Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 2026
Krispy Kreme, Inc. (DNUT)
A forensic read on Krispy Kreme, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-2.6
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-76.4%
ROE
$610M
Market cap
1.07%
Dividend yield
Krispy Kreme, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -2.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-17%Return on invested capital.Return on invested capital is -17% and slipping from 1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.3%/yrShare-count dilution.Diluted share count changed +16% over the last 3 years to FY2025 (+5.3%/yr). The count is GROWING — existing holders are being diluted. That's ~5.3% 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 FY2022 has been diluted ~16%.
$356MGoodwill impairments.Took $356M of goodwill writedowns across 1 year(s) (FY2025 ($356M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-98%Dividend — cut.The payout was CUT ~98% in FY2021 (from FY2019). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-33.9%
Debt / Equity1.50x
Free Cash Flow$-64.0M
Latest Revenue$1.52B
Return on Equity-79.3%
Revenue Growth YoY-8.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Krispy Kreme, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about DNUT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown