Primo Brands Corp
PRMB NYSE Beverages Financials FY2022–FY2025
Last close · Oct 23, 2026
$19.69
2.2%
Revenue
Total sales reported in the income statement.
$6.7B
29.3%
vs prior year
Operating margin
Operating income as a share of revenue.
6.5%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$60.1M
Free cash flow
Cash from operations minus capital spending.
$303M
3.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.6%
0.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$7.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
72.9x
On $0.27 EPS (TTM)
What Primo Brands Corp does
No business description yet.
- Legal name
- Primo Brands Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001628280-26-012779
0002042694
Revenue and margins
Primo Brands Corp had $6.7B of revenue in fiscal 2025, up 29.3% on the year before.
FY22
Revenue $4.4B
FY23
Revenue $4.7B
FY24
Revenue $5.2B
FY25
Revenue $6.7B
Q1 '24
Revenue $1.1B
Q2 '24
Revenue $1.3B
Q3 '24
Revenue $1.3B
Q4 '24
Revenue $1.4B
Q1 '25
Revenue $1.6B
Q2 '25
Revenue $1.7B
Q3 '25
Revenue $1.8B
Q4 '25
Revenue $1.6B
Q1 '26
Revenue $1.6B
Q2 '26
Revenue $1.8B
FY22
Gross 22.4%
Operating 0.5%
Net −2.9%
FCF −3.4%
FY23
Gross 28.8%
Operating 8.6%
Net 2.0%
FCF 2.5%
FY24
Gross 31.5%
Operating 7.0%
Net −0.3%
FCF 6.1%
FY25
Gross 30.3%
Operating 6.5%
Net 0.9%
FCF 4.5%
Gross
Operating
Net
FCF
Q1 '24
Gross 30.4%
Operating 11.0%
Net 2.9%
FCF −1.5%
Q2 '24
Gross 32.7%
Operating 12.1%
Net 4.1%
FCF 4.7%
Q3 '24
Gross 31.9%
Operating 12.1%
Net 4.1%
FCF 17.6%
Q4 '24
Gross 30.8%
Operating −5.8%
Net −11.3%
FCF 2.9%
Q1 '25
Gross 32.3%
Operating 9.5%
Net 1.8%
FCF −1.4%
Q2 '25
Gross 31.3%
Operating 6.5%
Net 1.6%
FCF 5.8%
Q3 '25
Gross 29.9%
Operating 8.3%
Net 1.0%
FCF 9.5%
Q4 '25
Gross 27.7%
Operating 1.2%
Net −0.8%
FCF 3.7%
Q1 '26
Gross 28.6%
Operating 8.5%
Net 1.7%
FCF −0.0%
Q2 '26
Gross 30.5%
Operating 10.0%
Net 3.9%
FCF 7.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$127M
FY23
Net income $92.8M
FY24
Net income −$16.4M
FY25
Net income $60.1M
Q1 '24
Net income $33.5M
Q2 '24
Net income $54.5M
Q3 '24
Net income $53.3M
Q4 '24
Net income −$158M
Q1 '25
Net income $28.7M
Q2 '25
Net income $27.6M
Q3 '25
Net income $16.8M
Q4 '25
Net income −$13.0M
Q1 '26
Net income $27.3M
Q2 '26
Net income $69.2M
FY22
Diluted EPS −$0.74
FY23
Diluted EPS $0.29
FY24
Diluted EPS −$0.07
FY25
Diluted EPS $0.16
Q1 '24
Diluted EPS $0.15
Q2 '24
Diluted EPS $0.25
Q3 '24
Diluted EPS $0.24
Q4 '24
Diluted EPS −$0.71
Q1 '25
Diluted EPS $0.08
Q2 '25
Diluted EPS $0.07
Q3 '25
Diluted EPS $0.04
Q4 '25
Diluted EPS −$0.03
Q1 '26
Diluted EPS $0.07
Q2 '26
Diluted EPS $0.19
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity −94.1%
Return on assets —
FY23
Return on capital 9.3%
Return on equity 135.2%
Return on assets 1.8%
FY24
Return on capital 3.0%
Return on equity −1.0%
Return on assets −0.2%
FY25
Return on capital 3.6%
Return on equity 1.9%
Return on assets 0.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $303M in fiscal 2025, 4.5% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$150M
FY23
Free cash flow $117M
FY24
Free cash flow $314M
FY25
Free cash flow $303M
Q1 '24
Free cash flow −$17.5M
Q2 '24
Free cash flow $61.4M
Q3 '24
Free cash flow $229M
Q4 '24
Free cash flow $40.4M
Q1 '25
Free cash flow −$23.2M
Q2 '25
Free cash flow $101M
Q3 '25
Free cash flow $168M
Q4 '25
Free cash flow $57.3M
Q1 '26
Free cash flow −$0.7M
Q2 '26
Free cash flow $142M
FY22
Cash from operations $108M
Capital spending $259M
FY23
Cash from operations $321M
Capital spending $204M
FY24
Cash from operations $464M
Capital spending $150M
FY25
Cash from operations $680M
Capital spending $377M
Cash from operations
Capital spending
Q1 '24
Cash from operations $6.0M
Capital spending $23.5M
Q2 '24
Cash from operations $103M
Capital spending $41.1M
Q3 '24
Cash from operations $262M
Capital spending $32.3M
Q4 '24
Cash from operations $93.7M
Capital spending $53.3M
Q1 '25
Cash from operations $38.8M
Capital spending $62.0M
Q2 '25
Cash from operations $155M
Capital spending $53.9M
Q3 '25
Cash from operations $283M
Capital spending $116M
Q4 '25
Cash from operations $203M
Capital spending $146M
Q1 '26
Cash from operations $104M
Capital spending $105M
Q2 '26
Cash from operations $228M
Capital spending $85.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Primo Brands Corp returned $573M to shareholders in fiscal 2025, 189% of free cash flow. The diluted share count rose 54.7%.
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $35.7M
Buybacks $10.4M
FY25
Dividends $151M
Buybacks $422M
Dividends
Buybacks
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $35.7M
Buybacks $10.4M
Q1 '25
Dividends $38.6M
Buybacks $119M
Q2 '25
Dividends $37.4M
Buybacks $102M
Q3 '25
Dividends $37.2M
Buybacks $75.8M
Q4 '25
Dividends $38.1M
Buybacks $125M
Q1 '26
Dividends $44.2M
Buybacks $32.2M
Q2 '26
Dividends $43.5M
Buybacks $15.6M
Dividends
Buybacks
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.24B
FY25
Diluted shares 0.37B
Balance sheet
Cash, debt and the ratios that show how comfortably Primo Brands Corp can carry it.
FY22
Cash $106M
Debt —
FY23
Cash $44.7M
Debt $3.5B
FY24
Cash $614M
Debt $5.1B
FY25
Cash $377M
Debt $5.2B
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $106M | $44.7M | $614M | $377M |
| Debt incl. finance leases | — | $3.5B | $5.1B | $5.2B |
| Net debt / EBITDA | — | 4.8x | 6.5x | 4.7x |
| Debt / equity | — | 1,289.9x | 1.5x | 1.7x |
| Interest coverage | 0.1x | 1.4x | 1.1x | 1.3x |
| Current ratio | — | 0.9x | 1.1x | 0.9x |
| Quick ratio | — | 0.7x | 0.9x | 0.8x |
| Total assets | — | $5.2B | $11.2B | $10.6B |
| Total liabilities | — | $5.2B | $7.8B | $7.6B |
| Shareholders' equity | $135M | $2.7M | $3.4B | $3.0B |
| Net debt (− = net cash) | — | $3.4B | $4.5B | $4.9B |
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 | 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 | — / 5 | 5 / 9 | 5 / 9 |
| Accruals ratio | — | −4.4% | −5.9% | −5.7% |
| Altman Z'' | — | −0.22 | 0.31 | 0.03 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $4.4B | $4.7B | $5.2B | $6.7B |
| Gross profit | $994M | $1.4B | $1.6B | $2.0B |
| Operating income | $23.3M | $406M | $360M | $430M |
| Interest expense | $212M | $288M | $340M | $327M |
| Pretax income | −$180M | $118M | $20.7M | $145M |
| Income tax | −$53.1M | $25.1M | $33.3M | $64.6M |
| Net income | −$127M | $92.8M | −$16.4M | $60.1M |
| Net income to common | −$161M | $63.9M | −$16.4M | $60.1M |
| Diluted EPS | −$0.74 | $0.29 | −$0.07 | $0.16 |
| Diluted shares | 0.22B | 0.22B | 0.24B | 0.37B |
| Cash flow | ||||
| Cash from operations | $108M | $321M | $464M | $680M |
| Capital expenditure | $259M | $204M | $150M | $377M |
| Free cash flow | −$150M | $117M | $314M | $303M |
| Depreciation and amortization | $326M | $306M | $333M | $610M |
| Stock-based compensation | $1.8M | $1.3M | $8.7M | $49.9M |
| Share buybacks | $0.0M | $0.0M | $10.4M | $422M |
| Dividends paid | $0.0M | $0.0M | $35.7M | $151M |
| Dividends and buybacks | $0.0M | $0.0M | $46.1M | $573M |
| Balance sheet | ||||
| Cash and short-term investments | $106M | $44.7M | $614M | $377M |
| Total debt | — | $3.5B | $5.0B | $5.1B |
| Finance lease liabilities | — | $10.0M | $100M | $171M |
| Current assets | — | $698M | $1.5B | $1.2B |
| Current liabilities | — | $783M | $1.4B | $1.3B |
| Inventory | — | $180M | $208M | $224M |
| Goodwill | $817M | $817M | $3.6B | $3.6B |
| Intangible assets | — | $1.4B | $3.2B | $3.0B |
| Total assets | — | $5.2B | $11.2B | $10.6B |
| Total liabilities | — | $5.2B | $7.8B | $7.6B |
| Preferred stock | — | $0.0M | $0.0M | — |
| Shareholders' equity | $135M | $2.7M | $3.4B | $3.0B |
| Margins | ||||
| Gross margin | 22.4% | 28.8% | 31.5% | 30.3% |
| Operating margin | 0.5% | 8.6% | 7.0% | 6.5% |
| EBITDA margin | 7.9% | 15.1% | 13.5% | 15.6% |
| Net margin | −2.9% | 2.0% | −0.3% | 0.9% |
| FCF margin | −3.4% | 2.5% | 6.1% | 4.5% |
| Returns | ||||
| Return on capital | — | 9.3% | 3.0% | 3.6% |
| Return on capital employed | — | 9.3% | 3.7% | 4.6% |
| Return on equity | −94.1% | 135.2% | −1.0% | 1.9% |
| Return on assets | — | 1.8% | −0.2% | 0.6% |
| Growth | ||||
| Revenue growth | — | 5.8% | 9.7% | 29.3% |
| Net income growth | — | — | −117.7% | — |
| EPS growth | — | — | −124.1% | — |
| FCF growth | — | — | 167.3% | −3.4% |
| Share count change | — | 0.0% | 11.0% | 54.7% |
| Financial health | ||||
| Net debt / EBITDA | — | 4.8x | 6.5x | 4.7x |
| Debt / equity | — | 1,289.9x | 1.5x | 1.7x |
| Interest coverage | 0.1x | 1.4x | 1.1x | 1.3x |
| Current ratio | — | 0.9x | 1.1x | 0.9x |
| Quick ratio | — | 0.7x | 0.9x | 0.8x |
| Capital allocation | ||||
| Capex / revenue | 5.8% | 4.3% | 2.9% | 5.7% |
| Stock comp / revenue | 0.0% | 0.0% | 0.2% | 0.7% |
| Payouts / FCF | — | 0.0% | 14.7% | 189.1% |
| Quality scores | ||||
| Piotroski F-score | — | — | 5.0 | 5.0 |
| Altman Z'' | — | −0.2 | 0.3 | 0.0 |
| Accruals ratio | — | −4.4% | −5.9% | −5.7% |
Source: SEC EDGAR XBRL filings (CIK 0002042694). 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.