SharkNinja, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data SharkNinja, 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

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	3,727	3,717	4,254	5,529	6,399
Cost of revenue	2,289	2,307	2,346	2,867	3,263
Gross profit	1,438	1,410	1,908	2,662	3,136
Research and development	201	216	249	341	368
Selling and marketing	619	622	898	1,243	1,458
General and administrative	180	251	387	433	390
Operating expenses	1,000	1,089	1,534	2,018	2,216
Operating income	438	321	374	644	920
Other non-operating income	-7.64	7.63	-35.4	-7.98	28.6
Pre-tax income	414	302	293	572	900
Income tax	83.2	69.6	126	134	199
Net income	331	232	167	439	701
EBITDA	516	408	477	767	1,060
EPS, basic	2.38	1.67	1.20	3.14	4.97
EPS, diluted	2.38	1.67	1.20	3.11	4.94
Shares, basic (weighted)	139	139	139	140	141
Shares, diluted (weighted)	139	139	139	141	142
Dividend per share			1.08

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	225	193	154	364	777
Receivables		767	985	1,267	1,667
Inventory		549	700	900	1,002
Other current assets		182	58.3	114	165
Total current assets		1,716	1,897	2,644	3,611
Property, plant and equipment		137	166	211	232
Lease right-of-use assets		67.3	63.3	146	142
Goodwill		840	834	835	835
Intangible assets		493	478	463	451
Other non-current assets		35.4	48.2	51.6	66.8
Total assets		3,295	3,487	4,394	5,349
Accounts payable		328	460	612	680
Accrued liabilities		552	620	842	1,017
Short-term debt		87	24.2	39.3	39.3
Total current liabilities		969	1,125	1,529	1,774
Long-term debt		349	775	736	697
Lease liabilities		61.8	63	145	141
Other non-current liabilities		26	28	37.3	45.6
Total liabilities		1,467	2,008	2,458	2,673
Total debt		436	800	775	736
Paid-in capital		941	1,010	1,038	1,046
Retained earnings		897	470	909	1,610
Treasury stock					0
Other comprehensive income		-9.67	-1.03	-11.3	20.3
Shareholders' equity	1,761	1,828	1,479	1,936	2,676
Total equity	1,761	1,828	1,479	1,936	2,676
Total liabilities and equity		3,295	3,487	4,394	5,349
Shares outstanding		139	139	140	141

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	331	232	167	439	701
Depreciation and amortization	78.2	86.7	104	123	140
Stock-based compensation	13.9	5.51	47	84.5	43.9
Deferred income tax	-15.1	-16.6	-41.7	-47.4	38.7
Change in receivables	-77.4	0.52	-230	-299	-350
Change in inventory	-185	53.9	-156	-205	-87.3
Change in payables	74.9	-118	148	157	38.1
Cash from operations	229	205	281	447	634
Capital expenditures	-48	-80.3	-123	-138	-146
Cash from investing	-66.4	-52.4	-118	-151	-160
Debt repaid	-123	-310	-443	-25.3	-40.5
Dividends paid	0	0	-150	0	0
Cash from financing	-54.5	-160	-235	-81.2	-77.1
Exchange rate effect	-0.7	-14.2	7.63	-4.61	16.3
Net change in cash	108	-21.8	-64.7	210	414
Free cash flow	181	125	158	309	488
Interest paid	12	16.3	51.1	64.7	50.5
Income taxes paid	91.9	90	141	191	149

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $177.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.0%	Gross profit / revenue.
Operating margin	14.4%	Operating income / revenue.
EBITDA margin	16.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	11.0%	Net income / revenue.
FCF margin	7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.4%	Net income / average total assets.
Return on invested capital (ROIC)	28.8%	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%.
R&D / revenue	5.8%	Research and development expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	17.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	42.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	42.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	38.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	37.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	59.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	44.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	58.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	43.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	42.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	45.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	58.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	57.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 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	13.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	21.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.7%	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	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.8%	Total debt / total assets.
Liabilities / assets	50.0%	Total liabilities / total assets.
Net debt	-$41.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.84B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Fixed asset turnover	28.8x	Revenue / average property, plant and equipment.
Inventory turnover	3.43x	Cost of revenue / average inventory.
Days inventory	106 days	365 x average inventory / cost of revenue.
Receivables turnover	4.36x	Revenue / average receivables.
Days sales outstanding	84 days	365 x average receivables / revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	118 days	Days inventory + days sales outstanding - days payables.
FCF conversion	69.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.94	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.
EPS, basic	$4.97	Net income per basic share, as reported (split-adjusted).
Revenue per share	$45.04	Revenue / diluted weighted shares.
FCF per share	$3.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.46	Cash from operations / diluted weighted shares.
Book value per share	$18.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.85	Tangible book value / shares outstanding.
Cash per share	$5.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.04B	Share price x shares outstanding.
Enterprise value	$25.00B	Market cap + total debt - cash - short-term investments.
P/E	35.7x	Market cap / net income. Only when net income is positive.
P/S	3.91x	Market cap / revenue.
P/B	9.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.0x	Market cap / tangible book value, when positive.
P/FCF	51.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	39.5x	Market cap / cash from operations, when positive.
EV/Sales	3.91x	Enterprise value / revenue.
EV/EBIT	27.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.82x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

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

SharkNinja, Inc. reported revenue of $6.40B for fiscal 2025, 15.7% higher than the year before.

Was SharkNinja, Inc. profitable in fiscal 2025?

Yes. Net income was $701.4M, a net margin of 11%.

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

Cash from operations of $634.1M minus capital expenditures of $146.1M left free cash flow of $488.1M.

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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