# BellRing Brands, Inc. (BRBR)

> Source: Nexqual · https://nexqual.com/BRBR · data as of 2026-10-23 13:32 UTC · cite as "Nexqual, BellRing Brands, Inc. (BRBR), nexqual.com/BRBR" · informational, not investment advice.

**Price:** USD 9.66 (-0.72% today) · US market open, as of October 23, 2026 at 13:32 UTC; quotes may be delayed. Prev close 9.73 · day 9.64–9.71 · 52w 7.33–33.56 · market cap $1.12B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.35B, net income $171M (7.3% margin), free cash flow $225M (SEC filings).
- Valuation: P/E 6.5x (avg 29.2x at the last 3 fiscal year-ends), EV/EBITDA 6.7x, net debt $1.08B.
- 1 of 80 tracked superinvestors hold BRBR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $57K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (15 analysts), mean target USD 13.58 (range 9–20).
- Total return with dividends: 1Y -71.1% vs S&P 500 +14.9%; 5Y -64.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 0.23, revenue estimate $655M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.25B | $1.37B | $1.67B | $2.00B | $2.32B | $2.35B |
| Gross profit | $386M | $422M | $530M | $707M | $770M | — |
| Operating income | $168M | $212M | $287M | $388M | $357M | $312M |
| Net income | $27.6M | $82.3M | $166M | $247M | $216M | $171M |
| EPS (diluted) | $0.70 | $0.88 | $1.23 | $1.86 | $1.68 | — |
| Free cash flow | $225M | $19.2M | $214M | $198M | $256M | $225M |
| Gross margin | 31.0% | 30.8% | 31.8% | 35.4% | 33.3% | — |
| Operating margin | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% | 13.3% |
| Net margin | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% | 7.3% |
| Revenue growth | +26.2% | +10.0% | +21.5% | +19.8% | +16.1% | — |
| Cash + short-term investments | $153M | $35.8M | $48.4M | $70.8M | $71.8M | — |
| Total debt | $598M | $930M | $857M | $833M | $1.08B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.5x · P/S 0.5x · EV/EBITDA 6.7x · EV/Sales 0.9x · P/FCF 5.0x · FCF yield 20.04% · Earnings yield 15.27% · Net debt $1.08B · EV $2.21B
P/E at fiscal year-ends: Sep 2025 21.6x, Sep 2024 32.6x, Sep 2023 33.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BRBR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 0.84% | $68.1M | Added +251.3% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $57K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-08 | Conway Shawn | Director | 2,022 | $20K | 9.89 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Finkelstein David Isaiah | Director | 4,000 | $37K | 9.23 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 15 analysts; mean target USD 13.58 (low 9, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Barclays | Target lowered | Overweight | $14 → $12 |
| 2026-10-13 | TD Cowen | Target lowered | Hold | $12 → $9 |
| 2026-08-05 | TD Cowen | Target raised | Hold | $11 → $12 |
| 2026-08-05 | DA Davidson | Target raised | Buy | $13 → $15 |
| 2026-07-28 | JP Morgan | Target raised | Overweight | $13 → $17 |
| 2026-07-22 | Stifel | Target raised | Buy | $14 → $15 |
| 2026-07-21 | Barclays | Target raised | Overweight | $13 → $14 |
| 2026-07-16 | UBS | Target raised | Neutral | $12 → $13.5 |
| 2026-07-09 | Stephens & Co. | Reiterated | Overweight | $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -71.1% | -64.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -71.1% | -18.5% |
| Volatility (annualized) | 77.3% | 50.9% |
| Max drawdown | -77.8% (Oct 2025→Oct 2026) | -90.6% (Apr 2025→Sep 2026) |

## Peers (Packaged Foods)
INGR (Ingredion Incorporated) USD 97 -0.19% · CPB (The Campbell's Company) USD 21.13 -0.63% · PPC (Pilgrim's Pride Corporation) USD 28.19 +0.36% · CAG (ConAgra Brands, Inc.) USD 15.07 +0.00% · SFD (Smithfield Foods, Inc.) USD 18.77 -0.24% · LW (Lamb Weston Holdings, Inc.) USD 55.2 +0.04%

## More
Full page: https://nexqual.com/BRBR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BRBR's own 10-K filed 2025-11-18 (https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Dymatize Enterprises | "For example, due to (i) better than expected volume growth for our Premier Protein RTD shakes and Dymatize powders in fiscal 2022 and, as to Premier Protein RTD shakes in fiscal 2023, (ii) delays in production and planne…" |
| Customer | Walmart (WMT) | "Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025." |
| Customer | Costco (COST) | "Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025." |
| Customer | Amazon (AMZN) | "Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025." |
| Partner | Post Holdings, Inc. (POST) | "Following our IPO, we continued to receive some of these services pursuant to a master services agreement with Post, and in connection with the Spin-off, we, Post, Old BellRing and BellRing LLC entered into an amended an…" |
| Partner | Old BellRing and BellRing | "Following our IPO, we continued to receive some of these services pursuant to a master services agreement with Post, and in connection with the Spin-off, we, Post, Old BellRing and BellRing LLC entered into an amended an…" |

Other companies that name BRBR in their own reports (relationship from BRBR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Post Holdings, Inc. (POST) | 10-K 2025-11-21 | "Transactions between the Company and BellRing Brands, Inc. ("BellRing") are considered related party transactions as certain of the Company's officers and/or directors serve as officers and/or directo…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Shakes | $443.3M | 77.7% | +1.1% |
| Powders | $108.6M | 19.0% | +17.5% |
| Other | $18.5M | 3.2% | +10.1% |
| Total revenue | $570.4M | 100% | — |

## Customer concentration

Period ended 2025-09-30: 34.3%, 27.5%, 12.2% of revenue from unnamed direct customers (10-K, filed 2025-11-18).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.37 | -37.4% | $655.5M | 14 |
| Next quarter (ends 2026-12-31) | $0.35 | $0.34 | +4.2% | $540.5M | 9 |
| Current fiscal year (ends 2026-09-30) | $1.05 | $1.25 | -16.1% | $2.36B | 14 |
| Next fiscal year (ends 2027-09-30) | $1.32 | $1.35 | -2.5% | $2.38B | 14 |