Waldencast
Runs two beauty brands sold through separate physician and prestige-retail channels.
Something off on this page? Send us feedback.
Profile
Physician-dispensed, prescription-strength skincare and vegan prestige cosmetics are sold under two distinct brands, Obagi Medical and Milk Makeup, through dermatology offices, medical spas, and retailers led by Sephora and Ulta. Obagi's footprint reaches Europe, the Middle East and Asia, while Milk concentrates on the US with expanding international retail placement.
Prescription-strength skincare sold through dermatologists and medical spas is one brand; vegan, cruelty-free color cosmetics sold mainly through Sephora and Ulta is the other. Obagi Medical treats pigmentation and skin aging, recently adding injectable dermal fillers and reaching Europe, the Middle East and Asia. Milk Makeup targets a younger, self-expression-driven customer and stays concentrated in the US.
The pairing formed one public company in 2022 via a special-purpose acquisition deal, led by former L'Oreal North American and UK operators who kept each brand's founder-era identity distinct rather than merged.
A revenue-recognition issue in Obagi's pre-combination records triggered a since-resolved Nasdaq compliance review. A newer strategic review is now selling Obagi Medical to a private-equity buyer, taking its founders with it and leaving Milk Makeup the sole brand of the remaining public company.
Company facts
Categories
Key statistics
Year to date −21.1% · Average volume (30d) 298.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | Canaccord Genuity | Reiterate | Buy | $3 | ||
| Jan 14, 2026 | Jefferies | Target | $3.50 | $2 | ||
| Nov 25, 2025 | Telsey Advisory | Target | $5 | $3 | ||
| Nov 25, 2025 | Jefferies | Target | $3.50 | |||
| Nov 25, 2025 | Telsey Advisory Group | Downgrade | Outperform | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Mar 13, 2026Q4 FY25 | −$0.15 | −$0.51 | −240.0% | $65.6M | $139.8M | +113.2% | −0.63% |
| Jan 6, 2026 | −$0.08 | −$0.09 | −20.0% | $67.7M | $66.4M | −1.9% | −3.85% |
| May 13, 2025 | −$0.05 | −$0.17 | −214.8% | $68.1M | $65.4M | −3.9% | −20.79% |
| Nov 20, 2024 | −$0.05 | −$0.05 | 0.0% | $58.3M | $63.3M | +8.6% | +0.88% |
Financial highlights
| 12 quarters | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | |
|---|---|---|---|---|---|---|---|
| Revenue | $109.3M | $108.8M | $131.6M | $142.3M | $132.3M | $139.8M | |
| Gross profit | $68.2M | $73.4M | $94.2M | $97.6M | $62.4M | $61.4M | |
| Operating income | −$35.2M | −$46.7M | −$27.5M | −$31.1M | −$31.4M | −$30.3M | |
| Net income | −$11.8M | −$78.2M | −$10.1M | −$32.4M | −$169.4M | −$60.3M | |
| Diluted EPS | −$0.11 | −$0.64 | −$0.09 | −$0.29 | −$1.51 | −$0.51 | |
| Gross margin | 62.4% | 67.5% | 71.6% | 68.6% | 47.2% | 43.9% | |
| Operating margin | -32.2% | -42.9% | -20.9% | -21.8% | -23.7% | -21.7% |
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Dec 31, 2025Cash & short-term investments $31.9M · Total debt $149.0M · Total assets $816.2M · Shareholders' equity $461.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 118.24M · Float 12.46M · 10.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Santa Venerina Inv. & Arbitrage Ltd. | 15.00M | 12.70% | 13G | Jun 23, 2026 |
| Zeno Equity Partners LLP | 12.25M | 10.36% | 13F | Aug 14, 2026 |
| Cristiano Souza · director, 10 percent owner: | 12.25M | 10.36% | Form 4 | Mar 18, 2026 |
| FVF Participacoes Ltda. | 7.01M | 6.10% | 13G | Sep 4, 2025 |
| Michel Brousset · director, officer: Chief Executive Officer | 3.80M | 3.21% | Form 4 | Mar 18, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- AbbVie
BOTOX Cosmetic and Juvéderm anchor the injectables incumbent facing Saypha.
- Estée Lauder Companies
Prestige incumbent contesting Sephora shelf with MAC, Too Faced and Bobbi Brown.
- e.l.f. Beauty
Closest peer in clean, vegan mass-prestige color cosmetics at Sephora and Ulta.
- Coty
Prestige/mass color-cosmetics rival via Kylie Cosmetics, CoverGirl and Rimmel.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waldencast | $1.35 | 0.00% | $158.4M | — | — | 0.6 | — |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Estée Lauder Companies | $103.41 | +0.01% | $37.39B | 206.8 | 31.2 | 2.5 | +6.5% |
| e.l.f. Beauty | $104.44 | +0.33% | $6.14B | 104.1 | 33.7 | 3.5 | +35.5% |
| Coty | $2.86 | +0.18% | $2.51B | — | 9.0 | 0.4 | +1.3% |
| Median | 104.1 | 24.0 | 3.0 | +8.3% |