Latest Ratios: P/E Ratio -3.6x · EV/EBITDA 33.4x · ROE -51.5%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $187M | $144M | $305M | $338M | $338M | $1.4B | — | — |
| Enterprise Value | $593M | $550M | $724M | $767M | $793M | $1.8B | — | — |
| P/E Ratio → | -3.61 | — | — | — | — | — | — | — |
| P/S Ratio | 0.43 | 0.26 | 0.50 | 0.56 | 0.51 | 1.74 | — | — |
| P/B Ratio | 1.05 | 0.84 | 1.10 | 1.16 | 1.01 | 2.25 | — | — |
| P/FCF | 2.95 | 10.99 | 26.62 | 7.74 | — | — | — | — |
| P/OCF | 9.10 | 7.01 | 12.75 | 5.27 | 66.26 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 1.20 | 1.27 | 1.21 | 2.25 | — | — |
| EV / EBITDA | 33.35 | 10.38 | 13.56 | 328.43 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 42.02 | 63.24 | 17.57 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.9% | 31.9% | 42.3% | 36.9% | 34.9% | 38.3% | 43.0% | 42.9% |
| Operating Margin | -0.2% | -0.2% | -0.5% | -9.2% | -52.7% | -7.8% | 10.7% | 2.9% |
| Net Profit Margin | -20.6% | -20.6% | -5.6% | -13.9% | -58.3% | -11.7% | 5.7% | -8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -51.5% | -51.5% | -12.0% | -27.0% | -81.2% | -17.0% | 6.9% | -6.9% |
| ROA | -15.3% | -15.3% | -4.0% | -9.3% | -36.0% | -8.5% | 3.2% | -3.2% |
| ROIC | -0.1% | -0.1% | -0.3% | -5.5% | -28.8% | -4.8% | 4.9% | 0.9% |
| ROCE | -0.2% | -0.2% | -0.4% | -7.1% | -37.5% | -6.4% | 6.5% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.49 | 2.49 | 1.57 | 1.57 | 1.48 | 0.69 | 0.92 | 1.04 |
| Debt / EBITDA | 8.03 | 8.03 | 8.13 | 196.53 | — | — | 4.41 | 9.03 |
| Net Debt / Equity | — | 2.38 | 1.52 | 1.47 | 1.36 | 0.67 | 0.90 | 1.02 |
| Net Debt / EBITDA | 7.66 | 7.66 | 7.85 | 183.71 | — | — | 4.29 | 8.89 |
| Debt / FCF | — | 31.03 | 36.63 | 9.83 | — | — | 13.34 | 42.09 |
| Interest Coverage | -2.81 | -2.81 | -0.07 | -1.64 | -12.66 | -2.39 | 1.93 | 0.25 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.68 | 2.68 | 1.99 | 1.62 | 2.43 | 1.60 | 1.99 | 1.72 |
| Quick Ratio | 1.45 | 1.45 | 1.11 | 0.90 | 1.07 | 0.75 | 1.13 | 0.92 |
| Cash Ratio | 0.25 | 0.25 | 0.12 | 0.22 | 0.35 | 0.10 | 0.14 | 0.14 |
| Asset Turnover | — | 0.83 | 0.73 | 0.70 | 0.69 | 0.67 | 0.55 | 0.39 |
| Inventory Turnover | 3.86 | 3.86 | 3.25 | 3.98 | 2.78 | 3.43 | 4.52 | 5.28 |
| Days Sales Outstanding | — | 53.57 | 51.56 | 36.11 | 23.40 | 43.18 | 43.36 | 34.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 0.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 33.9% | 9.1% | 3.8% | 12.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $3M | $3M | $2M | $2M | $2M | $2M | $2M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COOK stock.
Traeger, Inc.'s current P/E ratio is -3.6x. This places it at the 50th percentile of its historical range.
Traeger, Inc.'s current EV/EBITDA is 33.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Traeger, Inc.'s return on equity (ROE) is -51.5%. The historical average is -27.0%.
Based on historical data, Traeger, Inc. is trading at a P/E of -3.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Traeger, Inc. has 31.9% gross margin and -0.2% operating margin.
Traeger, Inc.'s Debt/EBITDA ratio is 8.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage against shrinking equity
Metrics are mathematically derived from official filings.
Low Sales Multiple Masks Earnings Losses
Based on Traeger's reported figures, the 0.33 price-to-sales ratio and 1.05 price-to-book ratio suggest the market is pricing the equity near book value, though negative trailing earnings leave the 11.19 EV/EBITDA multiple as the more informative anchor for a company with losses.
The P/E of -1.54 is not meaningful for valuation because trailing net losses make the earnings base negative, so analysts should rely on EV/EBITDA and EV/Sales instead. The forward EV/EBITDA of 7.56 compared with the trailing 11.19 implies the market expects EBITDA to recover, but that expectation rests on a volume rebound that the recent revenue decline does not yet confirm. Compared with peer YETI at 12.87 EV/EBITDA and a 22.15 P/E, Traeger trades at a discount that appears to reflect its weaker margins rather than a clear mispricing.
Gross Margin Compression Drives Losses
As reported in financial statements, gross margin fell from 45.7% in 2026Q1 to 33.5% in 2026Q3 while operating margin reached -26.5%, indicating that cost deleverage is outrunning the revenue decline and eroding earning power.
The gap between a 33.5% gross margin and a -26.5% operating margin shows that SG&A is consuming more than the entire gross profit, a structure that does not appear sustainable at current volumes. Net margin of -38.2% in the same quarter is considerably worse than the operating margin, which warrants investigation into below-the-line items rather than a conclusion about their nature. Compared with YETI's 8.9% net margin and 27.3% ROE, Traeger's profitability profile is structurally weaker, and investors should monitor whether gross margin stabilizes before assuming operating leverage will reverse.
Debt Ratios Rise on Equity Erosion
Based on Traeger's reported figures, debt-to-equity climbed from 1.53 in 2024Q2 to 3.03 in 2026Q3 while interest coverage turned negative at -2.49, suggesting that leverage deterioration is driven by shrinking equity rather than new borrowing.
Because total debt has remained near $425M while equity fell, the rising D/E ratio reflects a thinning equity cushion rather than an aggressive borrowing strategy. Negative interest coverage means operating earnings did not cover interest expense in recent quarters, which may indicate that debt service depends on cash reserves or working capital release. Investors should monitor refinancing terms and covenant headroom, though the supplied data does not disclose these details.
Working Capital Stretch Supports Cash Conversion
According to reported ratios, the cash conversion cycle expanded to 199 days in 2026Q3 from 108 days in 2024Q4, with payables stretching to 144 days of inventory coverage, suggesting supplier financing is carrying a larger share of operations.
A rising DPO relative to DSO and DIO implies Traeger is leaning on suppliers to fund working capital, which can release cash in the short term but may not be repeatable. The asset turnover of 0.12 in 2026Q3 is very low, indicating that revenue is not generating commensurate returns on the asset base. Compared with the historical 0.15 to 0.20 range, the sharp decline in turnover warrants further investigation into whether inventory or receivables are building in ways the headline ratios do not fully reveal.
Cash Flow Quality Overstates Recovery
Based on reported figures, the 11.3% free cash flow margin in 2026Q3 and 22.0% in 2026Q2 appear to be supported by working capital release, which may not reflect durable earnings power.
The FCF margin oscillating from -15.9% to 22.0% across ten quarters suggests timing effects rather than a consistent operating trend. The current ratio of 3.31 looks comfortable on its face, yet it is partly inflated by working capital items that may unwind. Investors should be cautious about extrapolating recent cash generation, as the most commonly misapplied ratio here is the current ratio, which can overstate liquidity when payables and inventory are the primary drivers.