YETI Holdings, Inc. YETI

YETI is a lean, cash-rich lifestyle brand that turns stainless-steel cups into high-margin cash flow and enjoys plenty of room to run overseas and in adjacent gear. Its achilles’ heel is reliance on brand heat and a turbulent factory migration that will make 2025 ugly. If management lands the plane, margins and returns should reset higher, justifying a valuation modestly above today’s price. If the brand cools or supply hiccups linger, earnings power and investor patience could both melt fast. In short, YETI looks like a promising but not bullet-proof compounder, priced for guarded optimism rather than perfection.