olivLaw · US equity research
The Brink's Company BCO
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
The Brink's Company (BCO) is a global provider of cash and valuables management, digital retail solutions and ATM managed services, serving customers in more than 100 countries. Growth in its recurring technology-enabled services supports margins while the NCR Atleos acquisition is pending, with fiscal 2025 revenue of [5261.2] million USD and second-quarter 2026 revenue of [1392.3] million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Brink's Company (BCO) stock was 113.02 USD (+4.65% on the day), with market capitalisation 4.7 bn USD, P/E 29.6 on diluted EPS of 3.82 USD over the last 12 months, dividend yield 0.90%, beta 0.80, 52-week range 92.16–135.58 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+3.0% YoY), net income of 14.5 m USD (−60.1% YoY), diluted EPS 0.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.7
- strong (55–70)
- Bollinger (20, 2)
- 98.54 – 113.13
- in the upper half of the band · %B 0.99 · band width 13.8%
- SMA 50 / 200
- 106.35 / 110.22
- mixed trend
- MACD (12, 26, 9)
- 0.64 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.0% | −1.1% | +11.1 pp | — |
| 3 months | −2.4% | −0.5% | −1.9 pp | — |
| 6 months | +3.7% | +4.4% | −0.7 pp | — |
| Year to date | −3.2% | +12.3% | −15.5 pp | — |
| 1 year | +6.7% | +13.5% | −6.8 pp | −52.6% |
| 3 years | +59.4% | +76.4% | −17.0 pp | −74.3% |
| 5 years | +60.4% | +63.7% | −3.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn |
| Cost of revenue | 934.5 m | 939.5 m | 976.7 m | 990.4 m | 996.6 m | 1.0 bn | 1.0 bn | 1.0 bn |
| Operating income | 104.5 m | 119.1 m | 133.9 m | 152.4 m | 180.1 m | 110.2 m | 133.3 m | 131.0 m |
| Depreciation & amortisation | 73.0 m | 70.7 m | 59.8 m | 78.2 m | 82.1 m | 79.7 m | 79.1 m | 76.0 m |
| Interest expense | 60.1 m | 57.5 m | 60.9 m | 63.4 m | 63.7 m | 63.5 m | 62.9 m | 66.0 m |
| Pre-tax income | 56.8 m | 69.5 m | 74.8 m | 90.5 m | 119.1 m | 45.8 m | 67.9 m | 40.3 m |
| Income tax | 17.2 m | 15.6 m | 27.2 m | 53.0 m | 47.5 m | 11.0 m | 20.5 m | 23.7 m |
| Net income | 38.5 m | 51.6 m | 43.7 m | 36.3 m | 68.1 m | 32.1 m | 44.4 m | 14.5 m |
| Diluted EPS | 0.87 ≈ | 1.18 | 1.03 | 0.86 | 1.63 ≈ | 0.77 | 1.07 | 0.35 |
| Operating cash flow | — | -60.2 m | 204.0 m ≈ | 122.1 m ≈ | — | 28.7 m | 36.5 m ≈ | 89.6 m ≈ |
| Capex | 62.6 m | 58.9 m | 51.8 m ≈ | 44.7 m ≈ | 47.7 m | 40.1 m | 34.8 m ≈ | 37.2 m ≈ |
| Dividends paid | 10.5 m | 10.4 m | 10.7 m ≈ | 10.6 m ≈ | 10.6 m | 10.5 m | 10.5 m ≈ | 10.5 m ≈ |
| Share repurchases | 78.3 m | 44.8 m | 85.2 m ≈ | 23.6 m ≈ | 55.8 m | 30.2 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 35-quarter history (min 13.4, median 35.1, max 1,189.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 3.7 bn | 3.7 bn | 4.2 bn | 4.5 bn | 4.9 bn | 5.0 bn | 5.3 bn |
| Revenue YoY | +4.2% | +5.6% | +0.2% | +13.8% | +8.0% | +7.5% | +2.8% | +5.0% |
| Net income | -33.3 m | 29.0 m | 16.0 m | 105.2 m | 170.6 m | 87.7 m | 162.9 m | 199.7 m |
| Net income YoY | −299.4% | unavailable | −44.8% | +557.5% | +62.2% | −48.6% | +85.7% | +22.6% |
| Diluted EPS | -0.65 | 0.57 | 0.31 | 2.10 | 3.57 | 1.87 | 3.63 | 4.69 |
| Diluted EPS YoY | −303.1% | unavailable | −45.6% | +577.4% | +70.0% | −47.6% | +94.1% | +29.2% |
| net % | -1.0% | 0.8% | 0.4% | 2.5% | 3.8% | 1.8% | 3.3% | 3.8% |
| Free cash flow | 209.0 m | 203.8 m | 199.2 m | 310.1 m | 297.3 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- 4.2 bn USD
- Net debt
- 2.5 bn USD
- Equity
- 407.3 m USD
- Total assets
- 7.3 bn USD
- Debt / equity
- 10.35x
- Current ratio
- 1.51x
- ROE
- 55.5%
- ROA
- 2.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 4.2 bn | 4.5 bn | 4.9 bn | 5.0 bn | 5.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 2.9 bn | 3.2 bn | 3.5 bn | 3.7 bn | 3.7 bn | 3.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 813.6 m ≈ | 964.4 m ≈ | 1.1 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Operating income | 213.5 m | 354.7 m | 361.3 m | 425.2 m | 453.0 m | 585.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 206.8 m | 239.5 m | 245.8 m | 275.8 m | 293.3 m | 290.8 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 420.3 m ≈ | 594.2 m ≈ | 607.1 m ≈ | 701.0 m ≈ | 746.3 m ≈ | 876.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 96.5 m | 112.2 m | 138.8 m | 203.8 m | 235.4 m | 245.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 79.3 m | 235.5 m | 226.2 m | 235.8 m | 266.3 m | 353.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 56.6 m | 120.3 m | 41.4 m | 139.2 m | 92.7 m | 143.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 16.0 m | 105.2 m | 170.6 m | 87.7 m | 162.9 m | 199.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.31 | 2.10 | 3.57 | 1.87 | 3.63 | 4.69 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 50.8 m | 50.1 m | 47.8 m | 46.9 m | 44.8 m | 42.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.60 | 0.75 | 0.80 | 0.86 | 0.95 | 1.01 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 620.9 m | 710.3 m | 972.0 m | 1.2 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 679.1 m | 701.8 m | 862.2 m | 779.0 m | 733.5 m | 766.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.8 bn | 2.0 bn | 2.6 bn | 2.8 bn | 2.9 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 838.2 m | 865.6 m | 935.3 m | 1.0 bn | 982.7 m | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 1.2 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 426.1 m | 491.2 m | 535.5 m | 488.3 m | 422.3 m | 385.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 5.1 bn | 5.6 bn | 6.4 bn | 6.6 bn | 6.6 bn | 7.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 206.0 m | 211.2 m | 296.5 m | 249.7 m | 316.6 m | 319.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 151.5 m | 125.0 m | 129.6 m | 268.8 m | 291.0 m | 404.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 2.3 bn | 2.8 bn | 3.3 bn | 3.3 bn | 3.6 bn | 3.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 1.3 bn | 1.4 bn | 1.7 bn | 1.9 bn | 1.9 bn | 2.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 4.9 bn | 5.3 bn | 5.8 bn | 6.1 bn | 6.3 bn | 6.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 202.5 m | 252.6 m | 570.2 m | 520.2 m | 312.5 m | 407.3 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 317.7 m | 478.0 m | 479.9 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Capex | 118.5 m | 167.9 m | 182.6 m | 202.7 m | 222.5 m | 203.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 199.2 m ≈ | 310.1 m ≈ | 297.3 m ≈ | — | — | — | SEC (XBRL)· 01 Mar 2023derived |
| Investing cash flow | -565.4 m | -454.7 m | -331.2 m | -179.8 m | -216.2 m | -202.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 683.7 m | 171.3 m | 245.2 m | -207.1 m | 42.2 m | -114.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 30.1 m | 37.2 m | 37.6 m | 39.6 m | 41.8 m | 42.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 50.0 m | 200.0 m | 52.2 m | 169.9 m | 203.6 m | 209.4 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation30
- Returns39
- Quality80
- Balance sheet30
- Growth53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.25 – 93.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E2.25 – 93.91 (Mid 91.68)5 companies used · median multiple 24.0x · quartiles 0.6x – 24.6xCHRW, EXPD, GVH, HUBG, RLGT
- Dividend discount (DDM)13.24 – 17.80 (Mid 15.19)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.5% | 80 (vs peers) | 13% |
| Net margin · Quality | 2.9% | 81 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.1% | 42 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 9.5% | 63 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 3.0x | 29 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.2x | 10 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 29.6x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.3x | 61 (on a fixed band) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.8% | 39 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation30/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BRINK’S CO (BCO). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.3 bn USD in 2025; YoY growth 5.0%; net margin 2.9%; ROE 56.0%; net debt/EBITDA 3.0x.
The estimated value range is 7.75–55.86 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 53.43 USD, the price of 113.02 USD leaves a potential of -52.7% (value / price − 1) and a margin of safety of -111.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.5%
- Net margin: 2.9%
What contradicts it
- Net debt / EBITDA: 3.0x
- Interest coverage: 2.2x
- P/E (TTM): 29.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 25.5 bn | 25.1 | 45.0% | 7.9% | +4.4% | +35% / +64% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 29.6 | 56.0% | 2.9% | +5.0% | +7% / +59% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for BCO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 68.01 Total return -39% · Per year -39% | 120.20 Total return 7% · Per year 7% | 181.01 Total return 61% · Per year 61% |
| 3 years | 66.76 Total return -39% · Per year -15% | 132.70 Total return 20% · Per year 6% | 219.31 Total return 98% · Per year 26% |
| 5 years | 65.54 Total return -38% · Per year -9% | 146.51 Total return 35% · Per year 6% | 265.71 Total return 142% · Per year 19% |
- Exit P/E± 33.18
- Net margin± 23.22
- Annual revenue growth± 18.96
- Annual dilution± 1.95
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
The Brink's Company (BCO) is a global provider of cash and valuables management, digital retail solutions and ATM managed services, serving customers in more than 100 countries. Growth in its recurring technology-enabled services supports margins while the NCR Atleos acquisition is pending, with fiscal 2025 revenue of [5261.2] million USD and second-quarter 2026 revenue of [1392.3] million USD 123.
SWOT
Strengths
- Brand recognition, a reputation for security and a global network give the company a clear competitive edge.
- DRS and AMS services are recurring under multi-year contracts, which makes revenue more predictable.
- The company reported higher operating profit and adjusted EBITDA in recent periods.
Weaknesses
- High fixed costs for the armored fleet and branch network limit flexibility.
- Reliance on operations outside the U.S. exposes the company to currency and political risk.
- Debt has increased with the financing of the NCR Atleos acquisition, which could limit financial flexibility.
Opportunities
- Rising demand for digital ATM and deposit management could support growth in DRS and AMS.
- Synergies from the NCR Atleos acquisition could improve margins if integration goes well.
- Developing new technology solutions could open new markets for recurring services.
Threats
- Declining cash use could shrink volumes in the core CVS business.
- Price competition could lead to lost volume or thinner margins.
- Investigations and compliance duties under anti-money laundering rules could bring fines and added costs.
Risks
- Strategy may not succeedmedium
If strategic objectives are not met, results and cash flows could be adversely affected.
- Competition and pricing pressurehigh
Intense competition could cost the company customers or force lower prices.
- Decline in cash usehigh
Growth of non-cash payments could reduce demand for cash-related services.
- Regulatory and compliance exposurehigh
Failure to comply with anti-money laundering or anti-corruption rules could bring fines and loss of licenses.
- International and currency riskmedium
Operations outside the U.S. face political risk, inflation and currency swings that can affect reported results.
Investment thesis
What would need to be true (bull case)
- If organic growth in DRS and AMS continues at the current pace, margins could widen as recurring revenue grows in share.
- If the NCR Atleos integration proceeds as planned, the announced synergies could support long-term profitability.
- Cash conversion could remain solid, and the company reported higher trailing-twelve-month free cash flow.
What would break the thesis
- If cash use keeps declining, the core CVS segment could lose volume and revenue.
- The NCR Atleos acquisition could bring higher integration costs than expected and raise debt.
- If price pressure from competitors intensifies, margins in traditional segments could shrink.
What to watch
- Completion of the NCR Atleos acquisition and remaining regulatory approvalsQ1 2027
- Delivery against third-quarter 2026 guidance for revenue and adjusted EBITDAQ3 2026
- Organic growth of DRS and AMS against the mid-to-high teens framework2026
- Progress on about 200 million USD of run-rate synergies after closing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Brink's provides armored cash-in-transit and valuables transport, Brink's Global Services for high-value goods, and digital retail and ATM managed services. The company runs four segments: North America, Latin America, Europe and Rest of World, and is headquartered in Richmond, Virginia 1.
In 2025, cash and valuables management made up 72% of total revenue and DRS and AMS made up 28%, the latter being technology-enabled services with multi-year recurring contracts 1. Revenue and operating profit are generally higher in the second half of the year, particularly in the fourth quarter 1.
Strategy rests on four pillars: partnering for customer success, innovating to grow, running the business better and winning as one team 1. In 2026 the company announced the NCR Atleos acquisition, with closing now estimated early in the first quarter of 2027 subject to customary conditions 3.
Segments
Cash and Valuables Management (CVS)
This segment covers cash-in-transit, vaulting, cash management and high-value goods transport, generating about 3.8 billion USD of revenue in 2025 1. Demand depends on economic activity and on demand for precious metals and luxury goods 1.
Digital Retail Solutions and ATM Managed Services (DRS and AMS)
This segment combines smart devices, software and full ATM management, generating about 1.5 billion USD of revenue in 2025 1. In the second quarter of 2026 the company reported its fourteenth consecutive quarter of mid-teens or greater AMS and DRS organic growth 3.
Market context
The cash logistics and cash management market is dominated by a few global players, and demand depends on how much cash is used in payments and on economic activity 1. The company notes that a decline in cash use could reduce demand for these services unless offset by new solutions 1.
Demand for technology-enabled ATM and deposit solutions is supported by banks' and retailers' efforts to cut operating costs, and second-quarter 2026 growth suggests continued interest 3.
Trends
- Declining use of cashheadwind
Alternative payments could reduce volumes for cash-related services, pressuring the CVS segment if modernization initiatives do not offset the decline.
- Growth of recurring technology servicestailwind
Growth in DRS and AMS, which carry multi-year contracts, could strengthen margins and cash flow.
- Integration of NCR Atleosmixed
If the NCR Atleos integration proceeds as planned, the estimated synergies could support results, although transition costs raised expenses in the first half of 2026.
- Currency and inflation swingsmixed
Currencies in Latin America and Europe affect reported dollar revenue, and high inflation in some countries can compress margins.
Competitive position
Brink's competes with large multinational, regional and smaller companies; the largest multinational competitors named by the company are Loomis AB of Sweden, Prosegur of Spain and GardaWorld of Canada 1. The company argues its brand, service reputation and global network differentiate it 1.
Price pressure from competitors persists in many markets, and the company says it prefers not to compete on price alone, emphasizing security expertise and value-added solutions 1.
- Loomis AB
Swedish armored transport company named in the filing as the largest multinational competitor.
- Prosegur Compania de Seguridad, S.A.
Spanish security company named as a major multinational competitor.
- GardaWorld Security Corporation
Canadian security company named as a major multinational competitor.
- Regional and smaller competitors
The filing also refers to regional and smaller competitors worldwide without naming them in the sources reviewed.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Oct 2026Other events · Financial statements and exhibits
- Current report30 Sept 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Jul 2026Regulation FD disclosure
- Current report30 Jun 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Other events · Financial statements and exhibits
- Current report02 Jun 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Brink's Company · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Brink's Company · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Brink's Company · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.