Krispy Kreme
DNUT on Nasdaq. Krispy Kreme sells doughnuts to consumers through shops, delivery, and digital channels. Market value $501m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.13 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 1 cents a year. Above 10 is good.
Quality score: 34 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$3.02 a share, 7% above its 1-year low
Over the past year the price has ranged from $2.83 to $5.11.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $37 million in the past 12 months, a shortfall of $64 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.4bn | $1.5bn | $1.7bn | $1.7bn | $1.5bn |
| Operating margin | |||||
| Operating margin | 3.0% | 1.9% | 0.8% | -0.5% | -30.8% |
| Debt to equity | |||||
| Debt to equity | 0.58 | 0.65 | 0.76 | 0.79 | 1.50 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.17bn | 0.17bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt1.50× equity
- Revenue growth, five yearsSlow, 2.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $331 million last quarter, down 13% on a year ago.
- A loss of $20 million, compared with a loss of $435 million a year ago.
- It loses 2 cents on each $1 of sales, compared with 31 cents a year earlier.
- Spare cash over the past 12 months: $37 million. A year earlier it spent $137 million more than it brought in.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $905 million more than cash, down from $1 billion a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $380m |
| December 2024 | $404m |
| March 2025 | $375m |
| June 2025 | $380m |
| September 2025 | $375m |
| December 2025 | $392m |
| March 2026 | $367m |
| June 2026 | $331m |
| Quarter to | Amount |
|---|---|
| September 2024 | $40m |
| December 2024 | -$22m |
| March 2025 | -$33m |
| June 2025 | -$435m |
| September 2025 | -$19m |
| December 2025 | -$28m |
| March 2026 | -$23m |
| June 2026 | -$20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 182 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $232,980
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $232,980 | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $171,396 | <0.1% | Added |
Largest holders overall
- BNP Paribas Financial Markets$54m
- HSBC Holdings$25m
- Credit Agricole S A$24mNew
- BlackRock$23mAdded
- Vanguard Capital Management$14mAdded
- TWO Sigma Investments, LP$12mAdded
- Federated Hermes$12m
- Dimensional Fund Advisors LP$8mCut
- Geode Capital Management$8mAdded
- SG Americas Securities$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- JAB Holding Company S.a r.l.at least 43.6%(filed with 3 related holders)Since 23 April 2025
What they said
Item 4 is hereby amended and supplemented as follows: Arrangements with Bernardo Hees On April 23, 2025, JAB Indulgence agreed to sell to Bernardo Hees 694,445 shares of common stock, par value $0.01 per share (the "Shares"), of Krispy Kreme, Inc. (the "Company") for an…
Read the filing - Joh. A. Benckiser S.a r.l.Passive investor43.3%−0.1 ptsSince 2 March 2026
What they said
Item 4 is hereby amended and supplemented as follows: Extension of Long Swap Arrangement As previously disclosed in Amendment No. 8 to this Schedule 13D, JAB Holdings and Banco Santander, S.A. (the "Dealer") entered into a long cash-settled total return equity swap on February…
Read the filing - JAB Indulgence B.V.Passive investorat least 43.0%−0.3 pts(filed with 6 related holders)Since 12 June 2026
What they said
Item 4 is hereby amended and supplemented as follows: Extension of Long Swap Arrangement As previously disclosed in Amendment No. 9 to this Schedule 13D, JAB Holdings and HSBC Continental Europe (the "Dealer") entered into a long cash-settled total return equity swap on August…
Read the filing - BNP Paribas SAPassive investor8.9%−0.0 ptsSince 30 June 2026
- Baron Capital Group, Inc.Passive investorat least 2.1%−5.5 pts(filed with 3 related holders)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 30 June 2025
- COOPER CREEK PARTNERS MANAGEMENT LLCPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
JAB Holding Company S.a r.l. | at least 43.6% (filed with 3 related holders) | 23 April 2025 | What they saidItem 4 is hereby amended and supplemented as follows: Arrangements with Bernardo Hees On April 23, 2025, JAB Indulgence agreed to sell to Bernardo Hees 694,445 shares of common stock, par value $0.01 per share (the "Shares"), of Krispy Kreme, Inc. (the "Company") for an… Read the filing |
Joh. A. Benckiser S.a r.l. Passive investor | 43.3%−0.1 pts | 2 March 2026 | What they saidItem 4 is hereby amended and supplemented as follows: Extension of Long Swap Arrangement As previously disclosed in Amendment No. 8 to this Schedule 13D, JAB Holdings and Banco Santander, S.A. (the "Dealer") entered into a long cash-settled total return equity swap on February… Read the filing |
JAB Indulgence B.V. Passive investor | at least 43.0%−0.3 pts (filed with 6 related holders) | 12 June 2026 | What they saidItem 4 is hereby amended and supplemented as follows: Extension of Long Swap Arrangement As previously disclosed in Amendment No. 9 to this Schedule 13D, JAB Holdings and HSBC Continental Europe (the "Dealer") entered into a long cash-settled total return equity swap on August… Read the filing |
BNP Paribas SA Passive investor | 8.9%−0.0 pts | 30 June 2026 | |
Baron Capital Group, Inc. Passive investor | at least 2.1%−5.5 pts (filed with 3 related holders) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 30 June 2025 | |
COOPER CREEK PARTNERS MANAGEMENT LLC Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $3m of shares on the open market. 1 sold $11,303.
- Hees BernardoDirectorBought
- Date
- 5 June 2026
- Shares
- 25,002
- Price
- $3.49
- Value
- $87,257
- Hees BernardoDirectorBought
- Date
- 4 June 2026
- Shares
- 150,000
- Price
- $3.29
- Value
- $493,500
- Hees BernardoDirectorBought
- Date
- 3 June 2026
- Shares
- 170,596
- Price
- $3.35
- Value
- $571,497
- Hees BernardoDirectorBought
- Date
- 2 June 2026
- Shares
- 235,875
- Price
- $3.39
- Value
- $799,616
- Hees BernardoDirectorBought
- Date
- 1 June 2026
- Shares
- 73,640
- Price
- $3.44
- Value
- $253,322
- Hees BernardoDirectorBought
- Date
- 28 May 2026
- Shares
- 200,989
- Price
- $3.42
- Value
- $687,382
- Hees BernardoDirectorBought
- Date
- 27 May 2026
- Shares
- 22,114
- Price
- $3.38
- Value
- $74,745
- Hees BernardoDirectorBought
- Date
- 26 May 2026
- Shares
- 1,974
- Price
- $3.30
- Value
- $6,514
- Esposito Joseph JChief Accounting OfficerSold
- Date
- 11 November 2025
- Shares
- 2,641
- Price
- $4.28
- Value
- $11,303
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 June 2026 | Hees Bernardo Director | Bought | 25,002 | $3.49 | $87,257 |
| 4 June 2026 | Hees Bernardo Director | Bought | 150,000 | $3.29 | $493,500 |
| 3 June 2026 | Hees Bernardo Director | Bought | 170,596 | $3.35 | $571,497 |
| 2 June 2026 | Hees Bernardo Director | Bought | 235,875 | $3.39 | $799,616 |
| 1 June 2026 | Hees Bernardo Director | Bought | 73,640 | $3.44 | $253,322 |
| 28 May 2026 | Hees Bernardo Director | Bought | 200,989 | $3.42 | $687,382 |
| 27 May 2026 | Hees Bernardo Director | Bought | 22,114 | $3.38 | $74,745 |
| 26 May 2026 | Hees Bernardo Director | Bought | 1,974 | $3.30 | $6,514 |
| 11 November 2025 | Esposito Joseph J Chief Accounting Officer | Sold | 2,641 | $4.28 | $11,303 |
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 warning signs we check for were found.
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 6 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
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
Your first deep dive is free.
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.