SharkNinja, Inc.
SNdata completeness 100%5 fiscal years on fileData notes: no data for concept 'interestExpense'
SharkNinja, Inc. earns about 17% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 2% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.15 and $129.96 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $3.73B1 | $3.72B2 | $4.25B3 | $5.53B3 | $6.4B3 |
| Net income | $331.1M4 | $232.4M5 | $167.1M6 | $438.7M6 | $701.4M6 |
| Operating cash flow | $229.1M7 | $205M8 | $280.6M9 | $446.6M9 | $634.1M9 |
| Capital expenditure | $48M10 | $80.3M11 | $122.7M12 | $137.7M12 | $146.1M12 |
| Free cash flow (derived) | $181.2M7 | $124.7M8 | $157.9M9 | $308.9M9 | $488.1M9 |
| Total debt | — | $436.1M13 | $799.6M14 | $775.5M15 | $736.1M15 |
| Cash & equivalents | $225.4M16 | $192.9M17 | $154.1M17 | $363.7M18 | $777.3M18 |
| Diluted shares | 139.0M | 139.0M | 139.4M | 141.1M | 142.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $188.35 of net worth that earned you $49.36 and generated $34.35 of cash last year, against $51.81 of debt.
It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 2% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 69% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $24.15 and $129.96 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$308.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$308.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$331.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $31.35 |
| Base | 20.0% | $71.18 |
| Bull | 20.0% | $71.18 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001957132-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001957132-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001957132-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001957132-24-000008 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001957132-25-000006 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001957132-26-000015 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001957132-24-000008 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001957132-25-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001957132-26-000015 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001957132-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001957132-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001957132-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001957132-24-000008 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001957132-25-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001957132-26-000015 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001957132-24-000008 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001957132-25-000006 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001957132-26-000015 (CashAndCashEquivalentsAtCarryingValue)