# Brinks (BCO.US)

Canonical: https://gigainvestors.com/s/BCO

Analysis as of: 2026-10-16T07:26:51.031Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $104.42 per share; close as of 2026-10-15.

Estimated value: low $102.23 per share, central $111.41 per share, high $123.63 per share. Buy at or below the central value $111.41 per share. Valuation as of 2026-10-16T07:26:51.031Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.11×

- LTM to Jun 2026: 0.10×

### moat: pass

- ROIC, median of available years: 18.1%

- ROIC, second-lowest year: 15.0%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 23.4%

- Recent gross margin (lower of latest and 3-year median): 25.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 36.6%

- FY2018: 26.0%

- FY2019: 15.0%

- FY2020: 12.4%

- FY2021: 17.9%

- FY2022: 16.9%

- FY2023: 17.0%

- FY2024: 18.4%

- FY2025: 26.9%

- LTM to Jun 2026: 26.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.49×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $726M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 13.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.68×

- FY2022: 1.37×

- FY2023: 1.83×

- FY2024: 1.41×

- FY2025: 1.42×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 26.0% vs 18.4%

- Per-share earnings: 0.32 to 3.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -3.5%

- Market cap gain: $2.7B

- Cumulative retained earnings: -$306M

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 35.4%

- Per-share value change: $3.31

- Per-share value, starting three-year median: $0.32

- Per-share value, ending three-year median: $3.64

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 2.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.8B

- Cumulative net income, 10 years: $789M

- ROIC, first three-year median: 26.0%

- ROIC, last three-year median: 18.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.68

- FY2017: $0.32

- FY2018: -$0.65

- FY2019: $0.57

- FY2020: $0.31

- FY2021: $2.10

- FY2022: $3.57

- FY2023: $1.87

- FY2024: $3.64

- FY2025: $4.70

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 6.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.7%

- FY2017: -7.7%

- FY2018: -12.3%

- FY2019: -9.0%

- FY2020: -5.9%

- FY2021: -6.7%

- FY2022: -4.9%

- FY2023: -9.3%

- FY2024: -4.0%

- FY2025: -6.0%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 0.3% a year for ten years · sales +4.2%

Story as of 2026-10-16T09:58:22.842Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.3% a year for ten years

- 2025-08-13: BCO Q2 Deep Dive: Margin Expansion and Subscription Services Drive Upbeat Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/bco-q2-deep-dive-margin-034832454.html))

- 2025-11-05: The Brink's Non-GAAP EPS of $2.08 in-line, revenue of $1.33B in-line; initiates Q4 outlook ([seekingalpha.com](https://seekingalpha.com/news/4515601-the-brinks-non-gaap-eps-of-208-in-line-revenue-of-133b-in-line-initiates-q4-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +4.2%; source https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm; observed 2026-02-26.

- FY2017: $3.3B 

- FY2018: $3.5B 

- FY2019: $3.7B 

- FY2020: $3.7B 

- FY2021: $4.2B 

- FY2022: $4.5B 

- FY2023: $4.9B 

- FY2024: $5.0B 

- FY2025: $5.3B 

- FY2026: $5.5B 

### Gross margin · FY2026

gross margin 26.4%; source https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm; observed 2026-02-26.

- FY2017: 22.1% 

- FY2018: 22.5% 

- FY2019: 23.1% 

- FY2020: 22.0% 

- FY2021: 23.0% 

- FY2022: 23.7% 

- FY2023: 24.0% 

- FY2024: 25.3% 

- FY2025: 25.8% 

- FY2026: 26.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in security & protection services; annual sales are USD 5.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); FY2025: revenue 5261200000; grossProfit 1358000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCO.US: The Brink's Company provides cash and valuables management, digital retail solutions (DRS), and automated teller machines (ATM) managed services in North America, Latin America, Europe, and internationally. The company offers cash-in-transit services, such as armored vehicle transportation of cash and coin; cash replenishment and treasury management of automated teller machines; international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods; and counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation, and electronic reporting cash management services. It also provides vaulting services, including CIT services, cash management, vaulting, and electronic reporting technologies for banks; guarding, commercial security, and payment services; devices, software, analytics, and services for cash management needs, as well as services under the Complete and CompuSafe brands; and ATM management comprising cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements, and installation services. The company was formerly known as The Pittston Company and changed its name to The Brink's Company in May 2003. The Brink's Company was founded in 1859 and is headquartered in Richmond, Virginia.

### Why customers stay

Margins ranged from 24% to 25.8% during 2023–25; it earns 18.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 24%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 25.3%.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.36625180004114377],[2018,0.2603981332944436],[2019,0.1502978224782736],[2020,0.1240391490883089],[2021,0.17916925707180603],[2022,0.1685164848144902],[2023,0.17022665681202268],[2024,0.18368417611723117],[2025,0.2689292744656918],[2026,0.26634283246977547]]; median 0.1814267165945186. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.22960811389933813],[2022,0.23671039576672914],[2023,0.23950683132975015]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 209.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 112200000; owner earnings 53900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 27900000; upkeep 146600000; owner earnings 16700000. Growth capex / owner earnings = 1.6706586826347305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 164800000; owner earnings 49200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 118500000; owner earnings 104300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 167900000; owner earnings 176800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 182600000; owner earnings 233800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 202700000; owner earnings 160800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 222500000; owner earnings 229336175.11520737. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 203100000; owner earnings 282860921.17758787. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,19800000],[2017,27700000],[2018,30400000],[2019,29900000],[2020,30100000],[2021,37200000],[2022,37600000],[2023,39600000],[2024,41800000],[2025,42300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 209400000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BCO.US SharesStats.PercentInsiders = 1.075 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm (filed 2026-02-26); ith a variety of laws, cultures and customs;

•varying permitting and licensing requirements in different jurisdictions;

•foreign ownership laws;

•changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets;

•threat of nationalization and expropriation;

•higher costs and risks of doing business in a number of foreign jurisdictions;

•laws or other requirements and restrictions associated with organized labor;

•limitations on the repatriation of earnings;

•the imposition of new, increased, or otherwise changed international tariffs, including as a result of changes in trade policy or the legal authority under which tariffs are imposed, and the impact on our operations and costs;

•fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates;

•inflation levels exceeding that of the U.S.; and

•the inability to collect for services provided to government entities.

We are exposed to certain risks when we operate in countries that have high levels of inflation, including the risk that:

•the rate of price increases for services will not keep pace with the cost of inflation;

•adverse economic conditions may discourage business growth which could affect demand for our services;

•the devaluation of the currency may exceed the rate of inflation and reported U.S. dollar revenues and profits may decline; and

•these countries may be deemed “highly inflationary” for U.S. generally accepted accounting principles (“GAAP”) purposes.

8

We manage these risks by monitoring current and anticipated political and economic developments, monitoring adherence to our global compliance program and adjusting operations as appropriate. Changes in the political or economic environments of the countries in which we operate could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We operate in regulated industries, and our failure to comply with the laws regulating our operations, and the costs we may incur to comply, could have a material adverse effect on our business, financial condition, results of operations and cash flows.



### What the price says

The price assumes cash profits shrink 0.3% yearly over ten years; actual growth was 28.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.01719932502641114. Price 104.42; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5456389452332657 → FY2025 6.655551086531479. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $39.55 per share

- 2016-11: $40.40 per share

- 2016-12: $41.25 per share

- 2017-01: $44.50 per share

- 2017-02: $53.45 per share

- 2017-03: $53.45 per share

- 2017-04: $61.40 per share

- 2017-05: $63.10 per share

- 2017-06: $67.00 per share

- 2017-07: $78.15 per share

- 2017-08: $78.45 per share

- 2017-09: $84.25 per share

- 2017-10: $76.10 per share

- 2017-11: $80.85 per share

- 2017-12: $78.70 per share

- 2018-01: $83.40 per share

- 2018-02: $73.50 per share

- 2018-03: $71.35 per share

- 2018-04: $73.80 per share

- 2018-05: $79.25 per share

- 2018-06: $79.75 per share

- 2018-07: $79.85 per share

- 2018-08: $75.10 per share

- 2018-09: $69.75 per share

- 2018-10: $66.32 per share

- 2018-11: $70.82 per share

- 2018-12: $64.65 per share

- 2019-01: $74.05 per share

- 2019-02: $78.92 per share

- 2019-03: $75.41 per share

- 2019-04: $79.93 per share

- 2019-05: $77.00 per share

- 2019-06: $81.18 per share

- 2019-07: $90.16 per share

- 2019-08: $75.25 per share

- 2019-09: $82.95 per share

- 2019-10: $84.96 per share

- 2019-11: $93.00 per share

- 2019-12: $90.68 per share

- 2020-01: $84.19 per share

- 2020-02: $78.29 per share

- 2020-03: $52.05 per share

- 2020-04: $51.12 per share

- 2020-05: $40.10 per share

- 2020-06: $45.51 per share

- 2020-07: $44.35 per share

- 2020-08: $48.36 per share

- 2020-09: $41.09 per share

- 2020-10: $42.83 per share

- 2020-11: $67.10 per share

- 2020-12: $72.00 per share

- 2021-01: $68.13 per share

- 2021-02: $76.83 per share

- 2021-03: $79.23 per share

- 2021-04: $79.92 per share

- 2021-05: $75.41 per share

- 2021-06: $76.84 per share

- 2021-07: $76.96 per share

- 2021-08: $78.16 per share

- 2021-09: $63.30 per share

- 2021-10: $68.88 per share

- 2021-11: $61.16 per share

- 2021-12: $65.57 per share

- 2022-01: $69.78 per share

- 2022-02: $70.06 per share

- 2022-03: $68.00 per share

- 2022-04: $58.95 per share

- 2022-05: $60.83 per share

- 2022-06: $60.71 per share

- 2022-07: $56.94 per share

- 2022-08: $55.28 per share

- 2022-09: $48.44 per share

- 2022-10: $59.63 per share

- 2022-11: $59.75 per share

- 2022-12: $53.71 per share

- 2023-01: $65.60 per share

- 2023-02: $65.25 per share

- 2023-03: $66.80 per share

- 2023-04: $62.85 per share

- 2023-05: $66.53 per share

- 2023-06: $67.83 per share

- 2023-07: $72.96 per share

- 2023-08: $75.81 per share

- 2023-09: $72.64 per share

- 2023-10: $66.86 per share

- 2023-11: $78.90 per share

- 2023-12: $87.95 per share

- 2024-01: $80.84 per share

- 2024-02: $82.83 per share

- 2024-03: $92.38 per share

- 2024-04: $87.46 per share

- 2024-05: $103.24 per share

- 2024-06: $102.40 per share

- 2024-07: $109.99 per share

- 2024-08: $110.93 per share

- 2024-09: $115.64 per share

- 2024-10: $102.79 per share

- 2024-11: $96.71 per share

- 2024-12: $92.77 per share

- 2025-01: $93.33 per share

- 2025-02: $94.04 per share

- 2025-03: $86.16 per share

- 2025-04: $89.24 per share

- 2025-05: $82.06 per share

- 2025-06: $89.29 per share

- 2025-07: $87.34 per share

- 2025-08: $112.04 per share

- 2025-09: $116.86 per share

- 2025-10: $111.16 per share

- 2025-11: $112.33 per share

- 2025-12: $116.73 per share

- 2026-01: $127.04 per share

- 2026-02: $116.77 per share

- 2026-03: $103.63 per share

- 2026-04: $106.75 per share

- 2026-05: $104.02 per share

- 2026-06: $94.49 per share

- 2026-07: $118.45 per share

- 2026-08: $108.93 per share

- 2026-09: $100.99 per share

- 2026-10: $104.42 per share

## Annual estimated value (USD per share)

- FY2016: low $11.83 per share, central $13.13 per share, high $14.86 per share

- FY2017: low $16.77 per share, central $17.63 per share, high $18.77 per share

- FY2018: low $9.12 per share, central $9.65 per share, high $10.34 per share

- FY2019: low $11.57 per share, central $12.52 per share, high $13.79 per share

- FY2020: low $17.66 per share, central $19.40 per share, high $21.45 per share

- FY2021: low $18.40 per share, central $20.18 per share, high $22.45 per share

- FY2022: low $43.76 per share, central $47.81 per share, high $53.18 per share

- FY2023: low $56.73 per share, central $64.23 per share, high $71.89 per share

- FY2024: low $78.60 per share, central $85.69 per share, high $95.14 per share

- FY2025: low $110.15 per share, central $118.68 per share, high $130.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/78890/000007889026000010/bco-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.