COOK Traeger, Inc.

Overview and Growth

Traeger, Inc. generated $559.52M of revenue in fiscal 2025, with net loss of $115.18M and an operating cash inflow of $20.52M. At $559.52M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $604.07M in fiscal 2024, revenue decreased 7.4%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was -$0.87, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 0.83x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $219.35M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 39.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $97.73M, reflecting costs that exceeded gross profit. The operating loss equaled 17.5% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $115.18M after operating, financing, tax, and other recognized items. Net margin was -20.6%, reflecting a loss equal to 20.6% of reported revenue. The company reported a pretax loss of $119.32M, before the effect of income taxes. The pretax loss equaled 21.3% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $4.14M, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 67.4%, placing the bottom-line deficit against shareholder capital. The net loss equaled 17.0% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $675.98M asset base was financed through $505.13M of liabilities and $170.85M of equity. Current assets were $214.85M against $80.08M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 2.68x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $19.62M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 24.5% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $399.84M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 2.34x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 59.2%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 74.7%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 2.9%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 18.6% lower than fiscal 2024 assets of $830.68M, measuring the company’s own balance-sheet change. Against $276.43M of equity in fiscal 2024, the current book-equity balance moved 38.2% and ended lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $20.52M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $6.93M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 33.8%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $13.59M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 2.4% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 2.0% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.