Traeger Inc. Common Stock (COOK)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Traeger with Graham's question first: what is it worth, and what could go wrong? The company sells wood-pellet grills and flat-top grills, with an app and digital recipes. The brand may matter, but the numbers show a business that has not yet earned a durable profit. In fiscal 2025, the year ended 2025-12-31, revenue was $559.5 million and net income was -$115.2 million. In fiscal 2024, the year ended 2024-12-31, revenue was $604.1 million and net loss was $34.0 million; in fiscal 2023, the year ended 2023-12-31, revenue was $605.9 million and net loss was $84.4 million. The latest filed quarter, fiscal Q2 2026, the quarter ended 2026-06-30, had revenue of $120.2 million and a net loss of $8.6 million, although fiscal Q1 2026, the quarter ended 2026-03-31, showed net income of $2.9 million. Revenue is shrinking, not compounding. At the 2026-10-13 close of $49.37, market cap was $138.1 million. FairStock calculations from the data show price/book 0.83, ROE -51.03%, ROCE 0.27%, debt/equity 2.54, Altman Z-Score -1.09, Piotroski 4/9, and a 44.2% trailing FCF yield on $61.1 million of free cash flow. The cash generation is the most attractive fact; the balance sheet and losses are the warning. A beta of 1.93 and a 52-week range of $20.91-$86.59 remind me this is a discretionary, volatile business. No Lynch category fits because it has lost money in each of the last four years. I would want evidence of stable revenue, positive net income, and lower debt before calling the discount a true margin of safety. Cheap-looking assets can be a trap when earnings power is absent.

In plain English: Traeger sells wood-pellet barbecue grills and flat-top grills, plus recipes and content through its app. The business looks weak: it has lost money in each of the last four years, sales have been shrinking, and it carries a lot of debt. The price looks mixed: it is below the value of its net assets on its books and the business produced $61.1 million in cash over the past year after expenses and investments, but the repeated losses make it hard to call it plainly cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer