Portfolio Amendments – International Equities Portfolio
We are making two changes to the International Equities portfolio.
YETI Holdings (YETI US)
YETI US$42.79
20 minute delayed
14 days free access
Join Market Matters and get full access to all our Opinion + Action
Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 42.79
- Change
- ▼ -1.98 (-4.42)
- Bid / Ask
- 42.76 - 42.79
- Volume
- 1,029,763
- Turnover
- 37,595,730
- Open
- 44.67
- Day Range
- 42.13 - 44.97
- VWAP
- 42.87
- Prev Close
- 44.77
- Last Trade
- 11/11 7:00pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Consumer Cyclical
- Shares Issued
- 72,988,796
- NTA/Share
- 4.60
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (USD) · FY2025
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 1,868.49
- EBITDA
- 274.96
- Profit
- 165.39
- Earnings Per Share (EPS)
- 2.03
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 3,123.19
- Price to Earnings Ratio (P/E)
- 18.77
Estimates (USD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 2,123.60
- EBITDA
- 337.20
- Profit
- 239.73
- Earnings Per Share (EPS)
- 3.25
- Dividend Per Share (DPS)
- —
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Overvalued
- Economic Moat
- Narrow
- Financial Health
- Moderate
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 32.99 Fair value 42.45 One-star price 54.61
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 42.45
- Price / Fair Value
- 1.11
- Valuation
- Overvalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (32.99) to the one-star price (54.61).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 48.33 |
| Price - 12 month high | 53.98 |
| Price - 12 month low | 32.27 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.04 |
| Market capitalization | 3,426.82 |
| 12 Month High price date | 5 AUG 2026 |
| 12 Month Low price date | 5 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 1.66 |
| Price - 1 Day % Change | 7.76% |
| Price - 13 week price percent change | -6.61% |
| Price - 26 week price percent change | 26.92% |
| Price - 5 Day % Change | 12.63% |
| Price - 52 week price percent change | 48.71% |
| Price - YTD price percent change | 9.07% |
| Price % Change Month To Date | 18.25% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 2.030 |
| EPS excluding extraordinary items - trailing 12 month | 2.280 |
| EPS Normalized - most recent fiscal year | 2.480 |
| Revenue/share - most recent fiscal year | 22.900 |
| Revenue/share - trailing 12 month | 24.825 |
| Book value per share - most recent fiscal year | 8.357 |
| Book value per share - most recent quarter | 8.045 |
| Book value (tangible) per share - most recent fiscal year | 4.603 |
| Book value (tangible) per share - most recent quarter | 4.107 |
| Cash per share - most recent fiscal year | 2.421 |
| Cash per share - most recent quarter | 0.790 |
| Cash Flow per share - most recent fiscal year | 3.663 |
| Cash Flow per share - trailing 12 month | 4.152 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 3.747 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 2.050 |
| EPS Basic excluding extraordinary items - trailing 12 month | 2.310 |
| EPS including extraordinary items - most recent fiscal year | 2.050 |
| EPS including extraordinary items - trailing 12 month | 2.330 |
| Free Cash Flow per share - trailing 12 month | 2.732 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 20.59 |
| P/E Normalized, most recent fiscal year | 19.16 |
| Price to sales - most recent fiscal year | 1.89 |
| Price to Tangible Book - most fiscal year | 11.43 |
| Price to Free Cash Flow per Share - most recent fiscal year | 17.19 |
| Price to Cash Flow per share - trailing 12 month | 11.31 |
| Price to Book - most recent fiscal year | 5.84 |
| P/E excluding extraordinary items high, trailing 12 months | 26.88 |
| P/E excluding extraordinary items low, trailing 12 months | 17.11 |
| Net Debt, LFI | 193.21 |
| Net Debt, LFY | 40.12 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 197.02 |
| LT debt/equity - most recent fiscal year | 32.02% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 35.13% |
| LT debt/equity - most recent quarter | 38.26% |
| Total debt/total equity - most recent quarter | 41.51% |
| Free Cash Flow - trailing 12 month | 213.03 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 1,868.49 |
| Revenue - trailing 12 month | 1,935.76 |
| EBITD - most recent fiscal year | 274.96 |
| EBITD - trailing 12 month | 292.20 |
| Earnings before taxes - most recent fiscal year | 220.28 |
| Earnings before taxes - trailing 12 month | 235.38 |
| Net Income available to common - most recent fiscal year | 165.39 |
| Net Income available to common - trailing 12 months | 178.80 |
| Earnings before taxes Normalized - most recent fiscal year | 271.76 |
| Net Income Available to Common, Normalized - most recent fiscal year | 202.36 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 2.45 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 8.85% |
| Net Profit Margin % - trailing 12 month | 9.24% |
| Operating margin - 1st historical fiscal year | 11.43% |
| Operating margin - trailing 12 month | 12.18% |
| Pretax margin - trailing 12 month | 12.16% |
| Pretax margin - 1st historical fiscal year | 11.79% |
| Operating Margin - 5 year average | 13.17% |
| Pretax Margin - 5 year average | 12.89% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 11.67% |
| Free Operating Cash Flow/Revenue, TTM | 11.00% |
| Net Profit Margin - 5 year average | 9.88% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 13.08% |
| Return on average assets - trailing 12 month | 14.15% |
| Return on average equity - most recent fiscal year | 22.59% |
| Return on average equity - trailing 12 month | 26.10% |
| Return on average assets - 5 year average | 14.87% |
| Return on average equity - 5 year average | 29.00% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 11.35% |
| EPS growth rate, 5 year | 2.78% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 13.00% |
| Growth rate% - Revenue, 3 year | 5.41% |
| Growth rate% - EPS, 3 year | 25.38% |
| Book value per share growth rate, 5 year | 20.34% |
| Capital Spending growth rate, 5 year | 34.73% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 2.34% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
Announcements are available for ASX-listed companies only.
Opinion
YETI Holdings (NYSE: YETI) $38.30
YETI delivered a mixed third-quarter result, with earnings comfortably ahead of expectations, although revenue missed consensus and management lowered the full-year outlook. As we've seen time and time again, the market has no hesitation in punishing any downward revisions to earnings outlooks, and we saw this with YETI overnight.
YETI Holdings (YETI US) US$40.74
As discussed in today’s note, one of the themes we are watching closely is the negative wealth effect and what it means for discretionary spending, particularly at the premium end of the market.
YETI Holdings Inc (NYSE: YETI) US$45.47
YETI delivered a strong second-quarter result, with earnings and margins comfortably ahead of expectations, but shares fell ~10% on softer drinkware growth and a second-half outlook that looks a little light relative to consensus.
Portfolio Amendments – International Equities
We are making two changes to the International Equities Portfolio
YETI Holdings Inc (NYSE: YETI) US$47.34
YETI has now reached our initial target and is trading near the top of its recent range following a strong recovery in the share price. We continue to like the business and remain comfortable holding it in the International Equities Portfolio, although the position now warrants a more disciplined approach after the gains already delivered.
YETI Holdings (NYSE:YETI) $US40.69
YETI delivered a solid 1Q result overnight and raised FY26 guidance. The stock opened up over 15% higher, before closing up ‘only’ 6%. The outdoor lifestyle brand continues to show decent pricing power and consumer relevance across its core categories of drinkware, coolers and equipment, while the wholesale channel was the standout, suggesting retailers are restocking and/or giving more shelf space to new products. The offset was softer direct-to-consumer momentum, some international softness and the ongoing risk that tariffs and a weaker US consumer environment start to bite later in the year.
YETI Holdings (YETI US) $US35.13
YETI delivered a solid 3Q25 result overnight, with earnings coming in mildly ahead of expectations, though, they were still down YoY.
YETI Holdings (YETI US) $US33.20
The high-end cooler, drinkware and accessories company has been a stock we’ve liked for a while now, having bought in early 2023. To date, it’s been underwhelming and we’re sitting on an open loss of 14%.
YETI Holdings (YETI US) $US32.66
The drinkware and cooler maker reported quarterly results that were a bit of a mixed bag. A miss at the sales line but less impact from tariffs helped earnings beat. Guidance was for a similar trend to continue:
Action
Updated
13/11/2026
16:51
YETI US
Updated 13/11/2026 16:51
MM is selling YETI US in the International Equities Portfolio, breaking even ~$US38
Updated
13/11/2026
16:34
YETI US
Updated 13/11/2026 16:34
MM is neutral towards YETI
Updated
09/09/2026
09:59
YETI US
Updated 09/09/2026 09:59
MM remains cautiously long YETI US
Updated
14/08/2026
09:38
YETI US
Updated 14/08/2026 09:38
MM has turned more cautious on YETI post results
Updated
03/08/2026
16:30
YETI US
Updated 03/08/2026 16:30
MM is trimming YETI US in the International Equities Portfolio ~$US48, now targeting a 4% portfolio weight
Updated
15/07/2026
09:57
YETI US
Updated 15/07/2026 09:57
MM remains cautiously bullish YETI ~$US47
Updated
15/05/2026
09:33
YETI US
Updated 15/05/2026 09:33
MM remains bullish YETI US ~$US40
Updated
07/11/2025
16:37
YETI US
Updated 07/11/2025 16:37
MM remains long and bullish YETI US
Updated
08/10/2025
09:57
YETI US
Updated 08/10/2025 09:57
MM remains long & patiently bullish on YETI US
Updated
08/08/2025
17:31
YETI US
Updated 08/08/2025 17:31
MM remains long & bullish YETI US
Business Summary
YETI Holdings Inc is a designer, marketer, and distributor of premium products for the outdoor and recreation market sold under the YETI brand. The company offers products including coolers and equipment, drinkware, and other accessories. Its trademark products include YETI Tundra, Hopper, YETI TANK, Rambler, Colster, Rambler among others. The company distributes products through wholesale channels and through direct-to-consumer, or DTC, channels.
Relevant suggested news and content from the site
Video
WATCH
Webinar Recording: Are commodities entering a Supercycle?
Recorded Wednesday 24th June @ 12.30pm
Podcast
LISTEN
Thursday 11th September – Dow off -220pts, SPI off -20pts
Daily Podcast Direct from the Desk
Video
WATCH
Buy Hold Sell: The 6 income stocks readers love, plus 2 expert ideas
Recorded 10th June 2026
Podcast
LISTEN
Wednesday 10th September – Dow up +196pts, SPI down -4pts
Daily Podcast Direct from the Desk
