olivLaw · US equity research
YETI Holdings, Inc. YETI
Sporting & Athletic Goods, NEC · SIC 3949 · Vertical: Sporting & Athletic Goods, NEC (SIC 3949)
YETI designs, retails and distributes premium outdoor products, from coolers and drinkware to bags and apparel, through wholesale and direct-to-consumer channels. Net sales reached $1,868.5 million in fiscal 2025, and sales grew 9% in the second quarter of 2026, which makes the company relevant to investors watching its recovery from the tariff environment.
At the close of 04 Nov 2026, YETI Holdings, Inc. (YETI) stock was 48.33 USD (+7.76% on the day), with market capitalisation 3.5 bn USD, P/E 21.1 on diluted EPS of 2.29 USD over the last 12 months, beta 1.26, 52-week range 33.39–52.68 USD. Latest reported quarter (Q2 2027): revenue of 483.9 m USD (+8.5% YoY), net income of 71.3 m USD (+39.4% YoY), diluted EPS 0.94 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.2
- strong (55–70)
- Bollinger (20, 2)
- 38.20 – 47.07
- above the upper band · %B 1.14 · band width 20.8%
- SMA 50 / 200
- 41.80 / 43.92
- mixed trend
- MACD (12, 26, 9)
- 1.09 / 0.54
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.3% | −1.1% | +20.4 pp | — |
| 3 months | −8.0% | −0.5% | −7.5 pp | — |
| 6 months | +13.8% | +4.4% | +9.4 pp | — |
| Year to date | +9.4% | +12.3% | −2.9 pp | — |
| 1 year | +48.7% | +13.5% | +35.2 pp | +2.1% |
| 3 years | +10.8% | +76.4% | −65.6 pp | −6.8% |
| 5 years | −55.1% | +63.7% | −118.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 04 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 478.4 m | 546.5 m | 351.1 m | 445.9 m | 487.8 m | 583.7 m | 380.4 m | 483.9 m |
| Cost of revenue | 200.7 m | 220.1 m | 149.4 m | 188.3 m | 215.2 m | 242.8 m | 170.2 m | 161.3 m |
| Gross profit | 277.7 m | 326.4 m | 201.7 m | 257.6 m | 272.5 m | 340.9 m | 210.2 m | 322.5 m |
| SG&A | 208.1 m | 243.9 m | 180.1 m | 195.5 m | 218.2 m | 265.4 m | 197.8 m | 229.0 m |
| Operating income | 69.6 m | 82.5 m | 21.7 m | 62.0 m | 54.4 m | 75.5 m | 12.4 m | 93.5 m |
| Depreciation & amortisation | 12.1 m ≈ | 12.5 m | 13.2 m | 13.1 m ≈ | 13.8 m ≈ | 14.1 m | 14.0 m | 14.4 m ≈ |
| Pre-tax income | 74.1 m | 69.1 m | 23.4 m | 68.1 m | 53.1 m | 75.7 m | 12.3 m | 94.2 m |
| Income tax | 17.8 m | 16.0 m | 6.7 m | 16.9 m | 13.7 m | 17.5 m | 2.4 m | 22.9 m |
| Net income | 56.3 m | 53.2 m | 16.6 m | 51.2 m | 39.4 m | 58.2 m | 9.9 m | 71.3 m |
| Diluted EPS | 0.66 | 0.63 ≈ | 0.20 | 0.61 | 0.48 | 0.74 ≈ | 0.13 | 0.94 |
| Operating cash flow | 83.5 m ≈ | 225.6 m | -80.3 m | 61.2 m ≈ | 100.9 m ≈ | 172.9 m | -32.6 m | 62.5 m ≈ |
| Capex | 9.7 m ≈ | 10.5 m | 8.9 m | 11.0 m ≈ | 38.0 m | 10.9 m | 11.1 m | 14.4 m ≈ |
| Share repurchases | 0 ≈ | 100.0 m | 0 | 23.0 m ≈ | 149.9 m ≈ | 124.9 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 21-quarter history (min 13.9, median 26.6, max 66.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2021 | ⚠ 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 639.2 m | 778.8 m | 913.7 m | 1.1 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | −21.9% | +21.8% | +17.3% | unavailable | — | +4.0% | +10.3% | unavailable |
| Net income | 15.4 m | 57.8 m | 50.4 m | 155.8 m | 89.7 m | 169.9 m | 175.7 m | 165.4 m |
| Net income YoY | −67.9% | +275.1% | −12.7% | unavailable | — | +89.4% | +3.4% | unavailable |
| Diluted EPS | 0.19 | 0.69 | 0.58 | 1.77 | 1.03 | 1.94 | 2.05 | 2.03 |
| Diluted EPS YoY | −67.2% | +263.2% | −15.9% | unavailable | — | +88.3% | +5.7% | unavailable |
| net % | 2.4% | 7.4% | 5.5% | 14.3% | 5.6% | 10.2% | 9.6% | 8.9% |
| Free cash flow | 105.6 m | 155.2 m | 54.8 m | 350.9 m | 55.0 m | 235.3 m | 219.6 m | 212.1 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 03 Jan 2026
- Cash
- 188.3 m USD
- Financial debt
- 72.5 m USD
- Net debt
- -115.8 m USD
- Equity
- 650.3 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 0.11x
- Current ratio
- 1.98x
- ROE
- unavailable
- ROA
- 13.4%
- FCF margin
- 11.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 913.7 m | 1.1 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 438.4 m | 462.9 m | 831.8 m | 715.5 m | 766.6 m | 795.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 475.3 m | 628.8 m | 763.4 m | 943.2 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 20.5 m | 11.2 m | 15.4 m | 15.5 m | 21.1 m | 25.2 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 385.5 m | 414.6 m | 637.0 m | 717.7 m | 817.9 m | 859.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 89.8 m | 214.2 m | 126.4 m | 225.5 m | 245.4 m | 213.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 29.0 m | 30.5 m | 39.8 m | 46.4 m | 48.1 m | 54.2 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 118.7 m ≈ | 244.8 m ≈ | 166.2 m ≈ | 271.9 m ≈ | 293.5 m ≈ | 267.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 21.8 m | 9.2 m | 4.5 m | 942.0 k | — | — | SEC (XBRL)· 26 Feb 2024verified |
| Pre-tax income | 67.3 m | 205.2 m | 116.2 m | 225.9 m | 232.8 m | 220.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 16.8 m | 49.4 m | 26.5 m | 56.1 m | 57.2 m | 54.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 50.4 m | 155.8 m | 89.7 m | 169.9 m | 175.7 m | 165.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.58 | 1.77 | 1.03 | 1.94 | 2.05 | 2.03 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 86.3 m | 87.8 m | 87.2 m | 87.4 m | 85.8 m | 81.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 72.5 m | 253.3 m | 234.7 m | 439.0 m | 358.8 m | 188.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 82.7 m | 65.4 m | 79.4 m | 95.8 m | 120.2 m | 141.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 185.7 m | 140.1 m | 371.4 m | 337.2 m | 310.1 m | 290.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 360.5 m | 476.5 m | 718.9 m | 914.4 m | 826.8 m | 660.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 82.6 m | — | — | — | — | — | SEC (XBRL)· 07 May 2020verified |
| Goodwill | 54.3 m | 54.3 m | 54.3 m | 54.3 m | 72.6 m | 72.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 90.9 m | 92.1 m | 99.4 m | 117.6 m | 172.0 m | 219.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 629.5 m | 737.1 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 83.8 m | 123.6 m | 140.8 m | 190.4 m | 158.5 m | 140.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 15.0 m | 22.5 m | 22.5 m | 4.2 m | 4.2 m | 4.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 281.7 m | 111.0 m | 71.7 m | 78.6 m | 72.8 m | 68.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 170.3 m | 287.8 m | 409.0 m | 398.4 m | 379.5 m | 334.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 507.5 m | 448.6 m | 550.3 m | 573.6 m | 546.0 m | 585.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 122.0 m | 288.4 m † | 526.5 m † | 723.6 m † | 740.1 m † | 650.3 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 86.9 m | 366.4 m | 100.9 m | 285.9 m | 261.4 m | 254.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 32.1 m | 15.6 m | 45.9 m | 50.7 m | 41.8 m | 42.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 54.8 m ≈ | 350.9 m ≈ | 55.0 m ≈ | 235.3 m ≈ | 219.6 m ≈ | 212.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -48.7 m | -22.9 m | -56.9 m | -72.8 m | -131.4 m | -101.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -45.7 m | -163.2 m | -122.6 m | -13.6 m | -209.2 m | -321.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 636.0 k | 0 | 0 | — | — | — | SEC (XBRL)· 28 Feb 2022verified |
| Share repurchases | 0 | 0 | 100.0 m | 0 | 200.0 m | 297.8 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet51
- Growth22
- Quality98
- Returns100
- Valuation47
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 34.63 – 71.44 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA34.63 – 46.83 (Mid 39.36)3 companies used · median multiple 10.0x · quartiles 8.8x – 11.8xCALY, ESCA, GOLF
- Peers: P/E40.56 – 71.44 (Mid 53.38)3 companies used · median multiple 23.3x · quartiles 17.7x – 31.1xESCA, GOLF, PTON
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.4% | 100 (vs peers) | 12% |
| Net margin · Quality | 9.2% | 91 (vs peers) | 7% |
| FCF conversion · Quality | 128.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.0% | 34 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 1.5% | 10 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.1x | 40 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 79 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.1x | 41 (on a fixed band) | 12% |
| EV/EBITDA · Valuation | 12.2x | 25 (on a fixed band) | 12% |
| FCF yield · Valuation | 6.5% | 81 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 11.5% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 2/3 factors with a value
- Growth22/100 · 2/2 factors with a value
- Quality98/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation47/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
YETI Holdings, Inc. (YETI). Latest full fiscal year: 2026; data up to 2026-07-04.
Figures computed from the financial statements: revenue 1.9 bn USD in 2026; net margin 9.2%; ROE 25.3%; net debt/EBITDA 0.1x.
The estimated value range is 37.60–59.13 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 46.37 USD, the price of 48.33 USD leaves a potential of -4.1% (value / price − 1) and a margin of safety of -4.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.4%
- Net margin: 9.2%
- FCF conversion: 128.2%
- Current ratio: 1.8x
- FCF yield: 6.5%
- Shareholder yield (distributions): 11.5%
What contradicts it
- EPS CAGR 3Y: 1.5%
- EV/EBITDA: 12.2x
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Sporting & Athletic Goods, NEC (SIC 3949) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOLFAcushnet Holdings Corp. | 4.9 bn | 23.3 | 25.7% | 8.2% | +4.1% | +2% / +52% |
| YETIYETI Holdings, Inc. | 3.5 bn | 21.1 | 25.3% | 9.2% | unavailable | +49% / +11% |
| CALYCallaway Golf Company | 3.0 bn | — | -11.3% | -12.4% | −0.8% | +29% / +35% |
| ESCAEscalade, Incorporated | 290.7 m | 12.1 | 13.5% | 10.0% | −4.5% | +59% / +14% |
| AOUTAmerican Outdoor Brands, Inc. | 226.2 m | — | -2.4% | -2.0% | −14.3% | +150% / +109% |
| CLARClarus Corporation | 169.2 m | — | -14.9% | -12.4% | −5.2% | +23% / −22% |
| KBSXFST Corp. | 62.2 m | — | -7.8% | -3.1% | +31.4% | −1% / −87% |
| GMEXGmex Robotics Corporation | 10.7 m | — | -91.5% | -308.0% | +7.9% | −100% / −100% |
| NWTGNewton Golf Company, Inc. | 4.9 m | — | -2,023.2% | -124.4% | +136.1% | −45% / −100% |
| TRUGTrugolf Holdings, Inc. | 586.0 k | — | -349.3% | -55.7% | −13.6% | −100% / −100% |
| PTONPeloton Interactive, Inc. | — | 39.0 | — | 2.6% | −1.8% | −20% / −4% |
| JOUTJohnson Outdoors Inc. | — | — | -1.8% | -1.2% | −0.1% | +19% / −7% |
1- and 3-year price returns: for YETI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.36 Total return -37% · Per year -37% | 53.69 Total return 11% · Per year 11% | 80.88 Total return 67% · Per year 67% |
| 3 years | 29.20 Total return -40% · Per year -15% | 58.12 Total return 20% · Per year 6% | 96.18 Total return 99% · Per year 26% |
| 5 years | 28.08 Total return -42% · Per year -10% | 62.92 Total return 30% · Per year 5% | 114.38 Total return 137% · Per year 19% |
- Exit P/E± 14.53
- Net margin± 10.17
- Annual revenue growth± 8.39
- Annual dilution± 0.85
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
YETI designs, retails and distributes premium outdoor products, from coolers and drinkware to bags and apparel, through wholesale and direct-to-consumer channels. Net sales reached $1,868.5 million in fiscal 2025, and sales grew 9% in the second quarter of 2026, which makes the company relevant to investors watching its recovery from the tariff environment.
SWOT
Strengths
- The premium brand and customer loyalty are the main advantage, supported by design and performance that consumers recognize. The DTC channel, which carries the largest share of sales, gives direct customer contact and better margins.
- The company has shown an ability to launch new products quickly and extend existing lines, which helps sustain consumer interest.
- The balance sheet and cash generation allow significant share repurchases, which signals financial discipline and confidence in the business model.
Weaknesses
- Reliance on Drinkware for a large share of sales makes the company vulnerable to declines in that category, especially in the US market.
- Production is outsourced across several countries, which creates dependence on suppliers and exposure to tariffs and logistics disruption.
- Marketing and distribution costs are high, and pressure on SG&A expenses can reduce operating profitability.
Opportunities
- International expansion, especially in Europe and Asia, could open new growth sources if the brand gains traction in these markets.
- Expansion into adjacent categories such as sport, health and wellness, and customization could diversify revenue.
- Recovering tariffs paid earlier could support margins in the short term if refunds are received in full.
Threats
- Aggressive competition, including discounting, could reduce margins and market share if rival brands copy design or price.
- New or changed trade tariffs could raise import costs again and weigh on margins.
- A more cautious consumer with tighter budgets could reduce demand for expensive premium products.
Risks
- Brand dependencehigh
The success of the business depends on the value and reputation of the brand, which can be damaged quickly by negative publicity, product recalls or the conduct of ambassadors.
- Trade tariffshigh
Most products are made in countries subject to tariffs, and new trade measures could reduce margins if they cannot be offset through pricing or efficiency.
- Demand forecastingmedium
Errors in forecasting demand can lead to excess inventory, discounting or product shortages, affecting profitability.
- Intense competitionmedium
Low barriers to entry and larger competitors could pressure prices and market share.
- Reliance on external supplierslow
Outsourced production across several countries exposes the company to logistics disruption, supplier changes and unexpected costs.
Investment thesis
What would need to be true (bull case)
- If second-quarter growth holds, with acceleration in Coolers & Equipment and in international markets, the company could meet or exceed its sales growth target 3.
- Recovery of IEEPA tariffs could support margins and cash flow in the coming period if refunds are completed in full 2.
- The share repurchase program and cash generation could support shareholder value if operating profitability improves 3.
What would break the thesis
- If tariffs return to high levels, gross margins could come under pressure again, and the current refund benefit may not be sustainable 2.
- Inflationary pressure in distribution and higher SG&A costs could reduce adjusted operating margin even if sales grow 3.
- If Drinkware keeps declining in the US and competitors intensify promotions, total growth could fall short of expectations.
What to watch
- Investor Day and update on the long-term strategic planQ3 2026
- Trend in adjusted gross margin and effect of IEEPA refundsQ3 2026
- Pace of growth in Coolers & Equipment and international marketsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Headquartered in Austin, Texas, YETI was founded in 2006 and builds its image on high-performance products sold at premium prices 1. The portfolio has three categories: Coolers & Equipment, Drinkware and Other, with Drinkware the largest source of sales. The company does not own manufacturing facilities and works with third-party manufacturing and logistics partners 1.
Sales run through two channels: wholesale, with retailers such as Dick's Sporting Goods, REI and Academy Sports + Outdoors, and DTC, which includes its own websites, Amazon Marketplace, retail stores and corporate sales. The DTC channel is now the largest by net sales and generally earns higher gross margins than wholesale 1.
Sales are seasonal, with the highest volume in the fourth quarter during the holiday shopping season 1. The company operates as one reportable segment and keeps investing in new products and line extensions, which makes product development central to its business model 1.
Segments
Drinkware
Drinkware, the largest category by sales, includes insulated stainless-steel bottles, tumblers, mugs and tableware. Drinkware sales declined slightly in the US in fiscal 2025 but grew internationally, and in the second quarter of 2026 sales rose 2% 3, driven mainly by international markets 3.
Market context
The company competes in the large and fragmented outdoor and recreation market, which has low barriers to entry 1. Beyond the United States, which accounted for about 79% of net sales 1, YETI is expanding in Canada, Australia, Europe and Asia 1.
International markets are the growth opportunity the company highlights most. International sales represented 21% of net sales in fiscal 2025 1, and in the second quarter of 2026 they rose 19% 3, which suggests the expansion could accelerate if the trend holds 3.
Trends
- IEEPA tariffs and refundsmixed
Tariffs imposed in 2025 raised import costs and weighed on margins. After the February 2026 Supreme Court decision, the company began recovering tariffs paid, which produced a significant net benefit in the second quarter. However, uncertainty remains over the final amount and how tariffs will evolve 2.
- Demand growth by categorytailwind
Coolers & Equipment sales accelerated in 2026 and the company launched many new products that could support growth if demand stays solid 3. US demand was strong in wholesale and Amazon 3.
- Inflationary cost pressureheadwind
The company reported inflationary pressure in distribution and fulfillment costs, and SG&A expenses rose in the second quarter. If these pressures persist they could reduce operating margins 23.
- Uncertain discretionary spendingheadwind
The macroeconomic environment remains uncertain and consumers may be more hesitant to buy expensive premium products. The company described a challenging consumer spending environment in 2025 that weighed on results 1.
Competitive position
Competition is intense and fragmented, with low barriers to entry. In coolers, YETI faces established brands such as Igloo and Coleman as well as newer brands such as Stanley and SharkNinja, plus private label brands 1. In drinkware, competitors include HydroFlask, Stanley, Owala and HydroJug 1.
Many competitors have advantages such as larger retailer bases, global distribution, greater financial strength and larger marketing budgets. Some aggressively discount products, which could pressure prices and margins 1. The company defends its position through its brand, design and DTC capabilities 1.
- Igloo
Established cooler brand, named in the filing as a competitor in Coolers & Equipment.
- Coleman
Outdoor equipment brand with a long history, named among legacy cooler brands.
- Stanley
Newer brand active in both coolers and drinkware, named as a competitor in both categories.
- HydroFlask
Important drinkware competitor, named in the filing alongside Owala and HydroJug.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report17 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Aug 2026Regulation FD disclosure
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Shareholder vote
- Proxy statement26 Mar 2026
- Annual report27 Feb 2026
- Current report19 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-03 · SEC / YETI Holdings, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / YETI Holdings, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / YETI Holdings, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.