Traeger, Inc.
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Range $38 – $77
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About the company
Traeger, Inc. , and its associated entities, specializes in the development, manufacturing, distribution, and ongoing support of wood-fired pellet grills. These unique outdoor cooking appliances are sold across the United States through various channels, including retailers, distributors, and directly to consumers.
- CEO
- Jeremy Andrus
- IPO
- 2021
- Employees
- 433
- HQ
- Salt Lake City, UT, US
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- Market Cap
- $149.19M
- P/E
- -1.28
- Fwd P/E
- 32.30
- PEG
- 0.01
- P/S
- 0.31
- P/B
- 0.88
- EV/EBITDA
- -8.54
- Div Yield
- 0.00%
- Gross Margin
- 36.23%
- Op Margin
- -0.96%
- Net Margin
- -23.23%
- ROE
- -64.46%
- ROIC
- -0.77%
Latest fiscal year · YoY change
- Revenue
- $559.52M-7.4%
- Gross Profit
- $178.29M-30.2%
- Op Income
- $-1,162,000
- Net Income
- $-115,181,000-238.7%
- EPS
- $-43.50-222.2%
- OCF Growth
- -14.1%
- FCF Growth
- +14.3%
- 52W High
- $86.59
- 52W Low
- $20.91
- 50D MA
- $66.93
- 200D MA
- $50.12
- Beta
- 1.95
- RSI (14)
- 35
- Avg Volume
- 61.82K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Traeger’s Q1 was pressured on revenue and margins, but management pointed to improving sell-through, disciplined cost cuts, and a higher full-year EBITDA outlook after a tariff refund.· May 11, 2026
- Q1 revenue fell 34% to $94 million, but sell-through was described as slightly above plan heading into peak season.
- Adjusted EBITDA was $17 million, including a $12.4 million IEEPA tariff refund benefit; excluding it, EBITDA would have been near the midpoint of guidance.
- Gross margin was 45.7% versus 41.5% a year ago, but excluding the tariff refund it was 32.6%, down 890 bps.
- Project Gravity drove $15 million of year-over-year operating expense reduction, a 31% inventory reduction, and $14.5 million of free cash flow.
- Management raised full-year adjusted EBITDA and gross margin guidance, while keeping revenue and free cash flow guidance unchanged.
First-quarter revenue declined 34% year over year to $94 million. Gross profit was $43 million versus $59 million in Q1 2025, and gross margin was 45.7%, up 420 basis points year over year; excluding the $12.4 million IEEPA tariff refund benefit, gross margin would have been 32.6%, down 890 basis points. Net income was $3 million, or $1.08 per diluted share, versus a net loss of $1 million, or $(0.30) per diluted share, last year; adjusted net income was $4 million, or $1.49 per diluted share, versus $7 million, or $2.54 per diluted share. Adjusted EBITDA was $17 million versus $23 million a year ago, including the $12.4 million tariff refund benefit. For the full year, Traeger reiterated revenue guidance of $465 million to $485 million, raised adjusted EBITDA guidance to $57 million to $67 million, increased gross margin guidance to 39.5% to 40.5%, and kept free cash flow guidance at greater than $30 million.
Jeremy Andrus framed the quarter around underlying demand, brand momentum, and new product launches rather than the reported revenue decline. He said sell-through is the clearest demand signal and noted it was slightly above expectations, with no sign yet of a broad macro-driven slowdown. His tone was cautiously optimistic, emphasizing Westwood and Irontop as important expansion points into lower price tiers and highlighting Project Gravity as a long-term discipline that should improve margins, cash generation, and operating leverage.
Joey Hord emphasized execution on Project Gravity, citing $15 million of year-over-year opex reduction, a 31% reduction in inventory, and $14.5 million of free cash flow in Q1. He explained that the quarter included a $12.4 million IEEPA tariff refund benefit to gross profit and adjusted EBITDA, a $3.2 million reduction in inventory carrying cost, and a $15.6 million receivable; excluding the refund, Q1 adjusted EBITDA would have been near the midpoint of guidance. He also reiterated that cash and cash equivalents were $34 million, total debt was $403 million, net debt was $370 million, and liquidity was $184 million, while saying the company does not expect to use its $112.5 million revolver this year.
Analysts focused on the tariff refund, fuel costs, sell-through trends, consumables demand, inventory, margin phasing, price tiers, and China diversification. Management said the expected IEEPA refund totals about $15.5 million overall, with roughly $1.5 million expected in FY26 beyond the $12.4 million booked in Q1, and cash timing is expected within 60 to 90 days. They also said higher fuel costs add about $1 million this year, consumables sell-through is tracking according to or above plan, inventory is at a healthy level, gross margin should trough in Q1 and rebound in Q2, and tariff-related sourcing diversification will continue but more strategically now that country tariff rates have moved closer together.
The bullish case is that underlying demand appears intact despite a tough macro, with sell-through slightly above plan and management saying Traeger’s share is modestly up after excluding exited channels. New launches at lower price points, plus strong early retailer response, could broaden the customer base, while Project Gravity is already reducing costs and inventory and should support better profitability over time.
The bear case is that reported revenue still fell 34% and adjusted gross margin, excluding the tariff refund, was only 32.6%, showing the business remains under pressure from mix, promotions, tariffs, and MEATER competition. Management also flagged ongoing macro headwinds, rising transportation costs, tariff uncertainty, and lower demand in higher-ticket categories, so the improvement in sell-through is still early and not yet enough to remove execution risk.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 46.4%
- Shares Outstanding
- 2.78M
- Float Shares
- 1.29M
of shares held by institutions
95 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 3.31M | ▲ 18.48K |
| Wolverine Trading, LLC | 208.14K | ▲ 208.14K |
| Cubist Systematic Strategies, LLC | 26.89K | ▲ 26.89K |
| Two Sigma Advisers, LP | 26.10K | ▲ 7.90K |
| Point72 (Difc) Ltd | 3.23K | ▲ 3.23K |
| Cwm, LLC | 127 | ▼ 1.77K |
| Legacy Investment Solutions, LLC | 100 | ▲ 100 |
Held by 44 ETFs
Biggest fund positions in COOK by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 3, 26 | Richman Steven Philip | other | 253 |
| Jun 9, 26 | Lempres Elizabeth Cahill | other | 1,893 |
| Jun 9, 26 | Beck Wendy A. | other | 1,893 |
| Jun 9, 26 | Richman Steven Philip | other | 1,893 |
| May 1, 26 | Richman Steven Philip | other | 389 |
| Apr 20, 26 | VandenAkker Cole | other | 35,541 |
| Apr 20, 26 | Hord Michael Joseph | other | 25,848 |
| Apr 20, 26 | ANDRUS JEREMY | other | 129,240 |
| Apr 21, 26 | Hord Michael Joseph | other | 163 |
| Apr 6, 26 | VandenAkker Cole | other | 602 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our COOK coverage
Recent articles, reports, and earnings notes.
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Generate COOK report →Traeger Q2 Earnings Call Highlights
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