YETINYSEsporting & athletic goods, necSEC CIK 1670592

YETI Holdings, Inc.

$39.42

+1.12 (+2.92%) · delayed · Nov 13, 2026

Five-year price

52w $34.90 to $53.99

Market cap: $2.9B
Enterprise value: $2.8B
P/E: 19.4×; 19.6× on 3y avg EPS
EV / EBIT: 12.9×
FCF yield: 7.4%
ROIC: 30.0%
Debt / equity: 0.11
Piotroski F: 6/9

Value scorecard · FY2025

Does it pass the value tests?

How we score

Quality

100

●ROIC > 12% (5y avg)5y avg ROIC 41.8%
●ROE > 15% (5y avg)5y avg ROE 26.1%
●Stable operating marginsMargin volatility 3.8% (σ, 5y)
●Earnings convert to cashFCF / net income 99% (5y avg)
●Growing revenueRevenue CAGR 5y 11.3%
●Shrinking share countDiluted shares -7.1% over 5y

Value

○P/E below 15P/E 19.4
○EV/EBIT below 12EV/EBIT 12.9
●FCF yield above 6%FCF yield 7.4%
○Price below Graham NumberGraham Number $20.21
○P/B below 3P/B 4.4

Safety

100

●Debt / equity below 0.5D/E 0.11
●Debt payable in < 4 yrs of earningsNet debt $-0.1B
●Interest coverage > 8xCoverage 45.0x
●Current ratio > 1.5Current ratio 1.98
●Piotroski F-score ≥ 6F-score 6/9

Graham Defensive

○Adequate size (revenue > $2B)Revenue $1.9B
○Strong condition (current ratio ≥ 2)Current ratio 1.98
●Earnings stability (no loss, 10y)10 years of data
○Uninterrupted dividendsDividends paid every year on record
●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 312%
○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 19.6
○P/E × P/B ≤ 22.5Product 86.6

Valuation lab

What do you have to believe?

At $39.42, the market is pricing in about −0.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).

Starting cash flow

Growth, years 1–N11.0%Years of growth (N)10Discount rate9.00%Terminal growth2.50%

Net debt −$116M · 73M shares · 5y revenue CAGR 11.3%

Intrinsic value

$89.01

Price

$39.42

Margin of safety

56%

What the price implies

The market is paying for −0.1% annual cash-flow growth for 10 years at a 9.0% discount rate.

Terminal value share

63% of the value sits beyond year 10.

Financial statements

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	819	639	779	914	1,092	1,411	1,595	1,659	1,830	1,868
Gross profit	414	295	383	475	629	816	763	943	1,063	1,073
Operating income	88	64	102	90	214	275	126	225	245	214
Operating margin	10.8%	10.0%	13.1%	9.8%	19.6%	19.5%	7.9%	13.6%	13.4%	11.4%
Pre-tax income	65	32	70	67	205	268	116	226	233	220
Income tax	16	17	12	17	49	56	26	56	57	55
Net income	48	15	58	50	156	213	90	170	176	165
EPS (diluted)	0.58	0.19	0.69	0.58	1.77	2.40	1.03	1.94	2.05	2.03
Diluted shares	83	83	84	86	88	89	87	87	86	82

Who owns it

Superinvestors

Filings wire

From the SEC

A decade of the record.

USD millions · fiscal years · source: SEC 10-K XBRL

Line item	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	819	639	779	914	1,092	1,411	1,595	1,659	1,830	1,868
Gross profit	414	295	383	475	629	816	763	943	1,063	1,073
Operating income	88	64	102	90	214	275	126	225	245	214
Operating margin	10.8%	10.0%	13.1%	9.8%	19.6%	19.5%	7.9%	13.6%	13.4%	11.4%
Pre-tax income	65	32	70	67	205	268	116	226	233	220
Income tax	16	17	12	17	49	56	26	56	57	55
Net income	48	15	58	50	156	213	90	170	176	165
EPS (diluted)	0.58	0.19	0.69	0.58	1.77	2.40	1.03	1.94	2.05	2.03
Diluted shares	83	83	84	86	88	89	87	87	86	82

YETI Holdings, Inc.

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

YETI Holdings, Inc.

Write the thesis first.

Does it pass the value tests?

What do you have to believe?

A decade of the record.

Superinvestors

From the SEC

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