SharkNinja, Inc. (SN) Stock Price & How to Invest

SharkNinja designs, markets and distributes small household appliances under two brands: Shark, historically the floorcare and beauty name, and Ninja, the kitchen and outdoor cooking name. Reporting runs through four product categories. In fiscal 2025 Cleaning Appliances contributed ~$2.21 billion (34.5% of sales), Cooking and Beverage Appliances ~$1.82 billion (28.4%), Food Preparation Appliances ~$1.55 billion (24.2%) and Beauty and Home Environment Appliances ~$826 million (12.9%). Geographically the split was ~$4.31 billion domestic (the US and Canada, 67.3%) against ~$2.09 billion international (32.7%). The company competed in 39 product sub-categories as of June 30, 2026 and entered its 40th in July, having pushed into outdoor ovens, carbonation, drinkware, carpet extraction, fans, coolers, skincare, propane grills and fire pits inside three years. Manufacturing is entirely outsourced to third-party suppliers, historically concentrated in China and increasingly spread across Vietnam, Thailand, Malaysia, Indonesia and Cambodia. Distribution leans hard on a few accounts: Amazon, Costco and Walmart each cleared 10% of fiscal 2025 net sales and together made up 45.7%, with the largest single customer at 23.8%. Headcount was ~4,143 at the end of 2025, up from ~2,619 four years earlier.

The investment case rests on whether the product engine keeps out-running its input costs. Net sales grew 30.0% in 2024 and 15.7% in 2025 to ~$6.40 billion, then accelerated again: second-quarter 2026 sales rose 22.2% to ~$1.77 billion, with international up 36.6% and the small Beauty and Home Environment category up 65.3%. Funding that growth is expensive. Advertising alone ran ~$632.9 million in 2025 (9.9% of sales) and research and development ~$368.1 million (5.8%), and both lines have grown faster than revenue in 2026. Tariffs are the swing factor on the other side. Adjusted gross margin fell ~70 basis points year over year in the second quarter on US duty costs, unfavourable currency and heavier retailer promotional activations, even as adjusted EBITDA still rose 18.6% to ~$264.9 million. The market is paying roughly 3.7 times trailing sales and about 37 times trailing GAAP earnings for a business with no dividend, modest net debt and a raised full-year outlook that itself leans partly on a one-off customs refund.

Concentration cuts three ways at SharkNinja and each is quantified in the filings. Customer concentration is the sharpest: the largest retail account took 23.8% of fiscal 2025 net sales and the top three together took 45.7%, so a single planogram decision at Amazon, Costco or Walmart can move a quarter. Supplier concentration is next. The company manufactures nothing itself, and its 10-K still describes its assembly suppliers as primarily based in China even after management moved the large majority of US-bound volume to Vietnam, Thailand, Malaysia, Indonesia and Cambodia. That relocation reduces tariff exposure without eliminating it, and it introduces new country risk in jurisdictions with thinner supplier bases. Ownership concentration is the third: CJ Xuning Wang held 54,787,426 ordinary shares, or 38.6%, as of March 16, 2026, and retains a contractual right to appoint the board chairperson for as long as he and his affiliates hold at least 30%. Minority holders sit alongside that block with no separate voting protection. Tariff policy remains genuinely unsettled. The administration has signalled new Section 301 investigations following the Supreme Court ruling, the expired Section 122 surcharge faces pending legal challenge, and guidance assumes current rates hold for the balance of 2026. Earnings quality also deserves attention: GAAP net income fell 7.0% to ~$129.8 million in the second quarter of 2026 while adjusted net income rose 29.3%, a gap driven largely by share-based compensation of ~$47.2 million against ~$10.9 million a year earlier. Product safety is a recurring cost centre. The May 2025 voluntary recall of the Ninja Foodi OP300 pressure cooker ran ~$11.2 million in 2025 expenses and has drawn consumer class actions, including a nationwide purchaser class filed as 5:25-cv-03993. Inventory of ~$1.14 billion at June 30, 2026 was up 14.1% from year-end, ahead of first-half sales growth.

12 analysts publish price targets on SN, averaging $209.56 against a $180.76 price as of August 2026, or +15.9%. The published targets run from $195.67 to $240.00, a narrow spread, and the ratings split 13 buy, 0 hold, 0 sell. Over the last six months there have been 12 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full SN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on SharkNinja, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. New sub-category entry as the growth mechanism. SharkNinja's revenue growth comes less from taking share in vacuums than from arriving in categories it did not previously sell into. The most optimistic published target, $240.00, assumes this works close to its best case.

The case against. Concentration cuts three ways at SharkNinja and each is quantified in the filings. The most pessimistic target, $195.67, is roughly what SN is worth if this bites instead.

Read the full bull and bear case on SN, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see SharkNinja, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$6.91 billion for the twelve months to June 30, 2026, up ~17.5%, against ~$6.40 billion in fiscal 2025 (+15.7%), ~$5.53 billion in 2024 (+30.0%) and ~$4.25 billion in 2023. First-half 2026 net sales were ~$3.18 billion, up 19.1%, with second-quarter sales of ~$1.77 billion up 22.2% (21.6% in constant currency). Reporting is in US dollars; ~31.4% of fiscal 2025 net sales were denominated in other currencies.
• Earnings and margins: Trailing net income was ~$695.2 million and trailing GAAP EPS ~$4.90. Fiscal 2025 delivered net income of ~$701.4 million, diluted EPS of $4.94 and adjusted EPS of $5.28. In the second quarter of 2026 GAAP net income fell 7.0% to ~$129.8 million ($0.92 diluted, versus $0.98) while adjusted net income rose 29.3% to ~$178.2 million ($1.26 adjusted per share). Gross margin was 48.7%, down 30 basis points, with adjusted gross margin down 70 basis points on tariffs, currency and retailer activations.
• Category and geographic mix: Second-quarter 2026 net sales by category: Cleaning Appliances ~$522.0 million (+4.1%), Cooking and Beverage Appliances ~$499.0 million (+36.5%, led by the Ninja Luxe Cafe espresso machine and Ninja Crispi), Food Preparation Appliances ~$458.6 million (+13.3% on blending) and Beauty and Home Environment Appliances ~$285.8 million (+65.3% on skincare and fans). Domestic sales were ~$1,141.9 million (+15.5%) and international ~$623.6 million (+36.6%). The company competed in 39 sub-categories at June 30, 2026 and entered a 40th in July.
• Cash flow and balance sheet: First-half 2026 operating cash flow was ~$275.5 million, against a ~$63.9 million outflow in the same period of 2025. Cash and equivalents stood at ~$779.8 million at June 30, 2026 with ~$718.9 million drawn under the 2023 term loan (SOFR plus 1.75%, maturing July 2028) and nothing outstanding on the $500 million revolver, leaving ~$489.8 million of undrawn capacity. Inventory was ~$1,143.6 million, up 14.1% from year-end. Capital expenditure guidance for 2026 is $190 million to $210 million.
• 2026 guidance: Management raised full-year 2026 guidance with the second-quarter results: net sales growth of 16.0% to 17.0% (previously 11.5% to 12.5%), adjusted EPS of $6.45 to $6.55 (previously $6.00 to $6.10, a 22.2% to 24.1% increase), and adjusted EBITDA of $1,357 million to $1,369 million versus ~$1,135.5 million in fiscal 2025. The guide assumes an effective tax rate of ~22.0% to 23.0% and ~142.5 million diluted shares. Roughly $0.15 of the EPS raise and ~$30 million of the EBITDA raise were tied to expected tariff refunds.
• Market pricing: The shares traded near ~$180.76 in August 2026 against a 52-week range of ~$83.12 to ~$191.22, for a market capitalisation of ~$25.5 billion on ~140.9 million ordinary shares (a single class, 1.0 billion authorised, par $0.0001). That works out to ~3.7 times trailing sales and ~37 times trailing GAAP earnings, or roughly 28 times the midpoint of 2026 adjusted EPS guidance. Enterprise value of ~$25.4 billion sits at roughly 18.6 times guided 2026 adjusted EBITDA. SharkNinja pays no dividend.

Two multiples tell different stories here. On trailing GAAP earnings the stock looks expensive at ~37 times, but the gap between GAAP and adjusted results is unusually wide in 2026 because share-based compensation stepped up sharply, and the adjusted forward multiple of ~28 times is a good deal less demanding for a business guiding to 16% to 17% top-line growth. What the price does assume is that the tariff drag stays contained and that the new-category cadence keeps replacing maturing lines such as Cleaning.

Other names that sit close to SN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, SharkNinja is a fast-cadence product company compounding net sales near 20% while US tariff policy sits directly on its cost of sales, and at roughly $181 a share it carries about 28 times the midpoint of management's own 2026 adjusted EPS guidance.

Whether SN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SN a buy or a sell?, and where the stock could go from here in the SN stock forecast.

For income investors, whether SN pays a dividend and how the payout looks is covered in does SN pay a dividend? And to weigh SN against a peer, read the full side-by-side comparisons: SN vs WHR and SN vs PEP.