Initiating at Overweight: The Flywheel Effect of Innovation and Advertising

Research evidence excerpt

Initiating at Overweight: The Flywheel Effect of Innovation and Advertising

C O M PA N Y N O T E

J u n e 9 , 2 0 2 6

SharkNinja, Inc. (SN) Overweight

CONCLUSION PRICE: US$118.28

We are initiating coverage of SN with an Overweight rating and $150 PT. The company has TARGET: US$150.00

an impressive track record of new innovations through both product launches and category 21x 2027E EPS

expansions, such that we see bull-case upside potential for annual sales growth of 15%+

and EPS growth of 20%+ over the coming 3 years. While the law of large numbers suggests Peter J. Keith

Sr Research Analyst, Piper Sandler & Co.this historic growth will be tough to maintain going forward, SN has a number of attractive 212 284-5040, peter.keith@psc.com

and emerging drivers including DTC sales, Beauty category expansion, and an impressive

Alexia Morgan

advertising reach that should enhance brand awareness. SN's attractive and expanding Research Analyst, Piper Sandler & Co.

high-teens EBITDA margin profile generates healthy FCF, which can now be returned to 212 284-9551, alexia.morgan@psc.com

shareholders through a $750M share repurchase authorization. Sarah Morin

Research Analyst, Piper Sandler & Co.

• Attractive Growth Outlook Supported by a Strong Innovation Pipeline. SharkNinja 347 573-3703, sarah.morin@psc.com

(SN) is a global product design and technology company with an attractive growth Changes Previous Current

profile (3-year sales CAGR of +20% and 3-year EPS CAGR of +30%) supported by Rating Overweight

a strong innovation pipeline and differentiated brand awareness & marketing efforts. Price Tgt US$150.00

Looking ahead, ongoing category expansion and product innovation should continue to FY26E Rev (mil) — US$7,192.1

support healthy Domestic sales growth.