Traeger, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Traeger, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	363	546	786	656	606	604	560
Cost of revenue	208	311	485	427	382	349	340
Gross profit	156	235	301	229	224	255	219
Research and development		6.8	18.8	10.8	11.5	15.2	12.4
Selling and marketing	66.9	93.7	165	131	109	110	90.2
General and administrative	45.3	50.2	159	167	130	113	95
Operating expenses	145	176	362	575	279	258	317
Operating income	10.5	58.3	-61.1	-346	-55.4	-2.94	-97.7
Interest expense	39.5	34.1	26.6	27.9	31.3	33.5	31.4
Other non-operating income	-39.9	-26.5	-29.1	-35	-27	-33	-21.6
Pre-tax income	-29.5	31.8	-90.3	-381	-82.4	-36	-119
Income tax	0.12	0.75	1.49	1.19	1.99	-1.96	-4.14
Net income	-29.6	31.1	-91.8	-382	-84.4	-34	-115
EBITDA	43.6	90.9	-26.8	-310	-19.9	32.3	-62.5
EPS, basic	-0.27	0.29	-0.82	-3.19	-0.68	-0.27	-0.87
EPS, diluted	-0.27	0.29	-0.82	-3.19	-0.68	-0.27	-0.87
Shares, basic (weighted)	109	109	112	120	124	127	133
Shares, diluted (weighted)	109	109	112	120	124	127	133

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.08	11.6	16.7	39.1	29.9	15	19.6
Receivables		64.8	92.9	42.1	59.9	85.3	82.1
Inventory		68.3	142	153	96.2	107	98.8
Other current assets		13.8	15	27.2	30.3	35.4	14.3
Total current assets		158	266	274	216	243	215
Property, plant and equipment		32.4	55.5	55.5	42.6	36.9	33.7
Lease right-of-use assets			0	13.9	48.2	44.4	38.2
Goodwill		257	297	74.7	74.7	74.7	0
Intangible assets		540	555	513	471	429	387
Other non-current assets		1.49	3.61	15.5	8.33	2.97	2.17
Total assets		989	1,178	947	861	831	676
Accounts payable		21.7	42.7	29.8	33.3	27.7	14.1
Accrued liabilities		54.7	69.8	52.3	52.9	82.1	62.7
Short-term debt		3.41	0	0.25	0.25	0.25	0.25
Total current liabilities		80.1	166	113	134	122	80.1
Long-term debt		434	379	468	397	398	400
Lease liabilities			0	9	29.1	26.6	23
Other non-current liabilities		0.33	1.11	0.87	0.76	0.54	0.55
Total liabilities		515	572	612	569	554	505
Total debt		437	388	476	404	404	403
Paid-in capital			794	882	935	961	974
Retained earnings		-96.6	-188	-570	-655	-689	-804
Other comprehensive income			-0.09	23.3	10.9	4.34	0.53
Shareholders' equity		474	606	335	291	276	171
Total equity		474	606	335	291	276	171
Total liabilities and equity		989	1,178	947	861	831	676
Shares outstanding		0	118	123	126	131	2.74

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-29.6	31.1	-91.8	-382	-84.4	-34	-115
Depreciation and amortization	33.1	32.5	34.4	35.6	35.6	35.3	35.3
Stock-based compensation	2.35	12.8	81.1	87.7	53.2	27.9	15.3
Deferred income tax	0	-0.05	-0.94	-1.31	-2.14	-1.88	-4.85
Change in receivables	-8.49	-30.2	-26.4	51.1	-17.7	-25.4	3.15
Change in inventory	-4.95	-29	-67.8	-11.9	57.3	-11.2	8.54
Change in payables	17.1	28.4	19.2	-28.2	2.37	27	-35.2
Cash from operations	18.5	46.6	-28.4	5.09	64	23.9	20.5
Capital expenditures	-7.5	-14.1	-22.5	-18.4	-19.9	-12	-6.93
Acquisitions	-1.14	-12.7	-56.9	0	0
Cash from investing	-9	-27.3	-79.9	-18.9	-17.4	-12.3	-7.33
Cash from financing	-9.26	-14.8	114	48.6	-68.3	-26.5	-8.55
Net change in cash	0.23	4.48	5.18	34.8	-21.6	-14.9	4.64
Free cash flow	11	32.5	-50.9	-13.3	44.1	11.9	13.6
Interest paid	36.8	31.3	23.4	25.1	40.1	38.5	33.2
Income taxes paid	0.12	0.08	1.65	2.84	3.1	2	3.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $46.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.9%	Gross profit / revenue.
Operating margin	-20.2%	Operating income / revenue.
EBITDA margin	-12.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-23.9%	Pre-tax income / revenue.
Net margin	-23.2%	Net income / revenue.
FCF margin	12.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Return on equity (ROE)	-67.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-17.2%	Net income / average total assets.
Return on invested capital (ROIC)	-71.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-293.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-14.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	59.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-15.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-16.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-38.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-18.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-18.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.49x	Current assets / current liabilities.
Quick ratio	2.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	74.4%	Total liabilities / total assets.
Interest coverage	-3.13x	Operating income / interest expense.
Working capital	$158.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	55.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$198.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	16.7x	Revenue / average property, plant and equipment.
Inventory turnover	3.82x	Cost of revenue / average inventory.
Days inventory	95 days	365 x average inventory / cost of revenue.
Receivables turnover	6.52x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	138 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	9.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$40.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$176.46	Revenue / diluted weighted shares.
FCF per share	$22.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	$24.77	Cash from operations / diluted weighted shares.
Book value per share	$59.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$71.09	Tangible book value / shares outstanding.
Cash per share	$21.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$130.4M	Share price x shares outstanding.
Enterprise value	$70.7M	Market cap + total debt - cash - short-term investments.
P/S	0.27x	Market cap / revenue.
P/B	0.78x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	2.12x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.92x	Market cap / cash from operations, when positive.
EV/Sales	0.15x	Enterprise value / revenue.
EV/FCF	1.15x	Enterprise value / free cash flow, when both are positive.
FCF yield	47.2%	Free cash flow / market cap.
Earnings yield	-86.4%	Net income / market cap (the inverse of P/E).

What was Traeger, Inc.'s revenue in fiscal 2025?

Traeger, Inc. reported revenue of $559.5M for fiscal 2025, 7.4% lower than the year before.

Was Traeger, Inc. profitable in fiscal 2025?

No. It reported a net loss of $115.2M.

How much free cash flow did Traeger, Inc. generate in fiscal 2025?

Cash from operations of $20.5M minus capital expenditures of $6.9M left free cash flow of $13.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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