BellRing Brands, Inc.

BRBR · Consumer Staples · $1.5B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power55

Median gross margin 33.4% over 8y, very stable.

Returns on capital100

Median ROIC 37.9%, above the 9% hurdle in 100% of years.

Balance-sheet safety26

Net debt/EBITDA 2.7x, interest coverage 5x.

Capital discipline100

Owner earnings +40.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

57% below value

Owner earnings (normalized): $192.0M
Est. intrinsic value / share: $28.88
Recent price: $12.42
Discount to value: 57% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BRBR. See the disclaimer.