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Krispy Kreme, Inc. (DNUT)

NASDAQ / Consumer Defensive / Grocery Stores

Share price

3.05 USD Market dataClose of Oct 14, 2026

Market capitalisation

529.2M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 6, 2026
Ratios computed
Oct 14, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-21.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.80x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-12.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 959.4M USDFY2019 Net income: -37.4M USDFY2020 Revenue: 1.12B USDFY2020 Net income: -64.3M USDFY2021 Revenue: 1.38B USDFY2021 Net income: -24.5M USDFY2022 Revenue: 1.53B USDFY2022 Net income: -15.6M USDFY2023 Revenue: 1.69B USDFY2023 Net income: -37.9M USDFY2024 Revenue: 1.67B USDFY2024 Net income: 3.1M USDFY2025 Revenue: 1.52B USDFY2025 Net income: -515.8M USD
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on invested capital was -21.4% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Defensive sector (98 companies), -21.4% sits at the 5th percentile; the middle half of that group runs from 2.7% to 13.7%.

Is it safe

Debt to equity was 2.31 in FY2025, in the band labelled "Heavily leveraged" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting heavy reliance on borrowing.

Today, against the Consumer Defensive sector (124 companies), 2.31 sits at the 87th percentile; the middle half of that group runs from 0.37 to 1.57.

Year by year against peers
Whether Krispy Kreme, Inc.'s return on invested capital stayed above the median of the Consumer Defensive sector, year by year. (FY2023 to FY2025, 3 fiscal years of Krispy Kreme, Inc. with a comparable figure)
The direction
Which way Krispy Kreme, Inc.'s operating margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Krispy Kreme, Inc.)
What could explain it
What in Krispy Kreme, Inc.'s filed statements could explain the movements. (3 readings drawn from the statement lines Krispy Kreme, Inc. filed)
What to check next
What to check next on Krispy Kreme, Inc., and where in its filings. (8 questions for Krispy Kreme, Inc.)
In one paragraph
One paragraph on Krispy Kreme, Inc.'s returns, cash, balance sheet and price. (10 of sixteen figures read for Krispy Kreme, Inc.)

These are DNUT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research DNUTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 6, 2026, accession 0001857154-26-000015.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Krispy Kreme, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-21.4% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Return on equity-79.3% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Return on capital employed, pre-tax-22.0% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Return on assets-19.9% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Operating margin-30.8% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Net margin-33.9% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
DNUT -33.9%
DDL 0.9%GO -4.8%VLGEA 2.2%NGVC 3.5%IMKTA 1.6%
-33.9%3.5%
Net margin: DNUT against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Krispy Kreme, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.31 ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Current ratio0.38 ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Quick ratio0.32 ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Altman Z-score-0.42 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Net debt1.46B ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Total assets 2.59BTotal liabilities 1.92BShareholders' equity 650.1MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Krispy Kreme, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 6, 2026, 0001857154-26-000015).

Krispy Kreme, Inc: balance sheet position
Total assets2.59B FiledFY2025 10-K, filed Mar 6, 2026
Total liabilities1.92B FiledFY2025 10-K, filed Mar 6, 2026
Shareholders' equity650.1M FiledFY2025 10-K, filed Mar 6, 2026
Cash42.4M FiledFY2025 10-K, filed Mar 6, 2026
Total debt1.50B FiledFY2025 10-K, filed Mar 6, 2026
Net debt1.46B
Current ratio0.38
Debt to equity2.31
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Krispy Kreme, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
P/E on trailing twelve months216.50x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.80x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Price to sales0.34x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Diluted earnings per share-3.04 USD FiledFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015

We publish no fair value or price target of our own. Value DNUT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Krispy Kreme, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Krispy Kreme, Inc: valuation
Share price3.05 USD
Market capitalisation529.2M USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per share, FY2025-3.04 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 10, 2021: low 37.31x, median 68.06x, high 311.00x, latest 216.50x. 122 trading days with a meaningful ratio, 1,113 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Krispy Kreme, Inc

  1. Dingdong (Cayman) Limited (DDL)Market cap 472.1M USD
  2. Grocery Outlet Holding Corp. (GO)Market cap 1.26B USD
  3. Village Super Market, Inc. (VLGEA)Market cap 664.2M USD
  4. Natural Grocers by Vitamin Cottage, Inc. (NGVC)Market cap 711.7M USD
  5. Ingles Markets, Incorporated (IMKTA)Market cap 1.64B USD

Same industry (Grocery Stores) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Krispy Kreme, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-12.3% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Free cash flow-64.0M USD ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Free cash flow margin-4.2% ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Dividend yield0.0% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
FY2019 Free cash flow: 4.4M USDFY2019 Net income: -37.4M USDFY2020 Free cash flow: -69.2M USDFY2020 Net income: -64.3M USDFY2021 Free cash flow: 21.7M USDFY2021 Net income: -24.5M USDFY2022 Free cash flow: 28.1M USDFY2022 Net income: -15.6M USDFY2023 Free cash flow: -75.9M USDFY2023 Net income: -37.9M USDFY2024 Free cash flow: -75.0M USDFY2024 Net income: 3.1M USDFY2025 Free cash flow: -64.0M USDFY2025 Net income: -515.8M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Krispy Kreme, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.80xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-12.3%FY2025Oct 14, 2026
-21.4%FY2025Mar 6, 2026
0.0%FY2025Oct 14, 2026
2.31FY2025Mar 6, 2026
0.38FY2025Mar 6, 2026
0.34xFY2025Oct 14, 2026
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
-0.42FY2025Oct 14, 2026
-2.69FY2025Mar 6, 2026
5/9FY2025Mar 6, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports Krispy Kreme, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Krispy Kreme, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.52B-469.3M-515.8M-3.04-64.0M-30.8%-79.3%10-K, Mar 6, 20260001857154-26-000015
FY20241.67B-8.7M3.1M0.02-75.0M-0.5%0.3%10-K, Feb 27, 20250001857154-25-000013
FY20231.69B13.1M-37.9M-0.23-75.9M0.8%-3.2%10-K, Feb 27, 20240001857154-24-000018
FY20221.53B29.0M-15.6M-0.1028.1M1.9%-1.3%10-K, Mar 2, 20230001857154-23-000020
FY20211.38B41.1M-24.5M-0.1821.7M3.0%-2.0%10-K, Mar 11, 20220001857154-22-000013
FY20201.12B4.3M-64.3M-0.52-69.2M0.4%-9.4%10-K, Mar 11, 20220001857154-22-000013
FY2019959.4M38.0M-37.4M-0.304.4M4.0%n/a10-K, Mar 11, 20220001857154-22-000013
  • Revenue, compound annual growth FY2019 to FY2025: 8.0%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Krispy Kreme, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.69 ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Piotroski F-score5/9 ComputedFY2025 10-K, filed Mar 6, 2026, 0001857154-26-000015
Named tests met2 of 30 Computed
Beta1.50 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 2 met, 25 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
P/E times P/B (Benjamin Graham); Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them P/E Ratio, EV/EBIT, PEG Ratio. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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