SharkNinja

SN · NYSE · Consumer Discretionary · Financials, fiscal 2021 to 2025

SN · Last close · October 26, 2026

$198.63

SharkNinja's revenue rose 15.8% to $6.4 billion in fiscal 2025. Its operating margin was 14.4%, up from 11.7% a year earlier. Free cash flow was $488 million, up 58.0%. The diluted share count rose 0.7%.

SHARKNINJA, INC. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001957132-26-000015 Updated October 23, 2026

Revenue

$6.4B

15.8%

Operating margin

14.4%

2.7 pts

Net income

$701M

59.9%

Free cash flow

$488M

58.0%

Return on capital

28.8%

6.7 pts

Market cap

$28.1B

Oct 26 close

P/E

40.2x

On $4.94 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What SharkNinja does

SharkNinja designs small household appliances sold under two brands. Shark is best known for vacuums and floor care, and Ninja for kitchen appliances. Its products include vacuums, carpet cleaners, fans, air purifiers, beauty products, blenders, frozen drink makers, espresso machines and outdoor cooking products. It sells through most major retailers and distributors, and also directly to shoppers through its websites and infomercials, in 38 markets.

Net sales grew by $870.5 million, or 15.7%, in 2025. Cleaning appliances brought in $2,205.8 million, cooking and beverage appliances $1,816.3 million, food preparation appliances $1,550.7 million, and beauty and home environment products $826.3 million. The US made up 62.5% of sales. The company reports one segment. Shark competes with Dyson, Hoover and Bissell; Ninja with Vitamix, De'Longhi, Breville, Hamilton Beach, Cuisinart and others. SharkNinja says most of its rivals sell at lower prices, with exceptions such as Dyson and Vitamix.

SharkNinja doesn't make its own products. Outside suppliers, mostly in China, manufacture them, while its own engineers and designers in the US, the UK and China develop them. It had about 4,143 employees in about 13 countries at the end of 2025.

Its biggest risks, as it describes them

Failing to keep its brands strong and keep up demand for its products.
Failing to keep launching new products that people want to buy.
Its reliance on outside suppliers, many of them in China, and on getting products shipped on time.
Tariffs and trade policy changes that make products made abroad harder or costlier to get.
Its reliance on large retailers and distributors to sell its products.

From SharkNinja's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2021 to 2025, earnings per share grew 20.0% a year and net income 20.6% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value SharkNinja yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from SharkNinja's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from SharkNinja's fiscal 2025 free cash flow of $488M, net cash of $41M at December 31, 2025 and 142 million diluted shares, from its filings. The scenarios are fitted to SharkNinja: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 19.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Household Appliances); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to SharkNinja's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $198.63
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from SharkNinja's earnings per share of $4.94 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of SharkNinja's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Whirlpool, Levi Strauss, Victoria's Secret.

Earnings growth in the years ahead (% a year) Starts at SharkNinja's revenue growth over the last 3 years, 19.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $198.63
Value at this multiple, against the last close: —
SharkNinja's P/E at the last close: 40.2×

Company	Last close	Earnings per share	P/E today
SharkNinjaSN	$198.63	$4.94	40.2×
Victoria's SecretVSXY	$94.96	$4.49	21.1×
Levi StraussLEVI	$21.84	$1.50	14.6×
WhirlpoolWHR	$26.45	$2.93	9.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	225	193	154	364	777
Debt incl. finance leases	—	436	800	776	736
Net debt (negative means net cash)	—	243	646	412	−41
Net debt to EBITDA	—	0.6x	1.4x	0.5x	−0.0x
Debt to equity	—	0.2x	0.5x	0.4x	0.3x
Interest coverage	36.5x	19.7x	7.3x	10.0x	18.2x
Current ratio	—	1.8x	1.7x	1.7x	2.0x
Quick ratio	—	1.2x	1.1x	1.1x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought SharkNinja shares on the open market, and 6 insiders sold $600.2 million, $158.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 26, 2026	Neil B. ShahChief Commercial Officer	Sold	50,000	$186.36	$9.3 million	Form 4
Aug 20, 2026	Peter FeldDirector	Sold	5,000	$180.00	$900,000	Form 4
Aug 10, 2026	Neil B. ShahChief Commercial Officer	Sold	20,333	$184.69	$3.8 million	Form 4
Aug 7, 2026	Neil B. ShahChief Commercial Officer	Sold	29,667	$186.76	$5.5 million	Form 4
Aug 7, 2026	Adam QuigleyChief Financial Officer	Sold	1,750	$183.94	$321,895	Form 4
Aug 6, 2026	Mark BarrocasChief Executive Officer, Director	Sold plan	250,000	$185.00	$46.2 million	Form 4
Aug 5, 2026	Mark BarrocasChief Executive Officer, Director	Sold plan	250,000	$170.00	$42.5 million	Form 4
Jul 17, 2026	Mark BarrocasChief Executive Officer, Director	Sold plan	250,000	$155.01	$38.8 million	Form 4
Jul 10, 2026	Xuning WangDirector, 10% owner	Sold	2,668,200	$150.36	$401.2 million	Form 4
Jun 25, 2026	Mark BarrocasChief Executive Officer, Director	Sold plan	100,000	$145.00	$14.5 million	Form 4
Jun 18, 2026	Mark BarrocasChief Executive Officer, Director	Sold plan	100,000	$140.00	$14.0 million	Form 4
Jun 4, 2026	Pedro J. Lopez-BaldrichChief Legal Officer	Sold	2,200	$122.60	$269,720	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	—	Pass	Fail
F-score	—	8 of 9	6 of 9
Accruals ratio	−3.4%	−0.2%	1.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put SharkNinja side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
SharkNinja	FY25	15.8%	14.4%	7.6%	28.8%	−0.0x	6
Whirlpool	FY25	−6.5%	5.4%	0.5%	7.2%	5.0x	5	Compare
Camping World	FY25	4.4%	2.8%	—	4.9%	5.0x	—	Compare
Levi Strauss	FY25	4.1%	10.8%	4.9%	22.2%	0.3x	7	Compare
Victoria's Secret	FY25	5.2%	4.1%	4.8%	17.7%	0.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,727	3,717	4,254	5,529	6,399
Revenue growth	—	−0.3%	14.4%	30.0%	15.8%
Gross profit	1,438	1,410	1,908	2,662	3,136
Research and development	201	216	249	341	368
Operating income	438	321	374	644	920
Net income	331	232	167	439	701
Diluted EPS (US$)	2.38	1.67	1.20	3.11	4.94
Diluted shares (millions)	139	139	139	141	142
Cash flow
Cash from operations	229	205	281	447	634
Capital expenditure	48	80	123	138	146
Free cash flow	181	125	158	309	488
Dividends paid	0	0	150	0	0
Share buybacks	0	0	0	0	0
Acquisitions	0	0	0	0	0
Stock-based compensation	14	6	47	84	44
Balance sheet at fiscal year end
Cash and short-term investments	225	193	154	364	777
Debt incl. finance leases	—	436	800	776	736
Total assets	—	3,295	3,487	4,394	5,349
Total liabilities	—	1,467	2,008	2,458	2,673
Shareholders' equity	1,761	1,828	1,479	1,936	2,676
Margins and ratios
Gross margin	38.6%	37.9%	44.9%	48.1%	49.0%
Operating margin	11.8%	8.7%	8.8%	11.7%	14.4%
Net margin	8.9%	6.2%	3.9%	7.9%	11.0%
Free cash flow margin	4.9%	3.4%	3.7%	5.6%	7.6%
Return on capital	—	—	10.2%	22.1%	28.8%
Return on equity	—	—	10.1%	25.7%	30.4%
Return on assets	—	—	4.9%	11.1%	14.4%
Net debt to EBITDA	—	0.6x	1.4x	0.5x	−0.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: SharkNinja's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with SharkNinja.