Clarus (CLAR)
Market Price (10/9/2026): $3.42 | Market Cap: $131.2 MilSector: Consumer Discretionary | Industry: Leisure Facilities
Clarus (CLAR)
Market Price (10/9/2026): $3.42Market Cap: $131.2 MilSector: Consumer DiscretionaryIndustry: Leisure Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.9% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Outdoor Recreation & Adventure, and Experience Economy & Premiumization. Themes include Outdoor Gear & Apparel, Adventure Vehicle Equipment, Show more. | Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -132% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% Key risksCLAR key risks include [1] significant impairments and underperformance from past acquisitions, Show more. |
| Attractive yieldDividend Yield is 2.9% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Outdoor Recreation & Adventure, and Experience Economy & Premiumization. Themes include Outdoor Gear & Apparel, Adventure Vehicle Equipment, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -51%, 3Y Excs Rtn is -132% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4.8% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% |
| Key risksCLAR key risks include [1] significant impairments and underperformance from past acquisitions, Show more. |
Qualitative Assessment
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Clarus (CLAR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Clarus reported strong financial results for fiscal Q2 2026 (ended June 30, 2026), significantly beating analyst expectations. The company announced adjusted earnings per share (EPS) of $0.18, markedly higher than the consensus estimate of a $0.07 loss per share. Revenue also surpassed estimates, reaching $56.2 million against an expected $53.39 million, representing a 5.2% beat and a 1.6% year-over-year increase.
2. Gross margin saw a substantial improvement due to a significant tariff refund. Clarus's gross margin increased to 48.9% in fiscal Q2 2026 from 35.6% in the prior year's quarter. This improvement included a benefit of approximately 1,090 basis points from a $6.1 million refund related to previously paid International Emergency Economic Powers Act (IEEPA) tariffs.
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Clarus (CLAR) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Clarus reported strong financial results for fiscal Q2 2026 (ended June 30, 2026), significantly beating analyst expectations. The company announced adjusted earnings per share (EPS) of $0.18, markedly higher than the consensus estimate of a $0.07 loss per share. Revenue also surpassed estimates, reaching $56.2 million against an expected $53.39 million, representing a 5.2% beat and a 1.6% year-over-year increase.
2. Gross margin saw a substantial improvement due to a significant tariff refund. Clarus's gross margin increased to 48.9% in fiscal Q2 2026 from 35.6% in the prior year's quarter. This improvement included a benefit of approximately 1,090 basis points from a $6.1 million refund related to previously paid International Emergency Economic Powers Act (IEEPA) tariffs.
3. Management raised its full-year adjusted EBITDA guidance. Following the strong fiscal Q2 2026 performance, Clarus increased its full-year adjusted EBITDA guidance to a midpoint of $12.5 million, which was substantially above the prior analyst estimate of $3.04 million. This upward revision signaled improved profitability outlook for the remainder of the fiscal year.
4. The company maintained a debt-free balance sheet and continued strategic initiatives. Clarus ended fiscal Q2 2026 with $28.9 million in cash and no debt, reflecting a strong financial position. Additionally, the company continued to evaluate strategic alternatives with Jefferies LLC and completed the acquisition of ONWRD Supply Co. in June 2026, expanding its Adventure segment.
5. Analyst sentiment turned increasingly positive, leading to an upgrade. On September 28, 2026, Clarus's stock was upgraded to a Zacks Rank #2 (Buy). This upgrade was driven by growing optimism regarding its earnings prospects, as reflected by a 5400% increase in the Zacks Consensus Estimate for the fiscal year ending December 2026 over the preceding three months.
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Stock Movement Drivers
Fundamental Drivers
The 9.3% change in CLAR stock from 6/30/2026 to 10/8/2026 was primarily driven by a 8.8% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.13 | 3.42 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 252 | 253 | 0.4% |
| P/S Multiple | 0.5 | 0.5 | 8.8% |
| Shares Outstanding (Mil) | 38 | 38 | 0.1% |
| Cumulative Contribution | 9.3% |
Market Drivers
6/30/2026 to 10/8/2026| Return | Correlation | |
|---|---|---|
| CLAR | 9.3% | |
| Market (SPY) | 3.6% | 36.5% |
| Sector (XLY) | -4.7% | 53.2% |
Fundamental Drivers
The 27.8% change in CLAR stock from 3/31/2026 to 10/8/2026 was primarily driven by a 26.4% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.68 | 3.42 | 27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 250 | 253 | 1.0% |
| P/S Multiple | 0.4 | 0.5 | 26.4% |
| Shares Outstanding (Mil) | 38 | 38 | 0.1% |
| Cumulative Contribution | 27.8% |
Market Drivers
3/31/2026 to 10/8/2026| Return | Correlation | |
|---|---|---|
| CLAR | 27.8% | |
| Market (SPY) | 19.3% | 28.7% |
| Sector (XLY) | 2.7% | 44.2% |
Fundamental Drivers
The 0.9% change in CLAR stock from 9/30/2025 to 10/8/2026 was primarily driven by a 1.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.39 | 3.42 | 0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 254 | 253 | -0.5% |
| P/S Multiple | 0.5 | 0.5 | 1.4% |
| Shares Outstanding (Mil) | 38 | 38 | 0.1% |
| Cumulative Contribution | 0.9% |
Market Drivers
9/30/2025 to 10/8/2026| Return | Correlation | |
|---|---|---|
| CLAR | 0.9% | |
| Market (SPY) | 17.1% | 32.7% |
| Sector (XLY) | -6.2% | 39.3% |
Fundamental Drivers
The -51.1% change in CLAR stock from 9/30/2023 to 10/8/2026 was primarily driven by a -57.1% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10082026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.00 | 3.42 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 215 | 253 | 17.5% |
| P/S Multiple | 1.2 | 0.5 | -57.1% |
| Shares Outstanding (Mil) | 37 | 38 | -3.1% |
| Cumulative Contribution | -51.1% |
Market Drivers
9/30/2023 to 10/8/2026| Return | Correlation | |
|---|---|---|
| CLAR | -51.1% | |
| Market (SPY) | 87.3% | 32.4% |
| Sector (XLY) | 42.0% | 37.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLAR Return | 81% | -72% | -11% | -33% | -24% | 4% | -76% |
| Peers Return | 11% | -29% | 5% | 20% | -28% | 3% | -27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| CLAR Win Rate | 67% | 25% | 42% | 33% | 42% | 60% | |
| Peers Win Rate | 62% | 32% | 55% | 50% | 42% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLAR Max Drawdown | -18% | -76% | -52% | -45% | -38% | -33% | |
| Peers Max Drawdown | -25% | -50% | -37% | -28% | -55% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VFC, COLM, DECK, YETI, NWL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/8/2026 (YTD)
How Low Can It Go
| Event | CLAR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.8% | 50.9% |
| Time to Breakeven | 145 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.0% | -19.2% |
| % Gain to Breakeven | 24.9% | 23.8% |
| Time to Breakeven | 56 days | 105 days |
In The Past
Clarus's stock fell -33.3% during the 2020 COVID-19 Crash. Such a loss loss requires a 49.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CLAR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.8% | 50.9% |
| Time to Breakeven | 145 days | 140 days |
In The Past
Clarus's stock fell -33.3% during the 2020 COVID-19 Crash. Such a loss loss requires a 49.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clarus (CLAR)
Clarus Corporation (CLAR) is a global designer, manufacturer, and distributor of a diverse portfolio of products primarily targeting outdoor, adventure, and precision sport markets. A significant portion of its business, under the Outdoor segment, focuses on activity-based apparel, specialized equipment, and snow safety products for climbing, mountaineering, skiing, trail running, and backpacking. Key offerings include shells, insulation, climbing footwear and gear, technical backpacks, headlamps, skis, and avalanche safety systems, sold under brands like Black Diamond Equipment, PIEPS, and SKINourishment. Its primary customers in this segment are mountain, rock, ice, and gym climbers, winter outdoor enthusiasts, trail runners, and general outdoor consumers.
Complementing its outdoor recreation offerings, Clarus also operates two other distinct segments. The Precision Sport segment manufactures bullets and ammunition for precision target shooting, hunting, and military and law enforcement applications, with brands such as Sierra and Barnes. Its Adventure segment provides engineered automotive roof racks, carriers, and accessories under the Rhino-Rack brand, alongside overlanding and off-road vehicle recovery tracks from MAXTRAX, serving the overland and off-road market. Clarus distributes its wide array of products globally through independent specialty stores, large sporting goods chains, distributors, original equipment manufacturers, and directly through its e-commerce websites.
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Here are 1-3 brief analogies to describe Clarus:
- Imagine a company combining the vehicle accessories of Thule with premium outdoor gear like Patagonia, plus a specialized ammunition division.
- A mini VF Corp (owner of The North Face and Vans) focused on premium outdoor adventure products and specialized ammunition brands.
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- Outdoor Apparel and Equipment: Activity-based apparel, rock-climbing gear, backpacks, trekking poles, headlamps, and snow safety products for outdoor recreation.
- Precision Ammunition: Bullets and ammunition products used for target shooting, hunting, and military/law enforcement purposes.
- Automotive Roof Racks and Accessories: Engineered roof racks, trays, carriers, and related accessories for vehicles.
- Off-Road Recovery Tracks: Vehicle recovery and extraction tracks designed for overlanding and off-road markets.
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Clarus (CLAR) primarily sells its products to individual consumers rather than other companies. Based on the company description, its major customer categories are:
- Outdoor Adventure Sports Enthusiasts: This includes individuals involved in activities such as mountain, rock, ice, and gym climbing; winter outdoor activities like skiing and mountaineering; trail running; and backpacking.
- Precision Sport and Hunting Enthusiasts: This category comprises competitive shooters and hunters who utilize the company's bullets and ammunition products.
- Vehicle-Based Outdoor and Overlanding Consumers: These are general outdoor consumers, particularly those engaged in vehicle-based adventures like overlanding and off-roading, who purchase products such as roof racks, carriers, and vehicle recovery equipment.
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Warren B. Kanders
Executive Chairman
Warren B. Kanders has served as a director of Clarus Corporation since June 2002 and as Executive Chairman of its Board of Directors since December 2002. Since 1990, he has been the President of Kanders & Company, Inc., a private investment firm principally owned and controlled by him. From January 1996 until its sale to BAE Systems plc on July 31, 2007, Mr. Kanders served as the Chairman of the Board of Directors, and from April 2003 as the Chief Executive Officer, of Armor Holdings, Inc., a New York Stock Exchange-listed company that manufactured and supplied military vehicles, armored vehicles, and safety products. Armor Holdings was sold to BAE Systems for $4.1 billion in 2007. In 1992, he co-founded Benson Eyecare Corp., which was later sold to Essilor International in 1996 for $225 million. Mr. Kanders has also been Chairman and CEO of Cadre Holdings since 2012, which went public in November 2021.
Michael J. Yates
Chief Financial Officer
Michael J. Yates was appointed as Clarus' Chief Financial Officer in January 2022. He possesses nearly 35 years of financial management, executive leadership, accounting, and M&A experience. Before joining Clarus, Mr. Yates held multiple accounting and financial executive leadership positions at IDEX Corporation (NYSE: IEX), a diversified engineered products company. These roles included serving as chief accounting officer from 2010 to 2021, as well as interim CFO and corporate controller. Prior to IDEX, Mr. Yates worked at PricewaterhouseCoopers and KPMG. He is a Certified Public Accountant.
Aaron J. Kuehne
Executive Vice President and Chief Operating Officer
Aaron J. Kuehne was promoted to the new role of Executive Vice President and Chief Operating Officer of Clarus in January 2022. He joined Clarus in September 2010 and previously served as the company's Chief Financial Officer, Secretary, and Treasurer since 2013, and as Executive Vice President since March 2021. In his current capacity as COO, Mr. Kuehne is responsible for Clarus' operating model, business integration, and optimization, as well as its operational support functions. Before his tenure at Clarus, he served as Corporate Controller of Certiport (DE), Inc. and as an Audit Manager at KPMG LLP. Mr. Kuehne has been a Certified Public Accountant since 2005.
Neil Fiske
President, Black Diamond Equipment
Neil Fiske has served as President of Black Diamond Equipment since February 2023. He brings extensive experience as a CEO for almost 20 years, particularly in the outdoor, active, and apparel categories. Prior to his role at Clarus, Mr. Fiske worked at Marquee Brands and also served as CEO of companies such as Billabong International, Eddie Bauer, and the Bath and Body Works division of L Brands.
Tripp Wyckoff
Managing Director, Adventure Segment
Tripp Wyckoff has served as Managing Director of Clarus' Adventure segment since May 2025. He possesses over 20 years of deep operating experience in senior leadership roles. This includes his prior position as General Manager of the Americas at Clarus, a role he held beginning in 2024, where he managed and grew the Adventure brands in the U.S., Canada, and Latin America. Additionally, Mr. Wyckoff previously served as President of Vertical Supply Group (“VSG”), a leading branded arborist equipment provider and distributor.
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Key Risks to Clarus (CLAR)
Clarus (CLAR) faces several key risks, primarily due to its diversified portfolio of outdoor, precision sport, and adventure products, which largely cater to discretionary consumer spending and operate in regulated markets.
- Dependence on Discretionary Consumer Spending and Economic Conditions: A significant portion of Clarus's product offerings across its Outdoor, Precision Sport, and Adventure segments are discretionary purchases (e.g., specialized climbing equipment, recreational ammunition, automotive roof racks). Consequently, the company's financial performance is highly susceptible to general economic downturns, reduced consumer confidence, and shifts in consumer spending habits. During periods of economic uncertainty or recession, consumers are likely to reduce spending on non-essential items, directly impacting sales volumes and revenue across Clarus's diverse brands.
- Regulatory and Political Risks in the Precision Sport Segment: Clarus's Precision Sport segment, encompassing the Sierra and Barnes brands, manufactures bullets and ammunition products. This segment is inherently exposed to significant regulatory and political risks. Changes in firearms and ammunition laws, increased restrictions on sales, or shifts in public sentiment regarding gun ownership and usage could severely impact the demand for these products, limit market access, and potentially lead to increased compliance costs or reduced profitability for this segment.
- Supply Chain Disruptions and Input Cost Volatility: As a global developer, manufacturer, and distributor of physical goods, Clarus is vulnerable to disruptions in its supply chain. This includes potential delays in sourcing raw materials (e.g., for apparel, metal components for equipment and ammunition), manufacturing interruptions, and challenges in global logistics and transportation. Furthermore, fluctuations in the cost of raw materials, labor, and shipping can lead to increased operating expenses, compress profit margins, and necessitate price adjustments that could affect competitiveness.
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Outdoor Segment
- The global outdoor gear and equipment market was valued at USD 51.61 billion in 2024 and is projected to reach USD 78.26 billion by 2034.
- The U.S. outdoor apparel, footwear, and equipment market is valued at USD 35.2 billion.
- The global climbing gear market size was valued at USD 1.3 billion in 2021 and is projected to reach USD 2.7 billion by 2031. More recently, the global rock climbing equipment market was valued at USD 1,044.43 million in 2025 and is expected to increase to USD 1,723.75 million by 2032. The U.S. market is a significant contributor, holding over 35% of the global share by 2034.
- The global ski gear and equipment market size was valued at USD 16.55 billion in 2024 and is projected to reach USD 23.76 billion by 2033. Another estimate places the global skiing equipment market at USD 1.93 billion in 2025, growing to USD 2.62 billion by 2034. North America holds the largest share of the global ski gear and equipment market, accounting for 43% in 2024.
Precision Sport Segment
- The global ammunition market size was valued at USD 25.46 billion in 2019 and is projected to reach USD 37.39 billion by 2032. Other estimates indicate the global market was valued at USD 26.7 billion in 2025, expected to reach USD 36.3 billion by 2034, or USD 37.24 billion in 2025, predicted to increase to approximately USD 53.61 billion by 2035.
- The U.S. ammunition market size was estimated at USD 7.70 billion in 2023 and is anticipated to grow to USD 9.04 billion by 2030. The U.S. market is also projected to reach USD 12.13 billion by 2031.
Adventure Segment
- The global automotive roof racks market is valued at USD 2 billion, with another estimate putting it at approximately US$ 1.92 billion in 2026. It is projected to reach US$ 2.3 billion by 2033. Other reports show the global automotive roofs racks market size was valued at USD 2.65 billion in 2024 and is expected to reach USD 4.49 billion by 2032, or USD 7.12 billion in 2022, projected to reach USD 9.79 billion by 2028. North America dominates the global automotive roof rack market, commanding approximately 40% market share.
- The U.S. automotive roof-racks market size was estimated at USD 265.6 million in 2024 and is projected to grow to USD 473.47 million by 2035. The U.S. automotive roof rack market is projected to reach an estimated value of USD 695.22 million by 2028. Additionally, the USA automotive roof rails demand is valued at USD 0.8 billion in 2025 and is forecasted to reach USD 1.4 billion by 2035.
- The global overlanding market is projected to reach USD 24.7 billion by 2030. The North American market accounts for 40% of global overlanding equipment sales. Overlanding participation in the U.S. is projected to reach 12 million Americans in 2025, a 50% increase from 8 million participants in 2024.
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Clarus Corporation (CLAR) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic initiatives and market positioning across its Outdoor and Adventure segments.
One significant driver is targeted pricing actions across both its Outdoor and Adventure segments. The company has implemented price increases, particularly within the Black Diamond and Adventure brands like RockyMounts and Rhino-Rack, to offset tariffs and improve gross margins.
Another expected driver is the continued double-digit sales growth in apparel within the Outdoor segment. Black Diamond's apparel line has demonstrated strong momentum, with a 10% increase in Q4 2025 and expectations for continued double-digit growth into 2026.
Furthermore, Clarus anticipates volume recovery and market expansion in its Adventure segment. This includes expected volume recovery in the Australian home market and expansion into new regions, notably Europe.
The company also projects revenue growth through the launch of new and innovative products within its Adventure segment. Clarus has a robust pipeline of new products, with multiple new platforms slated for release over the next 18 months.
Finally, the company's overarching strategy of simplifying its product portfolio and focusing on profitable segments is expected to contribute to more efficient and sustainable revenue generation.
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Share Repurchases
- Clarus Corporation announced a new share repurchase program on August 1, 2022, authorizing the repurchase of up to $50 million of its common shares. This program replaced a previous one that had approximately $10.8 million remaining.
- As of December 31, 2025, approximately $42.8 million remained available under the $50 million share repurchase authorization.
Share Issuance
- As of March 2, 2026, Clarus Corporation had 38,401,824 shares of common stock outstanding.
Outbound Investments
- Clarus acquired Australia-based Rhino-Rack Holdings Pty Ltd. on July 1, 2021, and Australia-based MaxTrax Australia Pty Ltd. on December 1, 2021.
- The company completed the acquisition of Australia-based TRED Outdoors Pty Ltd. on October 9, 2023.
- Clarus completed the sale of its Precision Sport segment (Sierra Bullets and Barnes Bullets) on February 29, 2024, and the sale of PIEPS and JetForce avalanche pack assets for approximately $9.1 million on July 11, 2025.
Capital Expenditures
- Capital expenditures for 2025 were $5.2 million, following $6.7 million in 2024.
- For fiscal year 2026, capital expenditures are projected to be between $6 million and $7 million.
Peer Outperformance in Leisure Facilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CLAR | Clarus | 7.0% | -4.2x | 5.5% | -41.1% | -86.2% | — |
| PLNT | Planet Fitness | 10.9% | 14.3x | -54.1% | -8.2% | -44.5% | +42pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -11.0% | 80.0% | 82.8% | CVSA 245% · LINC 236% · PRDO 218% |
| Homebuilding | 18 | -8.5% | 31.8% | 48.5% | GRBK 197% · TOL 152% · PHM 151% |
| Specialty Stores | 7 | 3.0% | 39.3% | 12.8% | ASO 36% · SIG 32% · DKS 31% |
| Hotels, Resorts & Cruise Lines | 21 | 7.3% | 36.0% | 11.4% | RCL 232% · MAR 140% · LIND 134% |
| Home Improvement Retail | 5 | -20.8% | -0.1% | 0.3% | HVT 13% · LOW 1% · HD 0% |
| Automotive Retail | 18 | -13.7% | 0.9% | -5.1% | MUSA 214% · PAG 115% · ORLY 111% |
| Footwear | 9 | 62.5% | 47.1% | -10.4% | WEYS 206% · DECK 38% · SHOO 19% |
| Restaurants | 36 | -9.1% | -8.2% | -13.7% | EAT 286% · CAKE 164% · BH 119% |
| Specialized Consumer Services | 10 | -18.5% | 15.9% | -16.4% | HRB 107% · FTDR 88% · SCI 33% |
| Home Furnishings | 4 | -5.2% | 26.6% | -17.0% | SGI 46% · LZB -1% · MHK -33% |
| Distributors | 4 | -11.6% | -27.5% | -17.1% | ARMK 122% · GPC 18% · LKQ -52% |
| Apparel Retail | 26 | 7.2% | 16.8% | -37.7% | ANF 260% · URBN 173% · TJX 130% |
| Household Appliances | 18 | 12.7% | -3.2% | -39.7% | FLXS 218% · HBB 165% · KEQU 160% |
| Leisure Products | 13 | -22.5% | -21.1% | -40.8% | GOLF 76% · HAS 26% · MAT -13% |
| Computer & Electronics Retail | 3 | 3.6% | 45.6% | -41.4% | BBY 4% · GME -41% · UPBD -61% |
| Automotive Parts & Equipment | 38 | -12.0% | -12.8% | -41.5% | MOD 1459% · GTX 263% · MLR 69% |
| Leisure Facilities ← | 12 | 5.5% | -6.6% | -45.0% | JAKK 153% · LTH 134% · OSW 124% |
| Casinos & Gaming | 20 | -14.3% | -28.0% | -47.4% | MCRI 91% · RRR 18% · BYD 14% |
| Apparel, Accessories & Luxury Goods | 29 | -3.5% | 13.8% | -49.6% | RL 258% · TPR 252% · ELA 194% |
| Broadline Retail | 14 | -7.3% | 23.2% | -50.9% | EBAY 63% · AMZN 55% · OLLI 42% |
| Consumer Electronics | 11 | -25.6% | -25.5% | -74.4% | AXIL 3081% · GRMN 91% · SONO -44% |
| Other Specialty Retail | 17 | -35.8% | -41.3% | -77.2% | TLF 98% · BBW 90% · WINA 65% |
| Automobile Manufacturers | 8 | -75.5% | -52.5% | -77.9% | GM 47% · TSLA 43% · F 10% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Clarus Earnings Notes | 12/16/2025 | |
| How Low Can Clarus Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.25 |
| Mkt Cap | 3.0 |
| Rev LTM | 4,467 |
| Op Inc LTM | 441 |
| FCF LTM | 257 |
| FCF 3Y Avg | 297 |
| CFO LTM | 357 |
| CFO 3Y Avg | 441 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.0% |
| Rev Chg 3Y Avg | 2.7% |
| Rev Chg Q | 2.3% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | 16.4% |
| Op Inc Chg 3Y Avg | 19.5% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 7.5% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 9.6% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | 7.8% |
| FCF/Rev 3Y Avg | 7.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Outdoor | 177 | 184 | 204 | 222 | 221 |
| Adventure | 74 | 81 | 82 | 93 | 45 |
| Total | 250 | 264 | 286 | 315 | 266 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Outdoor | -1 | -1 | -5 | 15 | 16 |
| Corporate costs | -16 | -16 | -17 | -22 | |
| Adventure | -42 | -53 | 1 | -99 | -2 |
| Total | -60 | -70 | -21 | -106 | 14 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Outdoor | 146 | 137 | 163 | 176 | 167 |
| Adventure | 84 | 120 | 185 | 182 | 298 |
| Corporate | 19 | 37 | 10 | 16 | 24 |
| Assets held for sale | 137 | ||||
| Non-current assets held for sale | 0 | ||||
| Precision Sport | 144 | 143 | |||
| Total | 249 | 294 | 495 | 518 | 632 |
Price Behavior
| Market Price | $3.42 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/27/1998 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $3.57 | $3.20 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -4.3% | 7.0% |
| 3M | 1YR | |
| Volatility | 35.4% | 43.4% |
| Downside Capture | 142.78 | 113.95 |
| Upside Capture | 146.89 | 100.63 |
| Correlation (SPY) | 38.6% | 32.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.40 | 1.74 | 1.19 | 1.02 | 1.09 | 1.05 |
| Up Beta | -3.05 | 0.31 | 0.08 | 1.22 | 0.93 | 0.77 |
| Down Beta | 2.53 | 3.29 | 1.66 | 0.02 | 1.32 | 1.18 |
| Up Capture | 129% | 221% | 164% | 135% | 94% | 70% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 21 | 32 | 66 | 123 | 368 |
| Down Capture | 272% | 180% | 124% | 113% | 111% | 108% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 18 | 25 | 50 | 110 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLAR | |
|---|---|---|---|---|
| CLAR | 7.9% | 43.3% | 0.29 | - |
| Sector ETF (XLY) | -4.7% | 19.4% | -0.37 | 39.4% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 32.8% |
| Gold (GLD) | 3.4% | 29.6% | 0.11 | 12.2% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -22.4% |
| Real Estate (VNQ) | 2.8% | 13.7% | -0.05 | 32.0% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 22.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLAR | |
|---|---|---|---|---|
| CLAR | -31.9% | 52.8% | -0.53 | - |
| Sector ETF (XLY) | 5.3% | 24.1% | 0.18 | 45.1% |
| Equity (SPY) | 14.0% | 17.1% | 0.63 | 42.0% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 7.4% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 5.6% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 39.2% |
| Bitcoin (BTCUSD) | 13.7% | 52.2% | 0.43 | 27.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLAR | |
|---|---|---|---|---|
| CLAR | -5.5% | 47.3% | 0.04 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 46.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 44.1% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 6.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 12.4% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 39.8% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 10.1% | 12.5% | 12.0% |
| 5/7/2026 | 4.2% | -6.6% | -1.2% |
| 3/5/2026 | -3.5% | -7.1% | -12.1% |
| 11/6/2025 | 12.9% | 3.1% | 6.6% |
| 7/31/2025 | -12.2% | -13.1% | 1.6% |
| 5/8/2025 | -7.9% | -8.6% | 1.1% |
| 3/6/2025 | 4.0% | -4.7% | -14.7% |
| 11/8/2024 | 0.7% | 1.6% | 11.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 10 |
| # Negative | 11 | 15 | 14 |
| Median Positive | 4.2% | 7.5% | 9.6% |
| Median Negative | -7.9% | -6.6% | -11.1% |
| Max Positive | 24.3% | 26.3% | 27.7% |
| Max Negative | -21.6% | -22.7% | -27.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 10.1% | 12.5% | 12.0% |
| 5/7/2026 | 4.2% | -6.6% | -1.2% |
| 3/5/2026 | -3.5% | -7.1% | -12.1% |
| 11/6/2025 | 12.9% | 3.1% | 6.6% |
| 7/31/2025 | -12.2% | -13.1% | 1.6% |
| 5/8/2025 | -7.9% | -8.6% | 1.1% |
| 3/6/2025 | 4.0% | -4.7% | -14.7% |
| 11/8/2024 | 0.7% | 1.6% | 11.5% |
| 8/1/2024 | -13.9% | -22.7% | -24.9% |
| 5/2/2024 | 18.7% | 11.4% | 9.0% |
| 3/7/2024 | 24.3% | 26.3% | 25.9% |
| 11/7/2023 | -11.7% | -11.5% | 5.4% |
| 8/7/2023 | 7.1% | -1.4% | -19.3% |
| 5/1/2023 | -5.2% | -11.8% | -12.8% |
| 2/27/2023 | 2.1% | -4.7% | -10.1% |
| 11/7/2022 | -21.6% | -18.3% | -27.8% |
| 8/1/2022 | 1.5% | 2.7% | -19.7% |
| 5/9/2022 | -8.3% | 1.9% | -4.6% |
| 3/7/2022 | 3.9% | 13.1% | 10.3% |
| 11/8/2021 | -3.1% | -4.9% | -9.4% |
| 8/2/2021 | 2.3% | -2.4% | -7.5% |
| 5/10/2021 | 6.5% | 7.5% | 27.7% |
| 3/8/2021 | -2.4% | -3.8% | -4.9% |
| 11/9/2020 | -1.1% | -5.3% | -9.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 10 |
| # Negative | 11 | 15 | 14 |
| Median Positive | 4.2% | 7.5% | 9.6% |
| Median Negative | -7.9% | -6.6% | -11.1% |
| Max Positive | 24.3% | 26.3% | 27.7% |
| Max Negative | -21.6% | -22.7% | -27.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 66.00 Mil | 67.00 Mil | 68.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 3.00 Mil | ||||||
| 2026 Revenue | Reported | 245.00 Mil | 250.00 Mil | 255.00 Mil | 0 | Affirmed | Guidance: 250.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 12.00 Mil | 12.50 Mil | 13.00 Mil | 212.5% | Raised | Guidance: 4.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 5.0% | ||||||
| 2026 Capital Expenditures | Reported | 6.00 Mil | 6.50 Mil | 7.00 Mil | 0 | Affirmed | Guidance: 6.50 Mil for 2026 | |
| 2026 Free Cash Flow | Reported | 6.00 Mil | Raised | Guidance: 0 for 2026 | ||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 51.00 Mil | 52.00 Mil | 53.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | -3.00 Mil | ||||||
| 2026 Revenue | Reported | 245.00 Mil | 250.00 Mil | 255.00 Mil | -3.8% | Lowered | Guidance: 260.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 3.00 Mil | 4.00 Mil | 5.00 Mil | -60.0% | Lowered | Guidance: 10.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 6.00 Mil | 6.50 Mil | 7.00 Mil | 0 | Affirmed | Guidance: 6.50 Mil for 2026 | |
| 2026 Free Cash Flow | Reported | 0 | -1 | Lowered | Guidance: 3.50 Mil for 2026 | |||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yates, Michael J | Chief Financial Officer | Direct | Buy | 8152025 | 3.40 | 8,800 | 29,919 | 135,996 | Form |
| 2 | Yates, Michael J | Chief Financial Officer | Direct | Buy | 8152025 | 3.20 | 6,200 | 19,840 | 99,840 | Form |
| 3 | Kanders, Warren B | Executive Chairman | Direct | Buy | 8072025 | 3.23 | 89,000 | 287,790 | 14,371,173 | Form |
| 4 | Sokolow, Nicolas | See Footnote | Buy | 8072025 | 3.25 | 20,000 | 64,986 | 1,950,591 | Form | |
| 5 | Kanders, Warren B | Executive Chairman | Direct | Buy | 8072025 | 3.24 | 200,000 | 647,900 | 14,109,079 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yates, Michael J | Chief Financial Officer | Direct | Buy | 8152025 | 3.40 | 8,800 | 29,919 | 135,996 | Form |
| 2 | Yates, Michael J | Chief Financial Officer | Direct | Buy | 8152025 | 3.20 | 6,200 | 19,840 | 99,840 | Form |
| 3 | Kanders, Warren B | Executive Chairman | Direct | Buy | 8072025 | 3.23 | 89,000 | 287,790 | 14,371,173 | Form |
| 4 | Sokolow, Nicolas | See Footnote | Buy | 8072025 | 3.25 | 20,000 | 64,986 | 1,950,591 | Form | |
| 5 | Kanders, Warren B | Executive Chairman | Direct | Buy | 8072025 | 3.24 | 200,000 | 647,900 | 14,109,079 | Form |
| 6 | Kanders, Warren B | Executive Chairman | Direct | Buy | 6242025 | 3.48 | 10,394 | 36,169 | 14,459,703 | Form |
| 7 | Kanders, Warren B | Executive Chairman | Direct | Buy | 6242025 | 3.50 | 1,005 | 3,518 | 14,507,262 | Form |
Investor Activity (13F)
Updated Oct 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Facilities Resources |
| Blooloop |
| Attractions Management |
| IAAPA |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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