred Tax Liabilities	22.2M	13.6M	14.1M	9M	7.6M	2.2M	400K	400K	400K
Other Non-Current Liabilities	0	800K	1.3M	18.8M	13.3M	1.6M	1.6M	1.4M	27.4M
Total Liabilities	98.8M	108.7M	108.1M	814.5M	762M	1.08B	1.02B	1.04B	1.39B
Total Debt+	1.9M	1M	400K	699.6M	608.4M	938M	865M	839.6M	1.08B
Net Debt	-5.9M	-9.9M	-5.1M	650.9M	455.8M	902.2M	816.6M	768.5M	1.01B
Debt / Equity	0.00x	0.00x	0.00x	-	-	-	-	-	-
Debt / EBITDA	0.02x	0.01x	0.00x	3.66x	2.74x	4.01x	2.74x	1.98x	2.88x
Net Debt / EBITDA	-0.05x	-0.07x	-0.03x	3.40x	2.06x	3.86x	2.59x	1.81x	2.69x
Interest Coverage	-	-	-	3.03x	3.89x	4.32x	4.29x	6.65x	5.23x
Total Equity+	484.4M	451.7M	486.4M	-161M	-65.5M	-376.2M	-323.5M	-205.9M	-453.9M
Equity Growth %	-	-0.07%	0.08%	-1.33%	0.59%	-4.74%	0.14%	0.36%	-1.2%
Book Value per Share	14.13	13.17	12.34	-4.08	-1.66	-2.77	-2.41	-1.56	-3.53
Total Shareholders' Equity	484.4M	451.7M	486.4M	-2.18B	-3.06B	-376.2M	-323.5M	-205.9M	-453.9M
Common Stock	485.4M	453.1M	489M	400K	400K	1.4M	1.4M	1.4M	1.4M
Retained Earnings	0	0	0	-2.18B	-3.06B	-355.6M	-190.1M	56.4M	272.6M
Treasury Stock	0	0	0	0	0	-24.7M	-151M	-299M	-775.6M
Accumulated OCI	-1M	-1.4M	-2.6M	-4M	-3.5M	-4.3M	-3.1M	-2M	-1M
Minority Interest	0	0	0	2.02B	3B	0	0	0	0

Cash Flow

	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	80.4M	141.2M	98.3M	97.2M	226.1M	21M	215.6M	199.6M	260.6M
Operating CF Margin %	0.11%	0.17%	0.12%	0.1%	0.18%	0.02%	0.13%	0.1%	0.11%
Operating CF Growth %	-	0.76%	-0.3%	-0.01%	1.33%	-0.91%	9.27%	-0.07%	0.31%
Net Income	35.2M	96.1M	123.1M	100.1M	114.4M	116M	165.5M	246.5M	216.2M
Depreciation & Amortization	25.3M	25.9M	25.3M	25.3M	53.7M	21.3M	28.3M	36.5M	18.6M
Stock-Based Compensation	30.7M	1.9M	3.5M	2.5M	4.6M	9.8M	14.2M	21M	22.1M
Deferred Taxes	-1.3M	-8.6M	500K	-3.3M	-1.5M	-4M	-6M	-8.7M	-20.4M
Other Non-Cash Items	4.1M	4.6M	9.1M	5.9M	4.6M	19M	1.2M	1.9M	700K
Working Capital Changes	-9.4M	23.2M	-63.2M	-33.3M	50.3M	-141.1M	12.4M	-97.6M	23.4M
Change in Receivables	-10.5M	-19M	14.9M	-14.2M	-21M	-70.7M	5.5M	-51.6M	-1.3M
Change in Inventory	2.3M	24.1M	-77.2M	-11.5M	32.4M	-83.9M	6.4M	-90.9M	-43.1M
Change in Payables	-600K	17.4M	-1.9M	-12.1M	42.1M	10.3M	3.1M	49.2M	69.6M
Cash from Investing+	2.1M	-5M	-3.2M	-2.1M	-1.6M	-1.8M	-1.8M	-1.8M	-4.7M
Capital Expenditures	-3.9M	-5M	-3.2M	-2.1M	-1.6M	-1.8M	-1.8M	-1.8M	-4.7M
CapEx % of Revenue	0.01%	0.01%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	6M	0	-3.2M	0	0	0	0	0	0
Cash from Financing+	-84M	-133M	-100.2M	-52.6M	-120.9M	-135M	-201.7M	-175.1M	-238.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-100.2M	-32.1M	-24.6M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-84M	-133M	-100.2M	-9.6M	-2.5M	418.7M	-2.2M	-3.5M	-11.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	76.5M	136.2M	95.1M	95.1M	224.5M	19.2M	213.8M	197.8M	255.9M
FCF Margin %	0.11%	0.16%	0.11%	0.1%	0.18%	0.01%	0.13%	0.1%	0.11%
FCF Growth %	-	0.78%	-0.3%	0%	1.36%	-0.91%	10.14%	-0.07%	0.29%
FCF per Share	2.23	3.97	2.41	2.41	5.68	0.14	1.59	1.50	1.99
FCF Conversion (FCF/Net Income)	2.28x	1.47x	0.80x	4.14x	8.19x	0.26x	1.30x	0.81x	1.21x
Interest Paid	0	0	0	48.8M	35.7M	45M	66.6M	59.6M	0
Taxes Paid	0	0	300K	10.1M	12M	34.6M	60.9M	93.2M	0

Key Ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.27%	20.53%	26.24%	14.44%	-	-	-	-	-
Return on Invested Capital (ROIC)	14.44%	19.53%	26.41%	25.62%	28.63%	34.77%	42.29%	55.09%	47.81%
Gross Margin	34.46%	33.56%	36.49%	31.95%	30.97%	30.75%	31.81%	35.43%	33.26%
Net Margin	4.94%	11.61%	14.41%	2.38%	2.21%	6%	9.93%	12.35%	9.33%
Debt / Equity	0.00x	0.00x	0.00x	-	-	-	-	-	-
Interest Coverage	-	-	-	3.03x	3.89x	4.32x	4.29x	6.65x	5.23x
FCF Conversion	2.28x	1.47x	0.80x	4.14x	8.19x	0.26x	1.30x	0.81x	1.21x
Revenue Growth	-	16.03%	3.25%	15.67%	26.19%	9.98%	21.53%	19.76%	16.05%

Revenue by Segment

	2020	2021	2022	2023	2024	2025
Shakes and other beverages	810.1M	1.01B	1.08B	1.33B	1.62B	1.89B
Shakes and other beverages Growth	-	25.19%	6.88%	22.42%	22.02%	16.90%
Powders	121.7M	178.6M	242.2M	289.7M	326.7M	366.5M
Powders Growth	-	46.75%	35.61%	19.61%	12.77%	12.18%
Other Products	7.2M	9.1M	9.3M	50.1M	50.3M	57.2M
Other Products Growth	-	26.39%	2.20%	438.71%	0.40%	13.72%
Nutrition Bars	49.3M	45.2M	36M	-	-	-
Nutrition Bars Growth	-	-8.32%	-20.35%	-	-	-

Frequently Asked Questions

Valuation & Price

BellRing Brands, Inc. (BRBR) has a price-to-earnings (P/E) ratio of 14.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BellRing Brands, Inc. (BRBR) reported $2.22B in revenue for fiscal year 2025. This represents a 212% increase from $713.2M in 2017.

BellRing Brands, Inc. (BRBR) grew revenue by 16.1% over the past year. This is strong growth.

Yes, BellRing Brands, Inc. (BRBR) is profitable, generating $228.3M in net income for fiscal year 2025 (9.3% net margin).

Dividend & Returns

BellRing Brands, Inc. (BRBR) generated $126.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.