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Welcome to the Traegerhood Our mission is to bring people together to create a more flavorful world. Traeger is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue.
The business is unprofitable at the operating level (-17.47% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.4% YoY. Margins deteriorated 17.0pp alongside, both lines moving the wrong way.
ROIC dropped from -0.33% to -11.86%, capital efficiency is deteriorating. Net debt of $406M represents 29.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$510M
▼ -7.4% YoY
Net Income (TTM)
-$111M
▼ -238.7% YoY
Op. Margin
-20.02%
▼ -17.0pp YoY
ROIC
-24.57%
▼ -11.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▲ +14.2% YoY
Op. Cash Flow (TTM)
$59M
▼ -14.1% YoY
Net Debt
-$9M
Net Cash Position
Cash & Equiv.
$34M
3Y CAGR: -5.2%
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