Latest Ratios: P/E Ratio -1.0x · EV/EBITDA 19.2x · ROE -56.0%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $521M | $732M | $1.7B | $2.5B | $1.7B | $3.2B | — | — | — | — | — |
| Enterprise Value | $2.0B | $2.2B | $3.0B | $3.9B | $2.9B | $4.3B | — | — | — | — | — |
| P/E Ratio → | -0.99 | — | 546.37 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.34 | 0.48 | 1.01 | 1.51 | 1.13 | 2.29 | — | — | — | — | — |
| P/B Ratio | 0.76 | 1.08 | 1.44 | 2.01 | 1.33 | 2.37 | — | — | — | — | — |
| P/FCF | — | — | — | — | 61.50 | 145.64 | — | — | — | — | — |
| P/OCF | 15.35 | 21.56 | 36.60 | 55.76 | 12.36 | 22.41 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.44 | 1.80 | 2.31 | 1.91 | 3.11 | — | — | — | — | — |
| EV / EBITDA | 19.15 | 21.18 | 24.04 | 28.03 | 21.03 | 30.19 | — | — | — | — | — |
| EV / EBIT | — | — | 37.59 | 416.98 | 112.88 | 110.72 | — | — | — | — | — |
| EV / FCF | — | — | — | — | 104.19 | 198.29 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.1% | 14.1% | 75.4% | 73.7% | 73.4% | 74.4% | 21.6% | 72.7% | 20.1% | 19.3% | 18.2% |
| Operating Margin | -2.2% | -2.2% | -0.5% | 0.8% | 1.9% | 3.0% | 0.4% | 4.0% | 10.0% | 9.8% | 10.1% |
| Net Profit Margin | -33.9% | -33.9% | 0.2% | -2.2% | -1.0% | -1.8% | -5.8% | -3.9% | 6.2% | 6.1% | 7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -56.0% | -56.0% | 0.3% | -3.0% | -1.2% | -2.2% | -7.5% | -6.6% | 12.4% | 11.3% | 13.4% |
| ROA | -18.2% | -18.2% | 0.1% | -1.2% | -0.5% | -0.8% | -2.2% | -2.3% | 9.3% | 8.7% | 10.1% |
| ROIC | -1.1% | -1.1% | -0.3% | 0.4% | 0.9% | 1.3% | 0.1% | 2.2% | 17.6% | 16.5% | 16.7% |
| ROCE | -1.4% | -1.4% | -0.3% | 0.5% | 1.1% | 1.6% | 0.2% | 2.7% | 17.5% | 16.2% | 15.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.10 | 2.10 | 1.16 | 1.10 | 0.95 | 0.89 | 1.88 | 1.70 | 0.05 | 0.04 | 0.01 |
| Debt / EBITDA | 13.73 | 13.73 | 10.84 | 10.04 | 8.87 | 8.29 | 18.82 | 14.76 | 0.17 | 0.16 | 0.03 |
| Net Debt / Equity | — | 2.16 | 1.14 | 1.07 | 0.92 | 0.86 | 1.83 | 1.66 | -0.15 | -0.15 | -0.20 |
| Net Debt / EBITDA | 14.14 | 14.14 | 10.60 | 9.77 | 8.62 | 8.02 | 18.37 | 14.41 | -0.57 | -0.68 | -0.93 |
| Debt / FCF | — | — | — | — | 42.69 | 52.65 | — | 330.42 | -0.78 | -1.31 | -1.60 |
| Interest Coverage | -7.28 | -7.28 | 1.33 | 0.19 | 0.76 | 0.90 | 0.09 | 0.64 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.38 | 0.38 | 0.36 | 0.33 | 0.35 | 0.30 | 0.33 | 0.31 | 1.99 | 2.09 | 2.75 |
| Quick Ratio | 0.38 | 0.38 | 0.30 | 0.26 | 0.26 | 0.23 | 0.25 | 0.25 | 1.67 | 1.73 | 2.39 |
| Cash Ratio | -0.09 | -0.09 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.10 | 1.02 | 1.02 | 1.20 |
| Asset Turnover | — | 0.59 | 0.54 | 0.52 | 0.49 | 0.44 | 0.37 | 0.33 | 1.51 | 1.39 | 1.36 |
| Inventory Turnover | — | — | 14.54 | 12.77 | 8.79 | 10.16 | 22.83 | 11.61 | 25.41 | 21.76 | 22.49 |
| Days Sales Outstanding | — | 17.37 | 14.84 | 16.21 | 16.55 | 16.39 | 24.19 | 18.40 | 18.67 | 19.85 | 19.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 1.6% | 1.4% | 0.9% | 1.4% | 1.5% | — | — | — | — | — |
| Payout Ratio | — | — | 765.5% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.2% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 1.6% | 0.7% | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.3% | 0.1% | 0.2% | 4.4% | — | — | — | — | — |
| Total Shareholder Yield | 2.6% | 1.8% | 1.7% | 1.0% | 1.6% | 5.9% | — | — | — | — | — |
| Shares Outstanding | — | $171M | $172M | $168M | $167M | $167M | $165M | $160M | $117M | $120M | $124M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying DNUT stock.
Krispy Kreme, Inc.'s current P/E ratio is -1.0x. This places it at the 50th percentile of its historical range.
Krispy Kreme, Inc.'s current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
Krispy Kreme, Inc.'s return on equity (ROE) is -56.0%. The historical average is 3.0%.
Based on historical data, Krispy Kreme, Inc. is trading at a P/E of -1.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Krispy Kreme, Inc.'s current dividend yield is 2.31%.
Krispy Kreme, Inc. has 14.1% gross margin and -2.2% operating margin.
Krispy Kreme, Inc.'s Debt/EBITDA ratio is 13.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent operating losses and liquidity crisis
Metrics are mathematically derived from official filings.
Valuation Disconnect from Negative Earnings
Krispy Kreme's negative trailing P/E of -1.14 renders it meaningless, while its EV/EBITDA of 19.90 appears elevated relative to peers like Wendy's (10.77) and Portillo's (12.33), suggesting the market may be pricing in a recovery that is not yet evident in the financials.
The company's valuation multiples are distorted by its persistent operating losses, making traditional P/E analysis inapplicable. The EV/EBITDA multiple, while positive, is significantly higher than most profitable peers, which may indicate that the market is either overestimating future EBITDA recovery or underestimating the company's ongoing cash burn. The low P/B of 0.87 suggests the market values the company below its book value, reflecting deep skepticism about the quality of its asset base, particularly the $669.7M in goodwill and intangibles.
Volatile Margins Mask Structural Weakness
Gross margins swing wildly from 15.9% to 76.3% quarter-to-quarter, a pattern that appears driven by significant non-recurring items, while the operating margin has been negative in eight of the last ten quarters, indicating a core business that is not generating sustainable profits.
The extreme volatility in reported gross margins, as seen in the 2025Q2 figure of 75.6% versus 2026Q1's 15.9%, suggests the presence of large, non-recurring adjustments that obscure the true underlying cost structure. More critically, the persistent negative operating margin, which reached -114.4% in 2025Q2, demonstrates that the company's cost base is not scaling down effectively with its declining revenue, pointing to a fundamental issue with operating leverage. The net margin's volatility, including a 10.4% positive reading in 2024Q3 despite an operating loss, further confirms that non-operational items are heavily distorting the bottom line.
Negative Returns Signal Value Destruction
Return on Invested Capital (ROIC) has been negative in seven of the last ten quarters, reaching -13.9% in 2025Q2, which suggests the company is destroying value with its current capital allocation and operational model rather than compounding returns.
The consistently negative ROIC, which has averaged approximately -1.6% over the last ten quarters, indicates that the capital invested in the business is not generating adequate returns to cover its cost. This trend is driven by the combination of negative operating margins and a significant asset base, including substantial intangible assets. The negative ROE, which plummeted to -47.1% in 2025Q2, further underscores that shareholder equity is being eroded by persistent losses, making the company's capital structure unsustainable without a significant operational turnaround.
Leverage Elevated Amidst Negative Coverage
While the debt-to-equity ratio has improved from 2.10 to 0.76, the interest coverage ratio has been negative in nine of the last ten quarters, indicating that operating earnings are insufficient to service debt, a situation that appears precarious given the company's negative free cash flow.
The reduction in the D/E ratio from its 2025Q4 peak of 2.10 to 0.76 in 2026Q2 reflects debt paydown, but this improvement is largely a function of a shrinking equity base rather than a strengthening business. The more critical metric is the interest coverage ratio, which has been negative for most of the period, meaning the company's operating losses are not covering its interest expenses. This dynamic suggests that the company is reliant on external financing or asset sales to meet its debt obligations, which is not a sustainable long-term strategy.
Critically Thin Liquidity Buffer
The current ratio of 0.36 and quick ratio of 0.29 in 2026Q2 indicate a severe liquidity shortfall, with current liabilities far exceeding current assets, a position that appears highly vulnerable to any disruption in operational cash flows or creditor confidence.
Krispy Kreme's liquidity position is dangerously thin, with current assets covering only about a third of its current liabilities. The minimal cash balance of $21.8M provides almost no buffer against operational shocks. This precarious position is exacerbated by the company's negative free cash flow, which means it is not generating the cash needed to improve its liquidity profile organically. The company's ability to meet its short-term obligations appears to be heavily dependent on the continuous rollover of payables, as evidenced by the high DPO of 148 days in 2026Q2, which may not be sustainable.
The Misleading Nature of EV/EBITDA
The EV/EBITDA multiple is the ratio most commonly misapplied to Krispy Kreme's business model, as it obscures the company's severe cash burn and negative free cash flow by focusing on a non-cash earnings metric that does not reflect its true economic cost structure.
For a company with persistent operating losses and negative free cash flow, EV/EBITDA can be a misleading valuation tool because it adds back depreciation and amortization, which are real economic costs for a capital-intensive restaurant business. In Krispy Kreme's case, this multiple ignores the significant capital expenditures required to maintain its asset base and the working capital needs that are consuming cash. A more appropriate metric for assessing the company's valuation would be a price-to-sales ratio, which at 0.39 reflects the market's deep discount on its revenue stream, or a discounted cash flow analysis that explicitly models the path to positive free cash flow.