Traeger
COOK on NYSE. Market value $150m.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.59 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -6 cents a year. Above 10 is good.
Quality score: 18 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | $786m | $656m | $606m | $604m | $560m |
| Operating margin | |||||
| Operating margin | -7.8% | -52.7% | -9.2% | -0.5% | -17.5% |
| Debt to equity | |||||
| Debt to equity | 0.63 | 1.40 | 1.36 | 1.44 | 2.34 |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.12bn | 0.12bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt2.34× equity
- Revenue growth, five yearsShrinking, 8.1% a year
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 67 funds in all.
Largest holders overall
- Ontario Teachers Pension Plan Board$39m
- Nantahala Capital Management$13mAdded
- Vanguard Capital Management$5mAdded
- AQR Capital Management$4mNew
- Morgan Stanley$3mAdded
- Glendon Capital Management LP$3m
- Karl Kapital$2mNew
- Invesco$2mNew
- BlackRock$2mCut
- Geode Capital Management$1mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- ONTARIO TEACHERS PENSION PLAN BOARDPassive investorat least 18.0%(filed with 1 related holder)Since 31 March 2026
- Jeremy AndrusInsider or founder14.8%Since 10 April 2025
What they said
On April 10, 2025, in connection with his service to the Issuer as an officer and director of the Issuer, the Reporting Person received aggregate awards of 2,843,330 restricted stock, subject to time-based and performance-based vesting.
Read the filing - Capital World InvestorsPassive investor5.0%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
ONTARIO TEACHERS PENSION PLAN BOARD Passive investor | at least 18.0% (filed with 1 related holder) | 31 March 2026 | |
Jeremy Andrus Insider or founder | 14.8% | 10 April 2025 | What they saidOn April 10, 2025, in connection with his service to the Issuer as an officer and director of the Issuer, the Reporting Person received aggregate awards of 2,843,330 restricted stock, subject to time-based and performance-based vesting. Read the filing |
Capital World Investors Passive investor | 5.0% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $152,070.
- VandenAkker ColeChief Sales OfficerSold
- Date
- 27 August 2026
- Shares
- 2,750
- Price
- $55.30
- Value
- $152,070
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 August 2026 | VandenAkker Cole Chief Sales Officer | Sold | 2,750 | $55.30 | $152,070 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 29% last year. Losing that customer would hurt.
“For example, in the year ended December 31, 2025, our three largest retailers accounted for 29%, 14%, and 8% of our revenue, respectively, with no other customer accounting for greater than 10% of our revenue for the year.”
From the 10-K filed 6 March 2026, Item 1A. Risk Factors. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.3× its equity.
- Sales have shrunk: 8.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.