PRMBPrimo Brands Corp

Beverages

Revenue: $6.7B; 29% YoY
Operating margin: 6.5%; 7.6% YoY
EBITDA: $1.0B; 50% YoY
Market cap: $7.2B
Employees: 12,000; $555K revenue each
Net debt / EBITDA: 4.6×; $4.8B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
11× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
84% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$555K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$990M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.4B	$4.7B	$5.2B	$6.7B	29%
Operating income	$23M	$406M	$360M	$430M	19%
Net income	−$127M	$93M	−$16M	$60M	466%
Operating cash flow	$108M	$321M	$464M	$680M	47%
Capex	$259M	$204M	$150M	$377M	151%
Stock-based comp	$2M	$1M	$9M	$50M	474%
Buybacks	$0	$0	$10M	$422M	3953%
Dividends	$0	$0	$36M	$151M	324%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 10, 2026	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	50.0%	Passive
Dec 8, 2025	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	31.4%	Passive
May 12, 2025	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	31.1%	Passive
Mar 27, 2025	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	—	Passive
Mar 12, 2025	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	44.4%	Passive
Feb 14, 2025	ORCP III DE TopCo GP, LLC	SCHEDULE 13D/A	57.5%	Passive
Nov 25, 2024	ORCP III DE TopCo GP, LLC	SC 13D/A	77.1%	Active
Nov 18, 2024	ORCP III DE TopCo GP, LLC	SC 13D	57.7%	Active

Insider trading

Open-market buys, 12 mo: $5M · 7
Open-market sells, 12 mo: $995M · 2
Net: −$990M

Pay vs performance

No pay-versus-performance disclosure yet.