# YETI Holdings (YETI.US)

Canonical: https://gigainvestors.com/s/YETI

Analysis as of: 2026-10-16T07:33:18.569Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $42.02 per share; close as of 2026-10-15.

Estimated value: low $32.77 per share, central $44.36 per share, high $51.93 per share. Buy at or below the central value $44.36 per share. Valuation as of 2026-10-16T07:33:18.569Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.10×

- FY2018: 0.13×

- FY2019: 0.10×

- FY2020: 0.20×

- FY2021: 0.19×

- FY2022: 0.08×

- FY2023: 0.14×

- FY2024: 0.13×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 32.0%

- ROIC, second-lowest year: 17.9%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 54.4%

- Recent gross margin (lower of latest and 3-year median): 57.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 22.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.9%

- FY2017: 14.3%

- FY2018: 38.1%

- FY2019: 19.7%

- FY2020: >100%

- FY2021: 64.5%

- FY2022: 24.3%

- FY2023: 41.7%

- FY2024: 38.5%

- FY2025: 25.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $812M

- Net income, five-year total: $813M

- Return on incremental invested capital: 24.7%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -12.1 pp

- Working capital / revenue, final three-year average: 15.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.89×

- FY2024: 1.04×

- FY2025: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.9% vs 38.5%

- Per-share earnings: 0.58 to 2.03 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: $2.1B

- Cumulative retained earnings: $1.0B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.9%

- Per-share value change: $1.45

- Per-share value, starting three-year median: $0.58

- Per-share value, ending three-year median: $2.03

- Buybacks concentrated in cheaper years (correlation): 0.61

- Average buyback yield: 2.6%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $82M

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 17.9%

- ROIC, last three-year median: 38.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.58

- FY2017: $0.19

- FY2018: $0.69

- FY2019: $0.58

- FY2020: $1.77

- FY2021: $2.40

- FY2022: $1.03

- FY2023: $1.94

- FY2024: $2.05

- FY2025: $2.03

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 18.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.54×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.6%

- FY2017: -25.6%

- FY2018: -23.0%

- FY2019: -5.8%

- FY2020: -28.6%

- FY2021: 6.0%

- FY2022: -1.0%

- FY2023: -8.9%

- FY2024: -6.7%

- FY2025: -6.9%

## Holders

- [Glenn Welling](https://gigainvestors.com/ENG): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since Oct 2021 · "Yeti Raises Fiscal 2027 Earnings Outlook But Flags Weakness in US Drinkware Category" (finance.yahoo.com, Aug 2026) · sales +2.1%

Story as of 2026-10-16T09:59:54.657Z; price observation 2026-10-15.

Price needs cash profits to grow 4.5% a year for ten years

- 2025-06-05: YETI Q1 Earnings Call: Tariffs and Supply Chain Disruptions Weigh on 2025 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/yeti-q1-earnings-call-tariffs-114107870.html))

- 2025-08-07: YETI raises EPS outlook to $2.34–$2.48 for 2025 as supply chain diversification advances ([seekingalpha.com](https://seekingalpha.com/news/4481650-yeti-raises-eps-outlook-to-2_34-2_48-for-2025-as-supply-chain-diversification-advances?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-06: YETI outlines $300M share buyback target and accelerates international growth amid product innovation ([seekingalpha.com](https://seekingalpha.com/news/4517490-yeti-outlines-300m-share-buyback-target-and-accelerates-international-growth-amid-product?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-14: YETI surges as earnings beat and guidance raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/yeti-surges-earnings-beat-guidance-104924754.html))

- 2026-08-13: Yeti Raises Fiscal 2027 Earnings Outlook But Flags Weakness in US Drinkware Category ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/yeti-raises-fiscal-2027-earnings-152201642.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm; observed 2026-02-27.

- FY2016: $819M 

- FY2017: $639M 

- FY2018: $779M 

- FY2019: $914M 

- FY2020: $1.1B 

- FY2021: $1.4B 

- FY2022: $1.6B 

- FY2023: $1.7B 

- FY2024: $1.8B 

- FY2025: $1.9B 

### Gross margin · FY2025

gross margin 57.4%; source https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm; observed 2026-02-27.

- FY2016: 49.1% 

- FY2017: 42.8% 

- FY2018: 46.0% 

- FY2019: 52.0% 

- FY2020: 57.6% 

- FY2021: 57.8% 

- FY2022: 47.9% 

- FY2023: 56.9% 

- FY2024: 58.1% 

- FY2025: 57.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm (filed 2026-02-27); FY2025: revenue 1868494000; grossProfit 1072684000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YETI.US: YETI Holdings, Inc. designs, retails, and distributes outdoor products under the YETI brand name in the United States, Canada, Australia, New Zealand, Europe, and Japan. It offers hard coolers, including the YETI Tundra, YETI Roadie, YETI V Series hard coolers, YETI TANK ice bucket, and YETI Silo 6G water cooler, as well as related accessories comprising locks, dry baskets, beverage holders, and dividers. The company also provides soft cooler bags, such as under the Hopper collection and Daytrip collection; duffel bags, backpacks, luggage, and packing cubes comprising the Panga collection, Crossroads collection, Camino Caryall, SideKick Dry gear case, Cayo collection, and Ranchero collection; cargo and storage solutions that include the LoadOut GoBox, LoadOut bucket, and LoadOut swivel seat names; and outdoor living products, which consist of Trailhead camp chair, Lowlands blanket, Boomer dog bowls, Hondo beach chair, can crusher, and the YETI Fire Pit. In addition, it offers bottles and jugs under the Rambler, Yonder, and Silo collections; cups, mugs, and tumblers under the Rambler collection; Rambler products, including tableware, coffeeware, barware, and containers, as well as insulated bowls and food jars, ceramic-lined mugs and stackable cups, French presses, pitchers, wine chillers, wine tumblers, the beverage bucket, colsters, and cocktail shakers; and cookware. Further, the company provides apparel, such as hats, shirts, and sweatshirts, as well as ice substitutes and other YETI branded products. It sells its products through its direct-to-consumer channel, including websites, corporate sales programs, and retail stores, as well as through its wholesale channel. YETI Holdings, Inc. was founded in 2006 and is headquartered in Austin, Texas.

### Why customers stay

Margins ranged from 56.9% to 58.1% during 2023–25; it earns 32% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 56.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 58.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 57.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.1791356334768842],[2017,0.14263262071709867],[2018,0.38071996231956723],[2019,0.19679175040762645],[2020,1.0207697583663833],[2021,0.6447767233978811],[2022,0.24296530644579886],[2023,0.4170494280061388],[2024,0.3847035372222634],[2025,0.25941066649211575]]; median 0.3200653144058415. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 297.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 17569127.546870403; upkeep 42726872.4531296; owner earnings 16920127.546870403. Growth capex / owner earnings = 1.0383566848537167.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 7110000; upkeep 24777000; owner earnings 57763000. Growth capex / owner earnings = 0.12308917473122934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 11640343.972576119; upkeep 37050656.02742388; owner earnings 42342343.97257612. Growth capex / owner earnings = 0.274910240682831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 22944000; owner earnings 163392000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 33686000; upkeep 32070000; owner earnings 212602000. Growth capex / owner earnings = 0.15844629871779192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 17063000; upkeep 39847000; cash acquisitions 0; owner earnings 89693000. Growth capex plus acquisitions / owner earnings = 0.19023781120042813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 7570750.022355534; upkeep 65253249.977644466; cash acquisitions 0; owner earnings 151065750.02235553. Growth capex plus acquisitions / owner earnings = 0.05011559550219142.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 41832000; cash acquisitions 36164000; owner earnings 181989000. Growth capex plus acquisitions / owner earnings = 0.19871530696910253.

- Source: https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 42667000; cash acquisitions 0; owner earnings 176952000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,453908000],[2017,2811000],[2018,2523000],[2019,636000],[2020,1994000],[2021,588999],[2022,3821000],[2023,2481000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm (filed 2026-02-27); FY2025: cash repurchases 297780000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YETI.US SharesStats.PercentInsiders = 0.6649999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.5% yearly over ten years; actual growth was 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.0518044619343746. Price 42.02; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8873198688781719 → FY2025 2.168662295483792. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-10: $15.93 per share

- 2018-11: $16.84 per share

- 2018-12: $14.84 per share

- 2019-01: $17.01 per share

- 2019-02: $23.99 per share

- 2019-03: $30.25 per share

- 2019-04: $35.68 per share

- 2019-05: $23.92 per share

- 2019-06: $28.95 per share

- 2019-07: $34.76 per share

- 2019-08: $28.25 per share

- 2019-09: $28.00 per share

- 2019-10: $33.31 per share

- 2019-11: $31.82 per share

- 2019-12: $34.78 per share

- 2020-01: $36.36 per share

- 2020-02: $30.25 per share

- 2020-03: $19.52 per share

- 2020-04: $27.61 per share

- 2020-05: $32.10 per share

- 2020-06: $42.73 per share

- 2020-07: $48.89 per share

- 2020-08: $51.38 per share

- 2020-09: $45.32 per share

- 2020-10: $49.48 per share

- 2020-11: $63.17 per share

- 2020-12: $68.47 per share

- 2021-01: $65.82 per share

- 2021-02: $68.77 per share

- 2021-03: $72.21 per share

- 2021-04: $85.42 per share

- 2021-05: $87.60 per share

- 2021-06: $91.82 per share

- 2021-07: $96.33 per share

- 2021-08: $99.34 per share

- 2021-09: $85.69 per share

- 2021-10: $98.33 per share

- 2021-11: $92.16 per share

- 2021-12: $82.83 per share

- 2022-01: $65.58 per share

- 2022-02: $61.56 per share

- 2022-03: $59.98 per share

- 2022-04: $48.87 per share

- 2022-05: $45.75 per share

- 2022-06: $43.27 per share

- 2022-07: $50.77 per share

- 2022-08: $36.89 per share

- 2022-09: $28.52 per share

- 2022-10: $32.08 per share

- 2022-11: $44.89 per share

- 2022-12: $41.31 per share

- 2023-01: $44.76 per share

- 2023-02: $38.98 per share

- 2023-03: $40.00 per share

- 2023-04: $39.45 per share

- 2023-05: $36.57 per share

- 2023-06: $38.84 per share

- 2023-07: $42.60 per share

- 2023-08: $49.95 per share

- 2023-09: $48.22 per share

- 2023-10: $42.52 per share

- 2023-11: $42.64 per share

- 2023-12: $51.78 per share

- 2024-01: $43.97 per share

- 2024-02: $41.04 per share

- 2024-03: $38.55 per share

- 2024-04: $35.72 per share

- 2024-05: $40.74 per share

- 2024-06: $38.15 per share

- 2024-07: $41.35 per share

- 2024-08: $40.32 per share

- 2024-09: $41.03 per share

- 2024-10: $35.21 per share

- 2024-11: $40.37 per share

- 2024-12: $38.51 per share

- 2025-01: $37.26 per share

- 2025-02: $35.64 per share

- 2025-03: $33.10 per share

- 2025-04: $28.55 per share

- 2025-05: $30.56 per share

- 2025-06: $31.52 per share

- 2025-07: $36.74 per share

- 2025-08: $35.16 per share

- 2025-09: $33.18 per share

- 2025-10: $33.99 per share

- 2025-11: $41.48 per share

- 2025-12: $44.17 per share

- 2026-01: $45.71 per share

- 2026-02: $43.71 per share

- 2026-03: $36.59 per share

- 2026-04: $39.46 per share

- 2026-05: $47.97 per share

- 2026-06: $49.56 per share

- 2026-07: $48.94 per share

- 2026-08: $41.05 per share

- 2026-09: $41.02 per share

- 2026-10: $42.02 per share

## Annual estimated value (USD per share)

- FY2017: low $8.23 per share, central $9.30 per share, high $10.72 per share

- FY2018: low $8.33 per share, central $9.37 per share, high $10.76 per share

- FY2019: low $5.99 per share, central $6.73 per share, high $7.71 per share

- FY2020: low $8.93 per share, central $9.80 per share, high $10.95 per share

- FY2021: low $16.10 per share, central $17.88 per share, high $20.25 per share

- FY2022: low $17.16 per share, central $19.20 per share, high $21.92 per share

- FY2023: low $28.14 per share, central $38.21 per share, high $44.07 per share

- FY2024: low $32.61 per share, central $44.97 per share, high $52.17 per share

- FY2025: low $29.90 per share, central $39.90 per share, high $46.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1670592/000167059226000013/yeti-20260103.htm); period 2026-01-03, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.