Business Description
SharkNinja, Inc. operates as a global product design and technology firm, dedicated to developing diverse solutions for consumers across the world. Its extensive product portfolio encompasses a wide array of household goods, beginning with floorcare and cleaning appliances like corded and cordless vacuum cleaners and other related equipment. The company also manufactures a comprehensive range of kitchen and beverage essentials, such as air fryers, multi-cookers, various indoor and outdoor grills and ovens, coffee machines, a full line of cookware and cutlery, kettles, toasters, and bakeware. For food preparation, offerings include blenders, food processors, ice cream makers, and juicers. Beyond the kitchen, SharkNinja extends its offerings to beauty devices, home environmental control products, and garment care solutions. These products are distributed and sold through a variety of channels, including both online and brick-and-mortar retailers, as well as third-party distributors. Established in 2017, the company maintains its corporate headquarters in Needham, Massachusetts.
Business History
Generated: Jun 15, 2026 3:02amPrice Overview
Last updated: Jun 15, 2026 3:00am (12d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 4.97
Total Equity: $2.68B
Shares: 142,089,766
Total Debt: $736.14M
Cash: $777.29M
EBITDA: $1.09B
Total Debt: $736.14M
Cash: $777.29M
Revenue: $6.40B
Revenue: $6.40B
Revenue: $6.40B
Total Equity: $2.68B
Tax Rate: 22.1%
Equity: $2.68B
Total Debt: $736.14M
Cash: $777.29M
Current Liabilities: $1.77B
Long-Term Debt: $696.80M
Total Debt: $736.14M
Total Equity: $2.68B
Shares: 142,089,766
Shares: 142,089,766
CapEx: -$159.78M
Shares: 142,089,766
Stock Price: $133.80
Net Income: $701.37M
Industry Benchmarks
Advanced Analysis Forensic deep-dive · three lenses
The trajectory is genuinely impressive: revenue $3.73B→$6.40B over five years (~14% CAGR), gross margin expanding from 38.6% to 49.0%, and operating margin climbing from 11.8% to 14.4%. Net income more than doubled (from $331M to $701M) and FCF nearly tripled ($169M→$474M) with OCF/NI at 1.04x — earnings are converting to cash, not building on the balance sheet as accruals (0.3% of assets). Beneish M of -2.14, Altman Z of 6.85, and clean accruals say the reported numbers are real.
Capital structure is healthy: net cash of $41M, $777M liquid, self-funding from $474M of annual FCF. Dilution is mild — diluted shares only crept from 139.0M to 142.1M (0.6% CAGR), and SBC is a trivial 0.7% of revenue. Buybacks only offset ~34% of SBC, so per-share value is being protected but not actively enhanced via repurchase. This is a mature_earner that is still growing the top line in the mid-teens while levering margins — an unusual combination for a small-appliance brand.
The blemishes are minor and qualitative: 13 insider sales totaling $23M with zero open-market buys in the LTM is a one-way tape (though several are tied to M-Exempt option exercises, which is typical post-IPO behavior for JS Global spinout executives). The bigger unknowns are structural — durability of the Shark/Ninja brand portfolio against private-label and copycat pressure, customer/retailer concentration, and tariff/China-sourcing exposure — none of which show up yet in the financials but could compress the very margins that just expanded ~1,000bps.
Verify before trusting this (8)
- Customer concentration — % of revenue from top retailers (Amazon, Walmart, Target, Costco)
- Geographic and manufacturing exposure to China/tariffs and any pricing actions taken
- Driver of GM expansion: mix shift to higher-margin Ninja outdoor/beauty vs. ocean-freight tailwind
- JS Global Lifestyle parent/affiliate transactions and any remaining related-party supply arrangements
- Product-by-product revenue durability — Shark vacuum share trend vs. Dyson and private label
- Warranty reserve trends and any return-rate disclosures
- Litigation/IP — history of patent disputes given fast-follower product strategy
- Whether 2026 insider sales are under 10b5-1 plans
SharkNinja trades at $133.80 for an $18.9B market cap on a business doing roughly $5.5-6B of revenue with mid-teens operating margins and clean cash conversion (OCF/NI ~1.04x). That puts the stock around ~2.0-2.2x sales and a high-20s P/E on forward earnings — a full multiple for a consumer discretionary appliance maker, even a best-in-class one. The e2e synthesis flagging 'High Conviction Required' tells me the model itself can't comfortably underwrite a wide margin of safety here.
Deserved value, in my read, sits in roughly the $120-145 zone: you can justify today's price if you believe the platform narrative (continued 15%+ revenue growth, margin expansion, category extension into beauty/outdoor), but you cannot justify materially more without leaning on the bull case that this is structurally Amazon-of-small-appliances rather than a cyclical home-goods brand. The earnings quality is good (no haircut needed) and the balance sheet is net cash (small uplift to deserved value), but those are already reflected. There is no obvious gap to arbitrage at $133.80 — neither a screaming bargain nor priced-for-perfection.
Verify before trusting this (5)
- Forward revenue guidance and organic growth ex-new-category contribution
- Gross margin trajectory and exposure to China tariffs / sourcing costs
- Retail channel concentration (Amazon, Costco, Target) and any shelf-space changes
- Pace and ROI of category extensions (beauty, outdoor) — incremental or distractive?
- Insider selling cadence post-lockup
SharkNinja is riding an intact 'platform-monopoly' story with medium cult coefficient and moderate intensity - the market is still willing to pay up for the Shark/Ninja brand-velocity flywheel. Momentum is strong (22.7% CAGR, +7pp over three years) and analyst tone is one-sided bullish (9 Buys, 1 Hold, no Sells) with a fresh upward target revision to $150 and consensus $153 above spot - that is an active, supportive tape for this specific name. The macro backdrop is neutral-to-slightly-heavy (VIX 17, 10y 4.48%, mkt off 1.8%), and with beta 1.31 SN does carry above-market tape sensitivity, but the regime is not stressed enough to overwhelm the story. The one wrinkle is that recent 15.8% trail their 22.7% long-term pace - a small deceleration that hints the post-pandemic home-goods narrative could be cooling at the margin, which is exactly the bear's wedge (fashion-cycle normalization, private-label/China risk). For now, narrative > macro drag, so net pressure leans positive but not euphoric.
Verify before trusting this (5)
- Whether trailing growth keeps decelerating toward sub-15% - that would crack the platform multiple
- Any downgrade or target cut from the current 9-Buy consensus - the tone is so one-sided it has room only to deteriorate
- VIX breakout above 20 or S&P drawdown past 5% - high-beta discretionary names get marked down fast
- New product launch reception (Shark/Ninja line extensions) - the cult coefficient depends on hit cadence
- Private-label or Chinese competitor news flow that validates the bear thesis
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 15, 2026 3:06am (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.7B | $4.3B | $5.5B | $6.4B |
| Cost of Revenue | $2.3B | $2.3B | $2.3B | $2.9B | $3.3B |
| Gross Profit | $1.4B | $1.4B | $1.9B | $2.7B | $3.1B |
| Operating Expenses | $999.9M | $1.1B | $1.5B | $2.0B | $2.2B |
| Operating Income | $438.3M | $321.4M | $373.6M | $644.2M | $921.1M |
| Net Income | $331.1M | $232.4M | $167.1M | $438.7M | $701.4M |
| EBITDA | $508.8M | $415.7M | $442.0M | $759.3M | $1.1B |
| EPS | $2.38 | $1.67 | $1.20 | $3.14 | $4.97 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 15, 2026 3:02am (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $225.4M | $192.9M | $154.1M | $363.7M | $777.3M |
| Total Current Assets | $1.8B | $1.7B | $1.9B | $2.6B | $3.6B |
| Total Assets | $3.4B | $3.3B | $3.5B | $4.4B | $5.3B |
| Current Liabilities | $993.5M | $968.7M | $1.1B | $1.5B | $1.8B |
| Long-Term Debt | $436.0M | $349.2M | $775.5M | $736.1M | $696.8M |
| Total Liabilities | $1.6B | $1.5B | $2.0B | $2.5B | $2.7B |
| Total Equity | $1.8B | $1.8B | $1.5B | $1.9B | $2.7B |
| Retained Earnings | $798.0M | $896.7M | $470.3M | $909.0M | $1.6B |
Cash Flow (Annual)
Last updated: Jun 15, 2026 3:06am (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $229.1M | $205.0M | $280.6M | $446.6M | $634.1M |
| Capital Expenditure | -$60.1M | -$94.4M | -$131.8M | -$151.2M | -$159.8M |
| Free Cash Flow | $169.1M | $110.5M | $148.8M | $295.4M | $474.4M |
| Acquisitions (net) | -$4.5M | $-66,000 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | -$4.3M | -$61.4M | $0 |
| Net Change in Cash | $107.6M | -$21.8M | -$64.7M | $209.6M | $413.6M |
Analyst Estimates (Annual)
Last updated: Jun 15, 2026 3:00am (12d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$8.0B $7.9B – $8.1B
|
$8.8B $8.8B – $8.8B
|
$9.1B $9.0B – $9.4B
|
$9.9B $9.8B – $10.1B
|
| EBITDA |
$1.1B $1.0B – $1.1B
|
$1.2B $1.2B – $1.2B
|
$1.2B $1.2B – $1.2B
|
$1.3B $1.3B – $1.3B
|
| Net Income |
$962.7M $948.6M – $1.0B
|
$1.1B $1.1B – $1.2B
|
$1.3B $1.3B – $1.3B
|
$1.5B $1.4B – $1.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 15, 2026 3:06am (12d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -0.3% | +14.4% | +30.0% | +15.7% |
| Gross Profit Growth | -1.9% | +35.3% | +39.5% | +17.8% |
| Operating Income Growth | -26.7% | +16.2% | +72.4% | +43.0% |
| Net Income Growth | -29.8% | -28.1% | +162.6% | +59.9% |
| EBITDA Growth | -18.3% | +6.3% | +71.8% | +43.4% |
Insider Trading (Recent)
Last updated: Jun 15, 2026 3:05am (12d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-25 | Barrocas Mark | S-Sale | 100,000.00 | $145.00 | $14.5M |
| 2026-06-18 | Barrocas Mark | S-Sale | 100,000.00 | $140.00 | $14.0M |
| 2026-06-18 | Wang Barney Tianhao | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Wang Barney Tianhao | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-06-18 | Wang Barney Tianhao | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Warner Timothy R. | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Warner Timothy R. | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-06-18 | Warner Timothy R. | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Barton Kathryn J. | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Barton Kathryn J. | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-06-18 | Barton Kathryn J. | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Paul Dennis | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Paul Dennis | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Wortendyke Jason | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-06-18 | Wortendyke Jason | M-Exempt | 726.00 | $0.00 | $0 |
| 2026-06-18 | Wortendyke Jason | M-Exempt | 726.00 | $0.00 | $0 |
| 2026-06-18 | Hui Chi Kin Max | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Hui Chi Kin Max | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-06-18 | Hui Chi Kin Max | M-Exempt | 2,085.00 | $0.00 | $0 |
| 2026-06-18 | Feld Peter | M-Exempt | 2,085.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 15, 2026 3:00am (12d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2023-11-30 | $1.08 | 2023-11-08 | 2023-12-01 | 2023-12-11 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw numbers first: SharkNinja put up $6.40B in 2025 revenue vs $3.73B in 2021 — that's 71% cumulative growth, with 2025 alone up 15.7% YoY. More importantly, net income went from $167M (2023) to $701M (2025), a 4.2x in two years, while gross margin expanded from 38.6% to 49.1%. The quarterly cadence is consistent: Q4 2025 hit $2.10B/12.1% net margin, Q1 2026 $1.41B/8.6%. Q1 is seasonally weak (Q1 2025 was 9.6%, Q1 2024 was lower) so the 8.6% isn't necessarily decel — but YoY Q1 2026 rev growth is 15.6%, a clear step down from the 30%+ rates earlier in 2025. FCF of $474M on an $18.9B market cap = 2.5% FCF yield, and TTM P/E of 26.8 on a consumer durables name isn't egregious if growth holds, but it's not cheap either.
The synthesis "High Conviction Required" verdict feels honest but the market-forces "avoid or short on any strength" call is overcooked. Calling SN a "late-cycle consumer growth story with weak moats" while gross margins are *expanding* 1000+ bps over four years is internally inconsistent — weak-moat businesses don't get to take that kind of price/mix. The pre-flight classification of "high-growth consumer products" is more accurate than the rule-based "mature earner" tag; mature earners don't grow EBIT from $322M to $921M in three years. The narrative layer's "anchored, moderate intensity" read is the most defensible of the bunch — this isn't a meme; it's a real business with a legitimate question about durability.
The contrarian case the models underweight: those April 2026 M-Exempt entries totaling ~12 million shares are enormous — that's roughly 8% of the float potentially hitting the market via option exercises, and it follows a pattern of steady S-Sales going back months. On a $19B cap that's $1.6B of insider supply. Combine that with Q1 2026's deceleration to 15.6% YoY (vs the 22.7% three-year CAGR and ~30%+ rates seen in mid-2025) and you have the setup for a growth-rate disappointment. The bear case the narrative engine articulates — "high-velocity SKU factory" dependent on hit products (air fryers, Creami, outdoor cooking) — is the right risk frame. Instant Pot did exactly this and collapsed. SN's defense is broader category spread and faster innovation cadence, but the comparison isn't crazy. Also worth flagging: the balance sheet tile is missing total debt and equity, which makes EV/EBITDA of 17.9x harder to sanity-check independently; if there's meaningful debt I can't see, the equity is more levered to a multiple compression than it appears.
My verdict: I dissent from the market-forces "avoid/short" framing and side closer to the synthesis "high conviction required" but with a sharper price anchor. At 26.8x TTM earnings and ~40x FCF, SN is priced for ~15-20% earnings growth sustaining 3+ years. The Q1 print suggests that's possible but not the easy layup it looked like six months ago. Fair value on a 22x multiple to a normalized $5.00 EPS run-rate (roughly where 2026 lands if Q1 is the seasonal trough and margins hold) is ~$110, with upside to $150+ if the 2025 margin structure proves durable. Current $133.80 is in the middle of that range — not a short, but not a buy here either. The insider supply through April 2026 plus the rev growth deceleration argue for waiting. I'd want to see either (a) the stock at $105-110 with Q2 holding the 11%+ net margin, or (b) the Q2 print showing reaccel above 18% YoY before adding. The "platform-monopoly" narrative is doing real work in the valuation; if the next two prints don't reinforce it, multiple compression to 20-22x is the path of least resistance.
GPT Critique
SharkNinja's performance over the past few years has been remarkable, with revenue growing from $3.72 billion in 2022 to $6.40 billion in 2025—a 72% increase. This is complemented by substantial improvements in net income, jumping from $232.4 million in 2022 to $701.4 million in 2025. The company's gross margin also expanded significantly from 38.6% in 2021 to 49% in 2025, suggesting strong pricing power and cost management. However, the quarterly data reveals a deceleration in growth, with the most recent quarter (Q1 2026) showing a revenue increase of just 15.6% YoY compared to more robust rates earlier. This slowdown, coupled with insider sales, raises questions about the sustainability of recent growth trajectories and market confidence.
Opus argues that SharkNinja is fairly valued at $133.80 with potential downside, suggesting a fair value range of $110-150, contingent on margin durability. I concur with this assessment, recognizing the importance of maintaining margin expansion in justifying current valuations. However, I diverge from Opus's dismissal of the "avoid or short" stance as overcooked. While I agree that the expanding gross margins contradict the notion of weak moats, the insider activity—particularly the substantial M-Exempt exercise in April 2026—suggests potential pressure on the share price, which cannot be ignored.
The Delvantic AI Findings classify SharkNinja as a high-growth consumer products company, which aligns with its recent financial achievements. I agree with Opus that labeling it as a "mature earner" is misleading, given its rapid growth in EBIT from $322 million to $921 million over three years. Yet, Opus’s highlighting of the insider sales and Q1 2026 deceleration presents a more cautious outlook, which I find persuasive. The bear case—framing SharkNinja as a "high-velocity SKU factory"—is apt, drawing parallels to the Instant Pot phenomenon, where a lack of sustained innovation led to market collapse.
A skeptical observer might argue that both Opus and I overemphasize the insider sales and Q1 deceleration without accounting for SharkNinja's proven resilience and innovation capabilities. They might suggest that the company's diversified product line and strong brand presence could mitigate these risks, as evidenced by its robust revenue growth and expanding margins, positioning it well to navigate any macroeconomic headwinds.