Traeger Inc
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Traeger Inc AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -211M with 397M intangibles (68% of assets) - equity value depends entirely on brand/IP valuation holding[Tangible Book Value]
- Debt/equity of 2.3x with 427M debt vs 6M cash and -22M EBITDA TTM - interest coverage is negative, refinancing risk elevated[Debt to Equity]
- 5yr revenue CAGR of -2.9% vs industry median +9.8% - structural demand decline in premium grill category[Total Revenue 5yr Growth]
Watch Triggers
- Cash and Equivalents: Falls below 3M or covenant breach disclosed — Triggers forced refinancing at distressed terms or bankruptcy filing
- Operating Margin TTM: Turns positive for 2 consecutive quarters — Signals turnaround traction and potential debt serviceability
- Total Revenue TTM: Stabilizes or grows YoY — Reversal of 5yr decline trend would validate brand relevance
Bull Case
Gross margin of 40% TTM exceeds industry median of 27% - brand premium intact despite volume decline, margin expansion possible with cost cuts
P/S of 0.25x vs industry median 2.1x - if turnaround succeeds, 8x multiple expansion potential from depressed base
Bear Case
Net debt of 394M is 2.7x market cap (145M) - equity is a levered call option on turnaround with high wipeout risk
ROIC of -15.7% TTM destroying capital - 586M invested capital generating -77M EBIT, business model broken at current scale
Bull vs Bear Balance
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Forward Thesis
Debt restructuring or dilutive equity raise likely within 12-18 months given cash burn trajectory
- Only 6M cash with negative EBITDA of -22M TTM
- 32M annual interest expense on 427M debt
- FCF of 4M insufficient for debt service
Valuation Context
Caveats
COOK Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$195.84M | — | ||
$601.75M | — | ||
0.00 | — | ||
$559.52M | -7.4% | — | |
$-43.50 | — | ||
-0.21% | +0.3% | — | |
-20.6% | -15.0% | — | |
$13.08M | +14.3% | — | |
-51.5% | -39.5% | — | |
Beta 5Y (Monthly) | unknown | — |
COOK Dividend History
COOK Stock Splits
COOK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/06/26 | 12/31/25 | Unknown | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
03/07/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/08/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
03/16/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/12/22 | 03/31/22 | 10-Q | |
08/08/23 | 03/31/22 | 10-Q/A | |
03/29/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
09/10/21 | 06/30/21 | 10-Q | |
07/30/21 | 03/31/21 | 424B4 | |
07/30/21 | 12/31/20 | 424B4 | |
11/15/21 | 09/30/20 | 10-Q | |
09/10/21 | 06/30/20 | 10-Q | |
07/30/21 | 03/31/20 | 424B4 |