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Here are a couple of brief analogies to describe SharkNinja (SN):

• A more accessible, mass-market Dyson, but covering a wider range of home and kitchen appliances.

• Dyson for home cleaning and hair care, combined with Instant Pot for kitchen appliances.

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• Shark Vacuums: A diverse range of vacuum cleaners including upright, stick, robot, and handheld models for various floor care needs.
• Shark Steam Mops: Floor cleaning devices utilizing steam to sanitize and clean hard surfaces effectively.
• Shark Beauty Products: Hair care appliances such as hair dryers and stylers designed for efficient and gentle hair treatment.
• Shark Air Purifiers: Systems engineered to improve indoor air quality by capturing allergens, pollutants, and odors.
• Ninja Blenders & Food Processors: High-performance kitchen appliances for blending, crushing, and food preparation tasks.
• Ninja Air Fryers: Countertop devices that use hot air circulation for healthier frying, roasting, and baking.
• Ninja Coffee Makers & Espresso Machines: A variety of systems for brewing coffee, from single-serve to full carafes and specialty drinks.
• Ninja Multi-Cookers & Pressure Cookers: Versatile kitchen appliances offering multiple cooking functions like pressure cooking, slow cooking, and air crisping.
• Ninja Indoor Grills & Smokers: Appliances designed to provide outdoor grilling and smoking results indoors with less smoke.

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SharkNinja (symbol: SN) primarily sells its products (such as Shark vacuums and Ninja kitchen appliances) to other companies, specifically large retailers and e-commerce platforms, which then sell directly to individual consumers. This makes its business model predominantly Business-to-Business (B2B).

Based on their public financial disclosures (such as their annual 10-K reports), SharkNinja's major customers include the following companies:

• Walmart Inc. (Symbol: WMT) - Walmart is consistently identified as one of SharkNinja's largest customers, accounting for a significant portion of its net sales (often 20% or more).
• Amazon.com, Inc. (Symbol: AMZN) - Amazon is another primary customer, also frequently accounting for 20% or more of SharkNinja's net sales, reflecting the strong growth of e-commerce.
• Target Corporation (Symbol: TGT) - While not always explicitly quantified with the same percentages as Walmart and Amazon in public summaries, Target is a major general merchandise retailer and a significant channel for household appliance brands like SharkNinja.
• Best Buy Co., Inc. (Symbol: BBY) - Best Buy is a leading retailer of consumer electronics and appliances, making it a key customer for many of SharkNinja's product lines.
• Costco Wholesale Corporation (Symbol: COST) - As a large membership-only warehouse club, Costco also serves as a substantial customer for bulk and bundled sales of SharkNinja products.

SharkNinja relies heavily on these and other large retail partners for the distribution and sale of its products to the end consumer.

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Mark Barrocas, Chief Executive Officer

Mark Barrocas joined SharkNinja (then Euro-Pro) in 2008 as president and has since transformed the company into a product innovation powerhouse. [3, 4, 14] Under his leadership, SharkNinja's former parent company went public on the Hong Kong Stock Exchange in 2017, and SharkNinja itself was listed on the New York Stock Exchange in 2023. [3] Barrocas previously held leadership roles at Aramark Uniform and Broder Bros Co. [3, 5] He also has an investment in Hyperice, a recovery and wellness technology company. [14] He was instrumental in navigating the company through its private equity backing by CDH Private Equity in 2017 and its subsequent public listings. [3, 4, 16]

Adam Quigley, Chief Financial Officer

Adam Quigley was appointed Chief Financial Officer of SharkNinja, effective immediately, as of November 6, 2025. [16] He has been with SharkNinja for nearly 11 years, joining in 2015, and has been crucial in shaping the company's financial strategy and global expansion. [10, 16] Quigley's experience includes leading finance teams for global business planning, product costing, and strategic finance. [10, 16] He also played a critical role in the sale of the business in 2017, its listing on the Hong Kong exchange in 2019, and developing the company's tariff mitigation strategy. [16] Before joining SharkNinja, he held finance roles at The Boston Beer Company and Avery Dennison. [10]

Mark Rosenzweig, Founder

Mark Rosenzweig founded the company, originally Euro-Pro Operating LLC, in 1994. [1, 4, 13] He developed steam cleaners and upright vacuums, and later moved the company's headquarters to Needham, Massachusetts, in 2003. [4] Rosenzweig launched the Shark brand in 2007. [4] He and Mark Barrocas partnered in 2008. [13]

Neil Shah, Chief Commercial Officer

Neil Shah provides global leadership to SharkNinja's Sales, Analytics, and Marketing organization, having been named Chief Commercial Officer in 2018. [8] He joined SharkNinja in October 2007 as Manager of Sales Planning and Analysis and has since held various leadership roles within Strategic Sales & Marketing. [8] Prior to SharkNinja, Shah held several positions at The Holmes Group, including Category Manager for the Wal-Mart business. [8]

Anthony Marra, Chief Product Officer

Anthony Marra is SharkNinja's Chief Product Officer, responsible for leading the development and introduction of all Shark and Ninja products. [8] He initially joined SharkNinja in September 2008 as a Quality Engineer and rejoined in 2014, serving as Vice President of Quality and later SVP of Product Development for Shark. [8] He was appointed Chief Product Officer in 2025. [8] His previous experience includes working for ITW North American Metal Fasteners and NGK Spark Plugs USA. [8]

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The key risks to SharkNinja's (SN) business primarily stem from external economic factors, global supply chain complexities, and the highly competitive nature of the home appliance market.

1. Macroeconomic Pressures and Consumer Discretionary Spending: SharkNinja's sales are significantly tied to consumer discretionary spending, making the company vulnerable to economic downturns, inflation, and reduced consumer confidence. During periods of economic uncertainty, consumers tend to curb spending on non-essential home appliances, directly impacting SharkNinja's revenue and profitability.
2. Supply Chain Vulnerabilities, Tariffs, and Geopolitical Risks: The company faces ongoing risks related to global supply chain disruptions, fluctuating raw material and logistics costs, currency fluctuations, and potential tariff headwinds. Historically, SharkNinja has relied on overseas manufacturing, particularly in China, which has exposed it to geopolitical events and trade disputes. While SharkNinja is actively diversifying its manufacturing base to Southeast Asian nations to mitigate these risks, the complexities of a global supply chain and the potential for new tariffs remain significant challenges to cost management and operational efficiency.
3. Intense Market Competition and Maintaining Product Differentiation: The small appliance sector in which SharkNinja operates is highly competitive, with numerous established brands and new entrants vying for market share. Companies like Dyson, Breville, and iRobot, among others, offer competing products. To maintain its market position and avoid price erosion, SharkNinja must continuously innovate, differentiate its products, and invest significantly in research and development, as well as marketing and distribution. Failure to adapt to evolving consumer preferences and technological trends, such as smart home connectivity, could erode its market share.

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SharkNinja (SN) operates in several key product categories through its Shark and Ninja brands, addressing substantial global markets for household and kitchen appliances, as well as beauty products.

• Vacuum Cleaners: The global vacuum cleaner market size was estimated at USD 15.05 billion in 2024. It is predicted to increase to approximately USD 39.19 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 10.04% from 2025 to 2034.
• Hair Dryers: The global hair dryer market size was evaluated at USD 11.50 billion in 2025. This market is expected to surpass around USD 19.61 billion by 2034, growing at a CAGR of 6.12% from 2025 to 2034. The U.S. hair dryer market size is estimated at USD 2.87 billion in 2025 and is projected to be worth around USD 5.15 billion by 2034, growing at a CAGR of 6.75% from 2025 to 2034.
• Air Fryers: The global air fryer market size was valued at USD 1.42 billion in 2024. It is projected to grow from USD 1.54 billion in 2025 to reach USD 2.32 billion by 2030, expanding at a CAGR of 8.5% during the forecast period (2025–2030).
• Blenders: The global food blenders and mixers market size was valued at USD 12.01 billion in 2024. It is projected to reach USD 20.19 billion by 2033, growing at a CAGR of 5.94% during the forecast period (2025-2033).
• Kitchen Appliances (Overall): The broader global kitchen appliances market was valued at USD 242.30 billion in 2024. It is expected to grow to USD 428.23 billion by 2034, at a CAGR of 5.9% during the forecast period.

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• Product Innovation and New Category Expansion: SharkNinja consistently emphasizes a robust pipeline of new products and a strategy to expand into new and adjacent categories. The company planned to launch 25 new products in 2025 across both new and existing categories. Recent successes and expansion areas include beauty tech, frozen drink makers (like the Ninja SLUSHi), carpet extractors, and other home environment products such as air purifiers and fans. This continued focus on disruptive innovation and solving consumer problems is a key driver for future sales.
• International Market Expansion: SharkNinja is actively growing its presence outside of North America. The company has shown strong year-over-year international net sales growth, with particular strength noted in Europe (especially the UK, Germany, and France) and Latin America (Mexico). SharkNinja's strategic goal is to have 50% of its business outside the United States in the near term, demonstrating a significant push for global market share.
• Gaining Market Share in Existing Categories: Even in a challenging or slower-growing market, SharkNinja has demonstrated consistent market share gains across its four major product categories: cleaning, cooking, food preparation, and beauty and home environment. This outperformance is attributed to strong consumer demand for their "five-star products" and their ability to differentiate within established segments.
• Strategic Pricing and Cost Optimization: While not directly a top-line revenue driver, SharkNinja's focus on cost optimization and strategic pricing plays a crucial role in enabling sustainable growth. The company has successfully mitigated the impact of tariffs through these strategies, with minimal declines in product demand. Improved gross margins, partly due to cost discipline and the end of a contractual sourcing service fee in July 2025, provide resources for reinvestment in product development and marketing, thereby indirectly supporting revenue growth.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• Diluted weighted average shares outstanding for SharkNinja increased from approximately 139.3 million in fiscal 2023 to an estimated 143 million for fiscal 2025.

Capital Expenditures

• Capital expenditures have shown a significant increase, rising from $61 million in 2020 to $151 million in 2024.
• Expected capital expenditures for fiscal year 2025 are projected to be between $180 million and $200 million.
• The primary focus of these capital expenditures is to support investments in new product launches and technology, including efforts towards manufacturing diversification outside of China.