Detailed financial statements for BellRing Brands, Inc. (BRBR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
BellRing Brands Inc., along with its various subsidiaries, is a provider of diverse nutritional products, serving both the United States and international markets. The company's main offerings are protein-fortified ready-to-drink shakes and powdered protein supplements, which are primarily marketed under its well-known Premier Protein and Dymatize labels.
Analysis Summary
BellRing Brands, Inc. reported revenue of $2.32B in the most recent fiscal year, growing at a 5-year CAGR of 18.6%. Net income reached $216.2M, with a 55.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 28.6%, operating margin 13.3%, net margin 7.3%. Free cash flow grew at 21.9% CAGR over 5 years.
At the current price of $7.43, BRBR trades at a P/E of 5.23 and an ROE of -35.53%. Market capitalisation stands at $864M.
Balance sheet quality for BRBR: current ratio of 2.4, net debt of $1.02B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $255.9M represents 118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $574.7M | $713.2M | $827.5M | $854.4M | $988.3M | $1.25B | $1.37B | $1.67B | $2.00B | $2.32B |
| Cost of Revenue | $395.5M | $467.4M | $549.8M | $542.6M | $672.5M | $860.9M | $949.7M | $1.14B | $1.29B | $1.55B |
| Gross Profit | $179.2M | $245.8M | $277.7M | $311.8M | $315.8M | $386.2M | $421.8M | $530.2M | $707.3M | $770.4M |
| Research & Development | $6.3M | $7.2M | $8.1M | $7.6M | $9.4M | 0 | 0 | $12.0M | 0 | 0 |
| Selling, General & Admin | $119.8M | $131.0M | $135.1M | $127.1M | $140.5M | $167.1M | $189.7M | $203.6M | $284.6M | $396.0M |
| Operating Expenses | $147.5M | $153.7M | $157.9M | $149.3M | $149.9M | $218.2M | $209.4M | $242.9M | $319.6M | $413.0M |
| Operating Income | $31.7M | $92.1M | $119.8M | $162.5M | $165.9M | $168.0M | $212.4M | $287.3M | $387.7M | $357.4M |
| EBITDA | $56.7M | $117.4M | $145.7M | $194.5M | $189.3M | $220.1M | $216.1M | $315.6M | $424.2M | $376.0M |
| Interest Expense | 0 | 0 | 0 | 0 | $54.7M | $43.2M | $49.2M | $66.9M | $58.3M | $68.4M |
| Pre-tax Income | $31.7M | $65.6M | $119.8M | $162.5M | $109.3M | $123.2M | $145.6M | $220.4M | $329.4M | $289.0M |
| Income Tax | $11.8M | $30.4M | $23.7M | $39.4M | $9.2M | $8.8M | $29.6M | $54.9M | $82.9M | $72.8M |
| Net Income | $19.9M | $35.2M | $96.1M | $123.1M | $23.5M | $27.6M | $82.3M | $165.5M | $246.5M | $216.2M |
| EPS | $0.58 | $1.03 | $2.80 | $3.12 | $2.54 | $2.90 | $0.86 | $1.24 | $1.89 | $1.70 |
| EPS (Diluted) | $0.58 | $1.03 | $2.80 | $3.12 | $2.53 | $2.90 | $1.24 | $1.23 | $1.86 | $1.68 |
| Shares Outstanding (Diluted) | $34.3M | $34.3M | $34.3M | $39.4M | $39.5M | $39.5M | $135.6M | $134.1M | $132.3M | $128.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $648.2M | $537.3M | $598.7M | $570.4M |
| Gross Profit | $187.4M | $160.8M | $161.7M | $163.3M |
| Operating Income | $102.2M | $78.5M | $66.0M | $65.4M |
| EBITDA | $107.0M | $83.4M | $70.9M | $70.6M |
| Net Income | $59.6M | $43.7M | $33.9M | $34.2M |
| EPS | $0.48 | $0.37 | $0.29 | $0.29 |
| EPS (Diluted) | $0.48 | $0.36 | $0.29 | $0.29 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.8M | $10.9M | $5.5M | $48.7M | $152.6M | $35.8M | $48.4M | $71.1M | $89.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $63.0M | $87.2M | $68.4M | $83.1M | $103.9M | $173.3M | $168.2M | $220.4M | $223.4M |
| Inventory | $85.7M | $61.6M | $138.2M | $150.5M | $117.9M | $199.8M | $194.3M | $286.1M | $330.4M |
| Total Current Assets | $165.8M | $163.7M | $219.5M | $290.2M | $388.1M | $421.3M | $424.2M | $592.7M | $665.5M |
| Property, Plant & Equipment | $9.9M | $11.9M | $11.7M | $10.2M | $8.9M | $15.5M | $15.9M | $15.0M | $19.0M |
| 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 | $125.0M |
| Total Assets | $583.2M | $560.4M | $594.5M | $653.5M | $696.5M | $707.2M | $691.6M | $837.0M | $941.0M |
| Accounts Payable | $48.4M | $58.2M | $61.7M | $56.7M | $91.9M | $91.4M | $85.0M | $120.6M | $119.5M |
| Short-term Debt | $1.9M | $1.0M | 0 | $63.8M | $116.3M | $1.9M | 0 | $2.2M | $2.6M |
| Total Current Liabilities | $76.6M | $94.3M | $92.7M | $153.1M | $251.3M | $143.5M | $150.2M | $203.7M | $282.8M |
| Long-term Debt | 0 | 0 | 0 | $622.6M | $481.2M | $929.5M | $856.8M | $833.1M | $1.08B |
| Total Liabilities | $98.8M | $108.7M | $108.1M | $814.5M | $762.0M | $1.08B | $1.02B | $1.04B | $1.39B |
| Retained Earnings | 0 | 0 | 0 | -$2.18B | -$3.06B | -$355.6M | -$190.1M | $56.4M | $272.6M |
| Total Equity | $484.4M | $451.7M | $486.4M | -$2.18B | -$3.06B | -$376.2M | -$323.5M | -$205.9M | -$453.9M |
| Total Debt | $1.9M | $1.0M | $400,000 | $699.6M | $608.4M | $938.0M | $865.0M | $839.6M | $1.11B |
| Net Debt | -$5.9M | -$9.9M | -$5.1M | $650.9M | $455.8M | $902.2M | $816.6M | $768.5M | $1.02B |
| Working Capital | $89.2M | $69.4M | $126.8M | $137.1M | $136.8M | $277.8M | $274.0M | $389.0M | $382.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $89.1M | $64.1M | $33.2M | $50.4M |
| Total Assets | $941.0M | $1.06B | $1.03B | $1.05B |
| Total Liabilities | $1.39B | $1.57B | $1.52B | $1.52B |
| Total Equity | -$453.9M | -$510.7M | -$497.8M | -$467.2M |
| Total Debt | $1.11B | $1.18B | $1.19B | $1.14B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $19.9M | $35.2M | $96.1M | $123.1M | $100.1M | $114.4M | $116.0M | $165.5M | $246.5M | $216.2M |
| Depreciation & Amortization | $25.0M | $25.3M | $25.9M | $25.3M | $25.3M | $53.7M | $21.3M | $28.3M | $36.5M | $18.6M |
| Stock-based Compensation | $25.6M | $30.7M | $1.9M | $3.5M | $2.5M | $4.6M | $9.8M | $14.2M | $21.0M | $22.1M |
| Change in Working Capital | -$15.0M | -$9.4M | $23.2M | -$63.2M | -$33.3M | $50.3M | -$141.1M | $12.4M | -$97.6M | $23.4M |
| Operating Cash Flow | $40.8M | $80.4M | $141.2M | $98.3M | $97.2M | $226.1M | $21.0M | $215.6M | $199.6M | $260.6M |
| Capital Expenditure | -$4.4M | -$3.9M | -$5.0M | -$3.2M | -$2.1M | -$1.6M | -$1.8M | -$1.8M | -$1.8M | -$4.7M |
| Acquisitions | $1.8M | $6.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$42.8M | -$125.5M | -$146.6M | -$474.9M |
| Dividends Paid | 0 | 0 | 0 | -$100.2M | -$32.1M | -$24.6M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $36.4M | $76.5M | $136.2M | $95.1M | $95.1M | $224.5M | $19.2M | $213.8M | $197.8M | $255.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $169.1M | -$3.1M | -$11.2M | $79.3M |
| Capital Expenditure | -$1.0M | -$4.2M | -$1.8M | -$2.1M |
| Free Cash Flow | $168.1M | -$7.3M | -$13.0M | $77.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.2M | $5.4M | $5.8M | $6.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +24.1% | +16.0% | +3.3% | +15.7% | +26.2% | +10.0% | +21.5% | +19.8% | +16.1% | |
| Net Income Growth (YoY) | +76.9% | +173.0% | +28.1% | -80.9% | +17.4% | +198.2% | +101.1% | +48.9% | -12.3% | |
| EPS Growth (YoY) | +77.6% | +171.8% | +11.4% | -18.6% | +14.2% | -70.3% | +44.2% | +52.4% | -10.1% | |
| Shares Change (YoY) | +0.0% | +0.0% | +15.0% | +0.2% | +0.0% | +243.3% | -1.1% | -1.3% | -2.9% | |
| FCF Growth (YoY) | +110.2% | +78.0% | -30.2% | +0.0% | +136.1% | -91.4% | +1,013.5% | -7.5% | +29.4% | |
| Gross Margin | 31.2% | 34.5% | 33.6% | 36.5% | 32.0% | 31.0% | 30.8% | 31.8% | 35.4% | 33.3% |
| Operating Margin | 5.5% | 12.9% | 14.5% | 19.0% | 16.8% | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% |
| EBITDA Margin | 9.9% | 16.5% | 17.6% | 22.8% | 19.2% | 17.6% | 15.8% | 18.9% | 21.3% | 16.2% |
| Net Margin | 3.5% | 4.9% | 11.6% | 14.4% | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% |
| FCF Margin | 6.3% | 10.7% | 16.5% | 11.1% | 9.6% | 18.0% | 1.4% | 12.8% | 9.9% | 11.0% |
| Effective Tax Rate | 37.2% | 46.3% | 19.8% | 24.2% | 8.4% | 7.1% | 20.3% | 24.9% | 25.2% | 25.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.06 | $2.23 | $3.97 | $2.41 | $2.41 | $5.68 | $0.14 | $1.59 | $1.50 | $1.99 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $2.54 | $0.81 | $0.62 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $34.3M | $34.3M | $34.3M | $39.4M | $39.4M | $39.5M | $135.3M | $133.0M | $130.3M | $126.9M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -35.53% |
| Return on Invested Capital | 32.51% |
| Return on Assets | 16.29% |
| Gross Margin | 28.59% |
| Operating Margin | 13.25% |
| Net Margin | 7.28% |
Financial Health
| Debt / Equity | -2.43 |
| Current Ratio | 2.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.45 | 16.02 | 5.89 | 5.29 | 8.17 | 10.60 | 23.97 | 33.25 | 32.13 | 21.38 |
| P/B | 0.00 | 1.17 | 1.25 | 1.34 | -0.37 | -0.40 | -7.41 | -16.95 | -38.43 | -10.16 |
| P/S | 0.98 | 0.79 | 0.68 | 0.76 | 0.83 | 0.97 | 2.03 | 3.29 | 3.96 | 1.99 |
| Gross Margin | 31.2% | 34.5% | 33.6% | 36.5% | 32.0% | 31.0% | 30.8% | 31.8% | 35.4% | 33.3% |
| Operating Margin | 5.5% | 12.9% | 14.5% | 19.0% | 16.8% | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% |
| Net Margin | 3.5% | 4.9% | 11.6% | 14.4% | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% |
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Explore sector: Consumer Defensive · Packaged Foods
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