Primo Brands Corp (PRMB)

NYSE · Common Stock · Beverages

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

27 entities across 8 jurisdictions, 3 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Which other public companies file entities in the same places:

Delaware10 United Kingdom10 Canada2 Luxembourg1 Cayman Islands1 Switzerland1 Colorado1 Malta1

Subsidiaries of Primo Brands Corp as disclosed in its SEC filing
Entity	Jurisdiction	Note
Aquaterra Corporation	Canada
BlueTriton Brands, Inc.	Delaware
BlueTriton Brands Holdings, Inc.	Delaware
BlueTriton Brands Services, Inc.	Delaware
Cott Beverages Luxembourg S.à r.l.	Luxembourg	offshore centre
Cott Cayman	Cayman Islands	offshore centre
Cott Retail Brands Limited	United Kingdom
Cott Switzerland GmbH	Switzerland
DS Services of America, Inc.	Delaware
Entrepure Industries LLC	Colorado
Garraways Ltd	United Kingdom
Hydration Innovation, LLC	Delaware
Hydropure Distribution Ltd	United Kingdom
Kafevend Group Limited	United Kingdom
Kafevend Holdings Limited	United Kingdom
Old WCS (Bottlers) Limited	United Kingdom
Primo Customer Care, LLC	Delaware
Primo Water Financing One LLC	Delaware
Primo Water Holdings Inc.	Delaware
Primo Water Holdings UK Limited	United Kingdom
Primo Water Malta Holdings Ltd	Malta	offshore centre
Pure Choice Watercoolers Limited	United Kingdom
The Shakespeare Coffee Company Ltd	United Kingdom
Triton Water Canada Holdings, Inc.	Canada
Triton Water Holdings, Inc.	Delaware
Triton Water Intermediate, Inc.	Delaware
Water Coolers (Scotland) Limited	United Kingdom

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 9

PASSReturn on assets positiveROA 0.6%
PASSOperating cash flow positiveOCF 680M
PASSReturn on assets improving-0.1% → 0.6%
PASSCash flow exceeds earningsOCF 680M vs NI 60M
FAILLong-term debt ratio falling44.3% → 48.0% of assets
FAILCurrent ratio improving1.08 → 0.95
FAILNo share dilution242M → 375M shares
FAILGross margin improving31.5% → 30.3%
PASSAsset turnover improving0.46× → 0.63×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2022	$4.4B	−$126.7M	−$150.2M	22.4%	218,287,000
FY2023	$4.7B	$92.8M	$117.3M	28.8%	218,338,000
FY2024	$5.2B	−$16.4M	$313.6M	31.5%	242,315,000
FY2025	$6.7B	$60.1M	$302.9M	30.3%	374,869,000

Ownership flow

15 institutions tracked — 4 added, 8 reduced, 3 opened a new position.

Institutional holders of Primo Brands Corp and their share-count change
Manager	Kind	Shares	Change	Value
Point72 Asset Management, L.P.	Hedge fund	3,686,463	−4,682,957	$90.1M
FMR LLC	Active fund	25,017,739	−4,120,981	$611.4M
CITADEL ADVISORS LLC	Hedge fund	3,283,724	+1,759,892	$80.3M
MORGAN STANLEY	Active fund	1,993,199	−977,567	$48.7M
JPMORGAN CHASE & CO	Active fund	2,598,747	−464,059	$64.6M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	681,258	+456,606	$16.7M
BANK OF AMERICA CORP /DE/	Active fund	5,715,644	−351,707	$139.7M
BlackRock, Inc.	Index	11,270,206	−290,285	$275.4M
STATE STREET CORP	Index	4,598,451	+95,819	$112.4M
GEODE CAPITAL MANAGEMENT, LLC	Index	4,235,146	−67,736	$103.5M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	128,203	+18,472	$3.1M
Bridgewater Associates, LP	Hedge fund	14,144	−6,594	$345,679

NORGES BANK, WELLINGTON MANAGEMENT GROUP LLP, RENAISSANCE TECHNOLOGIES LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q2: $0.12
2026Q1: $0.12
2025Q3: $0.10
2025Q2: $0.10
2025Q1: $0.10

Shares repurchased

2026Q2: $15.6M
2026Q1: $32.2M
2025Q3: $75.8M
2025Q2: $101.8M
2025Q1: $119.2M
2024Q3: $0

Identity

CIK: 0002042694
FIGI: BBG01QNB0RS1
SIC: 2080 · Beverages
Incorporated: DE
Headquarters: TAMPA, FL

Ownership

Institutional: 105.9%
Institutions: 490
Insiders: 1.3%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other beverages companies

Primo Brands Corp files under SIC 2080 — all 7 beverages companies compared on assets and F-score.

PEPSICO INCPEP COCA COLA COKO Keurig Dr Pepper Inc.KDP CONSTELLATION BRANDS, INC.STZ BROWN FORMAN CORPBF-B Westrock Coffee CoWEST

Questions about Primo Brands Corp

How many subsidiaries does Primo Brands Corp file with the SEC?: 27, listed in its most recent exhibit 21. They are incorporated across 8 jurisdictions, led by Canada, Delaware, Luxembourg. 3 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Primo Brands Corp financially healthy?: Primo Brands Corp scores 5 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Primo Brands Corp?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are FMR LLC (trimming), BlackRock, Inc. (trimming), BANK OF AMERICA CORP /DE/ (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

27 entities across 8 jurisdictions, 3 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Entity

Jurisdiction

Note

Aquaterra Corporation

Canada

BlueTriton Brands, Inc.

Delaware

BlueTriton Brands Holdings, Inc.

Delaware

BlueTriton Brands Services, Inc.

Delaware

Cott Beverages Luxembourg S.à r.l.

Luxembourg

offshore centre

Cott Cayman

Cayman Islands

offshore centre

Cott Retail Brands Limited

United Kingdom

Cott Switzerland GmbH

Switzerland

DS Services of America, Inc.

Delaware

Entrepure Industries LLC

Colorado

Garraways Ltd

United Kingdom

Hydration Innovation, LLC

Delaware

Hydropure Distribution Ltd

United Kingdom

Kafevend Group Limited

United Kingdom

Kafevend Holdings Limited

United Kingdom

Old WCS (Bottlers) Limited

United Kingdom

Primo Customer Care, LLC

Delaware

Primo Water Financing One LLC

Delaware

Primo Water Holdings Inc.

Delaware

Primo Water Holdings UK Limited

United Kingdom

Primo Water Malta Holdings Ltd

Malta

offshore centre

Pure Choice Watercoolers Limited

United Kingdom

The Shakespeare Coffee Company Ltd

United Kingdom

Triton Water Canada Holdings, Inc.

Canada

Triton Water Holdings, Inc.

Delaware

Triton Water Intermediate, Inc.

Delaware

Water Coolers (Scotland) Limited

United Kingdom

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 9

PASSReturn on assets positiveROA 0.6%
PASSOperating cash flow positiveOCF 680M
PASSReturn on assets improving-0.1% → 0.6%
PASSCash flow exceeds earningsOCF 680M vs NI 60M
FAILLong-term debt ratio falling44.3% → 48.0% of assets
FAILCurrent ratio improving1.08 → 0.95
FAILNo share dilution242M → 375M shares
FAILGross margin improving31.5% → 30.3%
PASSAsset turnover improving0.46× → 0.63×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2022

$4.4B

−$126.7M

−$150.2M

22.4%

218,287,000

FY2023

$4.7B

$92.8M

$117.3M

28.8%

218,338,000

FY2024

$5.2B

−$16.4M

$313.6M

31.5%

242,315,000

FY2025

$6.7B

$60.1M

$302.9M

30.3%

374,869,000

Ownership flow

15 institutions tracked — 4 added, 8 reduced, 3 opened a new position.

Institutional holders of Primo Brands Corp and their share-count change
Manager	Kind	Shares	Change	Value
Point72 Asset Management, L.P.	Hedge fund	3,686,463	−4,682,957	$90.1M
FMR LLC	Active fund	25,017,739	−4,120,981	$611.4M
CITADEL ADVISORS LLC	Hedge fund	3,283,724	+1,759,892	$80.3M
MORGAN STANLEY	Active fund	1,993,199	−977,567	$48.7M
JPMORGAN CHASE & CO	Active fund	2,598,747	−464,059	$64.6M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	681,258	+456,606	$16.7M
BANK OF AMERICA CORP /DE/	Active fund	5,715,644	−351,707	$139.7M
BlackRock, Inc.	Index	11,270,206	−290,285	$275.4M
STATE STREET CORP	Index	4,598,451	+95,819	$112.4M
GEODE CAPITAL MANAGEMENT, LLC	Index	4,235,146	−67,736	$103.5M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	128,203	+18,472	$3.1M
Bridgewater Associates, LP	Hedge fund	14,144	−6,594	$345,679

Questions about Primo Brands Corp

How many subsidiaries does Primo Brands Corp file with the SEC?

27, listed in its most recent exhibit 21. They are incorporated across 8 jurisdictions, led by Canada, Delaware, Luxembourg. 3 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Primo Brands Corp financially healthy?

Primo Brands Corp scores 5 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Primo Brands Corp?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are FMR LLC (trimming), BlackRock, Inc. (trimming), BANK OF AMERICA CORP /DE/ (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.