Primo Brands Corporation (PRMB) 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

+143.1%

$49.78

vs $20.48 price

Levered DCF

$72.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

C+

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	102.19×	-454.51×	38.33×	86.33×	-885.93×	-13.15×	524.77×	-43.31×
P/B	2.04×	2.16×	907.1×	1.95×	2.15×	1.81×	1.3×	1.67×
P/S	0.92×	1.45×	0.52×	1.48×	1.37×	1.25×	0.85×	0.82×
EV / EBITDA	10.59×	18.05×	9.07×	12.33×	15.12×	30.31×	12.14×	10.53×
Gross margin	32.2%	31.5%	28.8%	60.2%	55.8%	57.0%	59.6%	49.8%
Operating margin	11.3%	11.0%	9.0%	8.0%	6.1%	6.6%	6.0%	3.8%
Net margin	0.9%	-0.3%	2.0%	1.7%	-0.2%	-9.5%	0.2%	-1.9%
Current ratio	0.95×	1.08×	0.89×	0.78×	0.72×	0.81×	1.06×	1.13×
Debt / equity	1.91×	1.65×	1,501.7×	1.27×	1.32×	1.23×	1.33×	1.15×
Interest coverage	2.3×	1.66×	1.47×	2×	1.82×	1.57×	1.38×	1.16×
Dividend yield	2.5%	8.3%	2.0%	1.8%	1.4%	1.6%	2.1%	1.7%
Payout ratio	251.7%	-3754.9%	53.8%	153.4%	-1215.6%	-21.4%	1120.7%	-74.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	-0.5%	3437.0%	2.3%	-0.2%	-13.8%	0.2%	-3.8%
Return on invested capital	4.4%	-3.5%	7.4%	3.2%	-1.9%	4.0%	3.7%	3.3%
Return on assets	0.6%	-0.1%	1.8%	0.8%	-0.1%	-5.1%	0.1%	-1.4%
Free cash flow yield	5.1%	4.3%	4.8%	4.8%	3.4%	2.6%	9.6%	5.8%
Earnings yield	1.0%	-0.2%	3.8%	1.2%	-0.1%	-7.6%	0.2%	-2.3%
Enterprise value	$11.5B	$12.5B	$6.5B	$4B	$4.4B	$4B	$2.9B	$3.1B
Net debt / EBITDA	4.94×	7.3×	5.63×	4.71×	5.48×	11.73×	5.81×	3.95×
Cash conversion cycle (days)	-0	4	12	14	11	19	12	24