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ZYBERNO

Stock Report

Updated Aug 21, 2026

Traeger, Inc (COOK)

Technology • NYSE

$55.62

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

22.0/100

POOR BUSINESS

Traeger, Inc (COOK) scores 22/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full COOK quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+64.7%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

13.0%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

11.2%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full COOK valuation analysis · → View full COOK Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-64.5%)

Debt-to-Equity (Solvency Risk):CRITICAL (2.55x)

Operating Margin (Operational Efficiency):CRITICAL (-20.2%)

Return on Capital (Capital Efficiency):CRITICAL (-66.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Traeger, Inc (COOK) stock report — Zyberno Score 22/100 (POOR BUSINESS), Margin of Safety +64.7%, 13% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Traeger, Inc (COOK) trades at $55.62 against an estimated intrinsic value per share of $157.67 — a +64.7% Margin of Safety based on Owner Earnings of $50.75M TTM, projected at -7.1% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 13.0% annually.

Over the trailing twelve months, COOK generated $50.75M in Owner Earnings. Capital was deployed as follows: $8.50M invested in capital expenditures. Reinvestment rate: 38.6%. Owner Earnings have declined at 7.1% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:55.62

Market Cap:$152.86M

Valuation Multiples (3)

P/B Ratio:0.91x

P/S Ratio:0.32x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$96.47M

Ev Ebitda Ratio:19.71x

Pfcf Ratio:3.21x

Price Action & Momentum (3)

12-1 Momentum:

-27.2% (30th pctile)

📈 Click to view full COOK Momentum analysis →

Momentum Percentile:30 / 100

% of 52-Week High:64.2%

B. Profitability Assessment

Return Metrics (5)

ROE:

-64.5%

📊 Click to view full COOK ROE analysis →

ROA:-16.8%

Roic:

-66.1%

📊 Click to view full COOK ROIC analysis →

Reinvestment Rate:38.6%

Fundamental Growth Rate (g):-25.5%

Margin Analysis (3)

Operating Margin Ttm:-20.2%

Net Margin Ttm:-23.2%

Ebitda Margin:1.0%

TTM Performance (3)

Gross Margin Ttm:39.9%

Operating Margin Ttm:-20.2%

Net Margin Ttm:-23.2%

Yield Metrics (3)

Earnings Yield:-$4.79

Owner Earnings Yield:$31.16

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-4.00

📊 Click to view full COOK Earnings Surprise analysis →

EPS Surprise vs Expected:-15,700.0%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-2.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-7.1%

Operating Cash Flow Growth Rate (Linear):-12.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.49x

Quick Ratio:2.29x

Cash Ratio:0.94x

Leverage Analysis (3)

Debt To Equity Ttm:2.55x

Debt-to-Equity Ratio:2.55x

Debt To Ebitda:0.67x

Coverage Ratios (2)

Interest Coverage Ratio:-3.13x

Times Interest Earned:-3.13

Capital Structure (4)

Working Capital:158,071,000.00

Cash And Cash Equivalents:59,687,000.00

Long Term Debt:$1.54M

Net Debt:-$56.39M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $484.98M

Linear Growth: -2.2%

📊 Click to view full COOK Revenue analysis & methodology →

Cost Of Revenue Ttm:$291.66M

Profitability Breakdown (2)

Gross profit TTM: $193.32M

Linear Growth: 4.7%

📊 Click to view full COOK Gross Profit analysis & methodology →

-$97.77M

Bottom Line Performance (3)

-$112.65M

Income Before Tax:-$115.99M

Ebitda Ttm:4,895,000.00

Operating Expenses (5)

Operating Expenses:291,092,000.00

R And D Expense:12,400,000.00

Sga Expense:85,184,000.00

Income Tax Expense:-$3.34M

Interest Expense:31,249,000.00

Expense Ratios (3)

R And D To Revenue Percentage:10.3%

Sga To Revenue Percentage:70.9%

Ebitda Margin:1.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$654.74M

Current Assets:$221.64M

Ppe Net:29,124,000.00

Goodwill:0.00

Intangible Assets:$366.21M

Liability Structure (4)

Total Liabilities:487,451,000.00

Current Liabilities:63,572,000.00

Long Term Debt:$1.54M

Short Term Debt:$1.76M

Equity & Capital (3)

Equity:$167.29M

Retained Earnings:-$809.70M

Common Stock:1,000,000,000.00

Working Capital Items (3)

Accounts Receivable:74,363,000.00

Inventory:76,259,000.00

Accounts Payable:50,322,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:3,527,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $59.25M

Linear Growth: -12.9%

Free cash flow TTM: $50.75M

Linear Growth: -7.1%

📊 Click to view full COOK Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$3.49M

Capital Expenditures Ttm:8,500,000.00

Financing Activities (3)

Financing Cash Flow:-$343.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$63.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:102,667,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.84

-$2.84

Earnings Per Share Ttm:-$40.99

Revenue & Cash Per Share (3)

Sales Per Share Ttm:176.46

Operating Cash Flow Per Share:$7.47

Fcf Per Share Ttm:18.47

Book Value & Capital (2)

Book Value Per Share:$60.87

Cash Per Share:21.72

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.72x

Working Capital Turnover Ttm:3.07x

Receivables Management (2)

Receivables Turnover Ttm:6.52x

Days Sales Outstanding Ttm:55.97

Inventory Management (2)

Inventory Turnover Ttm:3.82x

Days Inventory Outstanding Ttm:95.43

Payables & Cash Cycle (2)

Days Payable Outstanding:62.98

Cash Conversion Cycle:88.42

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $50.75M

Linear Growth: -7.1%

📊 Click to view full COOK Owner Earnings analysis & methodology →

Owner Earnings Per Share:$18.47

Owner Earnings Yield:$31.16

Growth Assessment (1)

Owner Earnings Growth Rate:-$7.07

Damodaran Growth Analysis (2)

Reinvestment Rate:38.6%

Fundamental Growth Rate (g):-25.5%

Intrinsic Value Models (1)

Intrinsic Value:

$433.34M

📊 Click to view full COOK DCF valuation →

Margin of Safety (1)

Margin Of Safety:

64.7%

📊 Click to view full COOK valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

13.0%

📊 Click to view full COOK expected return analysis →

Forward Expected Return (Yield + Growth):

11.2%

📊 Click to view full COOK expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-2.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-7.1%

Operating Cash Flow Growth Rate (Linear):-12.9%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):4.7%

Book Value Growth Rate (Linear):-22.1%

Owner Earnings Growth Rate:-$7.07

C. Company Profile & Context

Corporate Information (6)

Symbol:COOK

Company Name:Traeger, Inc

Sector:Technology

Industry:Household Appliances

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:2.75M

Shares Outstanding Basic:2.75M

Shares Outstanding Diluted:2.75M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-21 17:49:50 UTC

Data Timestamp:2026-08-19T00:36:13.642577