Primo Brands Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Primo Brands Corp 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

	FY2022	FY2024	FY2024	FY2025
Revenue	4,441	4,699	5,153	6,664
Cost of revenue	3,447	3,347	3,531	4,644
Gross profit	994	1,352	1,622	2,020
Selling, general and administrative	887	924	1,051	1,390
Selling and marketing	227	198	219	206
Operating income	23.3	406	360	430
Interest expense	212	288	340	327
Other non-operating income		0	0	59.7
Pre-tax income	-180	118	20.7	145
Income tax	-53.1	25.1	33.3	64.6
Income from continuing operations	-127	92.8	-12.6	80.4
Net income	-127	92.8	-16.4	60.1
EBITDA	350	712	694	1,041
EPS, basic	-0.74	0.29	-0.07	0.16
EPS, diluted	-0.74	0.29	-0.07	0.16
Shares, basic (weighted)	218	218	242	374
Shares, diluted (weighted)	218	218	242	375
Dividend per share			0.09	0.40

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	106	44.7	614	377
Receivables		398	444	432
Inventory		180	208	224
Other current assets		73.1	150	149
Total current assets		698	1,529	1,218
Property, plant and equipment		1,609	2,084	2,186
Lease right-of-use assets		552	629	539
Goodwill	817	817	3,572	3,582
Intangible assets		1,420	3,192	2,993
Other non-current assets		57	70.1	85.6
Total assets		5,154	11,195	10,603
Accounts payable		357	472	519
Accrued liabilities		321	698	598
Short-term debt		31.9	64.5	73.3
Total current liabilities		783	1,412	1,283
Long-term debt		3,451	4,964	5,085
Lease liabilities		498	556	474
Other non-current liabilities		22.4	49.8	77
Total liabilities		5,151	7,750	7,610
Total debt		3,483	5,042	5,078
Paid-in capital		1,025	4,971	5,017
Retained earnings		-1,014	-1,514	-2,015
Other comprehensive income		-7.5	-17.2	-13.9
Shareholders' equity	135	2.7	3,444	2,993
Total equity	135	2.7	3,444	2,993
Total liabilities and equity		5,154	11,195	10,603
Shares outstanding		1.03	380	364

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	-127	92.8	-16.4	60.1
Depreciation and amortization	326	306	333	610
Stock-based compensation	1.8	1.3	8.7	49.9
Deferred income tax	-59.5	-40.5	-78.1	-46.2
Change in receivables	-188	51.3	83.6	-30.9
Change in inventory	-113	23.1	-0.1	-33.5
Change in payables	212	-228	-23.4
Cash from operations	108	321	464	680
Capital expenditures	-259	-204	-150	-377
Purchases of investments	-1.2	-3	-10	0
Cash from investing	-319	-218	469	-338
Debt issued	0	0	392	0
Stock issued	0	3.3	1.9	10.7
Share buybacks	0	0	-10.4	-422
Dividends paid	0	0	-35.7	-151
Cash from financing	-148	-162	-363	-632
Net change in cash	-359	-58.8	574	-244
Free cash flow	-150	117	314	303
Interest paid	198	274	320	303
Income taxes paid	13.9	65.9	97.1	56.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.2%	Gross profit / revenue.
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	16.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	39.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	3.8%	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	20.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.7%	Capital expenditures / revenue.
D&A / revenue	9.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	24.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	26.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	19.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	164.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	50.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	43.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	46.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	84.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	344.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-13.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	181.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-5.3%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	54.7%	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	19.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.05x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.5%	Total debt / total assets.
Liabilities / assets	72.0%	Total liabilities / total assets.
Net debt	$4.79B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.50x	Operating income / interest expense.
Working capital	$70.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	61.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	3.17x	Revenue / average property, plant and equipment.
Inventory turnover	18.6x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	11.7x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	365.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.27	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	$18.44	Revenue / diluted weighted shares.
FCF per share	$1.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.24	Cash from operations / diluted weighted shares.
Book value per share	$8.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.74	Tangible book value / shares outstanding.
Cash per share	$1.01	(Cash + short-term investments) / shares outstanding.
Payout ratio	162.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	44.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	67.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.07B	Share price x shares outstanding.
Enterprise value	$11.86B	Market cap + total debt - cash - short-term investments.
P/E	70.4x	Market cap / net income. Only when net income is positive.
P/S	1.05x	Market cap / revenue.
P/B	2.37x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.64x	Market cap / cash from operations, when positive.
EV/Sales	1.76x	Enterprise value / revenue.
EV/EBIT	24.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	5.8%	(Dividends paid + share buybacks) / market cap.

What was Primo Brands Corp's revenue in fiscal 2025?

Primo Brands Corp reported revenue of $6.66B for fiscal 2025, 29.3% higher than the year before.

Was Primo Brands Corp profitable in fiscal 2025?

Yes. Net income was $60.1M, a net margin of 0.9%.

How much free cash flow did Primo Brands Corp generate in fiscal 2025?

Cash from operations of $680.3M minus capital expenditures of $377.4M left free cash flow of $302.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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