SN · Consumer discretionary(household appliances) · 5 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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SharkNinja, Inc. reported revenue of $6.4 billion in fiscal 2025. Of the $1.4 billion its operations generated over 5 years, 29.9% went back into the business and 22.1% to dividends. On the accounting screens, it passes 6 of 9 Piotroski tests, its Altman Z'' of 5.44 is in the safe zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20256.4B
Operating margin14.4%gross margin 49.0%
Return on invested capital21.0%19.6% on average over 2 years
Free cash flow after stock pay444.2M6.9% of revenue
Net debt ÷ EBITDANet cash41.1M more cash than debt
Piotroski F-score6/9tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
02.0B4.0B6.0B8.0B
2022
2023
2023Revenue 4.3BOperating income 373.6M
2024Revenue 5.5BOperating income 644.2M
2025Revenue 6.4BOperating income 920.3M
20222023202320242025
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 9.1%
0.0%10.0%20.0%30.0%
2022
2023
2023
2024Return on invested capital 18.2%
2025Return on invested capital 21.0%
20222023202320242025
Economic profit
Economic profit
0200.0M400.0M600.0M
2022
2023
2023
2024Economic profit 247.0M
2025Economic profit 406.5M
20222023202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
26.2%
Return on assets
13.1%
Asset turnover
1.20×
Research & development
5.8% of revenue
Overheads (SG&A)
6.1% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0200.0M400.0M600.0M800.0M
2022
2023
2023Net income 167.1MFree cash flow 157.9MAfter stock-based pay 110.9M
2024Net income 438.7MFree cash flow 308.9MAfter stock-based pay 224.4M
2025Net income 701.4MFree cash flow 488.1MAfter stock-based pay 444.2M
20222023202320242025
Where 5 years of operating cash went, 2022–2025
1.4B generated by the business. Each band is its share of that total.
Reinvested in the business 30%406.5M
Acquisitions 0%0
Dividends 22%300.4M
Share buybacks 0%0
Kept, or used to pay down debt 48%654.5M
Over the same years it paid 175.4M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$2.00$4.00$6.00
2022
2023
2023Earnings per share $1.20Free cash flow per share $1.13Dividend per share $1.08
2024Earnings per share $3.11Free cash flow per share $2.19Dividend per share $0.00
2025Earnings per share $4.94Free cash flow per share $3.43Dividend per share $0.00
20222023202320242025
Shares outstanding
Diluted shares
139.0M140.0M141.0M142.0M143.0M
2022
2023
2023Diluted shares 139.4M
2024Diluted shares 141.1M
2025Diluted shares 142.1M
20222023202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-200.0M0200.0M400.0M600.0M
2022
2023
2023
2024Net debt 411.8M
2025Net debt -41.1M
20222023202320242025
Net debt ÷ EBITDA
-0.0×
Interest coverage
— operating income ÷ interest
Current ratio
2.04 current assets ÷ current liabilities
Cash conversion cycle
131 days collects in 95d, stock 112d, pays in 76d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
5.44safe zone
1.12.6
Working capital ÷ assets 0.34 × 6.56+2.25
Retained earnings ÷ assets 0.30 × 3.26+0.98
Operating income ÷ assets 0.17 × 6.72+1.16
Equity ÷ liabilities 1.00 × 1.05+1.05
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.17below the -1.78 line
-1.78
Receivables vs sales 1.14+1.05
Gross margin slipping 0.98+0.52
Soft assets 0.80+0.32
Sales growth 1.16+1.03
Slower depreciation 0.98+0.11
Overheads vs sales 0.78-0.13
Profit not in cash 0.01+0.06
Leverage rising 0.90-0.29
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Receivables are growing 32% against revenue growing 16%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$74.85discounted at 9.1% a year · 60% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
15.2×
Enterprise value ÷ EBITDA
10.0×
Enterprise value ÷ revenue
1.7×
Free cash flow yield
4.2%
From cash flows to a value per share
10 years of cash flow, today4.2B
Everything after, today6.4B
The whole business10.6B
Plus net cash41.1M
What belongs to shareholders10.6B
Divided among 142.1M shares: <strong>$74.85</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
0250.0M500.0M750.0M1.0B
2022
2023
2023Reported 110.9M
2024Reported 224.4M
2025Reported 444.2M
2026Projected 374.4M
2027Projected 450.3M
2028Projected 531.6M
2029Projected 615.8M
2030Projected 699.6M
2031Projected 779.3M
2032Projected 850.8M
2033Projected 909.8M
2034Projected 952.8M
2035Projected 976.6M
20222023202520272029203120332035
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
7.8B
9.4B
11.1B
12.9B
14.6B
16.3B
17.8B
19.0B
19.9B
20.4B
Growth
22.5%
20.3%
18.1%
15.8%
13.6%
11.4%
9.2%
6.9%
4.7%
2.5%
Cash margin
4.8%
4.8%
4.8%
4.8%
4.8%
4.8%
4.8%
4.8%
4.8%
4.8%
Free cash flow
374.4M
450.3M
531.6M
615.8M
699.6M
779.3M
850.8M
909.8M
952.8M
976.6M
Worth today
343.2M
378.4M
409.4M
434.7M
452.7M
462.2M
462.5M
453.4M
435.2M
408.9M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
8.1%
78
83
89
97
107
8.6%
72
76
82
88
95
9.1%
66
70
75
80
86
9.6%
62
65
69
74
79
10.1%
58
61
64
68
72
Year-one growth and the final margin
margin ↓ · growth →
18.5%
20.5%
22.5%
24.5%
26.5%
3.8%
54
58
63
67
73
4.3%
59
64
69
74
80
4.8%
64
69
75
81
87
5.2%
69
75
81
87
94
5.7%
75
81
87
94
102
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$40.78
Median$74.62
90th percentile$120.60
$50.00$100.00$150.00
Half of the simulations land between <b>$55.89</b> and <b>$96.15</b>; one in ten below $40.78, one in ten above $120.60.
Does the long run make sense?
4.5×The terminal value prices the business in year 10 at 4.5 times that year's EBITDA.
4%To grow 2.5% forever while reinvesting 57% of its after-tax operating profit, the business must earn 4% on the new capital — it has earned 20% on average over the last five years.
60%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$108.6M11 sale(s) by 4 insider(s)
Under pre-arranged plans18%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
