Birkenstock Holding plcBIRK
NYSE•Consumer Cyclical•Footwear & Accessories
Birkenstock Holding plc engages in the manufacture and sale of footwear products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers footbed-based products, including sandals and closed-toe shoes; and skincare products and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. The company was formerly known as Birkenstock Group Limited. Birkenstock Holding plc was founded in 1774 and is based in London, the United Kingdom. Birkenstock Holding plc operates as a subsidiary of BK LC Lux MidCo S.à r.l.
Birkenstock Holding plc (BIRK) reported trailing twelve months revenue of $2.19B as of March 2026, a 12.0% increase year-over-year. Quarterly revenue reached $628.50M, reflecting continued top-line momentum.
Birkenstock Holding plc generated $356.88M in TTM net income, with quarterly EBITDA of $190.34M. The operating margin contracted from 30.5% to 26.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (26.2%) and net margin (13.2%) indicates moderate non-operating costs. Net margin has narrowed from 18.3% a year ago, reflecting increased costs or interest expense.
BIRK trades at a P/E of 17.6x (in line with broad market averages) and a P/S of 2.9x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $1.94M in free cash flow over the trailing twelve months, a 105.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.17B in total assets with $1.10B in long-term debt against $2.90B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 18 quarters of fundamental data
Operating margins are stable at ~24.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.9% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~27.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 18 quarters
Margins are stable or improving at ~24.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.1% — net buybacks are reducing shares outstanding and boosting per-share value.