Traeger (COOK) AI Stock Analysis

• Market Cap: $82.12M
• Dividend Yield: N/A
• Average Volume (3M): 705.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: -2.69%
• EPS Growth: -94.09%
• Country: US
• Employees: 665
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.01
• Shares Outstanding: 137,251,530
• 10 Day Avg. Volume: 970,569
• 30 Day Avg. Volume: 705,624
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 0.26
• P/FCF Ratio: 10.58
• Enterprise Value/Market Cap: 5.94
• Enterprise Value/Revenue: 0.87
• Enterprise Value/Gross Profit: 2.42
• Enterprise Value/Ebitda: -12.77
• 1Y Price Target: $1.01
• Price Target Upside: 68.33% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.06
• Revenue Forecast (FY): $472.31M

• Rating: 45 Neutral
• Price Target: $0.58 ▼(-2.67% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by weak financial fundamentals (persistent losses, declining revenue, and elevated leverage) and bearish technicals (price below key moving averages with negative MACD). Partially offsetting these are improving cash flow and a transition-focused outlook that targets better EBITDA and free cash flow in 2026, though revenue headwinds and tariff/MEATER risks keep the overall profile below average.

Positive Factors

Recurring consumables growth

Traeger’s pellets and consumables show consistent repeat purchase dynamics tied to an installed base. Durable consumables growth increases customer lifetime value, provides predictable recurring revenue that cushions hardware cyclicality, and supports margin and cash generation over multiple years.

Structural cost savings (Project Gravity)

Realized and planned Gravity savings are a structural margin lever: multi-year cost reductions improve adjusted EBITDA and free cash flow capacity, enabling reinvestment or faster deleveraging. Persistent savings help make margins less sensitive to revenue volatility over the medium term.

Product innovation & retail execution

New, more accessible SKUs broaden addressable market and can accelerate household penetration. Coupled with reported early sell-through strength at major retailers, innovation plus retail execution supports sustainable unit growth, larger installed base, and future consumables attach rates.

Negative Factors

Guided revenue decline

Management’s planned pullback in sell-in and channel exits will reduce near-term topline and slow installed-base expansion. A sustained revenue decline can compress gross profits, limit consumables growth, and delay the time horizon for realizing margin and deleveraging benefits.

Elevated leverage and weakened equity

High leverage combined with a shrinking equity base raises refinancing and covenant risk and constrains strategic flexibility. Even with improving FCF, thin cash coverage of debt means shocks or slower-than-expected savings could materially impair liquidity and investment capacity.

MEATER and accessories pressure

Underperforming acquired products and excess accessories inventory divert management attention, tie up working capital, and weigh on category margins. Prolonged integration and write-down risk can erode cash flow and slow margin recovery across the core ecosystem business.

Traeger Business Overview & Revenue Model

Company Description

Traeger, Inc., together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbeque grills for retailers, distributors, and direct to consumers in the United States. Its wood pellet grills are internet of things devices that allow owners to program, monitor, and control their grill through its Traeger app. The company also produces a library of digital content, including instructional recipes and videos that demonstrate tips, tricks, and cooking techniques that empower Traeger owners to progress their cooking skills; and short- and long-form branded content highlighting stories, community members, and lifestyle content from the Traegerhood. In addition, it provides wood pellets that are used to fire the grills; rubs and sauces, seasonings, and marinades; covers, drip trays, bucket liners, and shelves; tools to aid in meal prep, cooking, and cleanup, including pellet storage systems, cleaning solutions, barbecue tools, and MEATER smart thermometer; replacement parts; and apparel and merchandise. The company was incorporated in 2017 and is headquartered in Salt Lake City, Utah.

How the Company Makes Money

Traeger makes money primarily by selling outdoor cooking hardware (pellet grills and related equipment) and by generating recurring revenue from consumables and add-on products that support installed grill owners. Key revenue streams: 1) Grill and hardware sales (core, higher-ticket items): The company sells pellet grills/smokers and related outdoor cooking equipment. These sales occur through (a) wholesale channels—selling to major retailers and dealers who then sell to end consumers—and (b) direct-to-consumer (DTC) sales via Traeger-controlled e-commerce and other brand-owned sales efforts. Hardware sales tend to be more seasonal and promotion-sensitive, but they drive the installed base of Traeger users. 2) Consumables (repeat purchase): Traeger sells branded wood pellets used as fuel for its grills. Because pellets are consumed during cooking, they can produce repeat purchases over time from the existing customer base, providing a replenishment-driven revenue stream. 3) Accessories and food products (attach and replenishment): The company sells grill accessories (e.g., covers, tools, racks, probes, and other add-ons) and branded food items such as rubs and sauces. Accessories often attach to hardware purchases (upsell/cross-sell at or after the grill sale), while rubs/sauces can also generate repeat purchases. How the model works together: - Hardware sales create an installed base of users. - That installed base can drive ongoing demand for pellets (fuel) and for accessories and food products, which can improve customer lifetime value beyond the initial grill purchase. Significant partnerships/factors contributing to earnings: - Retail and dealer distribution relationships are important because a meaningful portion of sales comes through wholesale channels where retailers provide merchandising, store footprint, and customer access. - Brand ecosystem strategy: pairing grills with proprietary fuel (pellets) and branded add-ons encourages repeat transactions and helps monetize customers after the initial equipment purchase. If you need a breakdown by segment, geography, or channel, the specific percentages are null.

Traeger Financial Statement Overview

Summary

Profitability and balance-sheet risk are the key drags: revenue has been declining and net losses widened in 2025, while leverage is elevated with debt-to-equity rising to ~2.5x and equity shrinking. The main offset is improving operating and free cash flow in 2023–2025, including a notable FCF jump in 2025, though debt coverage remains thin.

Income Statement

Revenue has been drifting lower over the last several years (down modestly in 2024 and more notably in 2025), and profitability remains the core issue. While gross margin is still decent (~39% in 2025), the company is consistently loss-making at the bottom line (net loss widened in 2025 versus 2024). The improvement from the very weak 2022 results is a positive, but the trajectory in 2025 shows renewed pressure on earnings and operating profitability.

Balance Sheet

Leverage is elevated and rising, with debt substantially exceeding equity (debt-to-equity increased to ~2.5x in 2025 from ~1.6x in 2023–2024). Equity has declined materially since 2021, and returns on equity are deeply negative, reflecting ongoing losses and limited balance-sheet flexibility. While total debt is not surging year-over-year, the shrinking equity base makes the capital structure increasingly risky.

Cash Flow

Cash generation is a relative bright spot: operating cash flow and free cash flow are positive in 2023–2025, with a notable jump in free cash flow in 2025 versus 2024. However, cash flow coverage of debt remains thin (operating cash flow covers only about a quarter of debt in 2025), and cash flows have been volatile historically (negative in 2021 and negative free cash flow in 2022). Overall, cash flow momentum is improving, but durability and debt-carrying capacity remain concerns.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	559.52M	604.07M	605.88M	655.90M	785.54M
Gross Profit	178.29M	255.47M	223.56M	228.77M	300.76M
EBITDA	52.97M	53.86M	6.64M	-296.52M	-16.13M
Net Income	-115.18M	-34.01M	-84.40M	-382.14M	-91.77M
Balance Sheet
Total Assets	675.98M	830.68M	860.76M	946.72M	1.18B
Cash, Cash Equivalents and Short-Term Investments	19.62M	14.98M	29.92M	39.05M	16.74M
Total Debt	425.53M	434.13M	458.70M	494.25M	420.53M
Total Liabilities	505.13M	554.25M	569.41M	611.85M	571.50M
Stockholders Equity	170.85M	276.43M	291.35M	334.87M	606.02M
Cash Flow
Free Cash Flow	13.59M	11.89M	43.64M	-13.81M	-51.47M
Operating Cash Flow	20.52M	23.89M	64.04M	5.09M	-28.43M
Investing Cash Flow	-7.33M	-12.33M	-17.38M	-18.90M	-79.90M
Financing Cash Flow	-8.54M	-26.50M	-68.30M	48.63M	113.51M

Traeger Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COOK, the sentiment is Negative. The current price of 0.6 is below the 20-day moving average (MA) of 0.75, below the 50-day MA of 0.90, and below the 200-day MA of 1.21, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 34.20 is Neutral, neither overbought nor oversold. The STOCH value of 36.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COOK.

Traeger Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ETD	70 Outperform	$568.47M	12.45	9.20%	7.86%	-4.26%	―
HBB	70 Outperform	$221.67M	2.98	15.70%	2.99%	-6.24%	24.18%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BSET	57 Neutral	$122.46M	22.07	3.67%	4.59%	-2.74%	―
LCUT	51 Neutral	$97.64M	-3.18	-13.50%	4.51%	-1.76%	-67.05%
COOK	45 Neutral	$82.12M	-1.25	-50.59%	―	-2.69%	-94.09%
SNBR	41 Neutral	$75.68M	0.67	16.35%	―	-16.95%	-88.00%

Traeger Corporate Events

Traeger Sets 1-for-50 Reverse Stock Split Ratio

On March 2, 2026, Traeger stockholders approved an amendment allowing a reverse split, and on March 12, 2026, the board set the final ratio at 1-for-50 for all outstanding common shares. The move is designed to lift the company’s per-share trading price, preserve its New York Stock Exchange listing and potentially broaden institutional ownership.

The reverse split is expected to become effective at 5:00 p.m. Eastern Time on March 17, 2026, with split-adjusted trading on the NYSE under the existing “COOK” symbol and new CUSIP 89269P202 beginning March 18, 2026. Shareholders will see their holdings consolidated 50-to-1, with no change to their proportional ownership except where cash is paid in lieu of fractional shares, and equity awards will be adjusted accordingly.

The most recent analyst rating on (COOK) stock is a Hold with a $0.56 price target. To see the full list of analyst forecasts on Traeger stock, see the COOK Stock Forecast page.

Traeger Addresses NYSE Listing Deficiency with Reverse Split

On March 5, 2026, Traeger received notice from the New York Stock Exchange that its shares had traded below the $1.00 minimum average closing price over a 30-day period ending March 4, putting the company out of compliance with NYSE listing standards but not triggering an immediate delisting. The notice leaves Traeger’s stock trading on the NYSE during a six‑month cure period, and the company said its operations, SEC reporting obligations and debt agreements remain unaffected.

To address the deficiency, Traeger’s shareholders approved on March 2, 2026 a reverse stock split at a ratio between 1‑for‑10 and 1‑for‑50, with the final terms and timing to be set by the board, aiming to lift the share price back above the required threshold. The board will decide whether and when to implement the split, and the company plans to monitor its stock performance and pursue steps needed to regain compliance, a process closely watched by investors given the potential impact on liquidity and market perception.

The most recent analyst rating on (COOK) stock is a Hold with a $0.75 price target. To see the full list of analyst forecasts on Traeger stock, see the COOK Stock Forecast page.

Traeger Regains NYSE Compliance, Weighs Possible Reverse Split

On November 19, 2025, Traeger, Inc. was notified by the New York Stock Exchange that it was out of compliance with listing standards because its average closing share price had fallen below $1.00 over a 30-day trading period. The company disclosed that it regained compliance as of February 3, 2026, after its common stock closed above $1.00 on January 30, 2026, and its 30-day average price also exceeded that threshold, though it still intends to seek shareholder approval for a potential reverse stock split at the board’s discretion, underscoring management’s focus on maintaining listing stability and addressing prior share price weakness.

The most recent analyst rating on (COOK) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Traeger stock, see the COOK Stock Forecast page.

Traeger announces immediate resignation of Class II director

On January 27, 2026, Traeger, Inc. announced that Class II director Harjit Shoan resigned from its Board of Directors, effective immediately. The company clarified that Shoan’s resignation was not due to any disagreement with the company, indicating the departure is not linked to a dispute over strategy, governance, or operations.

The most recent analyst rating on (COOK) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Traeger stock, see the COOK Stock Forecast page.