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what it is
Brilliant Earth sells engagement rings and fine jewelry online and through 40 showrooms, with an ethical-sourcing pitch built into the sale.
how it gets paid
Last year Brilliant Earth reported about $437.5M in net sales. Engagement rings remained the largest category at roughly half of the mix.
what just happened
The latest quarter posted record net sales of about $124.4M, but GAAP EPS fell to about $(0.19).
At a glance
C++ balance sheet — some cracks in the foundation
19.7% dividend yield — cash in your pocket every quarter
4.7% return on capital — nothing to write home about
$0.03 fy2024 eps est
~$437.5M latest full-year net sales
xvary composite: 41/100 — below average
What they do
Brilliant Earth sells engagement rings and fine jewelry online and through 40 showrooms, with an ethical-sourcing pitch built into the sale.
The edge is trust plus convenience. You can shop online, use virtual try-on, then still walk into one of 40 showrooms before spending thousands. That matters because jewelry is emotional and expensive, and the company has already served customers in over 50 countries.
How they make money
$437.5M
latest full-year net sales
engagement rings
$218M
wedding rings
$87M
fine jewelry
$79M
gemstone rings
$54M
The products that matter
engagement rings and bridal jewelry
Bridal
record quarter · $124.4M net sales
This is the center of gravity. The company just posted record quarterly net sales of $124.4M, but the same quarter still ended in a $2.9M loss.
record sales
fine jewelry and repeat purchase
Fine Jewelry
bookings +34%
Bookings grew 34% last quarter. That's the growth signal. The harder part is turning that demand into revenue growth above 3.6% for the full year.
demand signal
online plus showroom selling
Omnichannel Retail
customer discovery split
Almost half of new customers discover the brand online. The snapshot does not break out sales by channel, which means you are underwriting the brand as a whole, not a segment mix story.
brand bet
Key numbers
2.1%
operating margin
Operating margin → profit after running the business → so what: BRLT kept just 2.1 cents from each $1 of sales in 2024.
$437.5M
annual net sales
Annual net sales → total sales in a year → so what: this is a real business with scale, but the profit engine is still thin.
4.7%
return on capital
Return on capital → profit from the money tied up in the business → so what: BRLT earns less than 5 cents for each dollar invested in operations.
19.7%
dividend yield
Dividend yield → cash paid to shareholders compared with the stock price → so what: the huge yield came from a one-time $0.25 special dividend in 2025.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $33M (21% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BRLT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Net sales were $124.4M in the latest quarter, but GAAP EPS fell to about $(0.19).
Quarterly net sales grew vs. prior year, but profitability weakened: gross margin was about 55.9%, down roughly 370 basis points vs. prior year, which tells you the pressure showed up inside gross profit, not only below it.
$124.4M
net sales
$(0.19)
eps (GAAP)
55.9%
gross margin
the number that mattered
The key number is ~55.9% gross margin because the product still carries solid markup, but the company is failing to turn that into bottom-line profit.
source: company earnings report, 2026
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What could go wrong
Brilliant Earth's risk stack is not abstract. The brand posted record quarterly sales, lost money anyway, and disclosed a material weakness in financial reporting controls.
med
material weakness in financial reporting controls
The company disclosed a material weakness in internal control over financial reporting in 2024. That is a governance problem, not a cosmetic one.
If controls stay weak, you have to discount the precision of every margin and earnings figure on the page.
med
margin compression despite premium pricing
Gross margin fell 370 basis points to 55.9% in the latest quarter, and record sales of $124.4M still produced a $2.9M net loss.
That means even modest cost pressure can erase profitability. For a $128M equity story, that is the whole ballgame.
med
brand differentiation is easier to copy than software
Ethical sourcing helped put Brilliant Earth on the map. Competitors can make similar claims, which leaves pricing and customer acquisition under pressure if the brand message stops standing out.
Full-year sales grew 3.6% to $437.5M in a $350B market. If differentiation weakens, that growth rate can stay stuck while marketing costs rise.
If 55.9% gross margin keeps slipping while sales stay near 3.6%, the stock can still get cheaper from here.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that mattered
gross margin after the 370-basis-point drop
55.9% is still high. The problem is direction. If that figure keeps sliding, record sales will not matter much.
growth
whether 3.6% full-year sales growth can re-accelerate
Management is calling for mid-single-digit net sales growth in 2026. You want to see that range show up in reported numbers, not just slides.
calendar
q1 2026 results
This is the first clean checkpoint after the record holiday quarter. It should tell you whether margin pressure is temporary or structural.
execution risk
whether the beverly hills flagship sells jewelry or just rent
A January 2026 opening is a headline. The only part that matters next is traffic, conversion, and customer acquisition economics.
Analyst rankings
street conviction
thin
Analyst scorecard detail is sparse in this snapshot. In human-speak, you should trust the company numbers more than the cheerleading.
estimate confidence
mixed
The page includes a small-profit EPS estimate and a fresh quarterly miss. Translation: expectations exist, but they are not settled enough to be the thesis.
source: institutional data
Institutional activity
institutional ownership data for BRLT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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