Start here if you're new
what it is
Traeger sells pellet grills, fuel, sauces, and app-connected barbecue gear.
how it gets paid
Last year Traeger made $560M in revenue. Wood pellet grills was the main engine at $298M, or 53% of sales.
why growth slowed
Revenue fell 7.4% last year. Gross margin at 37.4% matters most because it shows Traeger has product-level breathing room if management can finally cut enough operating cost.
what just happened
Q4 revenue came in at $145M, down 13.8%, and the business still loses money.
At a glance
C+ balance sheet — struggling to keep the lights on
5.3% return on capital — nothing to write home about
-$0.27 fy2024 eps est
$475M fy2026 rev est
-17.5% operating margin
xvary composite: 29/100 — weak
What they do
Traeger sells pellet grills, fuel, sauces, and app-connected barbecue gear.
Traeger has been in pellet grilling for over 30 years, and it sells more than a grill. You buy the pellets, rubs, covers, recipes, and the app-linked cooking habit. That ecosystem is sticky in plain English: once your backyard routine runs through one brand, switching is annoying.
How they make money
$560M
annual revenue · their business grew -7.4% last year
wood pellet grills
$298M
wood pellets
$84M
rubs sauces seasonings
$67M
accessories and covers
$45M
replacement parts apparel
$28M
The products that matter
grill and griddle hardware
Grills & Griddles
$298M · 53% of 2025 revenue
It is the center of the business at $298M, but the category fell 8.2% in 2025. That tells you the demand problem starts with the first purchase.
largest segment
pellets, rubs, covers, accessories
Consumables & Accessories
$262M · 47% of 2025 revenue
This $262M business is the repeat-spend side. If it keeps shrinking, your installed base is not protecting revenue enough.
repeat spend
latest demand read
Q4 product mix
$61M grills · $49M accessories
Q4 2025 did not show a clean fix: grill sales fell 22% to $61M and accessories fell 18% to $49M. Same quarter. Same pressure.
latest quarter
Key numbers
$424M
long-term debt
Long-term debt → money owed for years → so what: lenders are owed about 4.7 times Traeger's roughly $90M market value.
-17.5%
operating margin
Operating margin → money left after running the business → so what: Traeger lost 17.5 cents on each $1 of sales.
83%
debt of capital
Capital → the money keeping the business standing → so what: lenders provide 83% of that stack, leaving shareholders with thin protection.
37.4%
gross margin
Gross margin → money left after making the product → so what: the product economics still work better than the company-level cost structure.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $424M (83% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for COOK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 revenue came in at $145M, down 13.8%, and the business still loses money.
Revenue fell 13.8% in Q4 2025, while EPS was -$0.74. Gross margin was 37.4%, which says the product is not broken, but the cost structure still is.
$145M
revenue
$0.74
eps
37.4%
gross margin
the number that mattered
Gross margin at 37.4% matters most because it shows Traeger has product-level breathing room if management can finally cut enough operating cost.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is a debt-heavy balance sheet meeting a guided revenue drop.
high
guided revenue contraction
Management guided $465M–$485M for 2026 versus $560M in 2025. That is a drop of about $75M–$95M in one year.
A shrinking top line makes every other problem harder to solve.
high
$424M debt load
Long-term debt is $424M, or 83% of capital. That is a lot of debt for a company with a $90M market cap and negative return on equity.
If demand stays soft, the balance sheet becomes the story.
med
the repeat-purchase segment is weakening too
Consumables and accessories fell 18% to $218M in 2025. That matters because this is supposed to be the steadier part of the model.
If pellets and accessories do not hold up, the installed-base story gives you less protection than it sounds like it should.
med
reverse split optics can mask, not fix, fundamentals
The 1-for-50 reverse split helped listing optics in March 2026. It does not improve cash generation, demand, or debt.
If the business keeps shrinking, the cleaner share price will not matter for long.
At the $475M midpoint, you are underwriting about $85M less annual revenue than 2025 against $424M of long-term debt. That is the math that matters.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guide check
revenue versus the $465M–$485M plan
This is the first number to watch. If quarterly sales come in below that range early, the turnaround pitch gets thinner fast.
product cycle
two lower-price launches in 2026
Management said two launches are coming at more accessible price points. You want to know whether cheaper products expand demand or just cheapen the mix.
segment trend
whether accessories stop shrinking
Consumables and accessories fell 18% in 2025. If the repeat-spend bucket cannot stabilize, the installed base is worth less than the bull case assumes.
balance sheet
what $424M of debt looks like after another down year
Cost cuts help, but debt is the quiet part. A shrinking business has less room to carry a load this size.
Analyst rankings
consensus recommendation
2.9
On the usual 1–5 scale, that sits around neutral. in human-speak, analysts are not pounding the table.
average one-year target
$1.10
That is about 34% above the current $0.82 price. Tiny stocks make percentage upside look bigger because the starting number is tiny.
analysts covering the stock
7
Coverage exists, but it is not deep. On names like this, targets often follow the stock more than the stock follows the targets.
source: institutional data
Institutional activity
institutional ownership data for COOK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive