Krispy Kreme Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here is about substance, not about the share price. Three documented findings carry the rating. First, interest has not been covered by operating income for years — in fiscal 2025 an operating loss of $36.8 million before impairments met $65.8 million of interest expense, and in the first quarter of fiscal 2026 it was $3.6 million against $15.6 million. Second, equity is positive only in name: after goodwill and intangibles are removed, minus $769.1 million remains, and current liabilities exceed current assets by $259.1 million. Third, free cash flow was negative three years running; the gap was closed by selling Insomnia Cookies, Japan and the majority of the Western U.S. joint venture — substance that can only be sold once. Against that stand a turnaround that truly delivered in the first quarter of fiscal 2026, covenants met, $303 million of available liquidity and no going-concern warning from the auditors. Under the more-cautious rule the lower grade still applies as long as $888.4 million of debt maturing in March 2028 rests on a balance sheet whose hardest asset is its own brand. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Krispy Kreme is the familiarity trap in its purest form: a brand almost everyone knows, and a balance sheet almost nobody checks. The group still booked $1,522.6 million of revenue in fiscal 2025, yet earned nothing on it even before $432.4 million of impairments, and reported a net loss of $523.8 million. As of March 29, 2026, $888.4 million of debt maturing in March 2028 rests on a balance sheet whose substance is 58.8 percent goodwill and brand — tangible equity is negative $769.1 million. The turnaround shows genuine early results, but it is funded by selling parts of the company and shrinks 2026 revenue to $1.25 billion to $1.35 billion. Not investment advice.
Brand and reach
Krispy Kreme operates in more than 40 countries and reached 15,125 points of access as of March 29, 2026. International business contributed $584.9 million, or about 38 percent, of the $1,522.6 million of fiscal 2025 revenue; the Market Development franchise segment turned $20.2 million of first-quarter 2026 revenue into $11.6 million of adjusted EBITDA — a margin of 57.5 percent. The brand carries when somebody else pays for it.
Earning power
Adjusted EBITDA fell from $211.6 million (2023) to $193.5 million (2024) and $140.3 million (2025). Even excluding the $432.4 million of impairments, the fiscal 2025 income statement implies an operating loss of $36.8 million — against $65.8 million of interest expense. In the first quarter of fiscal 2026 an operating loss of $3.6 million met $15.6 million of interest. Interest has not been covered by operating income for years.
Balance-sheet substance
As of March 29, 2026, goodwill of $669.3 million and other intangibles of $733.1 million made up 58.8 percent of total assets of $2,386.6 million — against equity of $633.3 million. Tangible equity is therefore negative $769.1 million. Current liabilities of $446.0 million exceed current assets of $186.9 million by $259.1 million. The accumulated deficit has grown to $844.2 million.
Financing and maturities
$888.4 million of debt sits against $74.2 million of cash (March 29, 2026); the term loan and revolving facility are both due in full in March 2028. The covenant requires a leverage ratio below 5.00 to 1.00 — reported at 3.9 after 4.4 at the end of fiscal 2025, so the cushion is a little over one turn. Free cash flow was negative three years running from 2023 to 2025 (−$75.9 million, −$75.0 million and −$64.0 million); the gap was closed by selling parts of the company.
Turnaround and early effect
The turnaround announced in August 2025 is working measurably: in the first quarter of fiscal 2026 adjusted EBITDA rose 38.0 percent to $33.1 million, the margin went from 6.4 to 9.0 percent, operating cash flow swung from negative $20.8 million to positive $20.2 million, and capital expenditures fell to $8.8 million. But the progress is paid for with substance: Japan and the majority of the Western U.S. joint venture are sold, and revenue is guided to shrink to $1.25 billion to $1.35 billion in 2026.
Litigation and reporting quality
A consolidated federal securities class action has been pending since May 2025 in the Western District of North Carolina against the company, its chief executive and its former chief financial officer over statements about the McDonald’s agreement; briefing on the motion to dismiss was scheduled to be complete on May 21, 2026. A shareholder derivative action and a roughly $1.6 million data-breach settlement sit alongside it. The 2026 quarterly report also concedes that the accounting for redeemable noncontrolling interests in prior periods was incorrect.
Worth Noting
Krispy Kreme reached our research list through the valuation screen: more than $1.5 billion of revenue against a market value that, at the only price documented in a mandatory filing ($2.65 as of the end of the second quarter of fiscal 2025), came to roughly $454 million — a price-to-sales ratio of about 0.30. Ratios like that either mean the market is missing something, or the balance sheet is — here it is the balance sheet.
The fiscal year ends in late December on a 52- or 53-week rhythm, not on December 31: fiscal 2025 on December 28, 2025, fiscal 2024 on December 29, 2024. The first quarter of fiscal 2026 comprised 13 weeks to March 29, 2026. Multi-year revenue comparisons should account for the week count.
Two leverage ratios for the same date: the quarterly report states 3.9 to 1.00 (the credit-agreement metric, covenant below 5.00), while the earnings release of May 7, 2026 states 5.5x (the company own net definition). Only the first governs the credit agreement; the second is the more conservative read of the debt load.
Analyses are evergreen, and daily prices are not a buy argument. Every valuation figure in this piece therefore hangs on a single price documented in a mandatory filing: $2.65 as of the end of the second quarter of fiscal 2025 (cover page of the fiscal 2025 annual report), when the aggregate market value held by non-affiliates was $248.9 million. Price targets and analyst ratings are deliberately absent.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DNUT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.90 $ to 4.70 $ · Last price: 3.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Grocery Stores
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Krispy Kreme Inc DNUT | 0.5 | – | 18.3 | 25.0 | – | -8.6 | -3.2 |
| Kroger Company KR | 37.0 | 36.5 | 9.9 | 23.9 | 3.2 | 0.4 | -6.3 |
| Sprouts Farmers Market LLC SFM | 6.5 | 14.3 | 8.7 | 38.9 | 9.2 | 14.1 | -43.6 |
| Albertsons Companies ACI | 6.3 | 33.1 | 6.7 | 27.0 | 1.7 | 3.5 | -28.8 |
| Weis Markets Inc WMK | 1.8 | 18.6 | 6.7 | 26.0 | 2.8 | 3.5 | 3.0 |
| Ingles Markets Incorporated IMKTA | 1.6 | – | 6.0 | 24.3 | 6.2 | -5.4 | 19.1 |
| Yesway, Inc. YSWY | 1.4 | – | 41.1 | 20.8 | 6.9 | 5.8 | – |
| Grocery Outlet Holding Corp GO | 1.2 | – | 20.1 | 30.0 | – | 7.3 | -31.0 |
| Natural Grocers by Vitamin Cottage, Inc. NGVC | 0.7 | 14.7 | 10.1 | 33.5 | – | 7.2 | -18.0 |
| Median of companies shown | 1.6 | 18.6 | 9.9 | 26.0 | 4.7 | 3.5 | -12.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2014 | 490 | 48 | 30 | 0.25 | 63 | 268 | 353 |
| 2015 | 519 | 52 | 32 | 0.28 | 79 | 256 | 343 |
| 2018 | 796 | 34 | -14 | -0.09 | 148 | – | – |
| 2019 | 959 | 38 | -37 | -0.23 | 81 | 735 | 2,875 |
| 2020 | 1,122 | 4 | -65 | -0.39 | 29 | 685 | 3,061 |
| 2021 | 1,384 | 41 | -25 | -0.15 | 141 | 1,232 | 3,145 |
| 2022 | 1,530 | 29 | -16 | -0.09 | 140 | 1,196 | 3,149 |
| 2023 | 1,686 | 13 | -38 | -0.23 | 46 | 1,170 | 3,241 |
| 2024 | 1,665 | -9 | 3 | 0.02 | 46 | 1,135 | 3,072 |
| 2025 | 1,523 | -33 | -516 | -3.02 | 34 | 656 | 2,595 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.13 | -963.40 | 404 | -10.40 | -5.60 | 27 | -7 |
| 2025: Q1 | -0.20 | – | 375 | -15.30 | -8.90 | -21 | -47 |
| 2025: Q2 | -2.55 | – | 380 | -13.50 | -114.60 | -33 | -61 |
| 2025: Q3 | -0.11 | -149.20 | 375 | -1.20 | -5.20 | 42 | 16 |
| 2025: Q4 | -0.16 | – | 392 | -2.90 | -7.10 | 45 | 28 |
| 2026: Q1 | -0.16 | – | 367 | -2.20 | -7.70 | 20 | 11 |
| 2026: Q2 | -0.12 | 95.30 | 331 | -12.80 | -6.10 | -10 | -18 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.01 | -0.03 – 0.01 | 1,332 | 91.3% | 4 |
| 12/31/2027 | 0.05 | -0.12 – 0.19 | 1,405 | 645.5% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $37.3M |
|---|---|
| Market cap | $531.0M |
| Free cash flow in year ten | $50.4M |
| Terminal value as a share of market value | 50.0% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kein wesentlicher KI-Bezug in den sechs geprüften Pflichtberichten: Künstliche Intelligenz kommt ausschließlich als allgemeine Risikofaktor-Formulierung im Geschäftsbericht vor, in keinem der vier Quartalsberichte überhaupt, und weder als Umsatzquelle noch als belegter operativer Einsatz.
View the full file — quotes, sources, reviewed filings
„Emerging technologies such as artificial intelligence, machine learning, and automation are impacting many industries and business operations, including ours. If we do not adequately invest in new technology, appropriately implement new technologies, or evolve our business at sufficient speed and scale in response to such developments, or if we do not make strategic investments to respond to these developments, our products, results of operations, and ability to develop and maintain our business could be negatively affected."
Neue Technologien wie künstliche Intelligenz, maschinelles Lernen und Automatisierung beeinflussen viele Branchen und Geschäftsabläufe, auch unsere. Wenn wir nicht ausreichend in neue Technologien investieren, sie nicht angemessen einführen oder unser Geschäft nicht schnell und umfassend genug an solche Entwicklungen anpassen, oder wenn wir keine strategischen Investitionen als Antwort auf diese Entwicklungen tätigen, können unsere Produkte, unsere Geschäftsergebnisse und unsere Fähigkeit, unser Geschäft zu entwickeln und zu erhalten, beeinträchtigt werden.
10-K · 2026-03-06 · View SEC filing
„Moreover, to the extent we invest in and utilize emerging technologies, including artificial intelligence and machine learning, such technologies may not deliver expected efficiencies and could introduce new risks, such as those related to cybersecurity, data privacy, inaccuracies, hallucinations, bias or discrimination and intellectual property infringement, which may become more pronounced as our reliance on such technologies increases."
Soweit wir außerdem in neue Technologien einschließlich künstlicher Intelligenz und maschinellen Lernens investieren und sie einsetzen, liefern diese Technologien möglicherweise nicht die erwarteten Effizienzgewinne und können neue Risiken mit sich bringen, etwa in Bezug auf Cybersicherheit, Datenschutz, Ungenauigkeiten, Halluzinationen, Verzerrung oder Diskriminierung und Verletzung geistigen Eigentums, die mit zunehmender Abhängigkeit von solchen Technologien stärker hervortreten können.
10-K · 2026-03-06 · View SEC filing
Filings Reviewed: 10-Q 2026-05-08 · 10-K 2026-03-06 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-Q 2025-05-08 · 10-K 2025-02-27
Rated on August 4, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -0.2%
- More than 10% revenue growth is expected for the coming year 5.9%
- Share count grows by less than 3% a year 0.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -12.8%
- Gross margin at 40% or higher and without meaningful erosion 14.1%
- Goodwill from acquisitions does not grow faster than revenue 27.5%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 676 m
- Return on capital at 15% or higher, or up versus two years ago -1.6%
- Insiders hold at least 10% or are net buyers 50.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.9%
- Exp. sales growth 3Y > 5% -3.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -3.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -1.6%
- Expected return > 10% -15.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Krispy Kreme, Inc. , together with its subsidiaries, produces doughnuts in the United States, the United Kingdom, Ireland, Australia, New Zealand, Mexico, Canada, Japan, and internationally.
- Employees
- 17,000
- Headquarters
- Charlotte, NC
- Address
- 2116 Hawkins Street, 28203 Charlotte, United States
- Phone
- 800 457 4779
- Website
- krispykreme.com
- IPO Date
- 07/01/2021
- ISIN
- US50101L1061
Management
| Name | Title | Birth Year |
|---|---|---|
| Joshua Charlesworth | President, CEO & Director | 1975 |
| Raphael Duvivier | Chief Financial Officer | 1983 |
| Nicola J. Steele | Chief Operating Officer | 1987 |
| Alison Holder | Chief Brand & Product Officer | 1977 |
| Joseph J. Esposito | Chief Accounting Officer | 1984 |
| Angela J. Yochem | Chief Performance & Technology Officer | 1972 |
| Steve Wayne West | Vice President of Investor Relations | – |
| Atiba D. Adams | Chief Legal Officer & Corporate Secretary | 1971 |
| Eloise Hale | Vice President of Global Corporate Communications | – |
| Lori M. Suess | Chief People Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Krispy Kreme, Inc. (DNUT): Results of Operations and Financial Condition SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.