SharkNinja: The Product-Velocity Machine at a Full Price

Podcast: Exponential Learning · The Team

Opublikowano: 2026-10-21

Alpha Brands Research initiates on SharkNinja (SN) with a Hold and a $206 base target: a superb consumer business whose stock has already paid for it. LTM sales of $6.91B (+17.5%), a 13th straight double-digit quarter in Q2 (+22.2%), and growth led by beauty (+65%) and cooking (+36%) while cleaning matures (+4%). The engines: ~25 launches a year across 40 subcategories, international at 35% of sales growing +37%, and TikTok Shop/direct channels. The tension: 26.6x forward earnings vs a 19.8x three-year mean and a ~13x peer median — the past year's +111% was mostly multiple expansion (+70%), not earnings (+25%). Watch items: the $247M tariff refund flattering Q3 (Nov 4), share-based pay that quadrupled, an...