# Primo Brands Corporation (PRMB)

> Source: Nexqual · https://nexqual.com/PRMB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Primo Brands Corporation (PRMB), nexqual.com/PRMB" · informational, not investment advice.

**Price:** USD 20.14 (+0.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.03 · day 19.88–20.32 · 52w 14.36–26.21 · market cap $7.29B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.74B, net income $100M (1.5% margin), free cash flow $367M (SEC filings).
- Valuation: P/E 72.7x (avg 68.7x at the last 2 fiscal year-ends), EV/EBITDA 11.0x, net debt $4.79B.
- 2 of 80 tracked superinvestors hold PRMB (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $995M; 2 not under a Rule 10b5-1 plan ($995M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $2.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (12 analysts), mean target USD 29.36 (range 21–35).
- Total return with dividends: 1Y -7.6% vs S&P 500 +14.9%; 5Y +43.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.43, revenue estimate $1.82B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $4.44B | $4.70B | $5.15B | $6.66B | $6.74B |
| Gross profit | $994M | $1.35B | $1.62B | $2.02B | — |
| Operating income | $23.3M | $406M | $360M | $430M | $483M |
| Net income | -$127M | $92.8M | -$16.4M | $60.1M | $100M |
| EPS (diluted) | -$0.74 | $0.29 | -$0.07 | $0.16 | — |
| Free cash flow | -$150M | $117M | $314M | $303M | $367M |
| Gross margin | 22.4% | 28.8% | 31.5% | 30.3% | — |
| Operating margin | 0.5% | 8.6% | 7.0% | 6.5% | 7.2% |
| Net margin | -2.9% | 2.0% | -0.3% | 0.9% | 1.5% |
| Revenue growth | — | +5.8% | +9.7% | +29.3% | — |
| Cash + short-term investments | $106M | $44.7M | $614M | $377M | — |
| Total debt | — | $3.48B | $5.04B | $5.16B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 72.7x · P/S 1.1x · EV/EBITDA 11.0x · EV/Sales 1.8x · P/FCF 19.9x · P/B 2.5x · FCF yield 5.03% · Earnings yield 1.38% · Dividend yield (paid, TTM) 2.24% · Buyback yield (TTM) 3.41% · Net debt $4.79B · EV $12.1B
P/E at fiscal year-ends: Dec 2025 102.0x, Dec 2023 35.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PRMB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 1.77% | $69.0M | New position |
| Lee Ainslie | Maverick Capital | 0.04% | $4.1M | Reduced -25.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Orcp Iii De Topco Gp, Llc |  | 20,410,340 | $497M | 17.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Lee Tony W | Director | 20,410,340 | $497M | 17.6% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $2.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-10 | Foss Eric J | Exec. Chair and CEO | 84,000 | $2.0M | 23.8 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 12 analysts; mean target USD 29.36 (low 21, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Barclays | Target lowered | Overweight | $29 → $26 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $28 → $31 |
| 2026-08-07 | Barclays | Target raised | Overweight | $27 → $29 |
| 2026-07-21 | Barclays | Target raised | Overweight | $25 → $27 |
| 2026-07-16 | JP Morgan | Target raised | Overweight | $26 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.6% | +43.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.6% | +7.5% |
| Volatility (annualized) | 51.0% | 38.1% |
| Max drawdown | -36.2% (Nov 2025→Nov 2025) | -58.7% (Mar 2025→Nov 2025) |

## Peers (Beverages - Non-Alcoholic)
CELH (Celsius Holdings, Inc.) USD 28.36 +0.18% · AKO-B (Embotelladora Andina S.A.) USD 30.01 +0.07% · COKE (Coca-Cola Consolidated, Inc.) USD 214.93 +2.50% · FIZZ (National Beverage Corp.) USD 37.07 +6.43% · COCO (The Vita Coco Company, Inc.) USD 59 -7.09% · KDP (Keurig Dr Pepper Inc.) USD 35.19 +2.09%

## More
Full page: https://nexqual.com/PRMB · 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 PRMB's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/2042694/000162828026012779/prmb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Canada | "Our customers include many large national and retail grocery, mass-merchandise, drugstore, wholesale, and convenience store chains across the United States and Canada." |
| Partner | Triton Water Parent | "Subject to the terms and conditions of the Stockholders Agreement dated as of November 7, 2024, by and between the Company and Triton Water Parent Holdings, LP (together with any parties joined thereto, the "Stockholders…" |
| Partner | Equity Holdings and BofA Securities | "On May 8, 2025, we entered into an underwriting agreement with the Sponsor Stockholder, Triton Water Equity Holdings and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as underwriters, in connection with the underwr…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Regional spring water | $911.0M | 50.7% | +4.1% |
| Purified water | $556.1M | 31.0% | +1.9% |
| Other | $183.1M | 10.2% | -1.9% |
| Premium water | $114.2M | 6.4% | +30.5% |
| Other water | $31.8M | 1.8% | -9.7% |
| Total revenue | $1.80B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 21% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-05)

- "Safe Harbor Statements This press release contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management's expectations as to the future based on plans, estimates and projections at the time Primo Brands makes the statements."
- "The forward-looking statements contained in this press release include, but are not limited to, statements regarding future financial and operating trends and results (including Primo Brands' 2026 outlook and resiliency in 2026 and beyond), execution of the Company's strategy and Primo Brands' competitive position."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.43 | -1.5% | $1.82B | 10 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.30 | +5.1% | $1.60B | 10 |
| Current fiscal year (ends 2026-12-31) | $1.31 | $1.28 | +2.3% | $6.83B | 11 |
| Next fiscal year (ends 2027-12-31) | $1.48 | $1.48 | +0.1% | $7.07B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±12.5%; last 7 reports averaged ±12.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.0% | ±12.5% |
| 2026-12-18 | 56 | 47.7% | ±15.1% |
| 2027-01-15 | 84 | 41.5% | ±16.0% |
| 2027-04-16 | 175 | 43.4% | ±24.0% |
| 2027-09-17 | 329 | 44.0% | ±32.9% |