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SharkNinja, Inc. SN

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SharkNinja's growth just reaccelerated to 22%, its fastest quarter since 2024, and the stock has responded by doubling off its April low to 38 times trailing earnings.

The setup turns on whether a company that sells blenders and vacuums has actually built a repeatable machine for inventing hit products, because that machine is the only thing the multiple can be resting on.

SN · price with moving averages

Daily · 6MWeekly · 3Y
$22$68$114$160$206 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

SharkNinja designs and sells household appliances under two brands: Shark for cleaning and hair care, Ninja for the kitchen. The customer holds a $200 Ninja Crispi air fryer or a $550 Luxe Café espresso machine bought at Costco, Walmart or Amazon, and the company's engine is speed: it enters an existing category, ships a five-star product at a mid premium price, and moves to the next category. Beauty and home environment, a business that barely existed three years ago, grew 65% last quarter. The moat, such as it is, is brand trust plus the velocity of that product engine, because nothing stops a customer's next vacuum from being someone else's.

It was carved out of JS Global, its Chinese former parent, and listed in New York in July 2023. The founder's family still chairs the board.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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