Does Krispy Kreme, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Krispy Kreme, Inc. (DNUT) 22.8 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 40, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 28, capital allocation 24.

How has DNUT's Moat Score changed over time?

The record logs 16 readings since Jul 17, 2026; the latest reads 22.8 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Krispy Kreme, Inc.

DNUT · Consumer Discretionary · $590M mkt cap · FY2025 filings · as of Sep 4, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.4B to $1.5B, increasing; diluted EPS -0.18 to -3.04, decreasing.

—

Not enough years of gross-margin data to score pricing power.

Median ROIC 0.5%, above the 12% hurdle in 0% of years.

Net debt/EBITDA n/ax, interest coverage 0x.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

No price data

: Not reported
: Unavailable — insufficient owner-earnings data
: Unavailable — insufficient growth-model data
: $3.44
: No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

8 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $959M (FY2019) to $1.5B (FY2025) — about 8.0% a year compounded over 6 years.

It earned −23.4% on invested capital in the latest filed year, FY2025. Across the full 7-year measurable filed record, median ROIC was 0.5%. Over the v3 recent window (7 measurable filed years), median ROIC was 0.5%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $978M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$1.5B FY2025

Revenue kept after cost of goods

Not disclosed in DNUT’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC −25.1% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out−$477M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Krispy Kreme, Inc. makes its money

Krispy Kreme, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed line	Value	% of revenue	Source
	$1.5B	100%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	−$469M	−31%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Income before tax	−$545M	−36%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Income tax	−$20.8M	−1%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	−$516M	−34%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

· event Dec 28, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What Krispy Kreme, Inc. owns — and owes

Krispy Kreme, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$2.6B	100%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Cash and equivalents	$42.4M	2%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	$978M	38%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Stockholders’ equity	$650M	25%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

· event Dec 28, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives Krispy Kreme, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$516M	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Income before tax	−$545M	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Operating income	−$469M	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	$1.5B	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Ending assets	$2.6B	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Beginning assets	$3.1B	FY2024	10-K · FY 2024Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	$650M	FY2025	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
	$1.1B	FY2024	10-K · FY 2024Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

Source:

10-K · filed Mar 6, 2026Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

· event Dec 28, 2025 · retrieved Sep 4, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where Krispy Kreme, Inc.'s cash went

Krispy Kreme, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$33.9M	100%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026
Depreciation and amortization	$137M	404%	10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001857154-26-000015 · filed Mar 6, 2026

· event Dec 28, 2025 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Krispy Kreme, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 4, 2026

Flagship explainer

What Krispy Kreme, Inc. insiders reported

Records still being gathered — partial as of retrieval Sep 5, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale22.8 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 5, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for DNUT; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved Sep 5, 2026.

Track record

How Krispy Kreme, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored DNUT on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, DNUT did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Discretionary context

#456 of 486 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#454LCID Lucid Group, Inc.23.3 out of 100, No moatNo moat
#455IPSI INNOVATIVE PAYMENT SOLUTIONS, INC.22.9 out of 100, No moatNo moat
#457OMTK OMNITEK ENGINEERING CORP.22.5 out of 100, No moatNo moat
#458STKS ONE GROUP HOSPITALITY, INC.22.1 out of 100, No moatNo moat

Compare DNUT with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about DNUT

Does Krispy Kreme, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Krispy Kreme, Inc. (DNUT) 22.8 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 40, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 28, capital allocation 24.
How has DNUT's Moat Score changed over time?: The record logs 16 readings since Jul 17, 2026; the latest reads 22.8 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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