The company's financial position appears increasingly vulnerable, as evidenced by a debt-to-equity ratio that reached 2.10 in 2025Q4 and a current ratio that has consistently languished below 0.42.
| Total Current Assets | 186.86M | 174.45M | 172.94M | 173.58M | 178.27M | 156.9M | 164.09M | 117.87M | 99.14M | 104.6M | 127.49M | 134.78M | 97.24M |
| Cash & Short-Term Investments | 74.22M | -42.39M | 28.96M | 38.19M | 35.37M | 38.56M | 38.51M | 37.4M | 50.78M | 50.97M | 55.75M | 66.33M | 44.32M |
| Cash Only | 74.22M | -42.39M | 28.96M | 38.19M | 35.37M | 38.56M | 37.46M | 35.37M | 50.78M | 50.97M | 55.75M | 66.33M | 44.32M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1.05M | 2.02M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 53.46M | 72.47M | 67.72M | 74.89M | 69.35M | 62.15M | 74.35M | 48.35M | 26.54M | 26.66M | 24.55M | 24.65M | 24.92M |
| Days Sales Outstanding | 16.55 | 17.37 | 14.84 | 16.21 | 16.55 | 16.39 | 24.19 | 18.4 | 18.67 | 19.85 | 19.47 | 20.64 | 22.56 |
| Inventory | 27.22M | 0 | 28.13M | 34.72M | 46.24M | 34.85M | 38.52M | 22.56M | 16.31M | 18.19M | 16.75M | 12.36M | 12.65M |
| Days Inventory Outstanding | 10.33 | - | 25.1 | 28.59 | 41.55 | 35.92 | 15.99 | 31.43 | 14.36 | 16.77 | 16.23 | 12.43 | 13.32 |
| Other Current Assets | 31.96M | 144.38M | 48.12M | 25.79M | 27.31M | 630K | 23K | 77K | 2.74M | 5.67M | 26.93M | 26.94M | 15.35M |
| Total Non-Current Assets | 2.2B | 2.42B | 2.9B | 3.07B | 2.97B | 2.99B | 2.9B | 2.76B | 243.73M | 248.11M | 211.06M | 207.15M | 99.3M |
| Property, Plant & Equipment | 720.74M | 0 | 921.01M | 995.18M | 889.74M | 874.09M | 794.94M | 708.73M | 127.71M | 115.76M | 92.82M | 78.02M | 75.47M |
| Fixed Asset Turnover | 2.38x | - | 1.81x | 1.69x | 1.72x | 1.58x | 1.41x | 1.35x | 4.06x | 4.24x | 4.96x | 5.59x | 5.34x |
| Goodwill | 669.27M | 712.26M | 1.05B | 1.1B | 1.09B | 1.11B | 1.09B | 1.05B | 26.09M | 26.09M | 23.5M | 23.5M | 23.5M |
| Intangible Assets | 733.1M | 797.75M | 819.93M | 946.35M | 966.09M | 992.52M | 998.01M | 984.87M | 4.89M | 3.98M | 601K | 699K | 280K |
| Long-Term Investments | 47.65M | 9.2M | 91.07M | 2.81M | 8.06M | 0 | 0 | 17.23M | 0 | 0 | 0 | 16K | 53K |
| Other Non-Current Assets | 54.49M | 901.08M | 19.5M | 20.73M | -124.65M | 16.43M | 17.4M | 13.48M | 85.04M | 102.28M | 94.14M | 104.92M | -99.3M |
| Total Assets | 2.39B | 2.59B | 3.07B | 3.24B | 3.15B | 3.15B | 3.06B | 2.87B | 342.88M | 352.71M | 338.55M | 341.94M | 334.95M |
| Asset Turnover | 0.59x | 0.59x | 0.54x | 0.52x | 0.49x | 0.44x | 0.37x | 0.33x | 1.51x | 1.39x | 1.36x | 1.27x | 1.20x |
| Asset Growth % | -71.8% | -15.54% | -5.2% | 2.92% | 0.1% | 2.75% | 6.48% | 738.39% | -2.79% | 4.18% | -0.99% | 2.09% | - |
| Total Current Liabilities | 445.97M | 457.28M | 486.17M | 525.59M | 516.47M | 526.16M | 497.83M | 382.5M | 49.72M | 49.96M | 46.41M | 46.68M | 41.52M |
| Accounts Payable | 130.71M | 134.38M | 123.32M | 156.49M | 225.28M | 182.1M | 148.65M | 138.75M | 19.76M | 17.09M | 16.79M | 12.2M | 10.49M |
| Days Payables Outstanding | 55.6 | 37.48 | 110 | 128.86 | 202.41 | 187.71 | 61.7 | 193.29 | 17.4 | 15.76 | 16.27 | 12.27 | 11.06 |
| Short-Term Debt | 103.45M | 117.19M | 40M | 54.63M | 35M | 36.58M | 41.24M | 46.36M | 0 | 0 | 0 | 2.15M | 0 |
| Deferred Revenue (Current) | 47.1M | 0 | 0 | 0 | 143.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 211.81M | 205.71M | 135.67M | 0 | 36.88M | 0 | 0 | 84.28M | 5.39M | 4.64M | 3.32M | 6.76M | 31.02M |
| Current Ratio | 0.42x | 0.38x | 0.36x | 0.33x | 0.35x | 0.30x | 0.33x | 0.31x | 1.99x | 2.09x | 2.75x | 2.89x | 2.34x |
| Quick Ratio | 0.36x | 0.38x | 0.30x | 0.26x | 0.26x | 0.23x | 0.25x | 0.25x | 1.67x | 1.73x | 2.39x | 2.62x | 2.04x |
| Cash Conversion Cycle | -28.72 | - | -70.06 | -84.06 | -144.32 | -135.4 | -21.52 | -143.46 | 15.64 | 20.86 | 19.43 | 20.81 | 24.83 |
| Total Non-Current Liabilities | 1.31B | 1.46B | 1.42B | 1.45B | 1.33B | 1.28B | 1.71B | 1.61B | 37.02M | 34.97M | 27.05M | 48.83M | 25.37M |
| Long-Term Debt | 341.28M | 855.57M | 781.18M | 836.62M | 739.05M | 680.31M | 1.13B | 1.05B | 0 | 0 | 0 | 23.59M | 25.37M |
| Capital Lease Obligations | 1.42B | 452.18M | 468.74M | 454.58M | 412.76M | 415.21M | 376.1M | 354.88M | 11.22M | 9.35M | 1.66M | 0 | 0 |
| Deferred Tax Liabilities | 386.11M | 96.24M | 130.75M | 123.92M | 143.12M | 145.42M | 144.87M | 152.71M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 829.65M | 44.95M | 32.2M | 36.09M | 0 | 42.51M | 63.45M | 47.21M | 25.8M | 25.61M | 25.39M | 25.23M | 0 |
| Total Liabilities | 1.75B | 1.92B | 1.91B | 1.98B | 1.85B | 1.81B | 2.21B | 1.99B | 86.73M | 84.93M | 73.45M | 95.51M | 85.82M |
| Total Debt | 444.73M | 1.42B | 1.35B | 1.4B | 1.24B | 1.18B | 1.59B | 1.5B | 11.54M | 9.69M | 2M | 25.74M | 0 |
| Net Debt | 370.51M | 1.47B | 1.32B | 1.36B | 1.2B | 1.14B | 1.56B | 1.47B | -39.24M | -41.28M | -53.74M | -40.59M | -44.32M |
| Debt / Equity | 0.70x | 2.10x | 1.16x | 1.10x | 0.95x | 0.89x | 1.88x | 1.70x | 0.05x | 0.04x | 0.01x | 0.10x | - |
| Debt / EBITDA | -1.47x | 13.73x | 10.84x | 10.04x | 8.87x | 8.29x | 18.82x | 14.76x | 0.17x | 0.16x | 0.03x | 0.54x | - |
| Net Debt / EBITDA | -1.22x | 14.14x | 10.60x | 9.77x | 8.62x | 8.02x | 18.37x | 14.41x | -0.57x | -0.68x | -0.93x | -0.85x | -1.28x |
| Interest Coverage | -7.10x | -7.28x | 1.33x | 0.19x | 0.76x | 0.90x | 0.09x | 0.64x | - | - | - | - | - |
| Total Equity | 633.26M | 678.75M | 1.16B | 1.26B | 1.3B | 1.34B | 848.36M | 883.42M | 256.14M | 267.79M | 265.09M | 246.43M | 249.13M |
| Equity Growth % | -169.78% | -41.71% | -7.86% | -2.7% | -2.75% | 57.44% | -3.97% | 244.9% | -4.35% | 1.02% | 7.57% | -1.08% | - |
| Book Value per Share | 3.68 | 3.97 | 6.79 | 7.51 | 7.76 | 7.99 | 5.14 | 5.53 | 2.19 | 2.23 | 2.14 | 2.02 | 2.00 |
| Total Shareholders' Equity | 631.79M | 656.2M | 1.13B | 1.17B | 1.2B | 1.23B | 684.68M | 734.82M | 256.14M | 267.79M | 265.09M | 246.43M | 249.13M |
| Common Stock | 1.72M | 1.72M | 1.7M | 1.69M | 1.68M | 1.67M | 1.25M | 1K | 266.72M | 310.77M | 338.13M | 354.07M | 377.54M |
| Retained Earnings | -844.17M | -821.39M | -299.64M | -278.99M | -217.49M | -178.41M | -142.2M | -77.88M | -10.58M | -42.98M | -73.04M | -107.3M | -128.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.18M | -2.06M | -32.13M | 7.25M | -9.15M | -2.48M | -1.21M | -5.55M | 0 | 0 | 0 | -338K | 0 |
| Minority Interest | 1.48M | 22.55M | 29.89M | 94.1M | 102.54M | 104.07M | 163.68M | 148.6M | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
According to recent quarterly filings, DNUT's equity base has contracted from $1.2B in 2023Q4 to $631.8M by 2026Q1, reflecting a persistent erosion of shareholder value as the company struggles to fund its capital-intensive hub-and-spoke infrastructure through operational cash flow rather than debt accumulation.
The consistent decline in equity, coupled with a widening deficit in retained earnings, suggests that the company's aggressive expansion strategy is failing to generate the returns necessary to sustain its capital base. Investors should monitor whether this trajectory indicates a structural inability to achieve profitability at the current scale of operations.
As reported in financial statements, the company's debt-to-equity ratio spiked to 2.10 in 2025Q4, indicating that DNUT is increasingly reliant on external financing to maintain its operations, which significantly elevates the risk profile for shareholders in a high-interest-rate environment where debt-servicing costs remain a persistent headwind.
The reliance on debt to bridge the gap between operational cash burn and capital expenditure requirements appears to be a necessity-driven strategy rather than a choice. This high leverage level may limit the company's ability to pivot its business model or invest in new growth initiatives without further diluting existing equity holders.
Based on reported figures, the current ratio has languished between 0.33 and 0.42 over the last ten quarters, signaling that DNUT lacks the necessary short-term assets to cover its immediate liabilities, which leaves the firm highly vulnerable to any unexpected shocks in its working capital cycle.
The persistent inability to maintain a current ratio above 1.0 suggests that the company is operating with a razor-thin margin for error. This liquidity constraint, combined with the negative cash position observed in 2025Q4, implies that the firm may be perpetually dependent on revolving credit facilities to meet its daily obligations.
Data from the balance sheet indicates that goodwill remains a significant portion of total assets at $669.3M as of 2026Q1, which warrants investigation as the company's persistent negative net margins may eventually trigger impairment charges that would further erode the already shrinking equity base.
The presence of substantial goodwill on the balance sheet, despite the company's inability to demonstrate consistent profitability, suggests that the carrying value of past acquisitions may be overstated. Investors should consider the potential for a non-cash write-down, which would serve as a further drag on the company's financial health.
Quick answers to the most common questions about buying DNUT stock.
As of 2025, Krispy Kreme, Inc. (DNUT) had total assets of $2.59B including $174.5M in current assets.
Krispy Kreme, Inc. (DNUT) carries total debt of $1.42B, offset by $-42.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Krispy Kreme, Inc. (DNUT) has total shareholders' equity (book value) of $656.2M ($3.97 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Krispy Kreme, Inc. (DNUT) reported a current ratio of 0.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.