Waldencast PLC
WALDBuild a strategy around WALD
Waldencast PLC AI Insights
Informational only. Not investment advice.Snapshot
- Intangibles are 85% of assets (676M/798M) with negative tangible book value (-177M) - acquisition-heavy model with impairment risk[Goodwill and Other Intangible Assets]
- Gross margin 69% TTM vs industry median 46% shows premium brand pricing power despite -22% operating margin[Gross Margin TTM]
- Cash of 9M with 193M debt and -14M FCF TTM creates 6-month runway crisis without capital raise[Cash and Equivalents]
Watch Triggers
- Cash and Equivalents: Falls below 5M or capital raise announced — At current burn, sub-5M cash means weeks of runway - forces dilutive action
- Operating Margin TTM: Improves to -10% or better — Would signal path to breakeven and reduce capital raise urgency
- Goodwill: Any impairment charge announced — Would erode equity cushion and potentially trigger debt covenants
Bull Case
Revenue growth 14% TTM (3x industry median 5%) with 69% gross margins suggests brand momentum that could reach profitability at scale
Trading at 0.75x P/S vs industry 1.0x despite superior growth - deep value if turnaround succeeds
Bear Case
Operating loss of -60M on 275M revenue (-22% margin) with 9M cash and -14M FCF signals imminent dilution or restructuring
Goodwill 177M is 36% of equity - any brand impairment could trigger covenant issues on 193M debt
Bull vs Bear Balance
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Forward Thesis
Liquidity crisis likely within 12 months without equity raise or asset sale
- Cash burn of ~14M/year with only 9M cash
- 193M debt vs 207M market cap limits debt capacity
- Negative operating cash flow (-9M TTM)
Valuation Context
Caveats
WALD Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$234.67M | — | ||
$353.31M | — | ||
0.00 | — | ||
$272.07M | -0.7% | — | |
$-2.01 | — | ||
-23.9% | -4.3% | — | |
-84.4% | -68.9% | — | |
$-16.48M | — | ||
-40.9% | -34.3% | — | |
Beta 5Y (Monthly) | unknown | — |
WALD Dividend History
WALD Stock Splits
WALD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/13/26 | 12/31/25 | 20-F | |
06/30/25 | 06/30/25 | 6-K | |
03/20/25 | 12/31/24 | 20-F | |
06/30/24 | 06/30/24 | 6-K | |
04/30/24 | 12/31/23 | 20-F | |
06/30/23 | 06/30/23 | 6-K | |
08/11/22 | 06/30/22 | 6-K | |
05/16/22 | 03/31/22 | 10-Q | |
08/03/22 | 12/31/21 | 20-F | |
11/18/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
07/19/21 | 03/31/21 | 10-Q | |
03/17/21 | 01/31/21 | 424B4 |