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what it is
YETI sells premium coolers, drinkware, bags, and outdoor gear to people willing to pay extra for the logo and durability.
how it gets paid
Last year Yeti made $1.9B in revenue. Drinkware was the main engine at $1.04B, or 55% of sales.
why it's growing
Revenue grew 2.1% last year. 57.0% gross margin mattered most because a premium brand with only 2.1% annual sales growth needs pricing power to keep the story alive.
what just happened
YETI's last report beat on profit, with EPS at $0.92 versus a $0.87 estimate.
At a glance
B balance sheet — gets the job done, barely
75/100 earnings predictability — reasonably predictable
20.2x trailing p/e — priced about right
20.5% return on capital — every dollar works hard here
xvary composite: 61/100 — average
What they do
YETI sells premium coolers, drinkware, bags, and outdoor gear to people willing to pay extra for the logo and durability.
YETI wins because the brand lets it charge premium prices and still post a 57.0% gross margin (gross margin → money left after making the product → room to outspend rivals). Return on capital is 20.5%, versus many consumer brands stuck in the low teens, which means your dollars are being turned into profits efficiently. When your cooler becomes part of your identity, price tags get weirdly flexible.
How they make money
$1.9B
annual revenue · their business grew +2.1% last year
Drinkware
$1.04B
+6.0%
Coolers
$0.46B
+1.0%
Bags & cargo
$0.18B
+4.0%
Accessories
$0.14B
+2.0%
Apparel & other
$0.08B
3.0%
The products that matter
premium hard cooler hardware
Hard Coolers
foundational product line
this is where the $1.9B brand started. segment detail is thin here, so your read-through comes from company-level economics: ~11.9% net margin (health block) means the premium positioning still has teeth.
brand builder
portable soft cooler line
Soft Coolers
adjacent growth category
the investment case needs adjacent products to do more lifting because total company revenue grew just 2.1% last year. in other words: the legacy cooler aura is not enough by itself.
adjacent growth
drinkware, bags, and accessories
Drinkware & Bags
ecosystem expansion
these categories matter because they can widen the customer wallet without needing a new cooler purchase each time. for a low-teens net margin business, that mix support matters.
wallet share
Key numbers
57.0%
gross margin
Gross margin → money left after making the product → YETI still has luxury-style pricing power in a hardware business.
20.5%
return on capital
Return on capital → profit earned on the money put into the business → this brand is still productive, not just expensive.
20.2x
trailing p/e
P/E → price compared with last year's earnings → you're paying a premium for a company that grew sales only 2.1%.
$69M
long-term debt
Long-term debt → money owed over many years → only 2% of capital means the balance sheet is not the problem here.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $69M (2% of capital)
- net profit margin 11.9% — keeps 12 cents of every dollar in revenue
- return on equity 22% — $0.22 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in YETI 3 years ago → it's now worth $11,120.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
YETI's last report beat on profit, with EPS at $0.92 versus a $0.87 estimate.
Full-year revenue reached $1.9 billion, up 2.1%, while gross margin hit 57.0%. The quiet part is margins did more work than top-line growth.
$1.9B
revenue
$0.92
eps
57.0%
gross margin
the number that mattered
57.0% gross margin mattered most because a premium brand with only 2.1% annual sales growth needs pricing power to keep the story alive.
-
shares of yeti holding have soared recently.
-
indeed, the stock has risen roughly 50% in value since our last full-page review in october.
-
this equity bottomed out early last year due to economic uncertainty caused by u.s. trade policy.
-
now that there seems to be more clarity, investors have regained confidence in the stock.
-
recent share buybacks have helped also.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a premium outdoor brand meeting a cautious consumer.
med
premium demand can fade fast
YETI sells wants, not staples. If consumers pull back, the whole brand feels it because this is still one $1.9B discretionary revenue stream.
A slowdown does not hit one niche segment. It pressures the entire revenue base.
med
margin compression is the fast way this rerates lower
Full-year net margin was 11.2%, but last quarter printed 8.1%. That gap matters. Premium brands get valued for pricing power, and pricing power looks less magical when margins slip three points.
If quarterly profitability keeps hugging the 8.1% level instead of the 11.2% full-year level, the current multiple starts to look rich.
med
tariffs and supply chain costs can eat the premium
Imported goods, freight, and landed-cost pressure all matter when your pitch is premium quality at premium pricing. The snapshot data here is thin on geographic sourcing, so we are not pretending to know the exact exposure.
Even modest cost pressure hits an 11.2% net margin business directly, because consumers do not accept every price increase forever.
a consumer pullback touches all $1.9B of revenue, and a margin slide from 11.2% toward last quarter's 8.1% would hit the equity story even faster.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
revenue growth stuck at 2.1%
that is the entire debate. if growth stays in the low single digits, YETI remains a quality brand without a growth-stock multiple.
trend
quarterly margin slipped to 8.1%
full-year net margin was 11.2%. you want the next few quarters moving back toward that level, not making 8.1% look normal.
ownership
197 buyers vs 202 sellers
institutional flow is only slightly negative, but it tells you large holders are not yet treating this as an obvious rebound story.
next print
watch eps against the $2.80 full-year setup
the stock looks more reasonable on roughly 17.7x forward earnings. that only holds if upcoming quarters keep the full-year estimate intact.
Analyst rankings
short-term outlook
top 20%
momentum score 2. in human-speak, analysts think the stock can outperform most names over the next 12 months.
risk profile
average
stability score 3. you are not buying a bunker stock, but you are also not buying a balance-sheet accident.
chart momentum
average
technical score 3. the chart is not screaming anything dramatic right now.
earnings predictability
75 / 100
guidance tends to be reasonably dependable. that matters more when the stock is living on execution, not pure excitement.
source: institutional data
Institutional activity
197 buyers vs. 202 sellers in 3q2025. total institutional holdings: 90.1M shares.
source: institutional data
Price targets
3-5 year target range
$24
$64
$50
current price
$44
target midpoint · 11% from current · 3-5yr high: $85 (+70% · 14% ann'l return)
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