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olivLaw · US equity research

Primo Brands Corporation PRMB

Beverages · SIC 2080 · Vertical: Beverages (SIC 2080)

21.02USD+2.09% · 1 dayClose 04 Nov 2026

Primo Brands is a North American beverage company focused on healthy hydration, with brands such as Poland Spring and Pure Life distributed in every U.S. state and Canada. In the second quarter of 2026 it reported growth in net sales, and its profile matters now because integrating the 2024 combination and carrying debt remain central themes, with net sales reaching $1.8 billion in that quarter.

At the close of 04 Nov 2026, Primo Brands Corporation (PRMB) stock was 21.02 USD (+2.09% on the day), with market capitalisation 7.6 bn USD, P/E 79.4 on diluted EPS of 0.26 USD over the last 12 months, dividend yield 2.09%, beta 0.49, 52-week range 14.46–25.39 USD. Latest reported quarter (Q2 2026): revenue of 1.8 bn USD (+3.8% YoY), net income of 69.2 m USD (+150.7% YoY), diluted EPS 0.19 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
7.6 bn USD
shares as of 03 Aug 2026
P/E (TTM)
79.4
Diluted EPS TTM 0.26 · TTM to 30 Jun 2026
E/P (TTM)
1.26%
TTM to 30 Jun 2026
Dividend yield
2.09%
DPS 12m 0.44
Beta (2y)
0.49
Volatility (1y) 51%
52-week range
14.4625.39

Price history

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Technical reading

RSI (14)
63.0
strong (55–70)
Bollinger (20, 2)
18.49 – 20.87
above the upper band · %B 1.06 · band width 12.1%
SMA 50 / 200
20.31 / 21.43
mixed trend
MACD (12, 26, 9)
0.08 / -0.15
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

CompanyS&P 500vs S&P 500Vertical median
1 month+5.7%−1.1%+6.8 pp—
3 months−17.0%−0.5%−16.5 pp—
6 months+6.2%+4.4%+1.8 pp—
Year to date+27.9%+12.3%+15.6 pp—
1 year−5.2%+13.5%−18.8 pp+1.2%
3 years+42.3%+76.4%−34.1 pp−35.0%
5 years+10.5%+63.7%−53.2 pp—
Max drawdown (1y)
−36.2%
05 Nov 2025 → 07 Nov 2025
Max drawdown (5y)
−59.4%
03 Apr 2025 → 07 Nov 2025
Compound annual growth (5y)
+2.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.8 bn USD
+3.8% YoY
Net income
69.2 m USD
+150.7% YoY
Diluted EPS
0.19
+171.4% YoY
net / operating
3.9% / 10.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.3 bn1.4 bn1.6 bn1.7 bn1.8 bn1.6 bn1.6 bn1.8 bn
Cost of revenue888.9 m967.1 m1.1 bn1.2 bn1.2 bn1.1 bn1.2 bn1.2 bn
Gross profit416.2 m430.1 m521.0 m540.9 m528.2 m430.1 m464.9 m548.7 m
SG&A239.7 m335.9 m327.8 m378.6 m343.0 m341.0 m336.7 m345.5 m
Operating income157.5 m-81.0 m153.2 m112.8 m146.4 m18.0 m138.0 m180.3 m
Depreciation & amortisation77.8 m106.0 m128.6 m145.3 m163.1 m173.2 m141.0 m142.2 m
Interest expense85.7 m87.8 m82.1 m81.9 m83.1 m79.4 m78.3 m81.3 m
Pre-tax income71.8 m-168.8 m52.4 m46.8 m66.9 m-21.1 m40.8 m97.1 m
Income tax18.5 m-14.9 m17.7 m16.3 m26.4 m4.2 m13.5 m27.9 m
Net income53.3 m-157.7 m28.7 m27.6 m16.8 m-13.0 m27.3 m69.2 m
Diluted EPS0.24-0.50 ≈0.080.070.04-0.04 ≈0.070.19
Capex32.3 m53.3 m62.0 m53.9 m115.7 m145.8 m104.5 m85.5 m
Dividends paid035.7 m38.6 m37.4 m37.2 m38.1 m44.2 m43.5 m
Share repurchases010.4 m119.2 m101.8 m75.8 m124.7 m32.2 m15.6 m

≈ 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 0 percentile of its own 5-quarter history (min 92.4, median 130.2, max 537.8; quarters with earnings only).

Fiscal years

Fiscal year2022202320242025
Revenue4.4 bn4.7 bn5.2 bn6.7 bn
Revenue YoYunavailable+5.8%+9.7%+29.3%
Net income-126.7 m92.8 m-16.4 m60.1 m
Net income YoYunavailableunavailable−117.7%unavailable
Diluted EPS-0.740.29-0.070.16
Diluted EPS YoYunavailableunavailable−124.1%unavailable
net %-2.9%2.0%-0.3%0.9%
Free cash flowunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
376.7 m USD
Financial debt
5.2 bn USD
Net debt
4.8 bn USD
Equity
3.0 bn USD
Total assets
10.6 bn USD
Debt / equity
1.72x
Current ratio
0.95x
ROE
1.9%
ROA
0.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.7 bn
2024
5.2 bn
2025
6.7 bn

SEC (XBRL)· 27 Feb 2026verified

Cost of revenue
2023
3.3 bn
2024
3.5 bn
2025
4.6 bn

SEC (XBRL)· 27 Feb 2026verified

Gross profit
2023
1.4 bn
2024
1.6 bn
2025
2.0 bn

SEC (XBRL)· 27 Feb 2026verified

SG&A
2023
924.2 m
2024
1.1 bn
2025
1.4 bn

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
406.0 m
2024
360.3 m
2025
430.4 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
305.7 m
2024
333.3 m
2025
610.2 m

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
711.7 m ≈
2024
693.6 m ≈
2025
1.0 bn ≈

SEC (XBRL)· 27 Feb 2026derived

Interest expense
2023
288.1 m
2024
339.6 m
2025
326.5 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
117.9 m
2024
20.7 m
2025
145.0 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
25.1 m
2024
33.3 m
2025
64.6 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
92.8 m
2024
-16.4 m
2025
60.1 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
0.29
2024
-0.07
2025
0.16

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
218.3 m
2024
242.3 m
2025
374.9 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
—
2024
0.09
2025
0.40

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
44.7 m
2024
613.7 m
2025
376.7 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
397.5 m
2024
444.0 m
2025
431.8 m

SEC (XBRL)· 27 Feb 2026verified

Inventories
2023
180.4 m
2024
208.4 m
2025
223.5 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
698.0 m
2024
1.5 bn
2025
1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
817.4 m
2024
3.6 bn
2025
3.6 bn

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.4 bn
2024
3.2 bn
2025
3.0 bn

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
5.2 bn
2024
11.2 bn
2025
10.6 bn

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
356.5 m
2024
471.6 m
2025
518.9 m

SEC (XBRL)· 27 Feb 2026verified

Short-term debt
2023
31.9 m
2024
64.5 m
2025
73.3 m

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
3.5 bn
2024
5.0 bn
2025
5.1 bn

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
782.8 m
2024
1.4 bn
2025
1.3 bn

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
5.2 bn
2024
7.8 bn
2025
7.6 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
2.7 m †
2024
3.4 bn †
2025
3.0 bn †

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Capex
2023
203.6 m
2024
150.2 m
2025
377.4 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
0
2024
35.7 m
2025
151.3 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
0
2024
10.4 m
2025
421.5 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
29.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
14.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
19.5%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
29.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
16.3%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
7.2%
computed by olivLawTTM to 30 Jun 2026
Net margin
1.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
3.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
5.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
166.3%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
4.8 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
4.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
1.5x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
unavailable
input data missing
Capital expenditure
451.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
31 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
19 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
42 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
9 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
7.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
12.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
75.9x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
79.4x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
1.3%
computed by olivLawTTM to 30 Jun 2026
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
11.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
25.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
1.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.1%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
5.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 47 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

21.02 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 7.6 bn USD

Key indicators

Market capitalisation
7.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
79.4x
computed by olivLawTTM to 30 Jun 2026
P/B
2.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
11.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
1.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
29.3%
computed by olivLawFY 2025
Dividend yield
2.1%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 05 Aug 2026
verified 424derived 26

Score by group

  • Valuation48
  • Returns77
  • Quality42
  • Balance sheet18
  • Growth100

Estimated value range

Low
5.26
USD per share
Mid
7.46
USD per share
High
8.91
USD per share
Price: 21.02 USD
The price is above the range
Potential to the central value: -64.5% (value / price − 1)
Margin of safety: -181.6% (1 − price / value)
Agreement between methods: medium · 3 methods used · 2 independent bases

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: 5.16 – 61.84 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 · input data missing
  • Peers: EV/EBITDA34.45 – 61.84 (Mid 59.03)
    5 companies used · median multiple 23.8x · quartiles 15.7x – 24.7x
    BF-A, BUDA, KO, PEP, WEST
  • Peers: P/E5.16 – 8.91 (Mid 7.46)
    7 companies used · median multiple 28.2x · quartiles 19.5x – 33.7x
    BF-A, BUDA, COCO, KDP, KO, PEP, YHC
  • Dividend discount (DDM)5.26 – 7.07 (Mid 6.03)
Multiple comparisons use the SIC vertical: Beverages (SIC 2080)

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

Unattractive profile · Score 47/100

FactorValueScoreWeight used
ROIC · Quality3.7%38 (vs peers)14%
Net margin · Quality1.5%47 (vs peers)9%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth14.5%100 (on a fixed band)11%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet4.3x29 (vs peers)14%
Interest coverage · Balance sheet1.5x0 (on a fixed band)9%
Current ratio · Balance sheet1.1x21 (on a fixed band)6%
P/E (TTM) · Valuation79.4x13 (vs peers)14%
EV/EBITDA · Valuation11.3x83 (vs peers)14%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns5.4%77 (on a fixed band)9%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet18/100 · 3/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality42/100 · 2/3 factors with a value
  • Returns· partial77/100 · 1/2 factors with a value
  • Valuation48/100 · 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

Primo Brands Corp (PRMB). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 6.7 bn USD in 2025; YoY growth 29.3%; net margin 1.5%; ROE 3.2%; net debt/EBITDA 4.3x.

The estimated value range is 5.26–8.91 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 7.46 USD, the price of 21.02 USD leaves a potential of -64.5% (value / price − 1) and a margin of safety of -181.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 47/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 14.5%
  • EV/EBITDA: 11.3x
  • Shareholder yield (distributions): 5.4%

What contradicts it

  • Net debt / EBITDA: 4.3x
  • Interest coverage: 1.5x
  • Current ratio: 1.1x
  • P/E (TTM): 79.4x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).

Versus the vertical median

Beverages (SIC 2080) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
79.4x
vertical median 30.5x
above median (+160.1%)
EV/EBITDA
11.3x
vertical median 24.2x
below median (−53.5%)
P/S
1.1x
vertical median 2.4x
below median (−53.8%)
P/B
2.6x
vertical median 2.9x
below median (−11.1%)
ROE
3.2%
vertical median 17.4%
below median (−81.5%)
Net margin
1.5%
vertical median 7.1%
below median (−79.1%)
EBIT margin
7.2%
vertical median 14.8%
below median (−51.7%)
Revenue YoY
29.3%
vertical median 0.3%
above median (+11,108.1%)
Net debt/EBITDA
4.3x
vertical median 2.0x
above median (+120.5%)
Dividend yield
2.1%
vertical median 2.5%
below median (−16.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
KOCoca Cola Co412.1 bn28.242.6%28.7%+1.9%+31% / +64%
DEODIAGEO plc237.6 bn92.424.0%9.1%+0.3%+7% / −30%
PEPPepsico Inc194.1 bn18.750.1%10.8%+2.3%−4% / −15%
KDPKeurig Dr Pepper Inc.50.1 bn37.25.7%7.1%+8.2%+32% / +17%
BF-ABrown Forman Corp14.9 bn20.318.1%18.4%−1.2%+10% / −48%
PRMBPrimo Brands Corp7.6 bn79.43.2%1.5%+29.3%−5% / +42%
COCOThe Vita Coco Company, Inc.3.7 bn32.932.0%15.7%+18.2%+23% / +133%
WESTWestrock Coffee Company1.0 bn——-4.9%+39.8%+138% / +13%
BUDABuda Juice, Inc.83.2 m34.519.3%17.1%+11.8%unavailable / unavailable
SRXHSRX Global Inc.18.0 m—-70.8%-254.8%−81.3%−96% / −100%
WVVIWillamette Valley Vineyards, Inc.8.3 m—-3.3%-5.9%−6.5%−37% / −68%
YHCLQR House Inc.2.9 m0.2-88.2%-1,589.2%−37.4%−98% / −100%
IPSTIp Strategy Holdings, Inc.2.3 m—-2,713.2%-2,064.0%+20.4%−98% / unavailable
EDVAEndovia Health Sciences, Inc.1.2 m——-53,856.5%−90.9%−96% / −100%
BRCCBRC Inc.903.4 k—-14.2%-1.5%+1.7%−23% / −77%
IBGInnovation Beverage Group Limited593.4 k——-223.4%−5.1%−94% / unavailable
ABEVAmbev S.A.——16.6%17.6%−1.4%+9% / +1%
STZConstellation Brands, Inc.——23.9%20.9%−10.5%+7% / −40%

1- and 3-year price returns: for PRMB 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
14.30
Total return -31% · Per year -31%
25.17
Total return 21% · Per year 21%
37.76
Total return 81% · Per year 81%
3 years
16.80
Total return -16% · Per year -6%
32.99
Total return 62% · Per year 17%
53.91
Total return 163% · Per year 38%
5 years
19.75
Total return 1% · Per year 0%
43.24
Total return 116% · Per year 17%
76.97
Total return 280% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 8.25
  • Net margin± 5.77
  • Annual revenue growth± 4.33
  • Annual dilution± 0.49

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.

In brief

Primo Brands is a North American beverage company focused on healthy hydration, with brands such as Poland Spring and Pure Life distributed in every U.S. state and Canada. In the second quarter of 2026 it reported growth in net sales, and its profile matters now because integrating the 2024 combination and carrying debt remain central themes, with net sales reaching $1.8 billion in that quarter 3.

SWOT

Strengths

  • A portfolio of recognized brands, some with billion-dollar status, and a leading position in retail bottled water 1.
  • A vertically integrated distribution network from spring to customer that is hard for competitors to replicate 1.
  • Recurring revenue from direct delivery, the exchange program and filtration that adds predictability 1.

Weaknesses

  • High indebtedness after the combination, with a leverage level that remains under watch 3.
  • Dependence on one major customer that accounts for a significant share of net sales 1.
  • Integration of the two companies has brought considerable costs and operational challenges 1.

Opportunities

  • Growth in flavored, sparkling and enhanced water segments that the company has not yet fully penetrated 1.
  • Expansion of online channels and direct delivery subscriptions 12.
  • If network and cost optimization takes hold, margins could widen as growth matures 3.

Threats

  • Pressure from large retailers demanding lower prices and private-label alternatives 1.
  • Regulatory risks on water extraction, local taxes on bottled water and bans on plastic packaging 1.
  • Geopolitical tensions and supply chain disruptions that could raise costs 23.

Risks

  • Access to water sourceshigh

    The business depends on access to water sources, and declining availability, loss of rights or regulation could affect long-term performance 1.

  • Indebtednesshigh

    High debt could limit the ability to fund operations and meet obligations, and the company does not expect operations alone to generate enough cash to service all of its debt 13.

  • Merger integrationmedium

    Integrating operations, cultures and IT systems could delay or reduce the expected synergies 1.

  • Raw material costsmedium

    Prices of PET, glass and aluminum could rise, and the company may not always be able to pass these costs fully to customers 12.

  • Dependence on a major customermedium

    Loss or reduction of sales to one major customer could materially affect the financial position 1.

Investment thesis

What would need to be true (bull case)

  • If growth in retail and direct delivery continues, the company could exceed its growth outlook and strengthen its leadership in bottled water 3.
  • Merger synergies and cost discipline could lead to margin expansion as growth matures 3.
  • The brand portfolio and integrated network offer an advantage that is hard to replicate against competitors 1.

What would break the thesis

  • High indebtedness and leverage could limit financial flexibility if results deteriorate 3.
  • Pressure from large retailers and private-label brands could compress prices and margins 1.
  • Regulatory and water access risks could affect the long-term business model 1.

What to watch

  • Delivery against the net sales growth and Adjusted EBITDA outlookQ3 2026
  • Trend in net leverage and net debtQ3 2026
  • Transport costs and gross margin trend2026
  • Annual results and conclusions on merger integrationnext 10-K

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.

The business

Primo Brands, headquartered in Tampa and Stamford, was formed through the November 2024 transaction between Primo Water and BlueTriton and trades on the NYSE under PRMB 1. It sells bottled water, flavored beverages, dispensers and filtration services through retail, direct delivery to homes, the Exchange program and refill stations. Its operations are limited to North America after the sale of its European and Israeli businesses 1.

The business model combines recognized brands with a vertically integrated network from spring to customer, including more than 50 production facilities and more than 200 depots 1. The company owns or uses under contracts more than 80 spring water sources, which reduces supply risk 1. Recurring revenue from direct delivery, bottle exchange and filtration supports part of the business's stability 1.

Segments

Bottled water and beverages (retail)

The retail segment includes spring and premium water brands such as Poland Spring, Saratoga and Arrowhead, sold through more than 200,000 retail outlets 1. Management reported that retail growth in the second quarter of 2026 was supported by premium brands and regional spring water 3.

Direct delivery, Exchange and Refill

This line delivers water directly to homes and businesses, offers reusable bottles through the Exchange program and refill stations, and includes filtration services 1. The company said direct delivery returned to growth earlier than anticipated 3.

Sales by region

U.S. operations generate nearly all net sales, with Canada a small part of the total 1. The company no longer has operations outside North America after its 2025 disposals 1.

Market context

The U.S. non-alcoholic beverage industry exceeds $150 billion in retail sales in 2025 1. Bottled water is one of the largest subcategories, with about $30 billion in retail sales in 2025 and ranking as the top beverage by volume for nine consecutive years 1.

The market is shaped by retailer consolidation, which can bring demands for lower prices and larger promotions, and by the growth of e-commerce 1. Competition also comes from retailers' private-label brands and alternatives such as home filtration 1.

Trends

  • Preference for healthy hydrationtailwind

    Consumers are shifting toward healthier, sustainable and functional options, which favors spring water, flavored water and enhanced beverages 1. The company considers its portfolio well placed to benefit from these trends 1.

  • Growth of e-commercemixed

    Sales through e-commerce sites and mobile apps, including subscriptions, can widen access to consumers for Primo Brands, but also intensify competition for channel access 12.

  • Retail consolidationheadwind

    Large retailers tend to ask for lower prices and higher marketing spend and to develop private-label brands, which could compress margins if the pressure continues 12.

  • Packaging and energy costsheadwind

    The costs of PET, glass, aluminum and polyethylene, along with geopolitical tensions in the Middle East, could raise transport and energy costs and weigh on margins 23.

Competitive position

Primo Brands operates in a competitive market where it faces local, regional and national bottled water and beverage companies, providers of filtration units and services, and retailers launching private-label water 1. Competition is based on taste, price, brand image, packaging, innovation and distribution efficiency 1.

The company also cites competition from non-alcoholic beverages in general, such as carbonated drinks, juices, energy drinks and tap water, as well as microbrands sold directly online 1. If competitors cut prices or launch new products, the company could lose volume or market share 1.

  • Retailers with private-label brands

    Large retail chains use their distribution networks to launch store-brand water, which intensifies price pressure 1.

  • Local and regional water producers

    Regional bottled water companies compete in local markets and in the premium segment 1.

  • Water filtration system providers

    Makers of home and office filters compete with the company's delivery and filtration services 1.

  • Microbrands sold directly online

    Small brands selling through e-commerce and subscriptions have grown in number and can compete for channel access 1.

News & filings

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Primo Brands Corporation · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Primo Brands Corporation · 05 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Primo Brands Corporation · 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.