Detailed financial statements for BRC Inc. (BRCC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BRC Inc., operating through its subsidiaries, focuses on sourcing, roasting, and distributing coffee, along with coffee accessories and branded apparel. The company also extends its activities to media production, including podcasts and both digital and print journals, and offers various coffee brewing equipment as well as outdoor and lifestyle gear. A core mission of BRC Inc. is to support active military members, veterans, and first responders.
Analysis Summary
BRC Inc. reported revenue of $398.3M in the most recent fiscal year, growing at a 5-year CAGR of 19.4%.
Trailing-twelve-month margins: gross margin 33.9%, operating margin -1.0%, net margin -0.9%.
At the current price of $9.85, BRCC has negative trailing earnings (P/E not meaningful) and an ROE of -8.09%. Market capitalisation stands at $313M.
Balance sheet quality for BRCC: current ratio of 1.3, net debt of $57.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $82.1M | $163.9M | $233.1M | $301.3M | $395.6M | $391.5M | $398.3M |
| Cost of Revenue | $46.4M | $94.5M | $143.4M | $202.1M | $270.2M | $230.3M | $260.3M |
| Gross Profit | $35.7M | $69.4M | $89.7M | $99.2M | $125.4M | $161.2M | $137.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $35.8M | $63.6M | $101.3M | $166.9M | $173.5M | $148.9M | $93.9M |
| Operating Expenses | $35.8M | $63.6M | $101.3M | $166.9M | $175.7M | $157.3M | $162.5M |
| Operating Income | -$116000 | $5.8M | -$11.6M | -$67.8M | -$50.2M | $3.8M | -$24.6M |
| EBITDA | $908000 | $7.0M | -$9.5M | -$332.4M | -$42.9M | $13.9M | -$12.4M |
| Interest Expense | $733000 | $1.0M | $2.0M | $1.6M | $6.3M | $11.3M | $7.5M |
| Pre-tax Income | -$758000 | $4.5M | -$13.7M | -$337.7M | -$56.5M | -$7.5M | -$32.1M |
| Income Tax | $14000 | $185000 | $178000 | $367000 | $185000 | $172000 | $132000 |
| Net Income | -$772000 | $4.3M | -$13.8M | -$82.9M | -$16.7M | -$3.0M | -$11.9M |
| EPS | $-0.17 | $0.30 | $-0.98 | $-66.00 | $-2.70 | $-0.41 | $-1.30 |
| EPS (Diluted) | $-0.17 | $0.30 | $-0.98 | $-66.00 | $-2.70 | $-0.41 | $-1.30 |
| Shares Outstanding (Diluted) | $4.4M | $14.2M | $14.2M | $5.1M | $6.1M | $7.1M | $9.5M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.0M | $35.2M | $18.3M | $39.0M | $12.4M | $6.8M | $4.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $868000 | $3.6M | $7.4M | $22.3M | $25.2M | $33.6M | $35.1M |
| Inventory | $5.1M | $16.0M | $20.9M | $77.2M | $56.5M | $42.6M | $49.7M |
| Total Current Assets | $12.2M | $57.1M | $53.0M | $145.3M | $107.7M | $95.5M | $100.3M |
| Property, Plant & Equipment | $6.1M | $14.7M | $31.1M | $79.5M | $104.5M | $85.9M | $64.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $217000 | $191000 | $167000 | $225000 | $418000 | $359000 | $300000 |
| Total Assets | $18.7M | $72.5M | $87.1M | $225.3M | $235.8M | $227.4M | $209.2M |
| Accounts Payable | $4.5M | $11.5M | $17.4M | $12.4M | $33.6M | $38.8M | $34.7M |
| Short-term Debt | $2.2M | $866000 | $12.0M | $2.1M | $2.3M | $2.0M | $2.4M |
| Total Current Liabilities | $18.3M | $33.5M | $59.0M | $62.2M | $84.1M | $75.2M | $76.1M |
| Long-term Debt | $565000 | $12.2M | $22.7M | $47.0M | $68.7M | $63.0M | $32.3M |
| Total Liabilities | $20.0M | $175.4M | $236.6M | $129.4M | $189.3M | $177.9M | $141.2M |
| Retained Earnings | -$10.5M | -$6.2M | -$20.0M | -$103.7M | -$120.5M | -$123.4M | -$135.3M |
| Total Equity | -$1.2M | -$102.9M | -$149.5M | $25.8M | $13.3M | $13.2M | $45.7M |
| Total Debt | $4.3M | $14.2M | $35.0M | $70.3M | $109.2M | $96.7M | $62.0M |
| Net Debt | -$778000 | -$21.0M | $16.7M | $31.3M | $96.8M | $89.9M | $57.7M |
| Working Capital | -$6.1M | $23.5M | -$6.0M | $83.1M | $23.6M | $20.3M | $24.2M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$772000 | $4.3M | -$13.8M | -$338.0M | -$16.7M | -$7.6M | -$32.2M |
| Depreciation & Amortization | $933000 | $1.4M | $2.9M | $4.4M | $7.3M | $10.1M | $12.2M |
| Stock-based Compensation | $143000 | $1.9M | $3.2M | $6.1M | $7.0M | $10.6M | $10.3M |
| Change in Working Capital | $3.5M | $2.2M | -$2.5M | -$58.4M | $11.9M | -$14.7M | -$9.0M |
| Operating Cash Flow | $4.1M | $11.5M | -$7.7M | -$116.2M | -$25.0M | $11.3M | -$9.8M |
| Capital Expenditure | -$1.0M | -$9.8M | -$19.3M | -$30.4M | -$27.2M | -$8.7M | -$3.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $5.1M |
| Stock Repurchased | 0 | 0 | 0 | -$20.1M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -$7.0M | -$127.9M | 0 | 0 | 0 |
| Free Cash Flow | $3.1M | $1.8M | -$27.0M | -$146.6M | -$52.2M | $2.6M | -$13.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +99.6% | +42.2% | +29.3% | +31.3% | -1.0% | +1.7% | |
| Net Income Growth (YoY) | +659.7% | -420.4% | -498.8% | +79.8% | +82.4% | -303.6% | |
| EPS Growth (YoY) | +273.7% | -421.1% | -6662.3% | +95.9% | +84.6% | -213.3% | |
| Shares Change (YoY) | +222.4% | +0.0% | -63.9% | +18.9% | +16.7% | +33.9% | |
| FCF Growth (YoY) | -42.4% | -1610.5% | -443.4% | +64.4% | +105.1% | -609.8% | |
| Gross Margin | 43.5% | 42.3% | 38.5% | 32.9% | 31.7% | 41.2% | 34.6% |
| Operating Margin | -0.1% | 3.5% | -5.0% | -22.5% | -12.7% | 1.0% | -6.2% |
| EBITDA Margin | 1.1% | 4.3% | -4.1% | -110.3% | -10.9% | 3.6% | -3.1% |
| Net Margin | -0.9% | 2.6% | -5.9% | -27.5% | -4.2% | -0.8% | -3.0% |
| FCF Margin | 3.8% | 1.1% | -11.6% | -48.7% | -13.2% | 0.7% | -3.4% |
| Effective Tax Rate | -1.8% | 4.1% | -1.3% | -0.1% | -0.3% | -2.3% | -0.4% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.70 | $0.13 | $-1.90 | $-28.61 | $-8.56 | $0.37 | $-1.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.49 | $24.95 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.4M | $14.2M | $14.2M | $5.1M | $6.1M | $7.1M | $9.5M |
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 | -8.09% |
| Return on Invested Capital | -3.00% |
| Return on Assets | -1.85% |
| Gross Margin | 33.95% |
| Operating Margin | -0.96% |
| Net Margin | -0.89% |
Financial Health
| Debt / Equity | 1.19 |
| Current Ratio | 1.42 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -561.71 | 323.36 | -104.00 | -0.93 | -13.44 | -76.39 | -8.54 |
| P/B | -346.37 | -13.56 | -9.63 | 12.14 | 16.67 | 17.11 | 2.31 |
| P/S | 5.27 | 8.51 | 6.18 | 1.04 | 0.56 | 0.58 | 0.27 |
| Gross Margin | 43.5% | 42.3% | 38.5% | 32.9% | 31.7% | 41.2% | 34.6% |
| Operating Margin | -0.1% | 3.5% | -5.0% | -22.5% | -12.7% | 1.0% | -6.2% |
| Net Margin | -0.9% | 2.6% | -5.9% | -27.5% | -4.2% | -0.8% | -3.0% |
Related companies: ABVE · AFRI · ALCO · BGS · CHSCL · LWAY · NATR
Explore sector: Consumer Defensive · Packaged Foods
More sections of BRCC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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