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Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you.
11.43% operating margin is respectable but not wide. ROIC at 17.68%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.1%, essentially flat. Margins also contracted 2.0pp. This is a business that needs a catalyst.
ROIC dropped from 20.67% to 17.68%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.90B
▲ +2.1% YoY
Net Income (TTM)
$159M
▼ -5.9% YoY
Op. Margin
10.77%
▼ -2.0pp YoY
ROIC
16.75%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$257M
▼ -3.4% YoY
Op. Cash Flow (TTM)
$302M
▼ -2.5% YoY
Net Debt
$97M
Cash & Equiv.
$128M
5Y CAGR: +11.3%
5Y CAGR: -9.6%
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