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Birkenstock Holding

BIRK on NYSE. Footwear, (no rubber). Market value $5.5bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to September 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to September 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to September 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to September 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$34.00 a share, 14% above its 1-year low

Over the past year the price has ranged from $29.93 to $50.73.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
202320242025
Revenue
n/an/an/a
Operating margin
n/an/an/a
Debt to equity
n/an/an/a
Shares outstanding
0.18bn0.19bnn/a

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 December 2025
Next quarterly (estimated, 10-Q)
n/a

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 235 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • BK LC Lux MidCo S.a r.l.
    Passive investor
    at least 54.1%−8.4 pts
    (filed with 4 related holders)
    Since 31 December 2025
  • CB Beteiligungs GmbH & Co. KG
    at least 10.2%+1.1 pts
    (filed with 2 related holders)
    Since 17 August 2026
    What they said

    On August 13, 2026, the Issuer announced the pricing of a secondary offering by BK LC Lux MidCo S.a r.l. and a concurrent repurchase by the Issuer, by way of redemption from the underwriter, of 12,761,613 Issuer Shares. On August 17, 2026, the offering closed and the Issuer…

    Read the filing
  • Baron Capital Group, Inc.
    Passive investor
    at least 8.0%+2.9 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • 5.8%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $1.1bn.

  • Chu James Michael
    Director
    Sold
    Date
    17 August 2026
    Shares
    28,146,226
    Price
    $39.18
    Value
    $1.1bn
  • Bouyakhf Mehdi Nico
    President EMEA
    Sold
    Date
    8 June 2026
    Shares
    30,000
    Price
    $43.50
    Value
    $1m
  • Bouyakhf Mehdi Nico
    President EMEA
    Sold
    Date
    5 June 2026
    Shares
    60,000
    Price
    $42.07
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Birkenstock Holding doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.