Reed's, Inc. is a US-listed company in the beverages industry. Its financial year ends in December.
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~$0.9
Price-to-sales vs peers
Base case. Range ~$0.9–$6.7. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Reed's, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $29m, down 19.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to -50.2% from -37.3% a year earlier. Operating margin narrowed to -61.4% from -39.8%. It passes 1 of our 3 financial-health checks. Our price-to-sales vs peers value is $2.03 a share, against a share price of $0.69.
Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Reed's, Inc.'s trailing-twelve-month revenue fell 19.1% year on year, with a free-cash-flow margin of -50.2%. Where it stands out: stock pay as % of revenue of 0.0% ranks 2 of 23 beverages companies we cover. Where it lags: revenue growth of -19.1% ranks 23 of 26 beverages companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -19.1% (-0.3pp vs the prior quarter), the 3rd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Reed's, Inc.'s latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
We value Reed's, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.9 ~$1.1–$6.7 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.9 ~$0.9–$6.7 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Reed's, Inc. with Beverages in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $1614.00 | $1230.00 | $465.00 | $621.00 | $273.00 | $177.00 | $108.00 | $21.00 | $9.60 | $3.78 | $2.10 | $0.76 |
| Market value | $71m | $56m | $23m | $52m | $32m | $36m | $33m | $8m | $6m | $5m | $17m | $8m |
| + Net debt (− = net cash) | $0 | $0 | −$5m | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Enterprise value | $71m | $56m | $18m | $52m | $32m | $36m | $33m | $8m | $6m | $5m | $17m | $8m |
| Multiples | ||||||||||||
| Price / sales | 1.5x | 1.3x | 0.6x | 1.4x | 0.9x | 0.9x | 0.7x | 0.1x | 0.1x | 0.1x | 0.5x | 0.3x |
| Price / earnings | — | — | — | — | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Reed's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -31.3% of total assets over 10 years.
Gross margin has been a median 24.5%, moving by 3.5 percentage points (standard deviation) across 10 years.
Operating margin has been a median -30.5%; its worst year was -61.4%.
Free cash flow was positive in 1 of 10 years, at a median -19.6% of revenue.
The diluted share count rose 6659.1% over five years; stock-based pay has been a median 1.1% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.33 | +30% | $32m | −6% |
| Next | −$0.44 | +67% | $41m | +27% |
The consensus EPS forecast for the current fiscal year is +90.0% on 90 days ago. In the last 30 days, 1 analyst raised Reed's, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.70 | −$0.11 |
| 60 days ago | −$1.52 | −$0.69 |
| 30 days ago | −$1.52 | −$0.69 |
| 7 days ago | −$1.52 | −$0.69 |
| Now | −$1.33 | −$0.44 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.41 | −$0.36 | +12.2% |
| Dec 2025 | −$0.36 | −$0.44 | −22.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| REED | −39% | −81% | −54% | −61% | −44% | −64% |
| Industry peers (median) | +13% | +1% | −4% | −11% | −36% | −2% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| REED | 50% | 25% | 42% | 42% | 58% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| REED | −76% | −82% | −66% | −74% | −83% | −93% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 100% from December 15, 2015 to October 19, 2026. Getting back needed a 478278% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 11, 2026 | +7.2% | −0.1% | +41.0% | +4.8% |
| May 12, 2026 | −36.3% | +0.4% | −32.0% | −39.5% |
| March 24, 2026 | −26.8% | +0.2% | −26.8% | −24.4% |
| November 4, 2025 | −0.7% | −0.8% | +0.5% | −15.3% |
| August 12, 2025 | +9.9% | +1.4% | +2.0% | 0.0% |
| May 13, 2025 | −27.7% | +0.8% | −31.8% | −43.4% |
| March 27, 2025 | −2.1% | −2.3% | −1.4% | +30.3% |
| November 14, 2024 | −13.6% | −1.9% | −30.4% | −44.8% |
| August 13, 2024 | +7.0% | +2.0% | −2.8% | −7.0% |
| May 14, 2024 | +25.8% | +1.7% | +22.5% | +40.8% |
| March 28, 2024 | −6.5% | −0.2% | −7.7% | −23.1% |
| November 9, 2023 | +3.4% | +0.8% | 0.0% | −42.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $48.1M |
| FY23 Q4 | $44.7M |
| FY24 Q1 | $43.1M |
| FY24 Q2 | $45M |
| FY24 Q3 | $39.9M |
| FY24 Q4 | $38M |
| FY25 Q1 | $38.4M |
| FY25 Q2 | $36M |
| FY25 Q3 | $36.3M |
| FY25 Q4 | $34.1M |
| FY26 Q1 | $31.2M |
| FY26 Q2 | $29.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -5.4% |
| FY23 Q4 | -15.7% |
| FY24 Q1 | -17.0% |
| FY24 Q2 | -6.8% |
| FY24 Q3 | -16.9% |
| FY24 Q4 | -15.1% |
| FY25 Q1 | -11.0% |
| FY25 Q2 | -19.9% |
| FY25 Q3 | -9.0% |
| FY25 Q4 | -10.2% |
| FY26 Q1 | -18.8% |
| FY26 Q2 | -19.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -16.9% |
| FY23 Q4 | -21.1% |
| FY24 Q1 | -17.4% |
| FY24 Q2 | -14.2% |
| FY24 Q3 | -23.6% |
| FY24 Q4 | -21.4% |
| FY25 Q1 | -24.0% |
| FY25 Q2 | -39.8% |
| FY25 Q3 | -42.1% |
| FY25 Q4 | -44.5% |
| FY26 Q1 | -62.9% |
| FY26 Q2 | -61.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q1 | -28.0% |
| FY21 Q2 | -33.3% |
| FY21 Q3 | -38.2% |
| FY21 Q4 | -36.1% |
| FY24 Q3 | -6.2% |
| FY24 Q4 | -16.5% |
| FY25 Q1 | -24.2% |
| FY25 Q2 | -37.3% |
| FY25 Q3 | -47.9% |
| FY25 Q4 | -50.8% |
| FY26 Q1 | -56.2% |
| FY26 Q2 | -50.2% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 20 | 25 | 30 | 37 | 43 | 46 | 42 | 38 | 38 | 34 | 42 | 50 | 53 | 45 | 38 | 34 | 29 |
| Gross profit | 6 | 7 | 9 | 11 | 13 | 12 | 9 | 7 | 11 | 8 | 13 | 14 | 12 | 10 | 11 | 7 | 5 |
| EBITDA | −0 | 0 | 1 | −0 | 1 | −2 | −2 | −11 | −8 | −15 | −9 | −16 | −15 | −9 | −8 | −15 | −18 |
| Operating income | −1 | −0 | 0 | −1 | 0 | −3 | −3 | −12 | −8 | −15 | −9 | −16 | −15 | −9 | −8 | −15 | −18 |
| Net income | −1 | −1 | −1 | −2 | −1 | −4 | −5 | −18 | −10 | −16 | −10 | −16 | −20 | −16 | −13 | −16 | −19 |
| Diluted EPS | −$42.00 | −$0.09 | — | −$0.12 | −$0.06 | −$0.30 | −$111.00 | −$1.24 | −$0.41 | −$0.46 | −$0.17 | −$0.18 | −$9.07 | −$4.39 | −$9.81 | −$1.91 | −$1.78 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +22.8% | +20.0% | +24.2% | +16.5% | +5.8% | −7.6% | −11.2% | +1.0% | −11.2% | +23.0% | +19.2% | +6.9% | −15.7% | −15.1% | −10.2% | −19.1% |
| EBITDA | — | — | — | −136.5% | — | −274.3% | — | — | — | — | — | — | — | — | — | — | — |
| Margins | |||||||||||||||||
| Gross margin | 29.8% | 29.6% | 30.5% | 29.0% | 30.0% | 25.3% | 21.8% | 18.3% | 28.0% | 23.3% | 30.7% | 27.4% | 22.8% | 21.7% | 30.0% | 20.4% | 18.0% |
| EBITDA margin | −0.5% | 1.6% | 2.9% | −0.9% | 2.4% | −3.9% | −5.7% | −29.7% | −21.1% | −43.7% | −20.5% | −31.9% | −27.8% | −20.7% | −21.1% | −44.0% | −61.0% |
| Operating margin | −3.6% | −1.0% | 0.5% | −2.3% | 0.6% | −5.9% | −6.6% | −31.2% | −21.3% | −43.9% | −20.7% | −32.2% | −28.0% | −21.1% | −21.4% | −44.5% | −61.4% |
| Net margin | −6.4% | −3.8% | −1.7% | −4.1% | −1.7% | −8.6% | −11.8% | −48.7% | −27.1% | −47.6% | −24.5% | −33.1% | −37.8% | −34.7% | −34.7% | −46.5% | −63.5% |
| Free-cash-flow margin | −5.9% | −10.5% | 2.2% | 1.6% | 1.6% | −4.1% | −6.9% | −11.2% | −24.7% | −54.7% | −23.1% | −36.1% | — | −9.7% | −16.5% | −50.8% | −50.2% |
| Cash flow | |||||||||||||||||
| Cash from operations | −1 | −2 | 1 | 1 | 1 | −1 | −3 | −3 | −9 | −18 | −9 | −18 | −16 | −4 | −6 | −17 | −15 |
| Capital spending | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | — | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | −3 | 1 | 1 | 1 | −2 | −3 | −4 | −9 | −18 | −10 | −18 | — | −4 | −6 | −17 | −15 |
| Stock-based pay | — | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 0 | — | — | — | 0 | 1 | 0 | 0 |
| Free cash flow after stock pay | — | −3 | 1 | 0 | 0 | −3 | −4 | −5 | −10 | −19 | — | — | — | −5 | −7 | −17 | −15 |
| Balance sheet | |||||||||||||||||
| Cash | 1 | 1 | — | — | — | — | — | 12 | — | — | — | — | — | — | — | — | — |
| Total debt | 4 | 6 | 6 | 7 | 6 | 7 | 7 | 7 | 15 | 11 | 1 | — | 22 | 27 | — | 9 | 9 |
| Net debt (negative = net cash) | 3 | 5 | — | — | — | — | — | −5 | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1m | 8m | 10m |
| Returned to shareholders | |||||||||||||||||
| Buybacks | — | — | — | — | — | — | — | — | — | — | — | 0 | 0 | 0 | — | — | — |
| Total returned | — | — | — | — | — | — | — | — | — | — | — | 0 | 0 | 0 | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 7 | 10 | 10 | 10 | 7 | 7 | 7 | 7 |
| Gross profit | 1 | 3 | 3 | 1 | 1 | 2 | 1 | 2 |
| EBITDA | −3 | −4 | −2 | −6 | −4 | −3 | −6 | −4 |
| Operating income | −3 | −4 | −2 | −6 | −4 | −4 | −6 | −4 |
| Net income | −4 | −4 | −2 | −6 | −4 | −4 | −6 | −4 |
| Diluted EPS | −$4.91 | $2.29 | −$0.27 | −$0.78 | −$0.48 | −$0.37 | −$0.55 | −$0.36 |
| Growth (year on year) | ||||||||
| Revenue | −43.0% | −16.8% | +4.5% | −19.8% | +4.2% | −23.1% | −28.8% | −21.4% |
| Margins | ||||||||
| Gross margin | 18.0% | 30.0% | 33.9% | 8.5% | 17.4% | 20.4% | 9.8% | 23.9% |
| EBITDA margin | −46.0% | −37.2% | −17.0% | −60.3% | −57.9% | −46.4% | −86.6% | −53.9% |
| Operating margin | −46.5% | −37.6% | −17.4% | −60.8% | −58.3% | −46.9% | −87.0% | −54.3% |
| Net margin | −61.5% | −42.3% | −20.3% | −63.5% | −56.6% | −50.5% | −90.5% | −57.1% |
| Free-cash-flow margin | 15.3% | −40.8% | −54.2% | −53.2% | −41.5% | −52.0% | — | −29.0% |
| Cash flow | ||||||||
| Cash from operations | 1 | −4 | −5 | −5 | −3 | −4 | −6 | −2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | — | 0 |
| Free cash flow | 1 | −4 | −5 | −5 | −3 | −4 | — | −2 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | −0 | 0 | 0 |
| Free cash flow after stock pay | 1 | −4 | −5 | −5 | −3 | −4 | — | −2 |
| Last 12 months unless stated | REED | WVVI | IPST | WNW | AGCC | EPSM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $29m | $38m | $10m | $7m | $6m | $5m | $723m |
| Revenue growth, last 12 months | −19.1% | −1.6% | 39.7% | >999% | 144.6% | −59.1% | 6.6% |
| Revenue growth, 3-year average | −15.5% | −0.2% | — | — | — | — | 4.3% |
| Revenue growth, latest quarter | −21.4% | −1.6% | −44.3% | — | — | — | 6.4% |
| Gross margin | 18.0% | 59.1% | 65.4% | 10.1% | 30.4% | 14.7% | 42.6% |
| Operating margin | −61.4% | −7.9% | <−999% | −124.1% | 12.6% | −29.2% | −0.9% |
| Operating margin, 3-year average | −38.5% | −3.0% | −801.6% | — | — | — | 11.9% |
| Net margin | −63.5% | −5.9% | <−999% | −262.5% | 9.8% | −29.3% | −1.6% |
| Cash from operations / revenue | −50.2% | 2.6% | −164.4% | 127.6% | −120.8% | −46.5% | 9.9% |
| Free-cash-flow margin | −50.2% | 1.7% | −164.9% | 127.6% | — | −46.6% | 9.0% |
| Free-cash-flow margin, 3-year average | −41.2% | −7.6% | — | — | — | — | 8.8% |
| Stock pay / revenue | 0.0% | 0.4% | 35.7% | 11.7% | — | — | 1.2% |
| Change in share count | 43.8% | 0.0% | — | 95.8% | 27.3% | 0.0% | 0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -19.1% | 6.9% | 23 of 26 |
| Change in growth rate Growth | -0.3pp | +0.6pp | 17 of 26 |
| Gross margin Profitability | 18.0% | 44.2% | 22 of 26 |
| Operating margin Profitability | -61.4% | -0.7% | 21 of 26 |
| Net margin Profitability | -63.5% | -1.5% | 21 of 26 |
| Free-cash-flow margin Cash generation | -50.2% | 9.6% | 21 of 24 |
| Stock pay as % of revenue Cash generation | 0.0% | 1.2% | 2 of 23 |
| Days sales outstanding Balance sheet | 39 days | 33 days | 13 of 21 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Armistice Capital, LLC | $618,409 | 487K | 70.6% | ▼ 11.3% |
| Vanguard Capital Management LLC | $104,428 | 82K | 11.9% | 0.0% |
| Geode Capital Management, LLC | $69,487 | 55K | 7.9% | ▼ 6.2% |
| Vanguard Fiduciary Trust Co | $50,683 | 40K | 5.8% | 0.0% |
| Blackrock, Inc. | $23,963 | 19K | 2.7% | New |
| Morgan Stanley | $3,192 | 3K | 0.4% | 0.0% |
| Tower Research Capital LLC (TRC) | $3,056 | 2K | 0.3% | New |
| UBS Group AG | $1,824 | 1K | 0.2% | ▼ 42.0% |
| Jones Financial Companies LLLP | $675 | 1K | 0.1% | 0.0% |
| Kelleher Financial Advisors | $295 | 0K | 0.0% | ▲ 100.0% |
| Barclays PLC | $74 | 0K | 0.0% | New |
| Group One Trading LLC | $64 | 0K | 0.0% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Reed's, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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