Krispy Kreme

DNUT

Restaurants · Consumer Cyclical

Price

$3.59

+0.05 (+1.41%)

Market Cap

$618.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 28, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+2.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 167.3M (2021) → 170.9M (2025)

Winston Score History

The full picture

Krispy Kreme makes and sells doughnuts, along with coffee and other sweet treats. The company sells directly to everyday consumers through its own shops and also supplies doughnuts to grocery stores, convenience stores, and other retail locations across the United States and internationally. It is one of the most recognized doughnut brands in the world, known especially for its glazed doughnuts and the "Hot Now" light that signals fresh batches.

Krispy Kreme earns money through a mix of retail shop sales, wholesale delivery to third-party stores, and franchise fees from licensed locations. The company operates in over 30 countries, though the U.S. is its largest market. Its brand recognition gives it some consumer loyalty, but the negative operating margin and weak returns on capital show the business is currently spending more than it earns. The key challenge ahead is expanding its retail door count profitably while managing high production and delivery costs.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-12.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+95.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

47.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~21 months

$44M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Krispy Kreme's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

74.0%

Premium pricing power — 74.0% gross margin

Profit after running costs

Operating Margin

-3.3%

Losing money on operations — -3.3%

Return on the money invested

ROCE

-1.3%

Weak — -1.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-4.8%

Shrinking sales (-4.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.3%

Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.76

Moderate — manageable debt (0.76)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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