Solo Brands, Inc. (SBDS) 10-Year Financial Performance & Capital Metrics

SBDS • • Industrial / General

Consumer CyclicalSpecialty RetailSporting Goods & Outdoor RecreationSporting Goods Chains

AboutSolo Brands, Inc. operates a direct-to-consumer platform that offers outdoor and lifestyle branded products in the United States. The company provides camp stoves under the Solo Stove Lite brand name; fire pits under the Solo Stove brand name; kayaks under the Oru brand name; paddle boards under the ISLE brand name; and storage solutions for fire pits, firewood, and other accessories. It offers swim trunks, casual shorts, sport products, polos, shirts, and lounge products under the Chubbies brand name; consumables, such as color packs, starters, natural charcoal, fuel, pellets, and firewood products; and accessories under the Solo Stove, Oru, and ISLE brands. Solo Brands, Inc. was founded in 2011 and is headquartered in Grapevine, Texas.Show more

Revenue $455M -8.1%
EBITDA -$148M +26.2%
Net Income -$113M -1.8%
EPS (Diluted) -77.66 -5.5%
Gross Margin 57.26% -6.2%
EBITDA Margin -32.56% +19.7%
Operating Margin -38.42% +16.6%
Net Margin -24.94% -10.8%
ROE -40.08% -70.5%
ROIC -29.13% -5.4%
Debt/Equity 0.95 +92.9%
Interest Coverage -12.47 +39.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 3.5% through buybacks
✓Trading at only 0.1x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y4.03%

TTM-23.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM61.21%

EPS CAGR

10Y-

5Y-

3Y-

TTM62.37%

ROCE

10Y Avg-12.77%

5Y Avg-12.77%

3Y Avg-23.43%

Latest-36.99%

Peer Comparison

Sporting Goods Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DKSDICK'S Sporting Goods, Inc.	14.13B	212.88	15.15	3.53%	6.86%	18.49%	3.6%	1.40
ASOAcademy Sports and Outdoors, Inc.	3.88B	58.13	10.14	-3.67%	6.27%	17.55%	8.47%	0.89
SBDSSolo Brands, Inc.	11.29M	6.85	-0.09	-8.13%	-21.22%	-58.04%		0.95
FTELFitell Corporation	3.95M	3.27	-0.44	-6.93%	-141.4%	-169.29%		0.06
SPWHSportsman's Warehouse Holdings, Inc.	55.41M	1.44	-1.66	-7.02%	-3.1%	-17.92%	35.36%	1.93
HZOMarineMax, Inc.	632.69M	28.93	-20.23	-5.01%	-1.15%	-2.82%	1.89%	1.31

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	133.43M	403.72M	517.63M	494.78M	454.55M
Revenue Growth %	-	2.03%	0.28%	-0.04%	-0.08%
Cost of Goods Sold+	46.46M	144.81M	199.45M	192.62M	194.29M
COGS % of Revenue	0.35%	0.36%	0.39%	0.39%	0.43%
Gross Profit+	86.97M	258.91M	318.18M	302.15M	260.26M
Gross Margin %	0.65%	0.64%	0.61%	0.61%	0.57%
Gross Profit Growth %	-	1.98%	0.23%	-0.05%	-0.14%
Operating Expenses+	107.43M	190.04M	317.81M	530M	434.88M
OpEx % of Revenue	0.81%	0.47%	0.61%	1.07%	0.96%
Selling, General & Admin	40.01M	159.52M	259.05M	249.43M	262.17M
SG&A % of Revenue	0.3%	0.4%	0.5%	0.5%	0.58%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	67.41M	30.52M	58.76M	280.57M	172.71M
Operating Income+	-20.46M	68.86M	364K	-227.85M	-174.62M
Operating Margin %	-0.15%	0.17%	0%	-0.46%	-0.38%
Operating Income Growth %	-	4.37%	-0.99%	-626.96%	0.23%
EBITDA+	-14.79M	87.09M	24.96M	-200.5M	-147.99M
EBITDA Margin %	-0.11%	0.22%	0.05%	-0.41%	-0.33%
EBITDA Growth %	-	6.89%	-0.71%	-9.03%	0.26%
D&A (Non-Cash Add-back)	5.67M	18.23M	24.59M	27.35M	26.63M
EBIT	2.12M	68.86M	30.95M	-220.55M	-175.15M
Net Interest Income+	-3.21M	-10.13M	-6.27M	-11M	-14M
Interest Income	0	0	0	0	0
Interest Expense	3.21M	10.13M	6.27M	11M	14M
Other Income/Expense	-3.65M	-10.34M	-6.98M	-3.71M	-14.53M
Pretax Income+	-24.1M	58.52M	-6.62M	-231.56M	-189.15M
Pretax Margin %	-0.18%	0.14%	-0.01%	-0.47%	-0.42%
Income Tax+	99K	2.02M	1M	-36.23M	-8.96M
Effective Tax Rate %	1%	0.83%	0.75%	0.48%	0.6%
Net Income+	-24.2M	48.65M	-4.95M	-111.35M	-113.36M
Net Margin %	-0.18%	0.12%	-0.01%	-0.23%	-0.25%
Net Income Growth %	-	3.01%	-1.1%	-21.52%	-0.02%
Net Income (Continuing)	-24.2M	56.49M	-7.62M	-195.33M	-180.19M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	213.29M	211.57M	131M	59.65M
EPS (Diluted)+	-13.35	6.80	-3.12	-73.62	-77.66
EPS Growth %	-	1.51%	-1.46%	-22.6%	-0.05%
EPS (Basic)	-13.35	6.80	-3.12	-73.62	-77.66
Diluted Shares Outstanding	1.81M	1.58M	1.59M	1.51M	1.46M
Basic Shares Outstanding	1.81M	1.58M	1.59M	1.51M	1.46M
Dividend Payout Ratio	-	0.68%	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	51.59M	158.84M	195.1M	196.07M	172.22M
Cash & Short-Term Investments	32.75M	25.1M	23.29M	19.84M	11.98M
Cash Only	32.75M	25.1M	23.29M	19.84M	11.98M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	4.17M	21.51M	30.11M	53.47M	44.42M
Days Sales Outstanding	11.4	19.45	21.23	39.45	35.67
Inventory	14.35M	102.33M	135.87M	116.57M	110.64M
Days Inventory Outstanding	112.73	257.94	248.65	220.89	207.86
Other Current Assets	0	0	5.82M	5.54M	4.16M
Total Non-Current Assets+	490.81M	678.9M	667.25M	463.25M	322.84M
Property, Plant & Equipment	980K	10.6M	49.42M	56.95M	51.88M
Fixed Asset Turnover	136.15x	38.08x	10.47x	8.69x	8.76x
Goodwill	289.1M	410.56M	382.66M	169.65M	73.12M
Intangible Assets	200.59M	257.23M	234.63M	221.01M	189.7M
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	149K	506K	534K	15.64M	8.14M
Total Assets+	542.41M	837.74M	862.35M	659.32M	495.06M
Asset Turnover	0.25x	0.48x	0.60x	0.75x	0.92x
Asset Growth %	-	0.54%	0.03%	-0.24%	-0.25%
Total Current Liabilities+	137.28M	46.57M	67.01M	88.56M	121.71M
Accounts Payable	1.38M	9.66M	11.78M	21.85M	69.6M
Days Payables Outstanding	10.82	24.35	21.56	41.4	130.75
Short-Term Debt	450K	3.13M	5M	6.25M	8.63M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K
Other Current Liabilities	130.97M	5.69M	6.24M	8.51M	10.76M
Current Ratio	0.38x	3.41x	2.91x	2.21x	1.41x
Quick Ratio	0.27x	1.21x	0.88x	0.90x	0.51x
Cash Conversion Cycle	113.3	253.04	248.32	218.95	112.77
Total Non-Current Liabilities+	73.03M	217M	220.34M	198.49M	179.99M
Long-Term Debt	72.9M	125.02M	108.38M	142.99M	142.06M
Capital Lease Obligations	0	0	29.13M	25.66M	22.77M
Deferred Tax Liabilities	0	91.24M	82.62M	17.32M	6.79M
Other Non-Current Liabilities	133K	729K	205K	12.52M	8.36M
Total Liabilities	210.31M	263.57M	287.35M	287.06M	301.7M
Total Debt+	73.35M	128.15M	149.41M	182.48M	182.83M
Net Debt	40.59M	103.05M	126.11M	162.63M	170.85M
Debt / Equity	0.22x	0.22x	0.26x	0.49x	0.95x
Debt / EBITDA	-	1.47x	5.99x	-	-
Net Debt / EBITDA	-	1.18x	5.05x	-	-
Interest Coverage	-6.38x	6.79x	0.06x	-20.71x	-12.47x
Total Equity+	332.1M	574.17M	575M	372.26M	193.36M
Equity Growth %	-	0.73%	0%	-0.35%	-0.48%
Book Value per Share	183.23	364.49	362.42	246.12	132.46
Total Shareholders' Equity	332.1M	360.88M	363.43M	241.26M	133.71M
Common Stock	340.42M	94K	96K	91K	92K
Retained Earnings	-8.32M	10.69M	5.75M	-115.46M	-228.81M
Treasury Stock	0	0	-35K	-526K	-733K
Accumulated OCI	0	6K	-499K	-230K	-434K
Minority Interest	0	213.29M	211.57M	131M	59.65M

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	32.68M	-10.25M	32.4M	62.42M	10.52M
Operating CF Margin %	0.24%	-0.03%	0.06%	0.13%	0.02%
Operating CF Growth %	-	-1.31%	4.16%	0.93%	-0.83%
Net Income	-24.2M	56.49M	-7.62M	-111.35M	-180.19M
Depreciation & Amortization	5.67M	18.23M	24.59M	27.35M	26.63M
Stock-Based Compensation	0	7.33M	18.6M	0	6.75M
Deferred Taxes	0	-3.14M	-10.5M	-47.04M	-11.68M
Other Non-Cash Items	19.88M	2.42M	39.7M	181.74M	168.02M
Working Capital Changes	31.33M	-91.58M	-32.37M	11.72M	991K
Change in Receivables	-2.46M	-15.04M	-5.92M	-16.33M	3.19M
Change in Inventory	-2.08M	-49.41M	-30.88M	28.18M	-14.67M
Change in Payables	1.3M	7.12M	2.68M	9.56M	38.15M
Cash from Investing+	-274.1M	-143.89M	-10.02M	-53.08M	-14.51M
Capital Expenditures	-958K	-10.64M	-9.24M	-9.09M	-14.51M
CapEx % of Revenue	0.01%	0.03%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	64K	0	-9.39M	0
Cash from Financing+	281.07M	146.48M	-23.54M	-12.87M	-3.66M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	-33.16M	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	-17.9M	-111.83M	-7.92M	-10.82M	-4.66M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	31.72M	-20.89M	23.15M	53.33M	-4M
FCF Margin %	0.24%	-0.05%	0.04%	0.11%	-0.01%
FCF Growth %	-	-1.66%	2.11%	1.3%	-1.07%
FCF per Share	17.50	-13.26	14.59	35.26	-2.74
FCF Conversion (FCF/Net Income)	-1.35x	-0.21x	-6.55x	-0.56x	-0.09x
Interest Paid	0	8.22M	5.13M	0	13.47M
Taxes Paid	0	8K	13.19M	0	4.28M

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.29%	10.74%	-0.86%	-23.51%	-40.08%
Return on Invested Capital (ROIC)	-4.12%	9.84%	0.04%	-27.65%	-29.13%
Gross Margin	65.18%	64.13%	61.47%	61.07%	57.26%
Net Margin	-18.14%	12.05%	-0.96%	-22.5%	-24.94%
Debt / Equity	0.22x	0.22x	0.26x	0.49x	0.95x
Interest Coverage	-6.38x	6.79x	0.06x	-20.71x	-12.47x
FCF Conversion	-1.35x	-0.21x	-6.55x	-0.56x	-0.09x
Revenue Growth	-	202.57%	28.22%	-4.41%	-8.13%

Frequently Asked Questions

Growth & Financials

Solo Brands, Inc. (SBDS) reported $366.1M in revenue for fiscal year 2024. This represents a 174% increase from $133.4M in 2020.

Solo Brands, Inc. (SBDS) saw revenue decline by 8.1% over the past year.

Solo Brands, Inc. (SBDS) reported a net loss of $77.7M for fiscal year 2024.

Dividend & Returns

Solo Brands, Inc. (SBDS) has a return on equity (ROE) of -40.1%. Negative ROE indicates the company is unprofitable.

Solo Brands, Inc. (SBDS) had negative free cash flow of $47.6M in fiscal year 2024, likely due to heavy capital investments.

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