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Black Rock Coffee Bar

BRCB on Nasdaq. Black Rock Coffee Bar sells caffeinated beverages and an in-store experience to guests. Market value $349m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't pin down how many shares it has, so we don't rank it.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

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
past 12 months to June 2026
-31.8%low

For every $100 of what the whole company costs, it produced $-31.84 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
65.4×full

You pay 65.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 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.

$7.39 a share, 21% above its 1-year low

Over the past year the price has ranged from $6.11 to $26.48.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
202512 monthsto Jun '26
Revenue
$200m
Operating margin
0.4%
Debt to equity
0.61
Shares outstanding
0.02bn

Health checks

  • Free cash flow positive0 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • Debt0.61× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
11 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 93 funds in all.

Dec '25
Jun '26
Largest holders overall

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

Big holders and activists

11 investors own more than 5%.

  • Daniel Brand
    Passive investor
    at least 53.1%
    (filed with 4 related holders)
    Since 12 September 2025
  • Cynosure Group, LLC
    Passive investor
    at least 52.6%0.0 pts
    (filed with 6 related holders)
    Since 15 May 2026
  • Cynosure Partners III, LP
    Passive investor
    at least 39.6%+22.9 pts
    (filed with 3 related holders)
    Since 15 May 2026
    What they said

    The Reporting Persons acquired the securities reported herein for investment purposes. The Reporting Persons may have influence over the corporate activities of the Issuer, including activities that may relate to items described in subparagraphs (a) through (j) of Item 4 of…

    Read the filing
  • Demi I. Winters
    Insider or founder
    at least 14.8%−10.1 pts
    (filed with 4 related holders)
    Since 6 March 2026
    What they said

    Item 4 is hereby amended to add the following: In March 2026, the Jeffrey R. Hernandez 2021 Trust entered into a 10b5-1 plan with J.P. Morgan Securities LLC, which provides for the sale of 348,000 shares of Class A Common Stock. On May 15, 2026, Viking Cake Fuel, LLC and Viking…

    Read the filing
  • at least 13.8%+7.1 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • Tyson Switzenberg
    Passive investor
    11.4%
    Since 18 February 2026
  • Morgan Stanley
    Passive investor
    at least 8.2%+0.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Brandon J. Olson
    Passive investor
    6.6%−13.2 pts
    Since 17 April 2026
  • BlackRock, Inc.
    Passive investor
    5.2%
    Since 31 December 2025
  • at least 4.3%−1.1 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • FMR LLC
    Passive investor
    at least 3.6%−8.0 pts
    (filed with 1 related holder)
    Since 29 May 2026
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2026
  • Samuel W. Weatherford
    Passive investor
    Sold down below 5%
    Since 17 April 2026
  • Bryan Pereboom
    Insider or founder
    Sold down below 5%
    Since 20 March 2026
    What they said

    Item 4 is hereby amended to add the following: On March 20, 2026: (1) Viking Cake Fuel, LLC transferred a total of 5,809,390 shares of Class C Common Stock and an equal number of LLC Units to Viking Cake BR, LLC. (2) Viking Cake BR, LLC distributed a total of 5,809,390 shares of…

    Read the filing
  • Woodline Partners LP
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Point72 Europe (London) LLP
    Passive investor
    Sold down below 5%
    Since 12 November 2025

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

What insiders did

In the last 12 months, 4 insiders bought $73m of shares on the open market.

  • Geyer Clay Howard
    Chief Operating Officer
    Bought
    Date
    22 May 2026
    Shares
    8
    Price
    $6.90
    Value
    $55
  • Geyer Clay Howard
    Chief Operating Officer
    Bought
    Date
    22 May 2026
    Shares
    925
    Price
    $6.86
    Value
    $6,346
  • Geyer Clay Howard
    Chief Operating Officer
    Bought
    Date
    21 May 2026
    Shares
    45,080
    Price
    $6.51
    Value
    $293,471
  • Schmidt Michael Ryan
    Principal Accounting Officer
    Bought
    Date
    20 May 2026
    Shares
    7,100
    Price
    $6.98
    Value
    $49,558
  • Wegener-Beyer Jessica Michele
    Chief Marketing Officer
    Bought
    Date
    20 May 2026
    Shares
    3,098
    Price
    $6.46
    Value
    $20,015
  • Cynosure Partners 2020, LP
    Director
    Bought
    Date
    15 May 2026
    Shares
    13,642,712
    Price
    $5.35
    Value
    $73m

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.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 6 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On March 12, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of Black Rock Coffee Bar, Inc. (the “Company”) approved the dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm, effective immediately, and the Company subsequently notified KPMG of the dismissal.”

    From an 8-K filed 13 March 2026: Change of auditor. Read it in the filing

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

  • It isn't cheap on profits: 65.4× operating profit.

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.