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Waldencast plc operates in the beauty and wellness industry in the United States, Canada, Europe, the Middle East, India, Australia, and New Zealand. The company operates through two segments, Obagi Medical and Milk Makeup. It offers skin care products to minimize signs of skin aging, address dark spots, hyperpigmentation, fine lines and wrinkles, and protect and enhance skin tone and texture; cosmetics; and other beauty products. In addition, the company provides foundation, concealer, primer, blush, setting spray, and bronzer categories, as well as sells liner, eyeshadow, and lip color products. It serves distributors, retailers, physicians, and directly to consumers through its e-commerce platforms, and third-party logistics and delivery providers. The company was incorporated in 2020 and is headquartered in London, the United Kingdom.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 | $272M | $-178M | $-230M | $-16M | -49.7% | -0.7% | 441.3% |
| 2024 | $274M | $29M | $-42M | $-12M | -6.4% | 25.5% | -52.8% |
| 2023 | $218M | $-34M | $-90M | $-32M | -14.4% | 53.1% | 359.6% |
| 2022 | - | - | - | - | - | 0.0% | 0.0% |
| 2021 | $142M | $15M |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | 142.47 | - | 218.14 | 273.87 | 272.07 |
| Operating Revenue | 142.47 | - | 218.14 | 273.87 | 272.07 |
| Cost Of Revenue | 55.04 | - | 76.56 | 82.12 | 89.05 |
| Gross Profit | 87.44 | - | 141.58 | 191.74 | 183.02 |
| Operating Expense | 89.06 | - | 223.51 | 245.30 | 247.98 |
| Research And Development | 6.09 | - | 3.20 | - | - |
| Selling General And Administration | 82.97 | - | 223.51 | 245.30 | 247.98 |
| Total Expenses | 144.10 | - | 300.07 | 327.42 | 337.04 |
| Operating Income | -1.62 | - | -81.93 | -53.55 | -64.97 |
| Total Operating Income As Reported | -1.62 | - | -81.93 | -58.58 | -217.54 |
| EBITDA | 15.04 | - | -33.54 | 28.63 | -177.97 |
| Normalized EBITDA | 13.09 | - | -23.20 | 10.04 | -5.55 |
| EBIT | 1.14 | - | -94.04 | -31.38 | -237.15 |
| Interest Income | 0.05 | - | - | - | - |
| Interest Expense | 11.12 | - | 18.91 | 17.16 | 25.09 |
| Net Interest Income | -11.12 | - | -18.91 | -17.16 | -25.09 |
| Other Non Operating Income Expenses | 0.82 | - | -1.77 | 3.57 | 0.23 |
| Other Income Expense | 2.77 | - | -12.11 | 22.17 | -172.18 |
| Interest Income Non Operating | 0.05 | - | - | - | - |
| Interest Expense Non Operating | 11.12 | - | 18.91 | 17.16 | 25.09 |
| Net Non Operating Interest Income Expense | -11.12 | - | -18.91 | -17.16 | -25.09 |
| Pretax Income | -9.97 | - | -112.94 | -48.54 | -262.24 |
| Tax Provision | 9.60 | - | -6.98 | 0.11 | -14.19 |
| Tax Rate For Calcs | 0 | - | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0.53 | - | -0.64 | 3.91 | -9.33 |
| Net Income Continuous Operations | -19.58 | - | -105.97 | -48.65 | -248.06 |
| Net Income From Continuing And Discontinued Operation | -19.58 | - | -89.98 | -42.44 | -229.75 |
| Net Income From Continuing Operation Net Minority Interest | -19.58 | - | -89.98 | -42.44 | -229.75 |
| Net Income | -19.58 | - | -89.98 | -42.44 | -229.75 |
| Net Income Common Stockholders | -19.58 | - | -89.98 | -42.44 | -229.75 |
| Net Income Including Noncontrolling Interests | -19.58 | - | -105.97 | -48.65 | -248.06 |
| Normalized Income | -21 | - | -80.28 | -57.13 | -66.66 |
| Diluted NI Availto Com Stockholders | -19.58 | - | -89.98 | -42.44 | -229.75 |
| Basic Average Shares | 8 | - | 91.16 | 109.30 | - |
| Diluted Average Shares | 8 | - | 91.16 | 109.30 | - |
| Reconciled Depreciation | 13.90 | - | 60.50 | 60.02 | 59.18 |
| Reconciled Cost Of Revenue | 55.04 | - | 76.56 | 82.12 | 89.05 |
| Total Unusual Items | 1.95 | - | -10.34 | 18.60 | -172.41 |
| Total Unusual Items Excluding Goodwill | 1.95 | - | -10.34 | 18.60 | -172.41 |
| Minority Interests | 0 | - | 15.99 | 6.20 | 18.31 |
| Special Income Charges | 1.95 | - | 0 | -5.03 | -176.11 |
| Other Special Charges | -1.95 | - | - | - | 24.40 |
| Write Off | 2.56 | - | - | - | - |
| Impairment Of Capital Assets | 0 | - | 0 | 5.03 | 152.02 |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | 5.37 |
| Gain On Sale Of Security | -5.35 | - | -10.34 | 23.63 | 3.70 |
| General And Administrative Expense | 9.13 | - | - | - | - |
| Other Gand A | 9.13 | - | - | - | - |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 5.68 |
| Other Operating Expenses | 9.13 | - | - | - | - |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waldencast plcthis co. | WALD | $224M | - | 0.35 | -49.7% | - |
| European Wax Center, Inc. | EWCZ | $319M | 36.76 | 4.03 | 11.0% | 9.88 |
| Alico, Inc. | ALCO | $300M | -2.03 | 2.91 | -143.0% | -78.12 |
| Franklin Covey Co. | FC | $270M | 87.92 | 4.03 | 4.6% | 15.21 |
| Forafric Global PLC | AFRI | $268M | -18.02 | -30.88 |
| $-20M |
| $2M |
| - |
| - |
| - |
| 171.4% |
| 40.65 |
| Nu Skin Enterprises, Inc. | NUS | $258M | 1.61 | 0.32 | 19.9% | 1.24 |
| Limoneira Company | LMNR | $215M | -13.45 | 1.34 | -9.9% | -28.00 |
| Acme United Corporation | ACU | $168M | 16.52 | 1.43 | 8.7% | 9.20 |
| BRC Inc. | BRCC | $150M | -12.57 | 3.28 | -26.1% | -16.73 |
| Peer Median | - | -0.21 | 2.17 | 6.6% | 5.22 | |