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FOXF

Fox Factory Holding Corp.

FOXF

Fox Factory Holding Corp. • NASDAQ
$14.79 ▲ 0.68% (+0.10)
Market Cap $618.24 M
52w High $33.73
52w Low $13.08
Dividend Yield 0%
P/E -2.4
Volume 180.05K
Outstanding Shares 41.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $376.355M ▲ $99.351M ▲ $-634K ▼ -0.168% ▼ $-0.02 ▼ $41.278M ▼
Q2-2025 $374.864M ▲ $98.463M ▼ $2.744M ▲ 0.732% ▲ $0.066 ▲ $41.342M ▲
Q1-2025 $355.03M ▲ $360.266M ▲ $-259.694M ▼ -73.147% ▼ $-6.23 ▼ $-228.448M ▼
Q4-2024 $352.837M ▼ $90.573M ▲ $-141K ▼ -0.04% ▼ $-0.003 ▼ $31.096M ▼
Q3-2024 $359.121M $88.677M $4.78M 1.331% $0.11 $40.103M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $65.372M ▼ $1.975B ▲ $1.019B ▲ $955.969M ▼
Q2-2025 $81.451M ▲ $1.965B ▲ $1.006B ▲ $958.719M ▲
Q1-2025 $68.601M ▼ $1.938B ▼ $998.673M ▼ $939.894M ▼
Q4-2024 $71.674M ▼ $2.232B ▼ $1.031B ▼ $1.201B ▲
Q3-2024 $89.241M $2.288B $1.091B $1.197B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-634K ▼ $5.191M ▼ $-7.757M ▲ $-12.087M ▲ $-16.079M ▼ $-2.566M ▼
Q2-2025 $2.705M ▲ $36.788M ▲ $-12.232M ▼ $-12.742M ▼ $12.85M ▲ $24.556M ▲
Q1-2025 $-259.734M ▼ $680K ▼ $-7.18M ▲ $3.349M ▲ $-3.073M ▲ $-6.5M ▼
Q4-2024 $-179K ▼ $81.721M ▲ $-33.815M ▼ $-65.646M ▼ $-17.567M ▼ $69.768M ▲
Q3-2024 $4.78M $14.074M $-15.893M $9.006M $6.995M $3.525M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Aftermarket Applications Group
Aftermarket Applications Group
 $100.00M ▲$110.00M ▲$110.00M ▲$110.00M ▲
Powered Vehicles Group
Powered Vehicles Group
 $110.00M ▲$120.00M ▲$120.00M ▲$120.00M ▲
Specialty Sports Group
Specialty Sports Group
 $150.00M ▲$120.00M ▼$120.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Fox Factory’s income statement shows a company that grew strongly through 2022, then hit a clear slowdown. Sales climbed steadily for several years, but have slipped over the last two, suggesting softer demand, tougher end markets, or a less favorable product mix. Profitability has come under more pressure than revenue: gross profit has eased back from its peak, and operating profit has fallen much more sharply, indicating higher costs, pricing pressure, or integration expenses. Net profit in the most recent year is much lower than just a couple of years ago, signaling a squeeze on margins and less room for error. Overall, the story is: strong growth phase, followed by a reset period with weaker earnings quality and tighter margins.

Balance Sheet

Balance Sheet The balance sheet reflects a business that has been investing and expanding, but also taking on more financial risk. Total assets have grown meaningfully, likely reflecting acquisitions, capacity investments, and new business lines. Shareholders’ equity has also risen, which is a healthy sign of accumulated value over time. At the same time, debt levels are notably higher than a few years ago, while the cash balance has trended down. This combination suggests greater reliance on borrowing to fund growth and deals, and less of a cash cushion. The balance sheet still looks like that of a sizable, established company, but with higher leverage and a need for disciplined execution and cash management.

Cash Flow

Cash Flow Cash generation is a relative bright spot. The company has consistently produced positive operating cash flow over the last five years, even as profits have fluctuated. Free cash flow has remained positive, though not large, after steady but moderate spending on capital investments. That means Fox Factory is generally funding its ongoing investment needs from the cash the business itself produces. However, given the increased debt load and weaker recent earnings, maintaining and ideally growing cash flow will be important. Any further downturn in demand or margins could quickly tighten the cash picture, so the resilience of cash generation is a key metric to watch.

Competitive Edge

Competitive Edge Fox Factory holds a strong position in performance suspension and related premium components, especially for high-end bicycles, off-road vehicles, and specialty trucks. Its brand is widely recognized among enthusiasts and professionals, allowing it to command premium positioning in its core niches. Deep relationships with major original equipment manufacturers, combined with a sizable aftermarket presence, give it multiple revenue channels and good visibility. Strategic acquisitions have broadened Fox’s reach into vehicle upfitting and even non-wheel sports, which can reduce reliance on any single end market. The main competitive risks are cyclical demand for discretionary and enthusiast products, competitors improving their technology, and the challenge of integrating multiple acquisitions while preserving the brand’s high-performance edge.

Innovation and R&D

Innovation and R&D Innovation is a central pillar for Fox Factory. The company is known for advanced suspension technologies like electronic, terrain-sensing systems that automatically adjust performance in real time. Its vertical integration—designing and manufacturing in-house—supports rapid product iteration and quality control, which helps keep it ahead in demanding, performance-driven markets. Working closely with professional athletes and OEM partners feeds real-world feedback into product development. The company is also using acquisitions to expand its technology and product portfolio and is positioning itself for growth in areas like e-bikes and integrated vehicle systems. The key question is how effectively Fox can keep turning this innovation engine into profitable, scalable products, especially in more volatile or newer markets.

Summary

Fox Factory’s financial and strategic profile shows a specialized, innovation-driven company that has successfully grown but is now navigating a more challenging phase. Revenue and profits expanded strongly up to 2022, then pulled back, with recent earnings under clear pressure. The balance sheet reflects years of investment and deal-making, with higher assets and equity but also more debt and less cash. Cash flow remains positive and supportive, but with less margin for disappointment than before. Competitively, Fox retains a strong brand, deep OEM ties, and a focused presence in performance and enthusiast segments, supported by meaningful R&D and distinctive technologies. The main themes to monitor are margin recovery, debt management, integration of acquisitions, and the company’s ability to translate its innovation pipeline—and diversification into areas like e-mobility and sports equipment—into steadier, higher-quality earnings over time.

NEWS

November 4, 2025 · 12:00 PM UTC

FOX Unveils Live Valve Aftermarket Kits: the most advanced semi active suspension, now offered through aftermarket sales channels

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October 16, 2025 · 9:00 AM UTC

Fox Factory Holding Corp. Announces Third Quarter 2025 Earnings Conference Call

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