# Bellring Brands LLC (BRBR.US)

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

Analysis as of: 2026-10-16T07:27:03.871Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.99 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Price USD 8.99 · "BellRing Brands cuts earnings forecast amid inventory issues" (finance.yahoo.com, Aug 2026)

Story as of 2026-10-16T09:58:25.531Z; price observation 2026-10-15.

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm (filed 2025-11-18); FY2025: revenue 2316600000; grossProfit 770400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 31.8% to 35.4% during 2023–25; it earns 50.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: grossProfit / revenue = 35.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm (filed 2025-11-18); FY2025: grossProfit / revenue = 33.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); 10-year return on capital observations [[2017,0.14509209888511876],[2018,0.2556530992285182],[2019,0.2963408762638421],[2020,1.000001],[2021,1.000001],[2022,0.3731417424912464],[2023,0.5049993160205822],[2024,0.5841104416043276],[2025,0.5295500633583271]]; median 0.5049993160205822. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 31% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm (filed 2025-11-18); Gross margin observations: [[2021,0.3096784540133109],[2022,0.30754648195406487],[2023,0.31809455243580514]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 474.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2016: growth capex 0; upkeep 4400000; owner earnings 40500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2017: growth capex 0; upkeep 3900000; owner earnings 56600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2018: growth capex 0; upkeep 5000000; owner earnings 117000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2019: growth capex 0; upkeep 3200000; owner earnings 145200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2020: growth capex 0; upkeep 2100000; owner earnings 46700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2021: growth capex 0; upkeep 1600000; owner earnings 79700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2022: growth capex 0; upkeep 1800000; owner earnings 9400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: growth capex 0; upkeep 1800000; owner earnings 192000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: growth capex 0; upkeep 1800000; owner earnings 281200000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm (filed 2025-11-18); FY2025: growth capex 0; upkeep 4700000; owner earnings 230100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,100200000],[2020,32100000],[2021,24600000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1772016/000177201625000153/brbr-20250930.htm (filed 2025-11-18); FY2025: cash repurchases 474900000 USD.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BRBR.US SharesStats.PercentInsiders = 1.6230000000000002 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Closing price 8.99 USD; reporting-to-trading FX 1; FY2025 annual sales per share 18.028015564202335; price multiple 0.49866830700164033. FY2025 cash earnings/share 1.7906614785992219. Closing-price date 2026-10-15.

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

## Annual estimated value (USD 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/1772016/000177201625000153/brbr-20250930.htm); period 2025-09-30, filed 2025-11-18.

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.