BellRing Brands, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $180M normalized FCF base, below TTM $225M to reflect the FY2026 gross-margin collapse to 22.7% from 34.5% on tariffs, input inflation and freight; 5% FCF growth years 1-5, below management's 7-9% long-term revenue algorithm; 3.5% years 6-10; elevated 12% discount rate reflecting leverage and an ongoing insider-conduct investigation; 2.5% terminal growth; net debt of $1,120M; 116.28M shares outstanding.

Reasoning: BellRing has real recurring free cash flow so a standard DCF applies, but a materially elevated discount rate and below-guidance growth assumptions were used given the severe FY2026 guidance cut, gross-margin collapse, and an active insider-conduct investigation creating genuine near-term uncertainty.