PRMB Primo Brands Corp

Overview and Growth

Fiscal 2025 results for Primo Brands Corp combined $6.66B of revenue with net income of $60.10M and an operating cash inflow of $680.30M. At $6.66B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 29.3% from $5.15B in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $0.16, adding a shareholder-level measure to the absolute income figures considered below. Asset turnover was 0.63x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $2.02B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 30.3% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $430.40M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 6.5%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $60.10M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 0.9% margin after operating costs and the remaining recognized items. Pretax income was $145.00M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 2.2% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $64.60M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 44.6% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

At period end, the $10.60B asset base was financed through $7.61B of liabilities and $2.99B of equity. Current assets were $1.22B against $1.28B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.95x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $376.70M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 29.4%, excluding receivables and other current assets. The company carried $5.16B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 1.72x, showing how much debt the company carried for each unit of book equity. Debt represented 48.6% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 71.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 3.6% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 5.3% lower than fiscal 2024 assets of $11.19B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $680.30M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 11.32x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $377.40M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 55.5% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $302.90M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 4.5%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 2.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.