Brilliant Earth Group, Inc.
BRLT Nasdaq Jewelry, Silverware & Plated Ware Financials FY2019–FY2025
Last close · Oct 23, 2026
$1.51
1.3%
Revenue
Total sales reported in the income statement.
$437M
3.6%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.2%
2.0 pts
Net income
Profit after all expenses, interest and tax.
−$3.6M
771.9%
Free cash flow
Cash from operations minus capital spending.
$5.8M
54.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$154M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.30 EPS (TTM)
What Brilliant Earth Group, Inc. does
No business description yet.
- Legal name
- Brilliant Earth Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 17, 2026
- Accession · CIK
- 0001628280-26-018794
0001866757
Revenue and margins
Brilliant Earth Group, Inc. had $437M of revenue in fiscal 2025, up 3.6% on the year before.
FY19
Revenue $201M
FY20
Revenue $252M
FY21
Revenue $380M
FY22
Revenue $440M
FY23
Revenue $446M
FY24
Revenue $422M
FY25
Revenue $437M
Q3 '23
Revenue $114M
Q4 '23
Revenue $124M
Q1 '24
Revenue $97.3M
Q2 '24
Revenue $105M
Q3 '24
Revenue $99.9M
Q4 '24
Revenue $120M
Q1 '25
Revenue $93.9M
Q2 '25
Revenue $109M
Q3 '25
Revenue $110M
Q4 '25
Revenue $124M
Q1 '26
Revenue $99.5M
Q2 '26
Revenue $115M
FY19
Gross 42.2%
Operating −2.7%
Net −3.9%
FCF −0.1%
FY20
Gross 44.6%
Operating 10.6%
Net 8.6%
FCF 10.4%
FY21
Gross 49.3%
Operating 10.6%
Net 0.4%
FCF 10.6%
FY22
Gross 53.3%
Operating 5.3%
Net 0.5%
FCF 1.2%
FY23
Gross 57.6%
Operating 1.0%
Net 0.1%
FCF 3.2%
FY24
Gross 60.3%
Operating 0.8%
Net 0.1%
FCF 3.0%
FY25
Gross 57.5%
Operating −1.2%
Net −0.8%
FCF 1.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 58.5%
Operating 1.8%
Net 0.2%
FCF 2.7%
Q4 '23
Gross 58.7%
Operating 1.0%
Net 0.2%
FCF 7.6%
Q1 '24
Gross 59.9%
Operating 0.9%
Net 0.1%
FCF −6.5%
Q2 '24
Gross 60.8%
Operating 1.1%
Net 0.2%
FCF 6.1%
Q3 '24
Gross 60.8%
Operating −1.1%
Net −0.1%
FCF 0.7%
Q4 '24
Gross 59.6%
Operating 2.0%
Net 0.3%
FCF 10.0%
Q1 '25
Gross 58.6%
Operating −3.8%
Net −0.5%
FCF −8.4%
Q2 '25
Gross 58.3%
Operating −1.1%
Net −0.2%
FCF 7.3%
Q3 '25
Gross 57.6%
Operating −0.6%
Net −0.1%
FCF −0.0%
Q4 '25
Gross 55.9%
Operating −0.0%
Net −2.3%
FCF 4.6%
Q1 '26
Gross 54.3%
Operating −8.9%
Net −1.5%
FCF −19.4%
Q2 '26
Gross 57.9%
Operating 0.4%
Net 0.0%
FCF 14.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$7.8M
FY20
Net income $21.6M
FY21
Net income $1.5M
FY22
Net income $2.1M
FY23
Net income $0.6M
FY24
Net income $0.5M
FY25
Net income −$3.6M
Q3 '23
Net income $0.2M
Q4 '23
Net income $0.2M
Q1 '24
Net income $0.1M
Q2 '24
Net income $0.2M
Q3 '24
Net income −$0.1M
Q4 '24
Net income $0.4M
Q1 '25
Net income −$0.5M
Q2 '25
Net income −$0.2M
Q3 '25
Net income −$0.1M
Q4 '25
Net income −$2.9M
Q1 '26
Net income −$1.5M
Q2 '26
Net income $0.0M
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS $0.15
FY23
Diluted EPS $0.04
FY24
Diluted EPS $0.03
FY25
Diluted EPS −$0.25
Q3 '23
Diluted EPS $0.02
Q4 '23
Diluted EPS $0.01
Q1 '24
Diluted EPS $0.01
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS −$0.01
Q4 '24
Diluted EPS $0.02
Q1 '25
Diluted EPS −$0.03
Q2 '25
Diluted EPS −$0.01
Q3 '25
Diluted EPS −$0.01
Q4 '25
Diluted EPS −$0.20
Q1 '26
Diluted EPS −$0.10
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets 25.3%
FY21
Return on capital —
Return on equity 36.4%
Return on assets 1.0%
FY22
Return on capital —
Return on equity 22.1%
Return on assets 0.9%
FY23
Return on capital —
Return on equity 5.0%
Return on assets 0.2%
FY24
Return on capital —
Return on equity 3.9%
Return on assets 0.2%
FY25
Return on capital —
Return on equity −26.3%
Return on assets −1.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $5.8M in fiscal 2025, 1.3% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$0.1M
FY20
Free cash flow $26.1M
FY21
Free cash flow $40.5M
FY22
Free cash flow $5.4M
FY23
Free cash flow $14.3M
FY24
Free cash flow $12.7M
FY25
Free cash flow $5.8M
Q3 '23
Free cash flow $3.1M
Q4 '23
Free cash flow $9.5M
Q1 '24
Free cash flow −$6.4M
Q2 '24
Free cash flow $6.5M
Q3 '24
Free cash flow $0.7M
Q4 '24
Free cash flow $11.9M
Q1 '25
Free cash flow −$7.9M
Q2 '25
Free cash flow $7.9M
Q3 '25
Free cash flow −$0.0M
Q4 '25
Free cash flow $5.7M
Q1 '26
Free cash flow −$19.3M
Q2 '26
Free cash flow $16.5M
FY19
Cash from operations $0.6M
Capital spending $0.7M
FY20
Cash from operations $26.7M
Capital spending $0.6M
FY21
Cash from operations $46.1M
Capital spending $5.6M
FY22
Cash from operations $14.5M
Capital spending $9.1M
FY23
Cash from operations $26.2M
Capital spending $11.9M
FY24
Cash from operations $17.6M
Capital spending $4.9M
FY25
Cash from operations $9.7M
Capital spending $4.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations $4.6M
Capital spending $1.6M
Q4 '23
Cash from operations $10.7M
Capital spending $1.2M
Q1 '24
Cash from operations −$5.8M
Capital spending $0.6M
Q2 '24
Cash from operations $7.3M
Capital spending $0.9M
Q3 '24
Cash from operations $2.0M
Capital spending $1.3M
Q4 '24
Cash from operations $14.1M
Capital spending $2.2M
Q1 '25
Cash from operations −$7.1M
Capital spending $0.7M
Q2 '25
Cash from operations $9.1M
Capital spending $1.2M
Q3 '25
Cash from operations $0.6M
Capital spending $0.6M
Q4 '25
Cash from operations $7.2M
Capital spending $1.5M
Q1 '26
Cash from operations −$18.8M
Capital spending $0.6M
Q2 '26
Cash from operations $17.4M
Capital spending $0.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Brilliant Earth Group, Inc. returned $4.2M to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count fell 85.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.6M
FY25
Dividends $3.8M
Buybacks $0.5M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.1M
Q2 '24
Dividends —
Buybacks $0.2M
Q3 '24
Dividends —
Buybacks $0.2M
Q4 '24
Dividends $0.0M
Buybacks $0.2M
Q1 '25
Dividends —
Buybacks $0.2M
Q2 '25
Dividends —
Buybacks $0.2M
Q3 '25
Dividends $3.8M
Buybacks $0.1M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.10B
FY23
Diluted shares 0.10B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Brilliant Earth Group, Inc. can carry it.
FY19
Cash $40.4M
Debt —
FY20
Cash $66.3M
Debt $62.2M
FY21
Cash $173M
Debt $63.6M
FY22
Cash $155M
Debt $62.7M
FY23
Cash $156M
Debt $59.6M
FY24
Cash $162M
Debt $55.7M
FY25
Cash $79.1M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $173M | $155M | $156M | $162M | $79.1M |
| Debt incl. finance leases | $63.6M | $62.7M | $59.6M | $55.7M | $0.0M |
| Net debt / EBITDA | −2.7x | −3.6x | −11.1x | −12.3x | −107.9x |
| Debt / equity | 7.6x | 5.7x | 4.8x | 3.6x | 0.0x |
| Interest coverage | 5.3x | 5.0x | 0.9x | 0.7x | −2.4x |
| Current ratio | 2.2x | 2.8x | 2.7x | 2.7x | 1.6x |
| Quick ratio | 2.0x | 2.2x | 2.2x | 2.2x | 1.0x |
| Total assets | $218M | $263M | $274M | $281M | $201M |
| Total liabilities | $135M | $169M | $176M | $172M | $121M |
| Shareholders' equity | $8.4M | $10.9M | $12.5M | $15.3M | $12.3M |
| Net debt (− = net cash) | −$109M | −$91.9M | −$96.2M | −$106M | −$79.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | — | — | — | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 6 / 8 | 7 / 8 | 5 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | — | −6.0% | −29.4% | −5.2% | −9.6% | −6.1% | −5.5% |
| Altman Z'' | — | 5.50 | 4.74 | 3.99 | 3.30 | 3.34 | 1.67 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $201M | $252M | $380M | $440M | $446M | $422M | $437M |
| Gross profit | $84.9M | $112M | $187M | $234M | $257M | $254M | $252M |
| Operating income | −$5.4M | $26.6M | $40.1M | $23.3M | $4.5M | $3.4M | −$5.4M |
| Interest expense | $2.3M | $4.9M | $7.6M | $4.7M | $5.1M | $5.0M | $2.3M |
| Pretax income | −$7.8M | $21.6M | $25.9M | $18.9M | $4.3M | $4.2M | $3.2M |
| Income tax | $0.0M | $0.0M | −$0.3M | −$0.2M | −$0.4M | $0.2M | $9.6M |
| Net income | −$7.8M | $21.6M | $1.5M | $2.1M | $0.6M | $0.5M | −$3.6M |
| Diluted EPS | — | — | — | $0.15 | $0.04 | $0.03 | −$0.25 |
| Diluted shares | — | — | — | 0.10B | 0.10B | 0.10B | 0.01B |
| Cash flow | |||||||
| Cash from operations | $0.6M | $26.7M | $46.1M | $14.5M | $26.2M | $17.6M | $9.7M |
| Capital expenditure | $0.7M | $0.6M | $5.6M | $9.1M | $11.9M | $4.9M | $4.0M |
| Free cash flow | −$0.1M | $26.1M | $40.5M | $5.4M | $14.3M | $12.7M | $5.8M |
| Depreciation and amortization | $0.6M | $0.6M | $0.9M | $1.9M | $4.2M | $5.3M | $6.1M |
| Stock-based compensation | $0.0M | $0.0M | $2.8M | $8.8M | $10.0M | $9.9M | $8.9M |
| Share buybacks | — | — | — | — | $0.0M | $0.6M | $0.5M |
| Dividends paid | — | — | — | — | — | $0.0M | $3.8M |
| Dividends and buybacks | — | — | — | — | $0.0M | $0.6M | $4.2M |
| Balance sheet | |||||||
| Cash and short-term investments | $40.4M | $66.3M | $173M | $155M | $156M | $162M | $79.1M |
| Total debt | — | $62.2M | $63.6M | $62.7M | $59.6M | $55.7M | $0.0M |
| Current assets | — | $83.0M | $206M | $206M | $205M | $211M | $145M |
| Current liabilities | — | $38.7M | $92.8M | $74.5M | $76.9M | $78.2M | $90.1M |
| Inventory | — | $13.6M | $24.7M | $39.3M | $37.8M | $38.3M | $53.2M |
| Property and equipment, net | — | $2.0M | $6.7M | $16.6M | $22.0M | $21.6M | $19.6M |
| Total assets | — | $85.2M | $218M | $263M | $274M | $281M | $201M |
| Total liabilities | — | $104M | $135M | $169M | $176M | $172M | $121M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | — | $0.0M | $8.4M | $10.9M | $12.5M | $15.3M | $12.3M |
| Margins | |||||||
| Gross margin | 42.2% | 44.6% | 49.3% | 53.3% | 57.6% | 60.3% | 57.5% |
| Operating margin | −2.7% | 10.6% | 10.6% | 5.3% | 1.0% | 0.8% | −1.2% |
| EBITDA margin | −2.4% | 10.8% | 10.8% | 5.7% | 1.9% | 2.1% | 0.2% |
| Net margin | −3.9% | 8.6% | 0.4% | 0.5% | 0.1% | 0.1% | −0.8% |
| FCF margin | −0.1% | 10.4% | 10.6% | 1.2% | 3.2% | 3.0% | 1.3% |
| Returns | |||||||
| Return on capital employed | — | 57.2% | 32.1% | 12.4% | 2.3% | 1.6% | −4.9% |
| Return on equity | — | — | 36.4% | 22.1% | 5.0% | 3.9% | −26.3% |
| Return on assets | — | 25.3% | 1.0% | 0.9% | 0.2% | 0.2% | −1.5% |
| Return on tangible equity | — | — | 18.2% | 19.5% | 4.7% | 3.5% | −29.6% |
| Growth | |||||||
| Revenue growth | — | 25.1% | 51.0% | 15.7% | 1.5% | −5.4% | 3.6% |
| Net income growth | — | — | −92.9% | 39.7% | −72.6% | −7.4% | −771.9% |
| EPS growth | — | — | — | — | −73.3% | −25.0% | −933.3% |
| FCF growth | — | — | 54.8% | −86.7% | 165.1% | −11.1% | −54.7% |
| Share count change | — | — | — | — | 0.6% | 1.3% | −85.0% |
| Financial health | |||||||
| Net debt / EBITDA | — | −0.1x | −2.7x | −3.6x | −11.1x | −12.3x | −107.9x |
| Debt / equity | — | — | 7.6x | 5.7x | 4.8x | 3.6x | 0.0x |
| Interest coverage | −2.4x | 5.4x | 5.3x | 5.0x | 0.9x | 0.7x | −2.4x |
| Current ratio | — | 2.1x | 2.2x | 2.8x | 2.7x | 2.7x | 1.6x |
| Quick ratio | — | 1.8x | 2.0x | 2.2x | 2.2x | 2.2x | 1.0x |
| Capital allocation | |||||||
| Capex / revenue | 0.3% | 0.2% | 1.5% | 2.1% | 2.7% | 1.2% | 0.9% |
| Stock comp / revenue | 0.0% | 0.0% | 0.7% | 2.0% | 2.2% | 2.4% | 2.0% |
| Payouts / FCF | — | — | — | — | 0.0% | 5.0% | 73.9% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 6.0 | 7.0 | 5.0 | 6.0 | 5.0 |
| Altman Z'' | — | 5.5 | 4.7 | 4.0 | 3.3 | 3.3 | 1.7 |
| Accruals ratio | — | −6.0% | −29.4% | −5.2% | −9.6% | −6.1% | −5.5% |
Source: SEC EDGAR XBRL filings (CIK 0001866757). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.