MLKWFNasdaqPerfumes, Cosmetics & Other Toilet PreparationsUS GAAP · USD

Waldencast plc

Waldencast plc is a Jersey-incorporated beauty and wellness platform headquartered in London, with operations centered on branded cosmetics, makeup, skincare and related personal-care products. Its brand-led model develops, acquires, accelerates and scales purpose-driven brands while providing shared operating expertise and infrastructure; notable brands include Milk Makeup and Obagi Medical.

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Revenue272m USD
−0.7 %y/y
Operating profit (EBIT)-218m USD
−271.3 %y/y
EBIT margin-80.0%
−58.6 ppy/y
Net income-230m USD
−441.3 %y/y
Free cash flow-16.2m USD
−40.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-300-200-1000100200300m USD2020: 94 m USD2020: EBIT 0.53 m USD20202021: 142 m USD2021: EBIT -1.6 m USD20212023: 218 m USD2023: EBIT -82 m USD20232024: 274 m USD2024: EBIT -59 m USD20242025: 272 m USD2025: EBIT -218 m USD2025272-218
RevenueOperating profit (EBIT)
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Business

Share of revenue
Color cosmetics45 %

Makeup products sold under Milk Makeup, including complexion, color and tint products.

Skincare40 %

Consumer and professional skincare products addressing aging, pigmentation, acne and sun damage.

Brand platform services15 %

Centralized brand-building, commercial, operational and scaling capabilities supporting the portfolio.

Products

Reported · share of revenue
98.6%FY2025100 %
  • Products98.6 %
  • Royalty1.4 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Waldencast sells beauty products to consumers through retail, digital commerce and professional skincare channels. Milk Makeup appeals to consumers seeking expressive, inclusive and cruelty-free cosmetics, while Obagi Medical serves consumers and skincare professionals seeking research-based treatments for pigmentation, aging, acne and sun damage. Retailers, specialty beauty chains and professional providers extend the brands’ distribution and customer reach.

Consumer makeup shoppers

Buy Milk Makeup products for color cosmetics, self-expression and inclusive beauty positioning.

Consumer skincare shoppers

Purchase branded skincare addressing aging, pigmentation, acne and photodamage.

Professional skincare providers

Use or recommend Obagi Medical products within research-based skincare routines.

Beauty retailers

Stock Waldencast brands to offer differentiated cosmetics and skincare assortments.

Digital and social-commerce customers

Discover and purchase products through online channels and culturally relevant product launches.

Strategy

Waldencast’s strategy is to build a multi-brand beauty and wellness platform by acquiring, developing and scaling purpose-driven brands while preserving their distinct identities. Shared operating capabilities are intended to give entrepreneurial brands greater commercial scale, global expertise and market responsiveness. The portfolio approach also seeks to diversify exposure across makeup, skincare and related beauty categories.

Scale the multi-brand beauty platformMedium term

Shared infrastructure can improve distribution, expertise and speed across individual brands.

Expand purpose-driven brand growthMedium term

Distinct brand values and cultural relevance support customer acquisition in crowded beauty categories.

Build science-led skincare exposureLong term

Research-based products can strengthen differentiation and professional-channel credibility.

Manage portfolio and capital allocationShort term

Acquisitions and disposals shape brand concentration, leverage and the platform’s category mix.

Geography

Waldencast has a multinational corporate structure, with its principal executive office in London and substantial commercial exposure to the United States beauty market. Milk Makeup has been ranked by Sephora as the second clean beauty makeup brand in the United States, while Obagi Medical is described as a fast-growing U.S. professional skincare brand. The available reports do not disclose a country-level revenue split or authoritative geographic revenue breakdown.

Risks

Waldencast faces execution risk from integrating, scaling and allocating capital across acquired beauty brands, particularly when transaction proceeds, debt repayment and portfolio changes affect resources available for growth. Brand demand is sensitive to consumer preferences, social-media trends, retailer relationships and intense competition in cosmetics and skincare. Product claims, regulatory requirements, supply-chain constraints and impairment of acquired goodwill or intangible assets could also affect reported results and cash generation.

Sorted by severity
Transaction execution and regulatory approvalHigh

The reported Obagi Medical transaction remains subject to customary closing conditions and approvals.

Exposure: Portfolio composition and capital allocation

Brand and consumer preference volatilityHigh

Beauty demand can change rapidly as social trends, product virality and customer tastes evolve.

Exposure: Milk Makeup and other consumer brands

Product and regulatory complianceHigh

Cosmetic ingredients, labeling, safety and skincare claims are subject to changing regulations.

ExposureProduct developmentMarketingMarket access
Goodwill and intangible asset impairmentHigh

Acquired brands and platform assets may require write-downs if forecasts or brand performance weaken.

Exposure: Acquisition-related assets

Leverage and capital allocationHigh

Senior secured debt and transaction-related obligations can reduce flexibility for brand investment.

Exposure: Corporate financing and acquisition strategy

Retail and channel concentrationMedium

Dependence on specialty retailers and professional channels can increase bargaining and distribution risk.

Exposure: Beauty retail and professional skincare distribution

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Accounting

Judgemental items
Goodwill and acquired brand impairment

Beauty brands acquired through the platform require forecast-based valuation and impairment testing.

Impact: Potential non-cash charges can materially reduce operating income and equity.

Disposal and pro forma accounting

The 2026 materials eliminate historical results attributable to the transferred group and show transaction accounting adjustments.

Impact: Reported historical and pro forma periods may not be directly comparable.

Vendor note effective-interest accounting

The fixed vendor note received as consideration is accreted using a market yield.

Impact: Finance income is recognized over the note’s carrying period.

Transaction and transition-service costs

Estimated transition-service agreement costs and other transaction adjustments affect post-closing expenses.

Impact: Reported selling, general and administrative expenses may include non-recurring items.

Foreign-currency translation

The reports identify foreign-currency translation adjustments in comprehensive income.

Impact: Exchange-rate movements can affect comprehensive income without changing local-currency operations.

Tax valuation allowances

The pro forma materials state that some tax benefits were not recognized because of valuation allowances.

Impact: Reported tax expense and deferred tax assets may differ from statutory-rate expectations.

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Last updated: 08/09/2026