Waldencast (WALD)
Runs two beauty brands sold through separate physician and prestige-retail channels.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 2, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: — | Target: $3 |
| Jan 14, 2026 | Jefferies | Target | Target: $3.50 | Target: $2 |
| Nov 25, 2025 | Telsey Advisory | Target | Target: $5 | Target: $3 |
| Nov 25, 2025 | Jefferies | Target | Target: — | Target: $3.50 |
| Nov 25, 2025 | Telsey Advisory Group | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Dec 31, 2025Cash & short-term investments $31.9M · Total debt $149.0M · Total assets $816.2M · Shareholders' equity $461.9M
- Revenue
- $139.8M
- Operating income
- −$30.3M
- Net income
- −$60.3M
No dividends on record.
| Institutions | 15.37% | 19.70M ADS | |
|---|---|---|---|
| 63 holders · as of Jun 30, 2026 | |||
| Insiders | 13.50% | 17.31M ADS | |
| 8 holders · as of Sep 1, 2026 | |||
| Strategic holders | 20.92% | 26.83M ADS | |
| 2 holders · as of Jun 23, 2026 | |||
| Other | 50.21% | 64.40M ADS | |
| remainder | |||
128.24M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (128.24M in the company's Sep 22, 2026 report, 118.24M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Santa Venerina Inv. & Arbitrage Ltd.Strategic | 11.70% | 15.00M | filed Jun 23, 2026 |
Cristiano SouzaInsiderdirector, 10 percent owner | 9.82% | 12.59M A ordinary | filed Sep 1, 2026 |
Zeno Equity Partners LLPInstitution | 9.55% | 12.25M A ADS | as of Jun 30, 2026 |
Burwell Mountain PTC LLC, as Trustee of Burwell Mountain TrustStrategic | 9.22% | 11.83M | filed Aug 8, 2022 |
FVF Participacoes Ltda.Institution | 5.47% | 7.01M | filed Sep 4, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Cristiano Souza | director, 10 percent owner: | +335,000 | $1.51 |
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waldencast | $1.10 | 0.00% | $130.1M | — | — | 0.5 | −1.8% |
| AbbVie | $266.29 | +0.68% | $467.37B | 74.5 | 17.5 | 7.3 | +10.2% |
| Estée Lauder Companies | $98.66 | +2.40% | $34.84B | 192.7 | 29.8 | 2.3 | +6.5% |
| e.l.f. Beauty | $100.22 | +2.48% | $5.76B | 97.8 | 32.3 | 3.3 | +35.5% |
| Coty | $2.64 | +5.18% | $2.21B | — | 8.3 | 0.4 | +1.3% |
| Median | 97.8 | 23.6 | 2.8 | +8.3% |