SharkNinja, Inc. (SN)

Price$179.50Cached quoteAs of 2026-10-01 18:05 UTC

AI: Overvalued

Price checkThe shares look expensive because strong growth already seems built into the market’s expectations.

At the observed market level, SharkNinja is worth about $25.8 billion. Trailing earnings are roughly $4.90 per share after counting potential dilution, so investors are paying about $37 for each $1 of recent annual profit. Management’s 2026 adjusted earnings guidance, which excludes specified items, lowers that to about 28 times expected earnings. 2025 free cash flow—cash left after running and investing in the business—was about $488 million, just 1.9% of market value. Even with strong guided growth, the price leaves little room for disappointment.

Big pictureSales and profits are compounding quickly, but cash generation still carries meaningful seasonal swings.

Revenue rose from $4.25 billion in 2023 to $6.40 billion in 2025, about 23% annual growth, while operating profit climbed from $374 million to $920 million. Cash conversion improved too: 2025 operating cash flow was $634 million against $146 million of capital spending. First-half 2026 free cash flow improved to about $192 million from negative $124 million a year earlier. Still, cash flow is seasonal because inventory builds before holiday selling. The balance sheet is much safer, with about $780 million cash versus roughly $716 million debt at June 2026.

Business strengthProduct breadth and overseas growth support durability, while retailer concentration and controls remain weaknesses.

Second-quarter 2026 sales grew 22.2%, with domestic sales up 15.5% and international sales up 36.6%, showing growth is broader than one product line or country. The company now competes across about 40 sub-categories. However, its largest customer represented 26.5% of quarterly sales and another represented 11.5%, so retailer decisions matter. SharkNinja also spent about $120 million repurchasing just over one million shares in the first half. Yet stock compensation—paying employees partly with shares—was about $78 million, and outstanding shares remain modestly above late-2024 levels.

What could change the storyFaster lasting growth could justify the premium; slower demand or tariff pressure could break it.

The bull case needs more than one strong year: 2026 guidance calls for 16% to 17% sales growth and 22% to 24% adjusted earnings growth, while international sales recently grew above 30%. If that pace lasts and free cash flow catches up, today’s premium could prove reasonable. The bear case is slower growth with stubborn costs. Second-quarter gross margin—the share of sales left after product costs—slipped 0.3 percentage point, tariffs were a key pressure, and a $247 million tariff refund is not recurring growth. June filings also said financial-reporting controls remained ineffective.

AI: News

Q2 outlook jumpsSharkNinja accelerated sales growth and raised full-year guidance, reinforcing expectations for sustained expansion.

On August 5, SharkNinja reported second-quarter sales of $1.77 billion, up 22.2%, and adjusted earnings per share of $1.26, up 29.9%. It raised 2026 sales-growth guidance to 16%–17% and adjusted earnings guidance to $6.45–$6.55. About $0.15 of the earnings increase reflects an expected tariff-refund benefit, so not all of the upgrade is recurring. Shares rose about 8% that day to a record close, a reaction widely tied to the earnings beat and stronger outlook.

Chairman stake saleA major insider sold a large block, adding supply without changing company cash.

On July 10, an entity linked to chairman and ten-percent owner Xuning Wang sold 2.67 million shares for about $401 million to an existing institutional investor. The board granted a limited waiver from its normal quarterly trading blackout for the transaction. Because this was a shareholder sale, SharkNinja received no cash and its operating value did not change directly. The shares fell roughly 2% in the next session, but timing alone cannot establish that the sale caused the move.

Q1 beat, stock fallsFirst-quarter results beat expectations and guidance rose, yet the stock still fell sharply.

On May 6, first-quarter sales rose 15.6% to $1.41 billion and adjusted earnings per share reached $1.09, above the $1.02 analyst estimate cited by Barron’s. Management raised full-year sales-growth guidance to 11.5%–12.5% and adjusted earnings guidance to $6.00–$6.10. Despite the beat and raise, the stock was down about 5.5% by midmorning. That reaction suggests investors were already pricing in unusually strong execution, although market moves can reflect other factors and should not be treated as proof of a single cause.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$6.40B	$5.53B	$4.25B	$3.72B	$3.73B
Gross profit	$3.14B	$2.66B	$1.91B	$1.41B	$1.44B
Gross margin	49.01%	48.15%	44.85%	37.94%	38.59%
Research & development	$368.1M	$341.3M	$249.4M	$215.7M	$200.6M
Operating expenses	$2.22B	$2.02B	$1.53B	$1.09B	$999.9M
Operating income	$920.3M	$644.2M	$373.6M	$321.4M	$438.3M
Operating margin	14.38%	11.65%	8.78%	8.65%	11.76%
EBITDA	$1.06B	$767.3M	$477.4M	$408.1M	$516.4M
EBITDA margin	16.56%	13.88%	11.22%	10.98%	13.86%
Net income	$701.4M	$438.7M	$167.1M	$232.4M	$331.1M
Net profit margin	10.96%	7.94%	3.93%	6.25%	8.88%
Basic EPSper basic share	$4.97	$3.14	$1.20	$1.67	$2.38
Diluted EPSper diluted share	$4.94	$3.11	$1.20	$1.67	$2.38

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈39.04%of listed shares

Wang Xuning / JS&W Group Holdings Limited Partnership55.02M shares · Apr 16, 2026

View holders

Top 20 reported holders of SN
Holder	% owned
Wang Xuning / JS&W Group Holdings Limited Partnership	≈39.04%55.02M shares
FMR LLC	13.75%19.37M shares
BlackRock, Inc.	5.28%7.44M shares
HighTower Advisors, LLC	4.50%6.34M shares
UBS Group AG	2.81%3.96M shares
STATE STREET CORP	1.84%2.59M shares
Barrocas Mark	≈1.59%2.25M shares
BAILLIE GIFFORD & CO	1.36%1.91M shares
FIL Ltd	1.25%1.76M shares
ALLIANCEBERNSTEIN L.P.	1.22%1.72M shares
GEODE CAPITAL MANAGEMENT, LLC	1.02%1.44M shares
ABRAMS BISON INVESTMENTS, LLC	1.02%1.44M shares
PRICE T ROWE ASSOCIATES INC /MD/	0.93%1.31M shares
AMERIPRISE FINANCIAL INC	0.80%1.12M shares
DIMENSIONAL FUND ADVISORS LP	0.80%1.12M shares
WESTFIELD CAPITAL MANAGEMENT CO LP	0.72%1.01M shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	0.70%986.81K shares
WCM INVESTMENT MANAGEMENT, LLC	0.67%946.38K shares
GILDER GAGNON HOWE & CO LLC	0.66%935.24K shares
MORGAN STANLEY	0.64%907.2K shares

Percentages use 140.92M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)15$51.64M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4 · 10b5-1	Barrocas MarkChief Executive Officer	SellOrdinary Shares	100.0K	$145.00	$14.50M	2.25M
Jun 18, 2026Form 4 · 10b5-1	Barrocas MarkChief Executive Officer	SellOrdinary Shares	100.0K	$140.00	$14.00M	2.35M
Jun 4, 2026Form 4	Lopez-Baldrich Pedro J.Chief Legal Officer	SellOrdinary Shares	2.2K	$122.60	$269.7K	73
May 8, 2026Form 4	Quigley AdamChief Financial Officer	SellOrdinary Shares	943.84	$113.75	$107.4K	1.8K
May 8, 2026Form 4	Quigley AdamChief Financial Officer	SellOrdinary Shares	6.0K	$112.85	$674.7K	2.7K