Latest Ratios: P/E Ratio -1.1x · EV/EBITDA 19.6x · ROE -56.0%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $572M | $732M | $1.7B | $2.5B | $1.7B | $3.2B | — | — | — | — | — |
| Enterprise Value | $2.0B | $2.2B | $3.0B | $3.9B | $2.9B | $4.3B | — | — | — | — | — |
| P/E Ratio → | -1.09 | — | 546.37 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.38 | 0.48 | 1.01 | 1.51 | 1.13 | 2.29 | — | — | — | — | — |
| P/B Ratio | 0.84 | 1.08 | 1.44 | 2.01 | 1.33 | 2.37 | — | — | — | — | — |
| P/FCF | — | — | — | — | 61.50 | 145.64 | — | — | — | — | — |
| P/OCF | 16.87 | 21.56 | 36.60 | 55.76 | 12.36 | 22.41 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.44 | 1.80 | 2.31 | 1.91 | 3.11 | — | — | — | — | — |
| EV / EBITDA | 19.65 | 21.18 | 24.04 | 28.03 | 21.03 | 30.19 | — | — | — | — | — |
| EV / EBIT | — | — | 37.59 | 416.98 | 112.88 | 110.72 | — | — | — | — | — |
| EV / FCF | — | — | — | — | 104.19 | 198.29 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.1% | 14.1% | 75.4% | 73.7% | 73.4% | 74.4% | 21.6% | 72.7% | 20.1% | 19.3% | 18.2% |
| Operating Margin | -2.2% | -2.2% | -0.5% | 0.8% | 1.9% | 3.0% | 0.4% | 4.0% | 10.0% | 9.8% | 10.1% |
| Net Profit Margin | -33.9% | -33.9% | 0.2% | -2.2% | -1.0% | -1.8% | -5.8% | -3.9% | 6.2% | 6.1% | 7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -56.0% | -56.0% | 0.3% | -3.0% | -1.2% | -2.2% | -7.5% | -6.6% | 12.4% | 11.3% | 13.4% |
| ROA | -18.2% | -18.2% | 0.1% | -1.2% | -0.5% | -0.8% | -2.2% | -2.3% | 9.3% | 8.7% | 10.1% |
| ROIC | -1.1% | -1.1% | -0.3% | 0.4% | 0.9% | 1.3% | 0.1% | 2.2% | 17.6% | 16.5% | 16.7% |
| ROCE | -1.4% | -1.4% | -0.3% | 0.5% | 1.1% | 1.6% | 0.2% | 2.7% | 17.5% | 16.2% | 15.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.10 | 2.10 | 1.16 | 1.10 | 0.95 | 0.89 | 1.88 | 1.70 | 0.05 | 0.04 | 0.01 |
| Debt / EBITDA | 13.73 | 13.73 | 10.84 | 10.04 | 8.87 | 8.29 | 18.82 | 14.76 | 0.17 | 0.16 | 0.03 |
| Net Debt / Equity | — | 2.16 | 1.14 | 1.07 | 0.92 | 0.86 | 1.83 | 1.66 | -0.15 | -0.15 | -0.20 |
| Net Debt / EBITDA | 14.14 | 14.14 | 10.60 | 9.77 | 8.62 | 8.02 | 18.37 | 14.41 | -0.57 | -0.68 | -0.93 |
| Debt / FCF | — | — | — | — | 42.69 | 52.65 | — | 330.42 | -0.78 | -1.31 | -1.60 |
| Interest Coverage | -7.28 | -7.28 | 1.33 | 0.19 | 0.76 | 0.90 | 0.09 | 0.64 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.38 | 0.38 | 0.36 | 0.33 | 0.35 | 0.30 | 0.33 | 0.31 | 1.99 | 2.09 | 2.75 |
| Quick Ratio | 0.38 | 0.38 | 0.30 | 0.26 | 0.26 | 0.23 | 0.25 | 0.25 | 1.67 | 1.73 | 2.39 |
| Cash Ratio | -0.09 | -0.09 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.10 | 1.02 | 1.02 | 1.20 |
| Asset Turnover | — | 0.59 | 0.54 | 0.52 | 0.49 | 0.44 | 0.37 | 0.33 | 1.51 | 1.39 | 1.36 |
| Inventory Turnover | — | — | 14.54 | 12.77 | 8.79 | 10.16 | 22.83 | 11.61 | 25.41 | 21.76 | 22.49 |
| Days Sales Outstanding | — | 17.37 | 14.84 | 16.21 | 16.55 | 16.39 | 24.19 | 18.40 | 18.67 | 19.85 | 19.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.6% | 1.4% | 0.9% | 1.4% | 1.5% | — | — | — | — | — |
| Payout Ratio | — | — | 765.5% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.2% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | 1.6% | 0.7% | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.2% | 0.3% | 0.1% | 0.2% | 4.4% | — | — | — | — | — |
| Total Shareholder Yield | 2.3% | 1.8% | 1.7% | 1.0% | 1.6% | 5.9% | — | — | — | — | — |
| Shares Outstanding | — | $171M | $172M | $168M | $167M | $167M | $165M | $160M | $117M | $120M | $124M |
High leverage and liquidity
Based on reported figures, DNUT trades at an EV/EBITDA of 20.02, a multiple that appears disconnected from the company's negative net margins and persistent inability to generate consistent free cash flow, suggesting the market may be pricing in speculative growth rather than current fundamental reality.
The valuation multiples suggest investors are looking past the current lack of profitability, likely betting on the scalability of the McDonald's partnership. However, given the negative P/E and the high forward EV/EBITDA of 43.51, the stock appears expensive relative to its peers, which generally demonstrate more stable earnings profiles.
As reported in financial statements, the company's ROIC has struggled to remain positive, frequently dipping into negative territory such as the -13.9% observed in 2025Q2, which indicates that the firm is currently destroying shareholder value rather than compounding it through its hub-and-spoke infrastructure investments.
The inability to generate a positive return on invested capital suggests that the high capital expenditure required for production hubs is not being offset by sufficient operational efficiency. This trend warrants investigation into whether the current asset base is fundamentally over-scaled for the actual volume of product sold.
According to recent SEC filings, the company's cash conversion cycle has shown extreme volatility, often turning negative due to high accounts payable relative to inventory, which suggests a reliance on supplier financing to manage the liquidity pressures inherent in the fresh-daily distribution model.
While a negative CCC can sometimes indicate strong bargaining power, in DNUT's case, it appears more reflective of a liquidity-constrained environment where the firm must stretch payables to cover operational gaps. Investors should monitor whether this reliance on supplier credit remains sustainable as the company attempts to scale its wholesale partnerships.
Based on reported figures, the debt-to-equity ratio reached 2.10 in 2025Q4, a level that significantly elevates the company's risk profile and limits its ability to fund future growth initiatives without further diluting shareholders or incurring additional high-interest debt in a challenging credit environment.
The interest coverage ratio has frequently been negative or near zero, indicating that the company is not generating enough operating income to comfortably service its existing debt obligations. This leverage profile makes the firm highly sensitive to interest rate fluctuations and potential covenant breaches.
The most commonly misapplied metric for DNUT is the traditional P/E ratio, which obscures the company's true financial health by failing to account for the heavy depreciation and logistics costs inherent in its unique hub-and-spoke manufacturing model compared to asset-light franchise restaurant peers.
Analysts should instead focus on 'Points of Access' utilization and EBITDA-to-CapEx ratios to better understand the company's operational efficiency. Relying on standard restaurant valuation multiples ignores the reality that DNUT functions more like a specialized food logistics provider than a traditional retail dining establishment.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying DNUT stock.
Krispy Kreme, Inc.'s current P/E ratio is -1.1x. This places it at the 50th percentile of its historical range.
Krispy Kreme, Inc.'s current EV/EBITDA is 19.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.9x.
Krispy Kreme, Inc.'s return on equity (ROE) is -56.0%. The historical average is 3.0%.
Based on historical data, Krispy Kreme, Inc. is trading at a P/E of -1.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Krispy Kreme, Inc.'s current dividend yield is 2.10%.
Krispy Kreme, Inc. has 14.1% gross margin and -2.2% operating margin.
Krispy Kreme, Inc.'s Debt/EBITDA ratio is 13.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.