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BellRing Brands Inc.

BRBR Consumer Defensive Packaged Foods

BellRing Brands Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 16.1% from fiscal 2024.

Revenue
+4.18%
EPS
+70.6%
Free cash flow
+100.5%
Total debt
+12.5%

Quarter to June 2026, against a year earlier

9.83 0.39 −3.82%
Market cap
$1.1B
P/E
6.9×
Fwd P/E
7.8×
Dividend yield
—
F-score
4/9
Altman Z
6.59
Beneish M
−2.67
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 1 — — — 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 2.01%

Capital & Financial Ratios $m

Size
Market Cap 1,140.00
Revenue ttm 2,354.60
Net income ttm 171.40
Free cash flow ttm 225.00
Net debt Q 1,084.30
Valuation
P/E 6.87
Forward P/E 7.79
Price / sales 0.49
Forward P/S Powerpack
Price / FCF 5.09
Price / book 0.00
Financial health
Current ratio Q 2.25 (at or above 1.5: strong)
Debt / equity Q (2.43) (negative: negative equity)
Interest coverage Q 3.29
Growth
Revenue growth Q +4.18% (above 0%: growing)
Operating income growth Q +45.98% (above 0%: growing)
EPS, this year −51.91% (below 0%: weak)
EPS, next year A +25.27% (at or above 15%: strong)
Revenue, next year A +2.05%
EPS, past 5 yrs +22.87% (at or above 15%: strong)
EPS, next 5 yrs A −11.74% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.9×; over the ten years it ranged from 0.0× in 2019 to 5.5× in 2024.
P/E against its own 10 years 6.20%
10-year low 10-year high
P/S against its own 10 years 4.01%
10-year low 10-year high
EV/Sales against its own 10 years 3.43%
10-year low 10-year high
EV/FCF against its own 10 years 16.61%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 48 71 89 51
Receivables 168 220 223 216
Inventory 194 286 330 481
Other — — — —
424 593 666 780
2023 2024 2025 Q'26
Payables 89 121 120 168
ST’ Debt — — — —
Other 61 83 163 178
150 204 283 346

Compound Annual Growth %

10y 5y 3y
Sales — 18.57% 19.09%
Cash Flow — 21.80% 131.52%
Earnings — 55.87% 37.98%
Book Value — 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.37 Actual 0.30

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.54 0.51 Miss by 0.03
Q1 FY26 0.31 0.37 Beat by 0.06
Q2 FY26 0.31 0.14 Miss by 0.17
Q3 FY26 0.37 0.30 Miss by 0.07
Q4 FY26 0.21 — Reports 18 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.36 0.29 0.29 — —
’25 0.59 0.45 0.16 0.48 1.68
’24 0.33 0.43 0.56 0.55 1.86
’23 0.33 0.23 0.33 0.35 1.23
’22 0.21 0.02 0.29 0.25 0.88
’21 0.20 0.02 0.24 0.25 0.70
’20 0.15 0.11 0.08 0.26 0.60
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 537 599 570 — —
’25 533 588 548 648 2,317
’24 430 495 515 556 1,996
’23 363 386 446 473 1,667
’22 307 315 371 379 1,372
’21 282 282 343 340 1,247
’20 244 258 204 283 988
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (3) (11) 79 — —
’25 3 48 40 169 261
’24 74 16 69 40 200
’23 36 (16) 110 85 216
’22 (9) 27 (6) 10 21
’21 23 51 72 80 226
’20 (25) 20 32 70 97
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (7) (13) 77 — —
’25 2 48 39 168 256
’24 74 16 69 39 198
’23 36 (16) 110 84 214
’22 (10) 26 (6) 9 19
’21 23 50 72 79 225
’20 (26) 19 32 69 95
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 575 713 828 854 988 1,247 1,372 1,667 1,996 2,317 2,355 +16.8% 2,364 2,381 2,475 +2.2%
Gross margin, % 27.21 31.28 33.56 36.49 34.20 30.97 30.75 31.81 35.43 33.26 28.59 +6.1 pt
EBT 32 66 120 163 109 123 146 220 329 289 233 +27.8%
EBT margin, % 5.52 9.26 14.48 19.02 11.06 9.88 10.62 13.22 16.50 12.48 9.90 +7.0 pt
Net income 20 0 96 123 100 114 116 166 247 216 171 +30.4%
Per share, $
Per share, $ Revenue 14.58 18.28 0.00 0.00 25.08 31.57 14.67 12.53 15.32 18.26 20.23 +2.5%
Earnings 0.50 0.89 2.44 0.00 0.60 0.70 0.88 1.24 1.89 1.70 1.43 +14.6%
Cash flow 1.03 2.06 0.00 0.00 2.47 5.72 0.22 1.62 1.53 2.05 2.01 +7.9%
Capex 0.00 0.00 0.00 0.00 (0.05) (0.04) (0.02) (0.01) (0.01) (0.04) (0.08) n/m
Free cash flow 1.03 2.06 0.00 0.00 2.41 5.68 0.21 1.61 1.52 2.02 1.93 +7.7%
Book value 0.00 12.42 0.00 0.00 (55.40) (77.54) (4.02) (2.43) (1.58) (3.58) (4.01) n/m
Shares, m 39 39 0 0 39 40 94 133 130 127 120 +13.9%
Valuation, ×
Valuation, × P/E 2.37 2.37 2.37 2.37 35.15 43.31 26.77 33.06 31.96 21.26 6.87 20.1
P/S 0.00 0.00 0.00 0.00 0.83 0.97 1.41 3.27 3.96 1.99 0.49 1.2
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales (0.01) (0.01) (0.01) (0.01) 1.47 1.33 2.08 3.78 4.36 2.44 0.96 1.5
EV/FCF (0.06) (0.06) (0.06) (0.06) 15.30 7.42 148.74 29.44 44.03 22.05 10.06 26.7
Cash, $m
Cash, $m Operating cash flow 41 80 141 98 97 226 21 216 200 261 234 +22.9%
Capex (4) (4) (5) (3) (2) (2) (2) (2) (2) (5) (9) +0.7%
Free cash flow 41 80 136 95 95 225 19 214 198 256 225 +22.6%
Balance, $m
Balance, $m Working capital — 89 69 127 137 137 278 274 389 383 434 +20.0%
Net debt — (8) (11) (5) 638 445 894 808 762 995 1,084 n/m
Shareholders’ equity — 484 — 486 (2,183) (3,063) (376) (323) (206) (454) (467) n/m
Returns, %
Returns, % ROA 0.00 6.12 0.00 0.00 3.77 4.09 11.73 23.66 32.25 24.32 16.76 +24.3 pt
ROIC — 0.00 0.00 21.12 0.00 0.00 25.65 37.03 43.57 41.27 31.61 +41.3 pt
ROE 0.00 7.48 0.00 0.00 (2.77) (1.05) (4.79) (47.31) (93.12) (65.54) (44.11) (65.5) pt
People
People Employees — — 380 400 390 355 380 420 485 530 — +4.9%
Revenue/emp, $m 0.00 0.00 2.18 2.14 2.53 3.51 3.61 3.97 4.12 4.37 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

BellRing Brands Inc. vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UTZ Utz Brands, Inc. $2.1B — (loss-making) 21.0× +1.39% (above 0%: growing) n/m +93.40% (above 0%: growing) 25.87% (1.48%) Compare
JJSF J & J Snack Foods Corp. $1.7B 34.7× 25.9× −6.24% (below 0%: shrinking) −16.74% (below 0%: shrinking) +4.83% (above 0%: growing) 35.45% 10.86% Compare
NOMD Nomad Foods Limited $1.7B 11.8× 9.1× −0.76% (below 0%: shrinking) −2.38% (below 0%: shrinking) +24.23% (above 0%: growing) 28.91% 12.24% Compare
HLF Herbalife Ltd $1.6B 8.7× 8.5× +6.01% (above 0%: growing) +29.36% (above 0%: growing) +12.54% (above 0%: growing) 77.33% 10.26% Compare
FLO Flowers Foods, Inc. $1.5B 27.1× 10.1× −4.02% (below 0%: shrinking) −32.14% (below 0%: shrinking) +9.81% (above 0%: growing) 48.45% 5.71% Compare
BRBR BellRing Brands Inc. $1.1B 6.9× 7.8× +4.18% (above 0%: growing) +70.59% (above 0%: growing) +100.52% (above 0%: growing) 28.63% 11.47%
SMPL The Simply Good Foods Company $1.1B — (loss-making) — (loss-making) −9.68% (below 0%: shrinking) n/m +143.59% (above 0%: growing) 34.00% 13.77% Compare
WEST Westrock Coffee Company $1.0B — (loss-making) — (loss-making) −15.39% (below 0%: shrinking) n/m +102.49% (above 0%: growing) 13.82% 1.08% Compare
SENEA Seneca Foods Corp. $978.7M 8.3× 11.6× +7.08% (above 0%: growing) −0.46% (below 0%: shrinking) −307.08% (below 0%: shrinking) 12.50% 7.64% Compare
Median of peers $1.5B 11.8× 10.9× −2.39% −2.38% +18.39% 31.46% 8.95%

All 68 Packaged Foods stocks →

Pay and ownership Proxy statement filed 16 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.56m (10.32m) 195.42
2024 9.90m 29.64m 326.44
2023 4.32m 17.99m 221.66
2022 5.05m 2.71m 110.80
2021 3.57m 6.06m 148.26

Ownership

Directors and executive officers, together 1.50%
Vanguard Group, Inc. P.O. Box 11.10%
BlackRock, Inc. 9.60%
Wasatch Advisors LP 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/BRBR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com