회사 개요
Krispy Kreme, Inc. operates globally as a primary producer of doughnuts across the United States, United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, Japan, and various international markets. The company functions within the Consumer Defensive sector, specifically categorized under the Grocery Stores industry, which typically implies a focus on essential food items with relatively stable demand patterns. Its operational scale is defined by a market capitalization of $580.31M, an annual revenue of $1.52B, and a workforce comprising 17,000 employees. These valuation and revenue figures position the entity as a mid-cap player within the retail food sector, suggesting a business model that relies on significant physical presence and distribution networks to generate its reported financial results.
재무 건전성
The company reported a trailing twelve-month revenue of $1.52B alongside a net income of -$520,056,992 and an EBITDA of $76.98M. The substantial divergence between the positive revenue figure and the negative net income reveals a cost structure where operating expenses and taxes significantly erode bottom-line profitability, resulting in a loss despite substantial top-line sales. Free cash flow stands at -$61,717,500, indicating that the company is currently consuming cash rather than generating it, which limits its financial flexibility for internal expansion or debt reduction without external capital injection. Profitability analysis shows a gross margin of 23.1%, an operating margin of 1.5%, and a negative profit margin of -33.9%, highlighting that while the core product retains a reasonable portion of its value, overhead costs are disproportionately high relative to operating profits. The balance sheet is highly leveraged, holding $42.39M in cash against $1.43B in total debt, with a debt-to-equity ratio of 211.73%. Short-term liquidity is constrained, evidenced by a current ratio of 0.38, which suggests the firm holds less than half the current assets necessary to cover its immediate liabilities. Furthermore, the return on equity is -56.9% and the return on assets is -1.3%, metrics that indicate management is currently generating negative returns on the capital invested by shareholders and the total asset base.
밸류에이션 평가
Valuation metrics present a complex picture, with a trailing P/E ratio listed as N/A due to the absence of recent net income, while the forward P/E is recorded at -41.76. The negative forward P/E implies that the market is pricing in future earnings that are expected to be negative or that the stock is valued based on other fundamentals given the current loss position. The price-to-book ratio is 0.89, suggesting the stock is trading at a discount relative to its net asset value, which may reflect market concerns regarding its high debt load and persistent losses. Alternative valuation multiples, including a price-to-sales ratio of 0.38 and an EV/EBITDA of 25.96, offer different perspectives, with the EV/EBITDA indicating a premium multiple relative to earnings before interest, taxes, depreciation, and amortization, potentially driven by the asset-heavy nature of its doughnut production and store network. Price volatility is contained within a 52-week high of $5.73 and a low of $2.50, with the current market price trading at approximately 19.2% below the 52-week high and 33.3% above the 52-week low. The beta value of 1.27 indicates that the stock exhibits higher price volatility than the broader market, moving more aggressively in response to general market fluctuations compared to the defensive characteristics often associated with the consumer staples sector.
Growth & Income
Growth dynamics show a revenue growth rate of -2.9% year-over-year, while earnings growth is N/A due to the company's recent loss-making status. The contraction in revenue suggests a slowing top-line expansion, and the lack of earnings growth data confirms that profitability challenges are preventing positive earnings acceleration. Regarding income distribution, the company offers a dividend yield of 4.2% with a payout ratio of 700.0%. Such an exceptionally high payout ratio is mathematically unsustainable given the negative net income and negative free cash flow, as the company is paying out dividends despite lacking the underlying earnings to support them. Consequently, the dividend appears to be financed by existing cash reserves or debt rather than current profits, posing a significant risk of future suspension if cash flow does not improve. In summary, the overall growth and income profile is characterized by revenue contraction, a lack of profitability, and a dividend policy that is not backed by sustainable earnings generation.