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Primo Brands

PRMB on NYSE. Primo Brands sells water and beverages to consumers in the United States and Canada. Market value $7.2bn.

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.

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 Everyday goods 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
5.1%fair

For every $100 of what the whole company costs, it produced $5.09 of spare cash in the past 12 months. A savings account pays about $4.

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

You pay 24.8 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: 45 of 100. Our list needs 70 on quality and 60 on price.

$19.88 a share, 38% above its 1-year low

Over the past year the price has ranged from $14.36 to $26.21.

Dividend: 2.1% a year

Paid every year for 2 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.3
0.3
0.4
2024202512 monthsto Jun '26
Revenue
$5.2bn$6.7bn
Operating margin
7.0%6.5%
Debt to equity
1.491.78
Shares outstanding
0.37bn0.36bn

Health checks

  • Free cash flow positive2 of 2 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt1.78× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 2% fewer since 2024

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.8 billion last quarter, up 4% on a year ago.
  • Profit: $69 million, up 151% on a year ago.
  • It keeps 7 cents of each $1 of sales as operating profit, up from 6 cents a year earlier.
  • Spare cash over the past 12 months: $367 million, up from $348 million.
  • 3% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $4.8 billion more than cash, about the same as a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.3bn
December 2024$1.4bn
March 2025$1.6bn
June 2025$1.7bn
September 2025$1.8bn
December 2025$1.6bn
March 2026$1.6bn
June 2026$1.8bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$53m
December 2024-$158m
March 2025$29m
June 2025$28m
September 2025$17m
December 2025-$13m
March 2026$27m
June 2026$69m

From the company's quarterly reports to the SEC.

Dates

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

Who owns it

7 long-term investors we follow own it, unchanged from 7 last quarter. 381 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

3 investors own more than 5%.

  • R. Scott Spielvogel
    Insider or founder
    31.4%
    Since 8 December 2025
  • ORCP III DE TopCo GP, LLC
    at least 26.5%−4.9 pts
    (filed with 7 related holders)
    Since 6 August 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: August 2026 Underwriting Agreement & Repurchase Transaction On August 6, 2026, the Issuer, Triton Water Equity Holdings, LP and Morgan Stanley & Co. LLC, acting as underwriter (the "Underwriter"), entered…

    Read the filing
  • FMR LLC
    Passive investor
    at least 6.9%−1.1 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Viking Global Investors
    Passive investor
    Sold down below 5%
    Since 31 December 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 $5m of shares on the open market. 1 sold $497m.

  • FOSS ERIC J
    Exec. Chair and CEO, Director
    Bought
    Date
    10 August 2026
    Shares
    84,000
    Price
    $23.80
    Value
    $2m
  • Lee Tony W
    Director
    Sold
    Date
    7 August 2026
    Shares
    20,410,340
    Price
    $24.37
    Value
    $497m
  • STANBROOK STEVEN P
    Director
    Bought
    Date
    13 November 2025
    Shares
    54,540
    Price
    $16.43
    Value
    $896,092
  • FOSS ERIC J
    Exec. Chair and CEO, Director
    Bought
    Date
    12 November 2025
    Shares
    4,970
    Price
    $16.15
    Value
    $80,266
  • FOSS ERIC J
    Exec. Chair and CEO, Director
    Bought
    Date
    11 November 2025
    Shares
    123,049
    Price
    $15.52
    Value
    $2m
  • Hass David W.
    Chief Financial Officer
    Bought
    Date
    11 November 2025
    Shares
    15,910
    Price
    $15.71
    Value
    $249,946
  • Cramer Michael John
    Director
    Bought
    Date
    10 November 2025
    Shares
    5,000
    Price
    $15.73
    Value
    $78,650

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 27 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 9 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
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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.