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ZYBERNO

Stock Report

Updated Sep 1, 2026

Krispy Kreme, Inc. (DNUT)

Consumer Staples • NASDAQ

$3.47

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

17.0/100

POOR BUSINESS

Krispy Kreme, Inc. (DNUT) scores 17/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full DNUT quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full DNUT valuation analysis · → View full DNUT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-13.9%)

Debt-to-Equity (Solvency Risk):CRITICAL (2.06x)

Operating Margin (Operational Efficiency):CRITICAL (-2.0%)

Return on Capital (Capital Efficiency):CRITICAL (-1.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Krispy Kreme, Inc. (DNUT) stock report — Zyberno Score 17/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, DNUT generated -$5.89M in Owner Earnings. Capital was deployed as follows: $402.00K returned via share buybacks, $5.97M paid as dividends, $80.82M invested in capital expenditures. Reinvestment rate: 523.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.47

Market Cap:$598.85M

Valuation Multiples (3)

P/B Ratio:0.97x

P/S Ratio:0.41x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.51B

Ev Ebitda Ratio:13.66x

Price Action & Momentum (3)

12-1 Momentum:

-2.3% (65th pctile)

📈 Click to view full DNUT Momentum analysis →

Momentum Percentile:65 / 100

% of 52-Week High:67.9%

B. Profitability Assessment

Return Metrics (5)

ROE:

-13.9%

📊 Click to view full DNUT ROE analysis →

ROA:-3.6%

Roic:

-1.4%

📊 Click to view full DNUT ROIC analysis →

Reinvestment Rate:523.9%

Fundamental Growth Rate (g):-7.4%

Margin Analysis (3)

Operating Margin Ttm:-2.0%

Net Margin Ttm:-6.2%

Ebitda Margin:7.6%

TTM Performance (2)

Operating Margin Ttm:-2.0%

Net Margin Ttm:-6.2%

Yield Metrics (2)

Earnings Yield:-$16.43

Dividend Yield:1.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+4.00

📊 Click to view full DNUT Earnings Surprise analysis →

EPS Surprise vs Expected:95.6%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-3.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):22.4%

Operating Cash Flow Growth Rate (Linear):6.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):21.6%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.36x

Quick Ratio:0.29x

Cash Ratio:0.05x

Leverage Analysis (3)

Debt To Equity Ttm:2.06x

Debt-to-Equity Ratio:2.06x

Debt To Ebitda:8.45x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-299,702,000.00

Cash And Cash Equivalents:21,825,000.00

Long Term Debt:$865.25M

Net Debt:$914.46M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.47B

Linear Growth: -3.8%

📊 Click to view full DNUT Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$29.05M

Linear Growth: 21.6%

📊 Click to view full DNUT Operating Income analysis & methodology →

Bottom Line Performance (3)

-$90.32M

Income Before Tax:-$90.14M

Ebitda Ttm:110,793,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:215,673,000.00

Income Tax Expense:-$21.50M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:65.2%

Ebitda Margin:7.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.36B

Current Assets:$165.42M

Ppe Net:0.00

Goodwill:669,745,000.00

Intangible Assets:$727.73M

Liability Structure (4)

Total Liabilities:1,743,544,000.00

Current Liabilities:465,121,000.00

Long Term Debt:$865.25M

Short Term Debt:$71.04M

Equity & Capital (3)

Equity:$619.78M

Retained Earnings:-$864.48M

Common Stock:300,000,000.00

Working Capital Items (3)

Accounts Receivable:77,411,000.00

Inventory:28,666,000.00

Accounts Payable:148,502,000.00

Special Items (2)

Contract Liabilities:24,617,000.00

Stock Based Compensation:3,287,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $74.92M

Linear Growth: 6.5%

Free cash flow TTM: -$5.89M

Linear Growth: 22.4%

📊 Click to view full DNUT Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$100.05M

Capital Expenditures Ttm:80,816,000.00

Financing Activities (3)

Financing Cash Flow:-$88.10M

Dividends Paid Ttm:5,973,000.00

Stock Repurchase:402,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$72.75M

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:139,844,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.57

-$0.57

Earnings Per Share Ttm:-$0.52

Revenue & Cash Per Share (2)

Sales Per Share Ttm:8.49

Operating Cash Flow Per Share:$0.20

Book Value & Capital (2)

Book Value Per Share:$3.59

Cash Per Share:0.13

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.59x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:18.93x

Days Sales Outstanding Ttm:19.28

Inventory Management (2)

Inventory Turnover Ttm:51.13x

Days Inventory Outstanding Ttm:7.14

Payables & Cash Cycle (2)

Days Payable Outstanding:36.98

Cash Conversion Cycle:-10.57

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:25.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$5.89M

Damodaran Growth Analysis (2)

Reinvestment Rate:523.9%

Fundamental Growth Rate (g):-7.4%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-3.8%

Operating Income Growth Rate (Linear):21.6%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):22.4%

Operating Cash Flow Growth Rate (Linear):6.5%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-19.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:DNUT

Company Name:Krispy Kreme, Inc.

Sector:Consumer Staples

Industry:Retail-Food Stores

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:172.58M

Shares Outstanding Basic:172.58M

Shares Outstanding Diluted:172.58M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 16:30:11 UTC

Data Timestamp:2026-09-01T16:30:11.449697