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We were incorporated in the State of Nevada on March 11, 2005, under the name Treadzone, Inc. We were a shell company with little or no operations until March 1, 2006, when we acquired the exclusive global manufacturing, distribution, sale and use rights to the Leatt-Brace , pursuant to a license agreement between the Company and Xceed Holdings, a company controlled by the Company's Chairman an…
$12.34
+$0.34 (+2.83%)
EOD Jul 17, 2026
Operating margin is thin at 6.48%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 40.6% YoY with margins expanding 13.2pp. However, free cash flow softened 54%, worth monitoring whether this is timing or structural.
Free cash flow declined 54% versus the prior year, cash generation momentum has weakened.
20.2x earnings, 17.6x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$66M
▲ +40.6% YoY
Net Income (TTM)
$4M
▲ +248.0% YoY
Op. Margin
7.42%
▲ +13.2pp YoY
ROIC
8.20%
▲ +12.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$5M
▼ -53.6% YoY
Op. Cash Flow (TTM)
$6M
▼ -35.3% YoY
Net Debt
-$16M
Net Cash Position
Cash & Equiv.
$17M
5Y CAGR: +9.9%
5Y CAGR: -3.6%
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At a P/E of 20.2 and a price-to-free-cash-flow of 17.6, Leatt (LEAT) trades below a two-stage DCF intrinsic value of about $37.92 per share, so at $12.34 the stock looks undervalued (207.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Leatt scores 51/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $37.92 per share for LEAT, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $28.44. At today's $12.34, that puts the stock about 207.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Leatt scores 51 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 7.4% operating margin and a 8.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. LEAT currently trades below its estimated intrinsic value and scores 51/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.