YETI Holdings, Inc. (YETI) Stock Analysis and Metrics

YETI Holdings

NYSE: YETI

$44.68 ▼ -6.16 (-12.12%)

At close: Aug 13, 2026 · 1:58 PM UTC

Financial Ratios

Market Cap3.58 Bn

P/E16.28

P/S1.79

Div. Yield0.00

ROIC (Qtr)0.09

Total Debt (Qtr)100.79 Mn

Revenue Growth (1y) (Qtr)8.52

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About

YETI Holdings, Inc. is a global designer, retailer, and distributor of innovative outdoor products. The company creates high-performance gear including coolers, drinkware, bags, and apparel for outdoor enthusiasts and consumers seeking durable, premium-quality equipment. YETI serves customers engaged in activities ranging from hunting and fishing to beach outings and everyday use, emphasizing product reliability and brand loyalty.

YETI generates revenue through the sale of its product categories: Coolers & Equipment, Drinkware, and Other. In 2025, Coolers & Equipment accounted for 40% of net sales, Drinkware for 58%, and Other for 2%. Revenue is derived from both direct-to-consumer and wholesale channels, with the direct-to-consumer channel representing 60% of net sales in 2025. The company sells through its websites, retail stores, and authorized third-party platforms such as Amazon Marketplace.

The company operates through the following segments:

YETI holds a strong position in the premium outdoor and recreation market, competing against established brands such as Igloo and Coleman in coolers, and HydroFlask, Stanley, and Owala in drinkware. The company differentiates itself through superior product design, durability, brand recognition, and its direct-to-consumer capabilities. YETI leverages a broad network of national, regional, and independent retail partners to maintain its premium positioning and market reach.

YETI serves a diverse customer base including serious outdoor enthusiasts, recreational users, and individuals who value high-quality, durable products. The company sells through approximately 5,300 retail partners worldwide, including major retailers such as Dick’s Sporting Goods, REI, Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company. Internationally, notable partners include FGL Sports and SportChek in Canada, BCF and Rebel in Australia, and GO Outdoors in the United Kingdom. No single customer accounted for 10% or more of gross sales in 2025.

Investment Thesis

▲ Bull case

YETI’s brand trust remains a core driver of repeat purchase and premium pricing as shown by consistently high product satisfaction scores near 98% and rising brand awareness across demographics. This trust lowers marketing friction and supports efficient adoption of new innovations which expands the addressable market over time. The company’s focus on authentic storytelling through campaigns like the recent four letter initiative deepens emotional connection with consumers and reinforces loyalty. As brand meaning deepens in everyday occasions the pricing integrity is protected and lifetime value continues to grow supporting sustained top line expansion.
The drinkware and coolers platforms are being expanded through disciplined innovation that adds new use cases without diluting core strengths as evidenced by growth in stackable cups chug bottles ceramic mugs and the Yonder Shaker bottle. These extensions broaden the portfolio and attract younger consumers while maintaining premium standards and driving incremental revenue from proven adjacencies. The innovation cadence is consistent with market absorption and is supported by a shortened development cycle that leverages legacy design DNA and supply chain expertise. This platform approach creates compounding returns as each new product builds on the existing base and strengthens the ecosystem for future growth.
International sales are still early in their growth curve with the company targeting a high teens to low twenty% full year increase driven by underlying consumer demand and disciplined market entry strategies. The approach focuses on right assortment right distribution localized activation and measured investment which has already shown improving productivity in top European accounts and building momentum in Japan and Southeast Asia. Canada and Australia remain significant contributors despite macro pressures and are expected to deliver solid full year performance. The geographic diversification reduces reliance on any single region and provides a runway for margin accretive growth as scale improves.
The diversified omnichannel model allows wholesale to expand reach while owned DTC deepens engagement and marketplaces add convenience creating a buffer against channel specific volatility as demonstrated by strong double digit sell through growth in wholesale despite softer corporate sales. Wholesale partners are responding to expanded innovation pipeline and improved merchandising which aligns sell in with sell through and supports inventory health. The disciplined channel strategy protects brand presentation maintains premium positioning and prioritizes long term shelf productivity over short term volume. This channel balance increases overall business resilience and enables consistent investment behind brand and innovation.
YETI’s fortress balance sheet with over four hundred twenty five million dollars in liquidity and modest debt provides flexibility to invest through cycles while returning capital to shareholders via an upsized five hundred million dollar share repurchase authorization. Strong free cash flow generation of roughly two hundred million to two hundred twenty five million dollars annually funds innovation expansion and disciplined capital returns. The company’s track record of returning approximately five hundred million dollars to shareholders over the past two years demonstrates commitment to shareholder value without compromising growth investments. This financial discipline supports per share value creation and enables the firm to navigate transient headwinds such as tariff impacts while maintaining long term growth algorithms.

YETI’s brand trust remains a core driver of repeat purchase and premium pricing as shown by consistently high product satisfaction scores near 98% and rising brand awareness across demographics. This trust lowers marketing friction and supports efficient adoption of new innovations which expands the addressable market over time. The company’s focus on authentic storytelling through campaigns like the recent four letter initiative deepens emotional connection with consumers and reinforces loyalty. As brand meaning deepens in everyday occasions the pricing integrity is protected and lifetime value continues to grow supporting sustained top line expansion.
The drinkware and coolers platforms are being expanded through disciplined innovation that adds new use cases without diluting core strengths as evidenced by growth in stackable cups chug bottles ceramic mugs and the Yonder Shaker bottle. These extensions broaden the portfolio and attract younger consumers while maintaining premium standards and driving incremental revenue from proven adjacencies. The innovation cadence is consistent with market absorption and is supported by a shortened development cycle that leverages legacy design DNA and supply chain expertise. This platform approach creates compounding returns as each new product builds on the existing base and strengthens the ecosystem for future growth.
International sales are still early in their growth curve with the company targeting a high teens to low twenty% full year increase driven by underlying consumer demand and disciplined market entry strategies. The approach focuses on right assortment right distribution localized activation and measured investment which has already shown improving productivity in top European accounts and building momentum in Japan and Southeast Asia. Canada and Australia remain significant contributors despite macro pressures and are expected to deliver solid full year performance. The geographic diversification reduces reliance on any single region and provides a runway for margin accretive growth as scale improves.
The diversified omnichannel model allows wholesale to expand reach while owned DTC deepens engagement and marketplaces add convenience creating a buffer against channel specific volatility as demonstrated by strong double digit sell through growth in wholesale despite softer corporate sales. Wholesale partners are responding to expanded innovation pipeline and improved merchandising which aligns sell in with sell through and supports inventory health. The disciplined channel strategy protects brand presentation maintains premium positioning and prioritizes long term shelf productivity over short term volume. This channel balance increases overall business resilience and enables consistent investment behind brand and innovation.
YETI’s fortress balance sheet with over four hundred twenty five million dollars in liquidity and modest debt provides flexibility to invest through cycles while returning capital to shareholders via an upsized five hundred million dollar share repurchase authorization. Strong free cash flow generation of roughly two hundred million to two hundred twenty five million dollars annually funds innovation expansion and disciplined capital returns. The company’s track record of returning approximately five hundred million dollars to shareholders over the past two years demonstrates commitment to shareholder value without compromising growth investments. This financial discipline supports per share value creation and enables the firm to navigate transient headwinds such as tariff impacts while maintaining long term growth algorithms.

▼ Bear case

Corporate sales remain a notable portion of the direct to consumer channel yet showed year over year decline in the first quarter driven by caution from corporate buyers challenging comparisons to prior year strength and order timing dynamics. Management characterized this softness as episodic but did not provide concrete metrics on the proportion of corporate sales that are truly recurring versus one off projects. This uncertainty creates risk that a sustained pullback in corporate spending could weigh on overall direct to consumer growth especially if macroeconomic conditions remain subdued. The lack of detailed guidance on corporate sales recovery leaves investors without clear visibility on when this channel might stabilize.
Demand for soft coolers and bags continues to outstrip supply with fill rates in certain programs running short through 2025 and into the Q1 FY26 despite strong consumer engagement. Management noted that additional capacity is expected in the back half of the year but did not disclose specific timelines or capital expenditures required to alleviate the bottleneck. If supply constraints persist the company may miss out on near term growth levers and fail to fully capture the everyday use opportunity that these products represent. Persistent shortages could also force reliance on higher cost alternative sourcing which would pressure margins.
The first quarter gross margin decline included a 280 basis point unfavorable impact from higher tariff costs and management acknowledged that tariff rates remain fluid with potential resumption of twenty% levels after the Section 122 expiration in July. Even though a net benefit from tariff changes was approximated at five million dollars the offset from higher commodity and transportation costs reduced the net gain. Continued volatility in raw material prices such as resin and energy could erode gross margin improvements and limit the company’s ability to offset costs through pricing or mix shifts. This ongoing cost pressure creates uncertainty around margin stability beyond the expected second half recovery.
Adjusted SG&A expenses increased ten% year over year reflecting growth investments in facilities technology and headcount to support international expansion while the company also cited higher employee compensation. Although management expects operating leverage to moderate expense growth in the second half the current trajectory shows SG&A rising faster than sales which could pressure operating margins if sales growth decelerates. The lack of specific benchmarks for SG&A efficiency improvements raises questions about whether the investments are yielding proportional returns. If international expansion spends do not translate into adequate revenue growth the expense base could become a drag on profitability.
YETI’s products are positioned as premium discretionary items and their performance is sensitive to general economic conditions consumer confidence and overall spending patterns. The commentary noted softer corporate sales and macro pressures in Australia and Canada yet did not quantify how a broader slowdown in consumer discretionary demand could affect core categories such as drinkware and coolers. If global economic uncertainty persists the company may experience slower sell through growth especially in international markets where brand penetration is still developing. This sensitivity introduces risk to the high single to low double digit long term growth algorithm that management outlines.

Corporate sales remain a notable portion of the direct to consumer channel yet showed year over year decline in the first quarter driven by caution from corporate buyers challenging comparisons to prior year strength and order timing dynamics. Management characterized this softness as episodic but did not provide concrete metrics on the proportion of corporate sales that are truly recurring versus one off projects. This uncertainty creates risk that a sustained pullback in corporate spending could weigh on overall direct to consumer growth especially if macroeconomic conditions remain subdued. The lack of detailed guidance on corporate sales recovery leaves investors without clear visibility on when this channel might stabilize.
Demand for soft coolers and bags continues to outstrip supply with fill rates in certain programs running short through 2025 and into the Q1 FY26 despite strong consumer engagement. Management noted that additional capacity is expected in the back half of the year but did not disclose specific timelines or capital expenditures required to alleviate the bottleneck. If supply constraints persist the company may miss out on near term growth levers and fail to fully capture the everyday use opportunity that these products represent. Persistent shortages could also force reliance on higher cost alternative sourcing which would pressure margins.
The first quarter gross margin decline included a 280 basis point unfavorable impact from higher tariff costs and management acknowledged that tariff rates remain fluid with potential resumption of twenty% levels after the Section 122 expiration in July. Even though a net benefit from tariff changes was approximated at five million dollars the offset from higher commodity and transportation costs reduced the net gain. Continued volatility in raw material prices such as resin and energy could erode gross margin improvements and limit the company’s ability to offset costs through pricing or mix shifts. This ongoing cost pressure creates uncertainty around margin stability beyond the expected second half recovery.
Adjusted SG&A expenses increased ten% year over year reflecting growth investments in facilities technology and headcount to support international expansion while the company also cited higher employee compensation. Although management expects operating leverage to moderate expense growth in the second half the current trajectory shows SG&A rising faster than sales which could pressure operating margins if sales growth decelerates. The lack of specific benchmarks for SG&A efficiency improvements raises questions about whether the investments are yielding proportional returns. If international expansion spends do not translate into adequate revenue growth the expense base could become a drag on profitability.
YETI’s products are positioned as premium discretionary items and their performance is sensitive to general economic conditions consumer confidence and overall spending patterns. The commentary noted softer corporate sales and macro pressures in Australia and Canada yet did not quantify how a broader slowdown in consumer discretionary demand could affect core categories such as drinkware and coolers. If global economic uncertainty persists the company may experience slower sell through growth especially in international markets where brand penetration is still developing. This sensitivity introduces risk to the high single to low double digit long term growth algorithm that management outlines.

Geographical Breakdown of Revenue (2026)

Peer Comparison

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6	PLNT	Planet Fitness, Inc.	3.74 Bn	15.47	2.65	2.55 Bn
7	YETI	YETI Holdings, Inc.	3.58 Bn	16.28	1.79	0.10 Bn
8	CALY	Callaway Golf Co	3.01 Bn	-8.74	1.41	0.05 Bn

Research Tools

Datasets

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Developers

About

Investment Thesis

Product and Service Breakdown of Revenue (2026)

Geographical Breakdown of Revenue (2026)

Peer Comparison

Research Tools

Datasets

Plans

Developers

About

Investment Thesis

Product and Service Breakdown of Revenue (2026)

Geographical Breakdown of Revenue (2026)

Peer Comparison

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