Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<div><ul><li>1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.</li><li>Adjusted EPS of $0.26 beat our $0.17 estimate and consensus of $0.18, though it declined 16% from $0.31 in 1Q25 due to a $0.09 tariff headwind.</li><li>The revenue beat was broad-based across categories and geographies, with the wholesale channel the standout performer. </li></ul></div>

1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.Adjusted EPS of $0.26 beat our $0.17 estimate and consensus of $0.18, though it declined 16% from $0.31 in 1Q25 due to a $0.09 tariff headwind.The revenue beat was broad-based across categories and geographies, with the wholesale channel the standout performer. 

YETI: Wholesale Strength Drives Broad-Based 1Q Beat; Raising Estimates

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to $380 million and Coolers and Equipment up 2% to $192 million.</li><li>The quarter showed improving balance across categories, channels, and geographies, with international sales rising 25% to $136 million and representing 23% of quarterly revenue.</li><li>Management attributed the improved trend to a broadened product portfolio, faster product development cycles enabled by a more global innovation footprint, and an omnichannel model that captures shoppers across owned e-commerce, wholesale partners, Amazon Marketplace, corporate sales, and stores.</li></ul>

YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to $380 million and Coolers and Equipment up 2% to $192 million.The quarter showed improving balance across categories, channels, and geographies, with international sales rising 25% to $136 million and representing 23% of quarterly revenue.Management attributed the improved trend to a broadened product portfolio, faster product development cycles enabled by a more global innovation footprint, and an omnichannel model that captures shoppers across owned e-commerce, wholesale partners, Amazon Marketplace, corporate sales, and stores.

YETI Holdings: Wholesale Doors, Local E-Commerce, and Amazon Expansion Power the Global Ramp!

<ul><li>YETI reported 4Q25 sales and EPS at the upper end of the company’s most recent implied expectations.</li><li>Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88.</li><li>This included $0.15 in tariff costs, absent which EPS grew 7%.</li></ul>

YETI reported 4Q25 sales and EPS at the upper end of the company’s most recent implied expectations.Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88.This included $0.15 in tariff costs, absent which EPS grew 7%.

YETI: International Strength Drives 4Q EPS Beat; Modestly Raising 2026 EPS Estimate

<div><ul><li>We are initiating coverage of YETI Holdings, Inc. (YETI), a leading designer, retailer, and distributor of premium outdoor products, including coolers, drinkware, bags, and gear.</li><li>Our initial FY25 EPS estimate is $2.43, down 11% from $2.73 in FY24. This is within management guidance of $2.38-2.49 and consensus of $2.45.</li><li>Our FY26 EPS estimate is $2.78, up 14%, below consensus of $2.85.</li></ul></div>

We are initiating coverage of YETI Holdings, Inc. (YETI), a leading designer, retailer, and distributor of premium outdoor products, including coolers, drinkware, bags, and gear.Our initial FY25 EPS estimate is $2.43, down 11% from $2.73 in FY24. This is within management guidance of $2.38-2.49 and consensus of $2.45.Our FY26 EPS estimate is $2.78, up 14%, below consensus of $2.85.

YETI: Initiating Coverage; Building a Premium Outdoor Lifestyle Brand

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>he outdoorsy theme has been leading the market higher since the March lows, for reasons related to the coronavirus. After consolidating for 1-2 months, several stocks within Group CD-13 Sporting Goods/Leisure Products are showing fresh breakouts. With several names breaking out simultaneously, it gives us added confidence that price and RS appreciation has much more room to run.</p>

he outdoorsy theme has been leading the market higher since the March lows, for reasons related to the coronavirus. After consolidating for 1-2 months, several stocks within Group CD-13 Sporting Goods/Leisure Products are showing fresh breakouts. With several names breaking out simultaneously, it gives us added confidence that price and RS appreciation has much more room to run.

Outdoorsy Theme Gaining Steam; Buy PII, YETI, MBUU, and MCFT

United States

YETI Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs, markets, and distributes products for the outdoor and recreation markets. YETI Holdings offers coolers, seat cushions, beverage holders, security cable locks and brackets, bottles, t-shirts, caps, gear cases, tumblers, and tie-down kits. YETI Holdings serves customers worldwide.

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YETI Holdings Inc (YETI US)

YETI: Wholesale Strength Drives Broad-Based 1Q Beat; Raising Estimates

1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.

Water Tower Research

YETI Holdings: Wholesale Doors, Local E-Commerce, and Amazon Expansion Power the Global Ramp!

YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to...

Baptista Research

YETI: International Strength Drives 4Q EPS Beat; Modestly Raising 2026 EPS Estimate

Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88. This included $0.15 in tariff...

Water Tower Research

YETI: Initiating Coverage; Building a Premium Outdoor Lifestyle Brand

We are initiating coverage of YETI Holdings, Inc. (YETI), a leading designer, retailer, and distributor of premium outdoor products, including...

Water Tower Research

Outdoorsy Theme Gaining Steam; Buy PII, YETI, MBUU, and MCFT

he outdoorsy theme has been leading the market higher since the March lows, for reasons related to the coronavirus. After consolidating for 1-2...

Vermilion Research

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