The Redoubling. BRBR: The New King of U.S. Sports Nutrition?BellRing Brands, Inc.BATS:BRBRBe_CapyAbout Redoubling Redoubling is my own research project, which is designed to answer the following question: How long will it take me to double my capital? Each article will focus on a different company that I've added to my model portfolio. I'll use the close price of the last daily candle on the day the article is published as the trade price. I'll make all my decisions based on fundamental analysis. Furthermore, I'm not going to use leverage in my calculations, but I'll reduce my capital by the amount of commissions (0.1% per trade) and taxes (20% capital gains and 25% dividend). To find out the current price of the company's shares, just click the Play button on the chart. But please use this stuff only for educational purposes. Just so you know, this isn't investment advice. Below’s a detailed overview of BellRing Brands, Inc. (ticker: BRBR) 1. Main areas of activity BellRing Brands is a consumer nutrition company focused on the “convenient nutrition” category. It markets protein‑based products (ready‑to‑drink shakes, powders, and nutrition bars) under key brands such as Premier Protein, Dymatize, and PowerBar. BellRing operates as a holding company structure overseeing these brand businesses and focuses on scaling distribution, penetration, and innovation in nutrition.2. Business model BellRing generates revenue by selling its nutrition products (shakes, powders, bars) through multiple channels (e.g., club, mass retail, e‑commerce, convenience, specialty) in the U.S. and internationally. Its model is largely B2C (business to consumers) via retail and direct channels, but it also relies on partnerships with retailers, distributors, and co‑manufacturers to handle production, contract manufacturing, logistics, and shelf space. BellRing also invests in marketing, brand building, and household penetration to drive repeat purchases and buy rate growth.3. Flagship products or services BellRing’s main brands and product lines are:Premier Protein: its flagship brand, offering ready-to-drink protein shakes, powder versions, and refreshing protein beverages. It is the largest contributor in their portfolio. Dymatize: positioned more toward sports nutrition / performance protein powders and related products. PowerBar: a legacy nutrition bar brand, serving more as an international / cross‑category extension.4. Key countries for business While BellRing’s primary market is the United States, the company is working to expand its international presence. Dymatize’s international growth is cited as a positive driver. The PowerBar brand, too, has reach in over 35 international markets, particularly in Europe. That said, BellRing is often characterized as a “pure-play U.S. nutrition company” with ambitions to globalize further. Given that most of its distribution and consumer footprint is U.S.-centric, domestic retail, e‑commerce, and convenience channels are especially critical.5. Main competitors BellRing competes in the broader food, beverage, and nutrition space. Key competitive and peer companies include:Medifast, Inc. (nutrition / diet & wellness products). Large consumer goods and beverage companies like Coca-Cola, Unilever, Keurig Dr Pepper, Hershey (via beverage / nutrition arms). Specialty nutrition / supplement companies in protein, health / wellness space. According to Craft, competitors include Amy’s Kitchen and others in adjacent nutrition / food segments. In more aggregate industry comparisons, BellRing is grouped with food processing and consumer non‑cyclical peers.6. External and internal factors contributing to profit growth External factorsMacro trends toward health, wellness, and functional nutrition: As consumers increasingly seek products with protein, clean labeling, convenience, and functional benefits, BellRing is well positioned to capture demand. Low penetration in key product segments: The company notes that shakes as a segment still have relatively low household penetration (e.g., 48% in some tracked channels), implying room for growth. Distribution expansion and new channels (e‑commerce, convenience): Growth across untracked channels, international sales, and digital platforms can expand reach. Commodity cycles and input cost declines: Favorable raw material or input cost trends (or hedges) may improve margins. In Q4 2024, the company cited net input cost deflation as contributing to higher margins.Internal factorsBrand strength and household penetration growth: Premier Protein has seen strong gains in penetration, which supports recurring demand. Supply and manufacturing scale-up: BellRing has built out co‑manufacturing networks and increased shake supply to remove constraints. Operational efficiency and margin expansion: The company uses cost discipline, procurement, production fees (e.g. attainment fees), and hedging strategies. Share repurchase programs: The company actively buys back shares to return capital and support per‑share earnings growth. Product innovation and extensions: New product launches under the nutrition umbrella can drive incremental volume and revenue.7. External and internal factors contributing to profit decline External threatsIntense competition and market saturation: The nutrition / functional beverage space is crowded, with many well-capitalized incumbents. Loss of shelf space or promotional pressure could erode margins. Retailer power and inventory cuts: In Q3 2025, BellRing disclosed that major retailers cut weeks of supply, expected to create a growth headwind. Input cost inflation and commodity volatility: Rising costs or unfavorable mark-to-market hedging could compress margins. Regulatory, labeling, or health claims risks: In food, beverage and nutrition sectors, regulatory changes around supplements, health claims, or labeling could impose costs. Legal / litigation exposure: BellRing disclosed a $90 million class‑wide settlement related to past litigation (Joint Juice).Internal weaknessesOverdependence on core brands / product categories: If Premier Protein underperforms, the company’s revenue concentration could pose risk. Operational execution risks: Scaling manufacturing, supply chain disruptions, quality control failures, or missteps in marketing could hurt growth. Legal reserves / unexpected provisions: The provision for legal matters in Q3 2025 hit results, dragging operating profit.8. Stability of management Executive changes in the past 5 yearsDarcy Horn Davenport serves as President & CEO and is on the board. She previously led Post’s Active Nutrition business before BellRing was spun off. Paul Rode is CFO, with long experience in the nutrition business and prior roles at Post, including serving as CFO of Post’s Active Nutrition. On July 30, 2025, BellRing announced that Elliot H. Stein, Jr. will resign from the Board effective September 30, 2026. Concurrently, Thomas P. Erickson was appointed lead independent director, Shawn W. Conway became Chair of the Compensation & Governance Committee, and Jennifer Kuperman joined the Executive Committee. These changes are described as governance/committee reassignments rather than executive turnovers.Impact on corporate strategy / culture The management team appears relatively stable at the top, with no major CEO or CFO turnover recently. The board changes seem more about committee roles and succession planning rather than a radical shift. Under Davenport’s leadership, the company has executed aggressive growth, brand penetration, and supply expansion strategies, suggesting continuity and alignment between management and strategy. The board adjustments are intended to facilitate smooth continuity rather than disrupt direction, which may support investor confidence.Why did I add this company to my model portfolio? I took a look at the company's basics, and it seems like earnings per share aren't growing right now, but total revenue is growing steadily over time. This, combined with a low debt-to-revenue ratio and steady operating, investing, and financing cash flows, gives the balance sheet a good foundation. Some other things to note are that return on equity and gross margin are growing steadily, the current ratio is strong, and interest coverage is excellent. All of these things show that liquidity and solvency are solid. With a P/E of 20.36, I think the valuation is interesting given these fundamentals and consistent with a balanced growth profile. I didn't find any major news that could threaten the company's stability or lead to insolvency. Considering a diversification coefficient of 20 and an observed deviation of the current stock price from its annual average by more than 16 EPS, I decided to allocate 15% of my capital to this company at the close price of the last daily bar. Portfolio overview Below are screenshots from TradingView's Portfolios tool. I used $100,000 as my initial capital for the model portfolio. I will update these screenshots as I add new trades.