DNUTKrispy Kreme, Inc.

Retail-Food Stores

Revenue: $1.5B; 8.6% YoY
Operating margin: -30.8%; 5776% YoY
EBITDA: −$332M; 366% YoY
Market cap: $566M
Employees: —
Net debt / EBITDA: —; $772M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$566M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.4B	$1.7B	$1.7B	$1.5B	8.6%
Operating income	$4M	$41M	$13M	−$9M	−$469M	5272%
Net income	−$64M	−$15M	−$9M	$4M	−$524M	13829%
Operating cash flow	$29M	$141M	$46M	$46M	$34M	26%
Capex	$98M	$119M	$121M	$121M	$98M	19%
Stock-based comp	$12M	$23M	$24M	$35M	$13M	63%
Buybacks	$0	$139M	$2M	$5M	$1M	75%
Dividends	$42K	$48M	$24M	$24M	$12M	50%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 16, 2026	JAB Holdings B.V.	SCHEDULE 13D/A	43.0%	Passive
Mar 4, 2026	JAB Holdings B.V.	SCHEDULE 13D/A	43.3%	Passive
Jun 16, 2025	JAB Holdings B.V.	SCHEDULE 13D/A	43.4%	Passive
Apr 25, 2025	JAB Holdings B.V.	SCHEDULE 13D/A	43.6%	Passive
Aug 13, 2024	JAB Holdings B.V.	SC 13D/A	44.1%	Passive
Nov 22, 2023	JAB Holdings B.V.	SC 13D/A	44.4%	Passive
Aug 11, 2023	JAB Holdings B.V.	SC 13D/A	44.5%	Passive
Jun 5, 2023	BDT CAPITAL PARTNERS, LLC	SC 13D/A	5.2%	Passive
Mar 1, 2023	JAB Holdings B.V.	SC 13D/A	44.5%	Passive
Aug 17, 2022	JAB Holdings B.V.	SC 13D/A	44.7%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 8
Open-market sells, 12 mo: $11K · 1
Net: $3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	25	137
FY2024	—	—	58	131
FY2023	—	—	61	70
FY2022	—	—	111	112