Krispy Kreme, Inc. (DNUT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-358.0%

-$8.75

vs $3.39 price

Levered DCF

-$12.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.12

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.37×	521.86×	-65.61×	-103.2×	-116.12×	-53.85×	-91.3×	-238.37×
P/B	1.09×	1.43×	2.17×	1.44×	2.52×	5.06×	4.56×	0×
P/S	0.47×	0.97×	1.51×	1.13×	2.24×	3.09×	3.5×	4.21×
EV / EBITDA	-6.38×	13.78×	28.82×	21.5×	30.26×	58.51×	47.09×	0×
Gross margin	75.5%	75.4%	73.7%	73.4%	74.4%	21.6%	72.7%	69.0%
Operating margin	-30.8%	-0.5%	0.8%	1.9%	3.0%	0.4%	4.0%	4.3%
Net margin	-33.9%	0.2%	-2.2%	-1.0%	-1.8%	-5.8%	-3.9%	-1.8%
Current ratio	0.38×	0.36×	0.33×	0.35×	0.3×	0.33×	0.31×	0×
Debt / equity	2.17×	1.19×	1.19×	1.03×	0.96×	2.33×	2.04×	0×
Interest coverage	-7.13×	-0.15×	0.26×	0.85×	0.96×	0.07×	0.63×	0.74×
Dividend yield	1.7%	1.5%	0.9%	1.4%	1.6%	0.0%	0.1%	0.9%
Payout ratio	-2.3%	765.5%	-62.1%	-150.0%	-196.6%	-0.1%	-7.0%	-212.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-78.6%	0.3%	-3.2%	-1.3%	-2.0%	-9.5%	-5.1%	0.0%
Return on invested capital	-20.0%	-0.1%	0.4%	1.1%	1.5%	0.2%	1.5%	0.0%
Return on assets	-19.9%	0.1%	-1.2%	-0.5%	-0.8%	-2.1%	-1.3%	0.0%
Free cash flow yield	-9.0%	-4.6%	-3.0%	1.6%	0.7%	-2.0%	0.1%	3.1%
Earnings yield	-72.4%	0.2%	-1.5%	-0.9%	-0.8%	-1.9%	-1.1%	-0.4%
Enterprise value	$2.2B	$2.9B	$3.9B	$2.9B	$4.3B	$5B	$4.8B	$0
Net debt / EBITDA	-4.29×	6.2×	10.04×	8.81×	8.14×	18.14×	14.33×	0×
Cash conversion cycle (days)	-114	-70	-84	-144	-135	-22	-143	0