Stocks BRBR Financial statements
Financial statementsBELLRING BRANDS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data BELLRING BRANDS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 828 | 854 | 988 | 1,247 | 1,372 | 1,667 | 1,996 | 2,317 |
| Cost of revenue | 550 | 543 | 650 | 861 | 950 | 1,137 | 1,289 | 1,546 |
| Gross profit | 278 | 312 | 338 | 386 | 422 | 530 | 707 | 770 |
| Research and development | 8.1 | 7.6 | 9.4 | 11.2 | 11.4 | 12 | 14.3 | 16 |
| Selling, general and administrative | 135 | 127 | 152 | 167 | 190 | 216 | 285 | 396 |
| Selling and marketing | 33.2 | 19.9 | 33 | 39.1 | 22.6 | 40.9 | 61.3 | 75.2 |
| Operating income | 120 | 163 | 164 | 168 | 212 | 287 | 388 | 357 |
| Interest expense | 0 | 0 | 54.7 | 43.2 | 49.2 | 66.9 | 58.3 | 68.4 |
| Pre-tax income | 120 | 163 | 109 | 123 | 146 | 220 | 329 | 289 |
| Income tax | 23.7 | 39.4 | 9.2 | 8.8 | 29.6 | 54.9 | 82.9 | 72.8 |
| Net income to minority interests | 96.1 | 123 | 76.6 | 86.8 | 33.7 | 0 | 0 | |
| Net income | 0 | 0 | 23.5 | 27.6 | 82.3 | 166 | 247 | 216 |
| EBITDA | 146 | 188 | 189 | 222 | 234 | 316 | 424 | 376 |
| EPS, basic | 0.00 | 0.00 | 0.60 | 0.70 | 0.88 | 1.24 | 1.89 | 1.70 |
| EPS, diluted | 0.00 | 0.00 | 0.60 | 0.70 | 0.88 | 1.23 | 1.86 | 1.68 |
| Shares, basic (weighted) | 0 | 0 | 39.4 | 39.5 | 93.5 | 133 | 130 | 127 |
| Shares, diluted (weighted) | 0 | 0 | 39.5 | 39.7 | 93.8 | 134 | 132 | 129 |
Balance sheet
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 10.9 | 5.5 | 48.7 | 153 | 35.8 | 48.4 | 70.8 | 71.8 |
| Receivables | 68.4 | 83.1 | 104 | 173 | 168 | 220 | 223 | |
| Inventory | 138 | 151 | 118 | 200 | 194 | 286 | 330 | |
| Other current assets | 7.4 | 7.9 | 13.7 | 12.4 | 13.3 | 15.1 | 22.6 | |
| Total current assets | 220 | 290 | 388 | 421 | 424 | 593 | 666 | |
| Property, plant and equipment | 11.7 | 10.2 | 8.9 | 8 | 8.5 | 9.2 | 19 | |
| Lease right-of-use assets | 11.9 | 9.7 | 7.5 | 7.4 | 5.8 | 26.2 | ||
| Goodwill | 65.9 | 65.9 | 65.9 | 65.9 | 65.9 | 65.9 | 65.9 | |
| Intangible assets | 297 | 274 | 223 | 203 | 177 | 142 | 125 | |
| Other non-current assets | 0.9 | 12.9 | 10.5 | 8.7 | 12 | 14.5 | 33.2 | |
| Total assets | 595 | 654 | 697 | 707 | 692 | 837 | 941 | |
| Accounts payable | 61.7 | 56.7 | 91.9 | 93.8 | 89 | 121 | 120 | |
| Short-term debt | 0 | 63.8 | 116 | 0 | ||||
| Total current liabilities | 92.7 | 153 | 251 | 144 | 150 | 204 | 283 | |
| Long-term debt | 0 | 623 | 481 | 930 | 857 | 833 | 1,084 | |
| Lease liabilities | 11 | 8.6 | 6.6 | 6.1 | 4.3 | 26.9 | ||
| Other non-current liabilities | 1.3 | 29.8 | 21.9 | 8.2 | 7.7 | 5.7 | 27.4 | |
| Total liabilities | 108 | 815 | 762 | 1,083 | 1,015 | 1,043 | 1,395 | |
| Total debt | 0 | 623 | 481 | 930 | 857 | 833 | 1,084 | |
| Paid-in capital | 0 | 0 | 0 | 7 | 19.3 | 37.3 | 48.7 | |
| Retained earnings | 0 | -2,179 | -3,060 | -356 | -190 | 56.4 | 273 | |
| Treasury stock | 0 | -24.7 | -151 | -299 | -776 | |||
| Other comprehensive income | -2.6 | -4 | -3.5 | -4.3 | -3.1 | -2 | -1 | |
| Shareholders' equity | 452 | 486 | -2,183 | -3,063 | -376 | -324 | -206 | -454 |
| Total equity | 452 | 486 | -2,183 | -3,063 | -376 | -324 | -206 | -454 |
| Total liabilities and equity | 595 | 654 | 697 | 707 | 692 | 837 | 941 | |
| Shares outstanding | 39.5 |
Cash flow statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 96.1 | 123 | 100 | 114 | 116 | 166 | 247 | 216 |
| Depreciation and amortization | 25.9 | 25.3 | 25.3 | 53.7 | 21.3 | 28.3 | 36.5 | 18.6 |
| Stock-based compensation | 0 | 0 | 2.5 | 4.6 | 9.8 | 14.2 | 21 | 22.1 |
| Deferred income tax | -8.6 | 0.5 | -3.3 | -1.5 | -4 | -6 | -8.7 | -20.4 |
| Change in receivables | -24.3 | 18.5 | -14.2 | -21 | -70.7 | 5.5 | -51.6 | -1.3 |
| Change in inventory | 24.1 | -77.2 | -11.5 | 32.4 | -83.9 | 6.4 | -90.9 | -43.1 |
| Change in payables | 17.4 | -1.9 | -12.1 | 42.1 | 10.3 | 3.1 | 49.2 | 69.6 |
| Cash from operations | 141 | 98.3 | 97.2 | 226 | 21 | 216 | 200 | 261 |
| Capital expenditures | -5 | -3.2 | -2.1 | -1.6 | -1.8 | -1.8 | -1.8 | -4.7 |
| Cash from investing | -5 | -3.2 | -2.1 | -1.6 | -1.8 | -1.8 | -1.8 | -4.7 |
| Debt issued | 0 | 0 | 881 | 20 | 164 | 115 | 0 | 700 |
| Debt repaid | 0 | 0 | -1,416 | -114 | -675 | -189 | -25 | -450 |
| Stock issued | 0 | 0 | 524 | 0 | 0 | |||
| Share buybacks | 0 | 0 | -42.8 | -126 | -147 | -475 | ||
| Cash from financing | -133 | -100 | -52.6 | -121 | -135 | -202 | -175 | -238 |
| Exchange rate effect | -0.1 | -0.3 | 0.7 | 0.3 | -1 | 0.5 | 0 | 0.4 |
| Net change in cash | 3.1 | -5.4 | 43.2 | 104 | -117 | 12.6 | 22.7 | 18 |
| Free cash flow | 136 | 95.1 | 95.1 | 225 | 19.2 | 214 | 198 | 256 |
| Interest paid | 0 | 0 | 48.8 | 35.7 | 45 | 66.6 | 59.6 | 68.3 |
| Income taxes paid | 1 | 0.3 | 10.1 | 12 | 34.6 | 60.9 | 93.2 | 89.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 28.6% | Gross profit / revenue. |
| Operating margin | 13.3% | Operating income / revenue. |
| EBITDA margin | 14.1% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 9.9% | Pre-tax income / revenue. |
| Net margin | 7.3% | Net income / revenue. |
| FCF margin | 9.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 9.9% | Cash from operations / revenue. |
| Effective tax rate | 26.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 16.3% | Net income / average total assets. |
| Return on invested capital (ROIC) | 37.2% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 14.6% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.4% | Capital expenditures / revenue. |
| D&A / revenue | 0.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 16.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 19.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 18.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 8.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 22.2% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 17.9% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -7.8% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 18.9% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 16.9% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -11.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 17.2% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 14.7% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -12.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 38.0% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 55.9% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -9.7% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 24.1% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 22.9% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 30.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 131.5% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 21.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 29.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 137.1% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 21.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 12.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 10.0% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 7.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -2.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 11.1% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 26.6% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.25x | Current assets / current liabilities. |
| Quick ratio | 0.77x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.15x | (Cash + short-term investments) / current liabilities. |
| Debt / assets | 107.9% | Total debt / total assets. |
| Liabilities / assets | 144.4% | Total liabilities / total assets. |
| Net debt | $1.08B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 3.27x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $433.7M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 16.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$645.3M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 2.24x | Revenue / average total assets. |
| Fixed asset turnover | 77.2x | Revenue / average property, plant and equipment. |
| Inventory turnover | 3.50x | Cost of revenue / average inventory. |
| Days inventory | 104 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 10.9x | Revenue / average receivables. |
| Days sales outstanding | 34 days | 365 x average receivables / revenue. |
| Days payables | 36 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 101 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 131.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 3.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.47 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $20.19 | Revenue / diluted weighted shares. |
| FCF per share | $1.93 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.01 | Cash from operations / diluted weighted shares. |
| Book value per share | -$4.01 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$5.53 | Tangible book value / shares outstanding. |
| Cash per share | $0.43 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $919.8M | Share price x shares outstanding. |
| Enterprise value | $2.00B | Market cap + total debt - cash - short-term investments. |
| P/E | 5.37x | Market cap / net income. Only when net income is positive. |
| P/S | 0.39x | Market cap / revenue. |
| P/FCF | 4.09x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 3.93x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.85x | Enterprise value / revenue. |
| EV/EBIT | 6.42x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 6.04x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 8.91x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 24.5% | Free cash flow / market cap. |
| Earnings yield | 18.6% | Net income / market cap (the inverse of P/E). |
| PEG | 0.22x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was BELLRING BRANDS, INC.'s revenue in fiscal 2025?
BELLRING BRANDS, INC. reported revenue of $2.32B for fiscal 2025, 16.1% higher than the year before.
Was BELLRING BRANDS, INC. profitable in fiscal 2025?
Yes. Net income was $216.2M, a net margin of 9.3%.
How much free cash flow did BELLRING BRANDS, INC. generate in fiscal 2025?
Cash from operations of $260.6M minus capital expenditures of $4.7M left free cash flow of $255.9M.