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BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) ( BellRing ) was formed in the State of Delaware on October 20, 2021 as a wholly-owned subsidiary of Post Holdings, Inc. ( Post ) for the purpose of effecting the separation of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) ( Old BellRing ) from Post. Under a transaction agreement and plan of me…
15.43% operating margin is respectable but not wide. ROIC at 29.14%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 16.1%, still solid. Margins contracted 4.0pp, which offsets some of the top-line progress.
ROIC dropped from 35.76% to 29.14%, capital efficiency is deteriorating. Net debt of $1.04B represents 4.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.33B
▲ +16.1% YoY
Net Income (TTM)
$158M
▼ -12.3% YoY
Op. Margin
12.50%
▼ -4.0pp YoY
ROIC
21.00%
▼ -6.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$186M
▲ +29.4% YoY
Op. Cash Flow (TTM)
$195M
▲ +30.6% YoY
Net Debt
$1.15B
Cash & Equiv.
$33M
5Y CAGR: +18.6%
5Y CAGR: +21.9%
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