BRC Inc. (BRCC) vs Enhanced Group Inc. (ENHA)

BRC Inc. and Enhanced Group Inc. are both Packaged Foods companies. Enhanced Group Inc. is the larger, with a market value of $323.3M against $244.5M — 1.3× the size. BRC Inc. has negative trailing earnings, so its P/E is not meaningful; Enhanced Group Inc. trades at 11.0×. Enhanced Group Inc. has the higher net margin (0.00% vs −1.53%) and the higher return on invested capital (0.00% vs −8.45%). Across the 13 metrics below, BRC Inc. leads on 7 and Enhanced Group Inc. on 6.

Valuation

Metric BRCC ENHA Packaged Foods median
P/E n/m 11.04 13.08
P/S 0.26 n/m 0.65
P/B 1.71 31.93 1.54
Price to free cash flow 24.11 n/m 8.79
EV/EBITDA n/m n/m 8.30
EV/Sales 0.32 n/m 0.93
Earnings yield (10.60%) 9.05% 2.17%
Free cash flow yield 4.15% (38.12%) 5.52%

Profitability

Metric BRCC ENHA Packaged Foods median
Gross margin 34.06% — 28.37%
Operating margin (2.78%) 0.00% 2.53%
Net margin (1.53%) 0.00% 0.53%
Free cash flow margin 1.10% 0.00% 2.31%
Return on equity (9.42%) (3,967.74%) 0.00%
Return on assets (3.32%) (241.58%) 0.00%
Return on invested capital (8.45%) 0.00% 0.00%

Growth

Metric BRCC ENHA Packaged Foods median
Revenue growth (TTM) 11.66% — 3.13%
EPS growth (last fiscal year) (225.00%) 3,376.96% 4.57%
Revenue growth, 5-year CAGR 19.43% — 3.81%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric BRCC ENHA Packaged Foods median
Debt to equity 0.47 0.00 0.18
Current ratio 1.59 0.89 1.84
Net debt to EBITDA (2.69) 0.67 0.73

Dividend

Metric BRCC ENHA Packaged Foods median
Dividend yield — — 3.82%
Payout ratio — — 0.61

Size

Metric BRCC ENHA Packaged Foods median
Market cap 244.48m 323.25m 264.57m

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