← All companies ← FOXA Manual FPH → ← DORM Auto Components GNTX →

FOXF, Fox Factory

Auto Components capital-intensive Cyclical

Our company, Fox Factory Holding Corp., is a global leader in the design, engineering, manufacturing and marketing of premium products and systems that deliver championship-level performance for customers worldwide.

Our premium brand, performance-defining products and systems are used primarily on bicycles ("bikes"), side-by-side vehicles ("side-by-sides"), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles ("ATVs"), snowmobiles, motorcycles and specialty vehicles and applications.

Some of our products are specifically designed and marketed to some of the leading cycling and powered vehicle original equipment manufacturers ("OEMs"), while others are distributed to consumers through a global network of dealers and distributors and through direct-to-consumer channels.

Latest annual: FY2026 10-K

FOXF · Fox Factory

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$1.5B

+5.3% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.5B 5-yr avg $1.4B

Gross margin 30% 5-yr avg 32%

Operating margin −18.0% 5-yr avg 2.0%

ROIC −19% 5-yr avg 3%

Owner-earnings margin 1% 5-yr avg 6%

Free cash flow margin 1% 5-yr avg 5%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is SSG (35%), Powered Vehicles (33%) and AAG (32%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 32% and operating margin about 14% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −36% and 15% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 22% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 18%, above 15% in 6 of 8 years). Owner earnings agree: roughly 8% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 lines, the largest SSG at 35%.

Revenue by product line, FY2026

SSG35%$509M
Powered Vehicles33%$488M
AAG32%$470M

By geographyNorth America76%Europe14%Asia8%Rest of the world2%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2026

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2020’20	2021’21	2022’22	2023’23	2025’25	2026’26	TTMTTMApr 2026
										Income statement
$403M	$476M	$619M	$751M	$1.3B	$1.6B	$1.5B	$1.4B	$1.5B	$1.5B	RevenueRevenue
31%	32%	33%	32%	33%	33%	32%	30%	30%	30%	Gross marginGross mgn
7%	7%	7%	7%	7%	7%	9%	10%	10%	10%	SG&A / revenueSG&A/rev
5%	4%	4%	4%	4%	4%	4%	4%	5%	5%	R&D / revenueR&D/rev
$46M	$67M	$95M	$113M	$197M	$247M	$160M	$58M	($523M)	($266M)	Operating incomeOp. inc.
11.3%	14.1%	15.3%	15.0%	15.2%	15.4%	10.9%	4.1%	−35.6%	−18.0%	Operating marginOp. mgn
$36M	$43M	$84M	$93M	$164M	$205M	$121M	$7M	($545M)	($300M)	Net incomeNet inc.
17%	33%	6%	13%	13%	12%	13%	—	—	—	Effective tax rateTax rate
										Cash flow & returns
$39M	$48M	$65M	$75M	$63M	$187M	$179M	$132M	$61M	$44M	Operating cash flowOp. cash
$9M	$10M	$14M	$18M	$43M	$49M	$60M	$84M	$92M	$91M	DepreciationDeprec.
($12M)	($14M)	($40M)	($43M)	($158M)	($84M)	($19M)	$32M	$499M	$238M	Working capital & otherWC & other
$12M	$17M	$30M	$54M	$55M	$44M	$47M	$44M	$34M	$32M	CapexCapex
3.0%	3.5%	4.9%	7.1%	4.2%	2.7%	3.2%	3.2%	2.3%	2.2%	Capex / revenueCapex/rev
$30M	$38M	$51M	$57M	$20M	$143M	$132M	$88M	$27M	$12M	Owner earningsOwner earn.
7.4%	8.0%	8.2%	7.6%	1.5%	8.9%	9.0%	6.3%	1.8%	0.8%	Owner earnings marginOE mgn
$27M	$31M	$35M	$21M	$8M	$143M	$132M	$88M	$27M	$12M	Free cash flowFCF
6.7%	6.6%	5.7%	2.8%	0.6%	8.9%	9.0%	6.3%	1.8%	0.8%	Free cash flow marginFCF mgn
$198K	$54M	$0	$7M	$52M	$714K	$701M	$26M	$0	$0	AcquisitionsAcquis.
$8M	$0	$0	—	$0	$0	$25M	$25M	$0	—	BuybacksBuybacks
17%	17%	25%	22%	20%	18%	9%	—	-36%	-19%	ROICROIC
19%	18%	26%	22%	23%	18%	10%	1%	-81%	-46%	Return on equityROE
19%	18%	26%	22%	23%	18%	10%	1%	−81%	−46%	Retained to equityRetained/eq
										Balance sheet
$35M	$36M	$28M	$44M	$246M	$145M	$84M	$72M	$58M	$54M	Cash & investmentsCash+inv
$62M	$61M	$79M	$92M	$142M	$200M	$171M	$166M	$191M	$209M	ReceivablesReceiv.
$71M	$85M	$107M	$129M	$280M	$351M	$372M	$405M	$389M	$375M	InventoryInvent.
$36M	$41M	$55M	$55M	$100M	$131M	$104M	$136M	$141M	$143M	Accounts payablePayables
$97M	$105M	$131M	$165M	$322M	$420M	$439M	$435M	$438M	$441M	Operating working capitalOper. WC
$183M	$200M	$232M	$282M	$725M	$798M	$768M	$728M	$746M	$764M	Current assetsCur. assets
$87M	$83M	$97M	$92M	$230M	$259M	$222M	$260M	$260M	$256M	Current liabilitiesCur. liab.
2.1×	2.4×	2.4×	3.1×	3.2×	3.1×	3.5×	2.8×	2.9×	3.0×	Current ratioCurr. ratio
$58M	$88M	$89M	$94M	$323M	$324M	$637M	$640M	$84M	$84M	GoodwillGoodwill
$336M	$425M	$485M	$609M	$1.5B	$1.6B	$2.2B	$2.2B	$1.7B	$1.7B	Total assetsAssets
$67M	$63M	$59M	$68M	$378M	$200M	$374M	$552M	$524M	$512M	Total debtDebt
$31M	$27M	$31M	$24M	$133M	$55M	$290M	$480M	$466M	$458M	Net debt / (cash)Net debt
21.8×	28.0×	30.9×	35.6×	24.1×	27.6×	8.3×	1.0×	-9.7×	-5.1×	Interest coverageInt. cov.
$185M	$235M	$321M	$422M	$719M	$1.1B	$1.2B	$1.2B	$670M	$659M	Shareholders’ equityEquity
1.5%	1.8%	1.2%	0.9%	1.1%	1.0%	1.1%	0.7%	1.0%	1.0%	Stock comp / revenueSBC/rev
										Per share
37.8M	38.7M	39.0M	39.2M	42.4M	42.4M	42.4M	41.7M	41.8M	41.9M	Shares out (diluted)Shares
$10.66	$12.28	$15.90	$19.18	$30.66	$37.81	$34.51	$33.41	$35.12	$35.38	Revenue / shareRev/sh
$0.94	$1.11	$2.16	$2.38	$3.87	$4.84	$2.85	$0.16	$-13.03	$-7.16	EPS (diluted)EPS
$0.79	$0.98	$1.31	$1.46	$0.47	$3.38	$3.11	$2.10	$0.65	$0.29	Owner earnings / shareOE/sh
$0.71	$0.81	$0.90	$0.54	$0.20	$3.38	$3.11	$2.10	$0.65	$0.29	Free cash flow / shareFCF/sh
$0.32	$0.44	$0.78	$1.37	$1.29	$1.03	$1.10	$1.06	$0.81	$0.77	Cap. spending / shareCapex/sh
$4.89	$6.06	$8.25	$10.78	$16.98	$26.46	$28.79	$28.79	$16.04	$15.74	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	10-yr	5-yr
Revenue / share	+12.7%/yr	+2.8%/yr
Owner earnings / share	−2.0%/yr	+6.7%/yr
Capital spending / share	+9.8%/yr	−8.9%/yr
Book value / share	+12.6%/yr	−1.1%/yr

The record, charted

FY2016–2026

Each measure over its full record; the current point and the worst year marked.

Share count

42Mpeak FY2023

ROIC

−36%low FY2026

Gross margin

30%low FY2026

Net debt ÷ owner earnings

17.3×peak FY2026

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$27Mowner earningsvs.($545M)net incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2026

Owner-earnings bridge

FY2021–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned a $545M loss into $27M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2026	FY2025	FY2023	FY2022	FY2021
Reported net income	($545M)	$7M	$121M	$205M	$164M
Depreciation & amortizationnon-cash charge added back	+$92M	+$84M	+$60M	+$49M	+$43M
Stock-based compensationreal costnon-cash, but a real cost	+$14M	+$10M	+$16M	+$16M	+$14M
Working capital & othertiming of cash in and out, other non-cash items	+$499M	+$32M	−$19M	−$84M	−$158M
Cash from operations	$61M	$132M	$179M	$187M	$63M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$34M	−$44M	−$47M	−$44M	−$43M
Owner earnings	$27M	$88M	$132M	$143M	$20M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	—	−$11M
Free cash flow	$27M	$88M	$132M	$143M	$8M
Owner-earnings marginowner earnings ÷ revenue	2%	6%	9%	9%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $14M), owner earnings is nearer $13M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -9.7×

Does not cover its interest

Operating income ($523M) ÷ interest expense $54M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $466M

Net debt against an operating loss

Cash $58M − debt $524M

What this means
Netting $58M of cash and short-term investments against $524M of debt leaves $466M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 136d

Long (60+ days)

DSO 47 + DIO 139 − DPO 50 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 17%

High through the cycle

8-yr median, range -36%–25%; -36% latest = NOPAT ($413M) ÷ invested capital $1.1B

Industry peers: median 11%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran -36% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

9-yr median margin, range 2%–9%; latest $27M = operating cash $61M − maintenance capex $34M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 8% median across 9 years. Treating stock comp as the real expense it is (less $14M of SBC) leaves $13M.
Are earnings backed by cash? $61M

Loss, but cash-generative

Net income ($545M) · cash from operations $61M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $27M

What this means
Of $27M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.37×

Harvesting

Capex $34M ÷ depreciation $92M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.86×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $524M vs $485M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (9-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −356%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-3.32/share (latest year $-12.99), the averaged base the calculator's gate runs on, and book value is $15.98/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 9

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 6 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 14% → −7% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 14% early to −7% lately, median 14% — competition or costs are biting in.
Reinvestment, incremental ROIC −11%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth +5%/yr

What this means
Owner earnings grew about 5% a year over the record.
Worst year 2026 · −35.6% op. margin

What this means
Operations went underwater in 2026, understand why before trusting the good years.
Share count +1.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2026 10-K names artificial intelligence as a competitive threat.

“If we are unable to anticipate and respond effectively to the threat of, and the opportunity presented by, new technological applications, such as artificial intelligence, machine learning, robotics, blockchain or other new approaches to data mining, we may be exposed to competitive risks related to the adoption and ap…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$764M

Cash & short-term investments$54M
Receivables$209M
Inventory$375M
Other current assets$126M

Current liabilities$256M

Debt due within a year$27M
Accounts payable$143M
Other current liabilities$86M

Current ratio2.99×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.52×stricter: inventory excluded

Cash ratio0.21×strictest: cash alone against what's due

Working capital$508Mthe cushion left after near-term bills

Debt due this year vs. cash$27M due · $54M cash covered by cash on hand, no refinancing forced · both figures from the Apr 3, 2026 balance sheet

Revenue, latest quarter vs. a year ago+3.8%the freshest read on whether the business is still growing

Current ratio, recent quarters3.1× → 3.0×

Deeper floors

Tangible book value$176Mequity stripped of goodwill & intangibles

Net current asset value($239M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$615M$103M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2026

Over the record, the business generated $849M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$336M · 40%
Buybacks$58M · 7%
Retained (debt / cash)$455M · 54%

Returned to owners$58M
10% of the owner earnings the business produced over the span, $0 as dividends and $58M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $446M and cash and short-term investments rose $19M.
Average price paid for buybacks—
Buybacks ran $58M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count10.7%
The diluted count rose from 38M to 42M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained28%
Of the earnings it kept rather than paid out ($150M over the span), annual owner earnings (first three years vs last three) grew $43M, so each retained $1 added about 0.28 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$483M29% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity12%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$840Mover 9 years buying other businesses, against $336M of capital spent building

$557M written down across 1 year (2026): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 66% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Dennison.	$7.8M	$15.0M	$20M
2022	Mr. Dennison.	$7.7M	−$784k	$143M
2023	Mr. Dennison.	$6.0M	$2.4M	$132M
2025	Mr. Dennison.	$7.5M	$322k	$88M
2026	Mr. Dennison.	$8.2M	$3.3M	$27M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$14M
The slice of the business handed to employees in shares this year, 1% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Fox Factory is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2026.

3 of the 6 tests turned up something to look into; the other 3 came back clean.

Look hereIs it less profitable than it was?5.7% vs 7.9%
The owner-earnings margin averaged 7.9% early in the record and 5.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?10.7%
Diluted shares grew 10.7% over 2016–2026, even as the company spent $58M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$67M → $512M
Debt rose from $67M to $512M while owner earnings went from about $40M to $82M — about 1.7 years of owner earnings in debt then, about 6.2 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Credit & receivables, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Auto Components

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HOGHarley-Davidson Inc.	$3.6B	31%	14.1%	7%	15%
SMPStandard Motor Products Inc.	$1.8B	29%	8.0%	11%	5%
ATMUAtmus Filtration Technologies Inc.	$1.8B	27%	15.3%	36%	8%
WNCWabash National Corporation	$1.5B	13%	6.4%	14%	4%
THRMGentherm Inc	$1.5B	29%	8.0%	9%	6%
BLBDBlue Bird Corporation	$1.5B	13%	3.9%	53%	4%
FOXFFox Factory	$1.5B	32%	14.1%	18%	8%
KTOSKratos Defense & Security Solutions Inc.	$1.3B	26%	2.8%	2%	1%
Group median	—	28%	8.0%	12%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Fox Factory has delivered.

Today’s price $

Through the cycle, Fox Factory earns about $112M on its 7.6% median owner-earnings margin. This year’s 1.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($112M) Net of stock comp (−$15M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’26−7%/yr

Owner-earnings growth · ’16→’26+7%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $12M on 42M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $458M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh FOXF against another business →

The owners of FOXF: the meeting and the votes →

Cite: Owner Scorecard, "Fox Factory (FOXF), the owner's record," https://ownerscorecard.com/c/FOXF, data as of 2026-07-09.

Manual order: ← FOXA its page in the Manual FPH →

Industry order: ← DORM the Auto Components chapter GNTX →