Primo Brands Corp (PRMB)

Price$22.00Cached quoteAs of 2026-09-06 04:25 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong adjusted cash flow is offset by heavy debt.

At the observed market value, equity is about $8.1 billion. Management guides to $790–$810 million of adjusted free cash flow, meaning cash left after running and investing in the business after selected adjustments, so the shares cost about ten times that measure. Yet trailing cash from operations less capital spending is only about $367 million, roughly twenty-two times market value. Adding about $4.8 billion of net debt makes enterprise value, equity plus net debt, near nine times management’s trailing adjusted earnings before interest, taxes, depreciation and amortization. That mix supports Fair-priced, not a clear bargain.

Big pictureSales are growing again, but reported cash generation still trails management’s adjusted picture.

Second-quarter revenue rose 3.8% to $1.80 billion, net income more than doubled to $69.2 million, and operating cash flow improved to $227.9 million from $155.0 million. Free cash flow, cash left after operating and capital spending, rose to $123.3 million from $83.4 million. Still, first-half gross margin fell to 29.6% from 31.8%, with transportation costs up $66.8 million. Water demand is seasonally higher in warm months, while packaging, fuel and freight expose profits to commodity swings. Cash durability is improving, but not yet proven.

Business strengthBroad brands and recurring delivery help, while leverage limits the balance sheet’s safety margin.

Primo combines major brands with more than 200,000 retail outlets plus Direct Delivery, exchange and refill networks that support repeat purchases. The weak point is financing: June debt was $5.16 billion against $366.8 million cash, leaving about $4.79 billion net debt and a 3.42-times leverage ratio; first-half interest and financing expense was $159.6 million. Capital allocation has reduced dilution: shares outstanding fell from 379.8 million at December 2024 to 362.5 million by June 2026, while first-half stock compensation was about $21 million. Buybacks were $44.5 million and dividends $87.7 million in the first half.

What could change the storyUpside needs better margins and debt reduction; downside grows if adjusted cash benefits stay temporary.

The bull case is that premium and regional spring-water growth, Direct Delivery improvement and lower integration costs let management deliver 2%–4% comparable sales growth, $1.465–$1.515 billion of adjusted operating earnings and $790–$810 million of adjusted free cash flow. The bear case is that gross-margin pressure and debt absorb those gains. First-half acquisition, integration and restructuring cash costs were $110.1 million, plus $82.2 million of integration capital spending, helping explain why adjusted cash flow looks much better than reported cash. The current valuation works if those costs fade and net leverage keeps falling; stalled deleveraging would weaken it.

AI: News

Growth outlook raisedSecond-quarter sales beat expectations, growth guidance rose again, and cash generation improved enough to lift confidence.

On August 5, revenue reached $1.80 billion, up 3.8%, while adjusted earnings before interest, taxes, depreciation and amortization rose 5.0% to $385 million. Full-year comparable sales-growth guidance moved to 2%–4% from 1%–3%, while adjusted cash-flow guidance stayed at $790–$810 million. Shares closed 8.7% higher that day. The timing is consistent with a positive earnings response, but it does not prove earnings were the only cause.

Sponsor stake saleA sponsor sold a large existing stake, increasing tradable supply without issuing new company shares.

On August 7, an affiliate of One Rock Capital sold 20 million existing Primo shares for $487.4 million of gross proceeds; Primo received none of those proceeds. The company separately repurchased 410,340 shares under the same transaction, so the offering itself did not dilute the share count. Shares fell 5.6% on August 6 after the offering was arranged. That timing suggests a supply-overhang concern may have mattered, but attribution is uncertain because other trading factors can move the stock.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$6.66B	$5.15B	$4.70B	$4.44B
Gross profit	$2.02B	$1.62B	$1.35B	$994.2M
Gross margin	30.32%	31.47%	28.77%	22.39%
Operating expenses	$1.59B	$1.26B	$946.0M	$970.9M
Operating income	$430.4M	$360.3M	$406.0M	$23.3M
Operating margin	6.46%	6.99%	8.64%	0.52%
EBITDA	$1.04B	$693.6M	$711.7M	$349.5M
EBITDA margin	15.62%	13.46%	15.15%	7.87%
Net income	$60.1M	−$16.4M	$92.8M	−$126.7M
Net profit margin	0.90%	−0.32%	1.98%	−2.85%
Basic EPSper basic share	$0.16	-$0.07	$0.29	-$0.74
Diluted EPSper diluted share	$0.16	-$0.07	$0.29	-$0.74

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈32.06%of listed shares

Triton Water Equity Holdings GP, LLC / Spielvogel Scott / Triton Water Equity Holdings, LP / Triton Water Parent Holdings, LP / ORCP III DE TopCo GP, LLC116.21M shares · May 12, 2025

View holders

Top 20 reported holders of PRMB
Holder	% owned
Triton Water Equity Holdings GP, LLC / Spielvogel Scott / Triton Water Equity Holdings, LP / Triton Water Parent Holdings, LP / ORCP III DE TopCo GP, LLC	≈32.06%116.21M shares
Lee Tony W	≈32.06%116.21M shares
One Rock Capital Partners, LLC	32.06%116.21M shares
FMR LLC	6.90%25.02M shares
Sachem Head Capital Management LP	4.91%17.8M shares
SAMLYN CAPITAL, LLC	4.56%16.53M shares
FULLER & THALER ASSET MANAGEMENT, INC.	3.61%13.08M shares
AMERIPRISE FINANCIAL INC	3.46%12.53M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	3.15%11.43M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.13%11.33M shares
BlackRock, Inc.	3.11%11.27M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.97%10.76M shares
Allspring Global Investments Holdings, LLC	1.95%7.05M shares
Apollo Management Holdings, L.P.	1.90%6.89M shares
Pertento Partners LLP	1.74%6.32M shares
BANK OF AMERICA CORP /DE/	1.58%5.72M shares
DEPRINCE RACE & ZOLLO INC	1.31%4.76M shares
KBC Group NV	1.28%4.63M shares
Palestra Capital Management LLC	1.27%4.6M shares
STATE STREET CORP	1.27%4.6M shares

Percentages use 362.46M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$3.81M disclosed value

Sells (SEC code S)4$6.26B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 13, 2025Form 4	STANBROOK STEVEN PDirector	BuyClass A Common Stock	54.5K	$16.43	$896.1K	181.6K
Nov 12, 2025Form 4	FOSS ERIC JExec. Chair and CEO	BuyClass A Common Stock	5.0K	$16.15	$80.3K	360.0K
Nov 11, 2025Form 4	FOSS ERIC JExec. Chair and CEO	BuyClass A Common Stock	123.0K	$15.52	$1.91M	355.1K
Nov 11, 2025Form 4	Hass David W.Chief Financial Officer	BuyClass A Common Stock · indirect	15.9K	$15.71	$249.9K	64.7K
Nov 10, 2025Form 4	Cramer Michael JohnDirector	BuyClass A Common Stock	5.0K	$15.73	$78.7K	17.8K

Review ownership filings at SEC.gov ↗

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Primo Brands Corp (PRMB)

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