BRC: Not rated
Published 16 Sep 2026, 11:22 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
First recorded assessment. Current data checks do not support an active rating.
A target is not published until the required checks pass. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: preferred stock, minority interest.
Supporting evidence
Quarterly sales are growing
Revenue changed +10.0% from the same quarter last year, through 2026-07-31. The previous quarter’s year-on-year change was +13.8%.
Borrowing is lower relative to earnings
Net debt / EBITDA: -0.3× for BRC, against 2.0× across 11 comparable peers.
Opposing evidence
Capital spending changes the cash picture
Operating cash covers 1.19 times profit, but cash after capital spending covers 0.94 times. Cash generation is stronger before the investment bill is paid.
The profit margin narrowed
The latest quarterly operating margin was 13.8%, -1.2 percentage points from a year earlier. Compare the sales and margin contributions below.
Original assumptions and checks
Recent price · Passed. Weekly close dated 2026-09-11.
Current financials · Passed. Statements through 2026-07-31; factor prices dated 2026-09-11.
Price risk · Passed. Risk uses the latest 52 weekly price changes.
Operating history · Passed. 5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results · Passed. Four quarters through 2026-07-31.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: preferred stock, minority interest.
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Policy sm-review-2-research · Model sm-assessment-13-assumption-review · Data 08c803e13d80.