BRBR · CIK 1772016
What BellRing Brands, Inc. told the SEC could break it.
BellRing's disclosures concentrate on single points of failure running through its protein-shake supply chain. A sole supplier provides the aseptic packaging — and the manufacturing equipment — for its 11-ounce Premier Protein ready-to-drink shakes, with that supply itself concentrated in just three of that supplier's locations. The dependence continues downstream: all of its RTD shakes are made by independent contract manufacturers, with about 46.3% of Premier Protein supply coming from its largest one and 28.0% from a single facility in fiscal 2025, and a single supplier provides the majority of its milk-based protein, a key ingredient.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- aseptic packaging for 11oz RTD shakeshigh
BellRing relies on a single sole supplier for the aseptic packaging — and the manufacturing equipment — used to produce its 11 oz Premier Protein RTD shakes, with that supply concentrated in three of that supplier's locations.
“We utilize a sole supplier for the aseptic packaging for, and our third-party contract manufacturers use equipment from the same sole supplier to manufacture, our Premier Protein RTD shakes in the 11 ounce size.”
SEC filing →As of 2025
Supplier concentration
- third-party contract manufacturinghigh
All RTD shakes are produced by independent contract manufacturers; ~46.3% of Premier Protein RTD supply came from a single manufacturer and ~28.0% from a single facility of that manufacturer in FY2025.
“For example, for our year ended September 30, 2025, approximately 46.3% of our Premier Protein RTD shake supply came from our largest third-party contract manufacturer, with approximately 28.0% of our Premier Protein RTD shake supply manufactured at a single facility.”
SEC filing →As of 2025
Commodity & input dependence
- milk-based proteinmedium
BellRing's primary ingredients are milk-, whey- and soy-based proteins, with a single supplier providing the majority of its milk-based protein; non-fat dry milk is its principal hedged commodity.
“The primary ingredients used in our business include milk-based, whey-based and soy-based proteins, protein blends, sweeteners and vitamin and mineral blends, and one supplier provides the majority of our milk-based protein.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025. No other customer accounted for more than 10% of our fiscal 2025 net sales.”
Cited →“Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025. No other customer accounted for more than 10% of our fiscal 2025 net sales.”
Cited →Walmart Inc. (incl. Sam's Club)
“Our largest customers, Walmart (which includes its affiliates, including Sam's Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025. No other customer accounted for more than 10% of our fiscal 2025 net sales.”
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