Krispy Kreme, Inc.

DNUT

Consumer DefensiveSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

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. It operates in three segments: U.S., International, and Market Development. The company offers doughnut experiences through hot light theater and fresh shops, delivers fresh daily branded cabinets and merchandising units within grocery and convenience stores, quick service restaurants, club memberships, drug stores, and digital channels, including delivery apps. It also operates Krispy Kreme company-owned shops and franchise shops. The company was formerly known as Krispy Kreme Doughnuts, Inc. and changed its name to Krispy Kreme, Inc. in May 2021. Krispy Kreme, Inc. was founded in 1937 and is based in Charlotte, North Carolina.

Valuation

Market Cap$564M

Current Price$3.41as of Jun 23, 2026

P/E Ratio-

P/B Ratio0.87

EV / EBITDA-

EV / Sales1.28

Profitability

Operating Margin-2.2%

Net Profit Margin-34.2%

EBITDA Margin-22.4%

Returns

ROE-80.0%

ROCE-29.4%

ROIC %-18.6%

ROA-20.1%

Solvency

Current Ratio0.38

Debt / Equity2.19

Debt / Assets0.55

CFO / Net Profit-0.07

Price History▲ 30.34% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.5B▼ 8.6%

EBITDA$-342M▼ 260.1%

Net Profit$-516M▼ 16764.5%

Cash from Ops (CFO)$34M▼ 26.0%

Free Cash Flow (FCF)$-64M▼ 14.6%

Revenue CAGR 3Y-0.2%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.5B	$-342M	$-516M	$-64M	-79.3%	-8.6%	-16764.5%
2024	$1.7B	$213M	$3M	$-75M	0.3%	-1.2%	-108.2%
2023	$1.7B	$135M	$-38M	$-76M	-3.2%	10.2%	142.8%
2022	$1.5B	$136M	$-16M	$28M	-1.3%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,529.90	1,686.10	1,665.40	1,522.62
Operating Revenue	-	1,529.90	1,686.10	1,665.40	1,522.62
Cost Of Revenue	-	406.23	443.24	409.18	372.57
Gross Profit	-	1,123.67	1,242.86	1,256.22	1,150.05
Operating Expense	-	1,090.47	1,200.69	1,257.08	1,183.32
Selling General And Administration	-	265.76	312.74	322	271.34
Total Expenses	-	1,496.70	1,643.93	1,666.26	1,555.89
Operating Income	-	33.20	42.17	-0.86	-33.27
Total Operating Income As Reported	-	28.98	13.14	-8.74	-469.27
EBITDA	-	136.20	135.24	213.43	-341.73
Normalized EBITDA	-	140.43	164.27	130.85	105.77
EBIT	-	25.94	9.35	79.83	-478.80
Interest Expense	-	34.10	50.34	60.07	65.80
Net Interest Income	-	-34.10	-50.34	-60.07	-65.80
Other Non Operating Income Expenses	-	-3.04	-3.80	-1.88	1.97
Other Income Expense	-	-7.26	-32.83	80.69	-445.53
Interest Expense Non Operating	-	34.10	50.34	60.07	65.80
Net Non Operating Interest Income Expense	-	-34.10	-50.34	-60.07	-65.80
Pretax Income	-	-8.16	-40.99	19.77	-544.60
Tax Provision	-	0.61	-4.35	15.95	-20.82
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-0.89	-3.08	17.34	-17
Net Income Continuous Operations	-	-8.78	-36.65	3.82	-523.78
Net Income From Continuing And Discontinued Operation	-	-15.62	-37.92	3.10	-515.77
Net Income From Continuing Operation Net Minority Interest	-	-15.62	-37.92	3.10	-515.77
Net Income	-	-15.62	-37.92	3.10	-515.77
Net Income Common Stockholders	-	-16	-37.92	3.10	-520.06
Net Income Including Noncontrolling Interests	-	-8.78	-36.65	3.82	-523.78
Normalized Income	-	-12.28	-11.97	-62.14	-85.27
Diluted NI Availto Com Stockholders	-	-16.14	-37.95	3.08	-520.07
Basic Average Shares	-	167.47	168.29	169.34	170.92
Diluted Average Shares	-	167.47	168.29	171.50	170.92
Reconciled Depreciation	-	110.26	125.89	133.60	137.07
Reconciled Cost Of Revenue	-	406.23	443.24	409.18	372.57
Total Unusual Items	-	-4.23	-29.03	82.58	-447.50
Total Unusual Items Excluding Goodwill	-	-4.23	-29.03	82.58	-447.50
Minority Interests	-	-6.85	-1.28	-0.72	8.01
Special Income Charges	-	-4.23	-29.03	82.58	-447.50
Gain On Sale Of Business	-	0	0	90.46	-11.50
Other Special Charges	-	4.23	4.12	3.41	3.58
Impairment Of Capital Assets	-	-	24.91	4.46	432.42
Depreciation Amortization Depletion Income Statement	-	110.26	125.89	133.60	137.07
Depreciation And Amortization In Income Statement	-	110.26	125.89	133.60	137.07
General And Administrative Expense	-	223.20	266.86	274.30	226.27
Other Gand A	-	223.20	266.86	274.30	226.27
Other Operating Expenses	-	714.44	762.06	801.48	774.90
Selling And Marketing Expense	-	42.57	45.87	47.70	45.07
Otherunder Preferred Stock Dividend	-	0.37	0	0	4.29
Average Dilution Earnings	-	-0.14	-0.03	-0.02	-0.01

Peer Comparison

Consumer Defensive sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Krispy Kreme, Inc.this co.	DNUT	$564M	-	0.87	-80.0%	-
Udemy, Inc.	UDMY	$677M	177.90	3.22	1.8%	13.24
Natural Grocers by Vitamin Cottage, Inc.	NGVC	$670M	14.44	3.16	21.9%	10.50
Mama's Creations, Inc.	MAMA	$622M	117.59	11.81	10.0%	50.45
Utz Brands, Inc.	UTZ	$602M	752.57

Learn while you research

Hand-picked academy chapters to deepen your understanding of Krispy Kreme, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.5B

$-342M

$-516M

$-64M

-79.3%

-8.6%

-16764.5%

2024

$1.7B

$213M

$3M

$-75M

0.3%

-1.2%

-108.2%

2023

$1.7B

$135M

$-38M

$-76M

-3.2%

10.2%

142.8%

2022

$1.5B

$136M

$-16M

$28M

-1.3%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,529.90

1,686.10

1,665.40

1,522.62

Operating Revenue

1,529.90

1,686.10

1,665.40

1,522.62

Cost Of Revenue

406.23

443.24

409.18

372.57

Gross Profit

1,123.67

1,242.86

1,256.22

1,150.05

Operating Expense

1,090.47

1,200.69

1,257.08

1,183.32

Selling General And Administration

265.76

312.74

322

271.34

Total Expenses

1,496.70

1,643.93

1,666.26

1,555.89

Operating Income

33.20

42.17

-0.86

-33.27

Total Operating Income As Reported

28.98

13.14

-8.74

-469.27

EBITDA

136.20

135.24

213.43

-341.73

Normalized EBITDA

140.43

164.27

130.85

105.77

EBIT

25.94

9.35

79.83

-478.80

Interest Expense

34.10

50.34

60.07

65.80

Net Interest Income

-34.10

-50.34

-60.07

-65.80

Other Non Operating Income Expenses

-3.04

-3.80

-1.88

1.97

Other Income Expense

-7.26

-32.83

80.69

-445.53

Interest Expense Non Operating

34.10

50.34

60.07

65.80

Net Non Operating Interest Income Expense

-34.10

-50.34

-60.07

-65.80

Pretax Income

-8.16

-40.99

19.77

-544.60

Tax Provision

0.61

-4.35

15.95

-20.82

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.89

-3.08

17.34

-17

Net Income Continuous Operations

-8.78

-36.65

3.82

-523.78

Net Income From Continuing And Discontinued Operation

-15.62

-37.92

3.10

-515.77

Net Income From Continuing Operation Net Minority Interest

-15.62

-37.92

3.10

-515.77

Net Income

-15.62

-37.92

3.10

-515.77

Net Income Common Stockholders

-16

-37.92

3.10

-520.06

Net Income Including Noncontrolling Interests

-8.78

-36.65

3.82

-523.78

Normalized Income

-12.28

-11.97

-62.14

-85.27

Diluted NI Availto Com Stockholders

-16.14

-37.95

3.08

-520.07

Basic Average Shares

167.47

168.29

169.34

170.92

Diluted Average Shares

167.47

168.29

171.50

170.92

Reconciled Depreciation

110.26

125.89

133.60

137.07

Reconciled Cost Of Revenue

406.23

443.24

409.18

372.57

Total Unusual Items

-4.23

-29.03

82.58

-447.50

Total Unusual Items Excluding Goodwill

-4.23

-29.03

82.58

-447.50

Minority Interests

-6.85

-1.28

-0.72

8.01

Special Income Charges

-4.23

-29.03

82.58

-447.50

Gain On Sale Of Business

90.46

-11.50

Other Special Charges

4.23

4.12

3.41

3.58

Impairment Of Capital Assets

24.91

4.46

432.42

Depreciation Amortization Depletion Income Statement

110.26

125.89

133.60

137.07

Depreciation And Amortization In Income Statement

110.26

125.89

133.60

137.07

General And Administrative Expense

223.20

266.86

274.30

226.27

Other Gand A

223.20

266.86

274.30

226.27

Other Operating Expenses

714.44

762.06

801.48

774.90

Selling And Marketing Expense

42.57

45.87

47.70

45.07

Otherunder Preferred Stock Dividend

0.37

4.29

Average Dilution Earnings

-0.14

-0.03

-0.02

-0.01

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Krispy Kreme, Inc.this co.

DNUT

$564M

0.87

-80.0%

Udemy, Inc.

UDMY

$677M

177.90

3.22

1.8%

13.24

Natural Grocers by Vitamin Cottage, Inc.

NGVC

$670M

14.44

3.16

21.9%

10.50

Mama's Creations, Inc.

MAMA

$622M

117.59

11.81

10.0%

50.45

Utz Brands, Inc.

UTZ

$602M

752.57

Krispy Kreme, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Krispy Kreme, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on