Waldencast (NasdaqCM:WALD) has just posted its FY 2025 results, reporting second half revenue of US$139.8 million and a basic EPS loss of US$0.52, alongside trailing twelve month revenue of US$272.1 million and a basic EPS loss of US$2.01. The company’s half year revenue moved from US$142.3 million in H2 2024 to US$132.3 million in H1 2025 and US$139.8 million in H2 2025, while net income excluding extra items shifted from a US$32.4 million loss in H2 2024 to a US$169.4 million loss in H1 2025 and a US$60.3 million loss in H2 2025. These figures focus attention on whether management can tighten margins from here.

See our full analysis for Waldencast.

With the latest numbers on the table, the next step is to compare them with the most widely held stories about Waldencast to see which narratives hold up and which may need a rethink.

Losses widen to US$229.7 million over 12 months

• Over the trailing twelve months to H2 2025, Waldencast reported a net income loss of US$229.7 million on revenue of US$272.1 million, compared with a trailing loss of US$201.8 million on US$274.6 million of revenue at H1 2025 and US$42.4 million of losses on US$273.9 million of revenue at H2 2024.
• Bears point to this multi year pattern of widening losses, around 43% per year, as a core concern, and the latest figures line up with that.
  • The company’s basic EPS loss widened on a trailing basis from US$0.39 at H2 2024 to US$1.79 at H1 2025 and US$2.01 by H2 2025, which supports the bearish argument that earnings pressure has been persistent rather than temporary.
  • Consensus commentary that Waldencast is not forecast to be profitable over the next three years sits alongside these trailing results and gives bears more fuel that the path to breakeven is still unclear in the reported numbers.

Skeptics warn that the step up in trailing losses makes the more upbeat stories about future margin recovery a higher bar to clear, and they dig into the full bear case here 🐻 Waldencast Bear Case.

8% revenue pace versus slower profit progress

• Revenue growth is described at roughly 8% per year over the last year, against a 10.4% reference rate for the wider US market, while the business remained loss making across all reported halves with net income losses of US$32.4 million in H2 2024, US$169.4 million in H1 2025 and US$60.3 million in H2 2025.
• Bullish investors argue that product launches and channel expansion can eventually turn this revenue base into earnings power, but the current mix of growth and losses is mixed for that view.
  • The bullish narrative talks about potential revenue growth of around 16% per year over the next three years, yet the trailing 8% pace and the TTM loss of US$229.7 million show that, so far, higher sales have not translated into positive EPS.
  • Supporters also reference the idea that earnings could reach about US$25.3 million by 2028 if margins converged with industry levels, but against today’s basic EPS loss of US$2.01 over the last twelve months, the reported figures leave a sizable gap that needs to be closed.

Bulls argue that today’s revenue base and brand momentum could be the starting point for that earnings rebound, and they lay out that side of the story in detail here 🐂 Waldencast Bull Case.

Mixed valuation signals at US$1.58 share price

• The stock trades at a P/S of 0.7x, below the 0.8x averages cited for the US personal products industry and peers, while the current share price of US$1.58 sits above the DCF fair value estimate of about US$1.08 and below the single allowed analyst price target of US$2.58.
• Consensus narrative highlights this tension, and the reported numbers help explain why valuation signals pull in different directions.
  • The relatively low 0.7x P/S ratio can appeal to value focused investors comparing sales multiples, yet the trailing twelve month loss of US$229.7 million and basic EPS loss of US$2.01 underline why a cash flow based model arrives at a lower DCF fair value of US$1.08 than the current share price.
  • Against the allowed analyst price target of US$2.58, the market price of US$1.58 implies some upside based on those expectations, but with no profitability forecast in the next three years, the latest earnings keep attention on whether future results can support that higher level.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Waldencast on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of widening losses, revenue growth and mixed valuation signals gives you plenty to weigh up, so it makes sense to look through the numbers yourself and decide where you stand. If you want a quick view of both sides of the story, take a look at the 1 key reward and 1 important warning sign.

See What Else Is Out There

With trailing twelve month losses of US$229.7 million, a basic EPS loss of US$2.01 and no near term profitability forecast, earnings pressure remains front and centre.

If those widening losses and uncertain path to profit make you cautious, you could shift your focus to companies with different fundamentals by scanning our 68 resilient stocks with low risk scores today and comparing ideas that may better match your risk tolerance.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.