SNSharkNinja, Inc.

Household Appliances

Revenue: $6.4B; 16% YoY
Operating margin: 14.4%; 23% YoY
EBITDA: $1.1B; 38% YoY
Market cap: $29.3B
Employees: 4,143; $2M revenue each
Net debt / EBITDA: -0.1×; −$103M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
$33M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
90% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$29.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$600M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.7B	$3.7B	$4.3B	$5.5B	$6.4B	16%
Operating income	$438M	$321M	$374M	$644M	$920M	43%
Net income	$331M	$232M	$167M	$439M	$701M	60%
Operating cash flow	$229M	$205M	$281M	$447M	$634M	42%
Capex	$48M	$80M	$123M	$138M	$146M	6.1%
Stock-based comp	$14M	$6M	$47M	$85M	$44M	48%
Dividends	$0	$0	$150M	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $600M · 28
Net: −$600M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$18M	$28M	271	142
FY2024	$33M	$108M	236	134
FY2023	$105M	$155M	124	104