Solo Brands (SBDS) Stock Analysis & Winston Score

Solo Brands sells outdoor lifestyle products directly to consumers. Its main brands include Solo Stove (smokeless fire pits and camp stoves), Oru Kayak (foldable kayaks), ISLE (paddleboards), and Chubbies (casual clothing). The company targets everyday outdoor enthusiasts and sells mostly through its own websites, making it a direct-to-consumer specialty retailer.

Solo Brands earns money primarily through online product sales, with some wholesale and retail partnerships. It operates mainly in the United States and generated roughly $500 million in annual revenue at its peak, though sales have declined in recent years. The company's gross margins are solid near 50%, but it is currently losing money at the operating level, which is a real concern. The biggest challenge ahead is rebuilding demand and cutting costs after over-expanding following a surge in outdoor product interest during the pandemic years.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-18.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

48.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 months

$16M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Solo Brands has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.6M (2021) → 1.6M (2025)

Score breakdown

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Quality

Gross Margin

52.3%

Healthy — 52.3% gross margin

Operating Margin

-7.5%

Losing money on operations — -7.5%

ROCE

-7.7%

Weak — -7.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-32.3%

Shrinking sales (-32.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-0.6%

Burning cash (-0.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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