SN · CIK 0001957132
What SharkNinja, Inc. told the SEC could break it.
SharkNinja's disclosures split between who sells its products and where they're made. On the demand side it leans on a handful of big retailers: its largest customer was 23.8% of fiscal 2025 net sales, and Amazon, Costco and Walmart together accounted for 45.7%. On the supply side, third parties manufacture a majority of its products in China, with much of the rest in Vietnam — a concentration that puts it squarely in the path of U.S. and Chinese import tariffs, which it says have already materially hurt the business and are expected to continue to. Rounding out the register are CPSC and foreign product-safety recall risk and a reliance on customized components available only from limited sources.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S./China import tariffs on China-manufactured goodshigh
U.S. trade policies and tariffs (notably on Chinese imports, with EU/Canada/Mexico also in scope and a Feb 20, 2026 SCOTUS ruling striking down certain IEEPA tariffs) have had and are expected to continue to have a material adverse effect on SharkNinja, which manufactures a majority of products in China.
“Significant changes to U.S. trade policies that restrict imports or increase import tariffs and the responses of other countries have had, and we will expect will continue to have, a material adverse effect on our business.”
- CPSC product safety / recall riskmedium
SharkNinja is regularly subject to product-safety inquiries; the CPSC or comparable foreign agencies could require repair, recall, replacement or refund of products, discontinue product lines, or impose fines on suppliers for noncompliance.
“Under certain circumstances, the CPSC or comparable foreign agency could require us to repair, recall, replace or refund the purchase price of one or more of our products or potentially even discontinue entire product lines.”
SEC filing →As of 2026
Customer concentration
- largest customer 23.8%; Amazon+Costco+Walmart = 45.7% of net saleshigh
SharkNinja's largest customer was 23.8% of FY2025 net sales, and its three largest retailers (Amazon, Costco, Walmart) each exceeded 10% and together were 45.7% of net sales.
“We have low retailer concentration, with our largest customer representing 23.8% of net sales for the year ended December 31, 2025. As of December 31, 2025, we partnered with 36 retailers across the United States and over 180 retailers globally. Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025.”
SEC filing →As of 2026
Geographic concentration
- majority of products manufactured in China (plus Vietnam)high
Third parties manufacture a majority of SharkNinja's products in China, with a significant proportion also made in Vietnam and other regions outside the U.S., concentrating its supply in regions exposed to trade, tariff and IP-protection risk.
“A significant proportion of our products are manufactured in China, Vietnam and other regions outside of the United States.”
Sole-source dependency
- customized components from limited sourcesmedium
SharkNinja's new products may use customized components available only from limited sources, with initial capacity constraints and availability/price risk if suppliers prioritize common components over SharkNinja's customized requirements.
“Further, our new products may utilize customized components available from limited sources. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers' yields have matured or manufacturing capacity has increased.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025.”
Cited →“Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025. We are one of fewer than 30 vendors selected to be part of the Amazon Global Vendor Management (“GVM”) program.”
Cited →“Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch