$BIRK

Michael Burry increased his stake in Birkenstock (NYSE:BIRK) at a 30% discount to its fair value, according to a Substack post. The company reported Q3 2026 adjusted EPS of EUR 0.74, up 19% YoY, and raised its full-year adjusted EBITDA guidance to at least EUR 710 million. Despite this, the stock fell 9.4% due to a $1 billion equity offering and a $500 million share buyback. Burry's investment thesis is based on the brand's durability and deep-value entry price.

Birkenstock (BIRK) stock rose 6.6% in pre-market trading, rebounding from near its 52-week low. The surge follows a reassessment of its fundamentals, including Q3 FY2026 revenue of €719.5 million, beating estimates, and raised guidance. Analysts maintain a Strong Buy consensus with targets above current levels, viewing the August sell-off as an overreaction.

On Holding (ONON), Grocery Outlet (GO), and Birkenstock (BIRK) are trading below recent highs despite strong fundamentals. ONON reports 34% YOY DTC growth, GO is streamlining operations, and BIRK shows healthy brand demand. All three face macro challenges but have strong long-term prospects.

Birkenstock (BIRK) shares fell 9.4% after raising 2026 revenue guidance to 15%, targeting EUR 2.3-2.35B. The company announced a $1B equity offering and $500M share buyback. Despite higher sales, profits softened, and shares are down over 30% year-to-date.

Birkenstock (BIRK) reported Q3 2026 revenue of EUR 720M, up 15% in constant currency, and raised full-year guidance. Adjusted EBITDA grew 11% to EUR 242M, while adjusted EPS increased 19% to EUR 0.74. DTC sales outpaced B2B for the first time in eight quarters. The company issued EUR 900M in senior notes and repurchased EUR 230M in shares. Management cited strong demand in APAC, particularly China, and noted risks from Middle East conflicts and closed-toe product margin drag.

Birkenstock's adjusted EBITDA margin slipped to 33.7% due to FX and tariff headwinds. Operating cash flow was $250M, but net leverage rose to 1.8x. A $1B secondary offering by L Catterton, not Birkenstock, caused a 4% stock drop. Birkenstock's buyback offsets dilution. Analysts rate BIRK a Moderate Buy with a $53.91 target.

Birkenstock (BIRK) reported that CB Beteiligungs GmbH & Co. KG retains 10.2% ownership after a 12.8M-share redemption. The shares were cancelled following a secondary offering, reducing total outstanding shares to 165.1M. The holder has no plans for major corporate actions.

Chu James Michael sold 28,146,226 indirectly-held shares of Birkenstock Holding plc (BIRK) at $39.18 ($1.10B total) on 2026-08-17.

L Catterton said it will sell about $1 billion worth of Birkenstock shares in a block trade. Birkenstock plans to repurchase half of the shares. The transaction is expected to close this Monday, after which L Catterton’s stake will drop below 50%, according to the parties.

Birkenstock Holding plc said its equity buyback plan announced Aug. 13, 2026 expired on Aug. 17, 2026. The article notes the stock traded around $38.18 at 06:40am EDT, down 2.99% on the day and 6.50% year-to-date.