Forensic Analysis · Consumer Staples / Food & Beverage · as of Sep 28, 2026
Brc Inc. (BRCC)
A forensic read on Brc Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-30.1
P / E (ttm)
-26.1%
ROE
$256M
Market cap
0.00%
Dividend yield
1.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Brc Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-14.8%
FY2025
Return on invested capital.Return on invested capital is -14.8% in the latest fiscal year, against -28.0% in FY2023, having run between -28.0% and 2.1% across FY2023–FY2025 with no direction held. After-tax operating profit was ($40M) in FY2023 and ($19M) in FY2025, with operating income at -12.7% of revenue in FY2023, 1.0% in FY2024 and -6.2% in FY2025. The capital base behind it went from $142M in FY2023 to $131M in FY2025 (-7%), while the revenue it carried went from $396M to $398M. FY2025's operating profit carried a $6M restructuring charge that alone took about 3.4 points off that year's return, so the latest return is depressed by that charge.
+25.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +56% over the last 2 years to FY2025 (+25.0%/yr). The count is growing — 60.9M shares in FY2023, 95.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~25.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~36%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $0.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 25.0% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Net Margin-3.0%
Debt / Equity0.76x
Free Cash Flow-$13.5M
Latest Revenue$398.3M
Return on Equity-26.1%
Revenue CAGR (2yr)+0.3%
Revenue Growth YoY+1.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Brc Inc.'s actual 10-K/10-Q/8-K filings?