Financial Model Notes

SharkNinja [SN]

SharkNinja [SN] — Financial Model Notes

Sources and the resolved-asset record

Per DATA_DEFECTS.md ("record the resolved path and content hash of every asset actually executed, not just a version string"):

asset	resolved path	sha256 (first 16)
reverse_dcf.py	/Users/oahmady/.claude/skills/investment-memo/assets/reverse_dcf.py	see SN_analysis.json
steady_state_check.py	/Users/oahmady/.claude/skills/investment-memo/assets/steady_state_check.py	see SN_analysis.json

Statement basis

Revenue, margins, share count: Alpha Vantage normalized INCOME_STATEMENT / BALANCE_SHEET (51 quarterly, 16 annual periods returned), cross-checked against the FY2025 10-K disaggregation table and the Q1'26 10-Q balance sheet. Revenue ties to the dollar FY2023–25.
D&A: taken from the cash-flow statement ($146.1m TTM), never the income-statement field, per the standing rule.
EBITDA: computed as operating income + |cash-flow D&A| = $946.8m + $146.1m = $1,092.9m. AV's ebitda field was not used.
Opex bridge lines: taken from the 10-K, not from AV, because AV's sellingGeneralAndAdministrative is G&A-only on this filer (4.73x understated — see SN_Research.md §8).
Receivables: taken from the filed balance sheet, because AV overstates AR by 5.4–12.3% on this name.
Net debt: rebuilt from the Q1'26 10-Q balance sheet, not from any API: current debt $39,344k
noncurrent debt $686,959k − cash $511,774k = $214,529k. Lease-exclusive. Stated.

TTM window

TTM = the four consecutive quarters 2025-06-30, 2025-09-30, 2025-12-31, 2026-03-31, summed to $6,589.4m. SN's fiscal year is the calendar year and AV returns Q4 as a discrete quarterly record, so the "EDGAR does not tag fiscal Q4" synthesis was not required. The window is verified consecutive; it does not span 15 months.

Reconciliations

check	result
gross profit + cost of revenue = total revenue	✔ every quarter
net income ÷ diluted shares ≈ filed EPS	$121.5m Q1'26 / 142.36m = $0.85 — consistent
operating margin = operatingIncome / totalRevenue	14.37% TTM; AV's `OVERVIEW.OperatingMarginTTM` 11.7% rejected
m_EBIT,T ≤ m_gross,T	15.0% ≤ 49.0% ✔
terminal margin vs own trailing actual	15.0% vs 14.4% — above, not below ✔
TTM revenue window consecutive	✔
SPLITS queried	`[]` — nil, stated
factoring / securitisation / SCF searched	zero hits, 10-K and 10-Q

Generated from each name's analysis.json. Figures are research output, not investment advice. Gaps are shown as “—” rather than filled: a missing input is recorded as indeterminate, never estimated.