BellRing Brands (BRBR) AI Stock Analysis

• Market Cap: $1.99B
• Dividend Yield: N/A
• Average Volume (3M): 3.97M
• Price to Earnings (P/E): 18.2
• Beta (1Y): 0.68
• Revenue Growth: 16.05%
• EPS Growth: -10.17%
• Country: US
• Employees: 485
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.37
• Shares Outstanding: 117,269,520
• 10 Day Avg. Volume: 2,978,510
• 30 Day Avg. Volume: 3,969,538
• PEG Ratio: -2.12
• Price to Book (P/B): -10.16
• Price to Sales (P/S): 1.99
• P/FCF Ratio: 18.03
• Enterprise Value/Market Cap: 1.60
• Enterprise Value/Revenue: 1.37
• Enterprise Value/Gross Profit: 4.36
• Enterprise Value/Ebitda: 9.76
• 1Y Price Target: $31.46
• Price Target Upside: 85.28% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 1.9
• Revenue Forecast (FY): $2.42B

• Rating: 57 Neutral
• Price Target: $18.50 ▲(8.95% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by mixed fundamentals: strong revenue and cash generation but a notably risky balance sheet (negative equity, higher debt) and margin compression. Technicals are a clear drag with the stock in a pronounced downtrend despite oversold readings. Valuation is reasonable on P/E, while the earnings call was constructive on guidance and buybacks but tempered by near-term margin headwinds and competitive/promotional pressure.

Positive Factors

Cash generation

BellRing produces substantial absolute cash: TTM operating cash flow (~$255M) and free cash flow (~$251M) that closely track reported earnings. This durable cash conversion supports share repurchases, merchandising and innovation spending, and provides a buffer for working capital or targeted deleveraging despite cyclical headwinds.

Brand strength & share

Premier's ~22% market share and record household penetration reflect entrenched brand equity and high repeat rates. Such durable demand advantages secure retail shelf placement and negotiating leverage, helping sustain volume and defend pricing over the medium term even amid competitive volatility.

Product innovation pipeline

A steady innovation cadence—new RTD Coffee House with strong early consumption and planned H2 product launches—combined with focused merchandising, creates structural growth levers. Consistent new SKUs and format innovations help maintain shopper interest and support retailer programs and long-term consumption growth.

Negative Factors

Weak balance sheet

Negative shareholders' equity (~-$511M) and a debt-heavy capital structure (~$1.18B of debt vs ~$1.06B assets) materially constrain financial flexibility. Elevated leverage raises refinancing and covenant risk, limiting the company's ability to absorb sustained margin pressure or fund large strategic investments without costly capital moves.

Margin compression

Excluding hedge effects, gross margins contracted roughly 730 basis points due to whey inflation, unfavorable mix and lost prior-year items. Embedded tariff (~80 bps) and mix (~300 bps) headwinds suggest sustained margin pressure that can erode operating profitability and reduce capacity for reinvestment and shareholder returns.

Promotional competition

Rising promotional activity from insurgent and crossover competitors, especially in key channels, forces elevated trade and marketing spend to defend share. Persistent discounting and increased feature frequency can depress realized prices and margins, creating a structural headwind to sustainable margin recovery and ROI on marketing investment.

BellRing Brands Business Overview & Revenue Model

Company Description

BellRing Brands, Inc., together with its subsidiaries, provides various nutrition products in the United States and internationally. It offers ready-to-drink shake and powder protein products primarily under the Premier Protein and Dymatize brands. The company sells its products through club, food, drug, mass, eCommerce, specialty, and convenience channels. BellRing Brands, Inc. was incorporated in 2019 and is headquartered in Saint Louis, Missouri.

How the Company Makes Money

BellRing Brands generates revenue primarily through the sale of its protein products across various channels. Its direct-to-consumer revenue comes from online sales through its e-commerce platform, while retail sales are driven through partnerships with major grocery chains, convenience stores, and health clubs. The company benefits from brand loyalty and recognition, which helps maintain strong sales volumes. Additionally, strategic partnerships with retailers enhance distribution efficiency and market reach, contributing significantly to overall earnings. Seasonal promotions and marketing campaigns also play a crucial role in driving sales and expanding customer engagement.

BellRing Brands Financial Statement Overview

Summary

Strong revenue growth and still-healthy operating profitability are meaningful positives, and operating/free cash flow are solid in absolute terms. However, the balance sheet is a major constraint with persistently negative equity and rising debt, and margins have compressed versus last year, limiting the overall financial performance score.

Income Statement

BRBR shows strong top-line momentum, with revenue up ~19% in TTM (Trailing-Twelve-Months) and a multi-year expansion from $1.25B (2021) to ~$2.32B (TTM). Profitability remains solid but is trending down versus prior years: TTM gross margin is ~31.5% (vs ~35.4% in 2024) and TTM net margin is ~7.9% (vs ~12.3% in 2024). Operating profitability is still healthy (TTM EBIT margin ~10.4%), but the step-down in margins indicates cost pressure and/or mix effects despite continued growth.

Balance Sheet

The balance sheet is the main weak point. Stockholders’ equity is negative across all periods provided (TTM equity about -$511M), which reduces financial flexibility and makes leverage risk more acute. Total debt has risen to ~$1.18B in TTM (from ~$0.84B in 2024), while total assets are about ~$1.06B, implying a debt-heavy capital structure. Returns on equity are also negative due to the negative equity base, reinforcing that the company is operating with limited balance sheet cushion even though earnings are positive.

Cash Flow

Cash generation is generally supportive: TTM operating cash flow is ~$255M and free cash flow is ~$251M, with free cash flow closely matching net income (TTM free cash flow to net income ~0.99), suggesting earnings are translating well into cash. However, free cash flow growth in TTM is sharply negative (about -188%), pointing to volatility versus the prior period, and operating cash flow relative to profitability is only moderate in TTM (coverage ~0.72). Overall, cash flow is solid in absolute dollars but less consistent on a growth basis.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.32B	2.32B	2.00B	1.67B	1.37B	1.25B
Gross Profit	729.10M	770.40M	707.30M	530.20M	421.80M	386.20M
EBITDA	325.70M	376.00M	424.20M	315.60M	216.10M	220.10M
Net Income	183.00M	216.20M	246.50M	165.50M	82.30M	27.60M
Balance Sheet
Total Assets	1.06B	941.00M	837.00M	691.60M	707.20M	696.50M
Cash, Cash Equivalents and Short-Term Investments	64.10M	89.10M	71.10M	48.40M	35.80M	152.60M
Total Debt	1.18B	1.11B	839.60M	865.00M	938.00M	608.40M
Total Liabilities	1.57B	1.39B	1.04B	1.02B	1.08B	762.00M
Stockholders Equity	-510.70M	-453.90M	-205.90M	-323.50M	-376.20M	-3.06B
Cash Flow
Free Cash Flow	246.90M	255.90M	197.80M	213.80M	19.20M	224.50M
Operating Cash Flow	254.50M	260.60M	199.60M	215.60M	21.00M	226.10M
Investing Cash Flow	-7.60M	-4.70M	-1.80M	-1.80M	-1.80M	-1.60M
Financing Cash Flow	-220.40M	-238.30M	-175.10M	-201.70M	-135.00M	-120.90M

BellRing Brands Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRBR, the sentiment is Negative. The current price of 16.98 is below the 20-day moving average (MA) of 18.28, below the 50-day MA of 22.67, and below the 200-day MA of 37.91, indicating a bearish trend. The MACD of -1.51 indicates Negative momentum. The RSI at 30.43 is Neutral, neither overbought nor oversold. The STOCH value of 19.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BRBR.

BellRing Brands Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MZTI	76 Outperform	$4.52B	19.06	17.84%	2.35%	3.16%	6.47%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SMPL	62 Neutral	$1.52B	19.23	5.17%	―	8.98%	-26.29%
POST	61 Neutral	$5.06B	13.23	8.69%	―	2.97%	-2.68%
CAG	58 Neutral	$8.90B	-3.16	-1.16%	7.87%	-5.82%	-119.70%
BRBR	57 Neutral	$1.99B	18.24	―	―	16.05%	-10.17%
FLO	54 Neutral	$1.95B	27.30	6.18%	9.15%	0.26%	-19.45%

BellRing Brands Corporate Events

BellRing Brands Grants Special RSUs Amid CEO Transition

On February 19, 2026, BellRing Brands, Inc. approved a special grant of restricted stock units for several named executive officers, including the chief financial, growth, legal and supply chain officers, with grant date fair values ranging from about $453,000 to $551,000. The awards are structured to promote executive retention during the previously disclosed CEO transition period, vesting in full on the first anniversary of the grant date with potential acceleration upon certain termination events, underscoring the board’s efforts to stabilize leadership through the transition.

The most recent analyst rating on (BRBR) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on BellRing Brands stock, see the BRBR Stock Forecast page.

BellRing Brands CEO retirement and Q1 2026 results

On February 2, 2026, BellRing Brands President and CEO Darcy H. Davenport notified the board of her intention to retire, effective upon the appointment of a successor or by September 30, 2026, with the company stating her departure is not related to any disagreement over operations, policies or practices, signaling an orderly leadership transition at the protein-focused nutrition company. Also on February 3, 2026, BellRing reported first-quarter fiscal 2026 results for the period ended December 31, 2025, with net sales edging up 0.8% year over year to $537.3 million and net earnings falling to $43.7 million as margins were pressured by significant input cost inflation and unfavorable mix, even as Dymatize posted strong growth and the company repurchased about 2.5% of its shares; management narrowed its full-year 2026 outlook for net sales and Adjusted EBITDA, reflecting heavier promotions and higher whey costs but still projecting mid-single-digit sales growth and second-half acceleration driven by merchandising, advertising and innovation initiatives.

The most recent analyst rating on (BRBR) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on BellRing Brands stock, see the BRBR Stock Forecast page.

BellRing Brands Shareholders Back Board and Governance Plans

On January 28, 2026, BellRing Brands, Inc. held its annual meeting of stockholders virtually via live audio-only webcast, with 84.74% of outstanding shares represented, and stockholders elected all director nominees to serve until the 2027 annual meeting or until their successors are duly chosen. Investors also ratified the appointment of PricewaterhouseCoopers LLP as the company’s independent auditor for fiscal 2026 and approved the company’s executive compensation program, signaling broad shareholder support for the current board, governance structure and financial oversight, which may reinforce management’s strategic flexibility and stability for stakeholders.

The most recent analyst rating on (BRBR) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on BellRing Brands stock, see the BRBR Stock Forecast page.