YETI · CIK 1670592
What YETI Holdings, Inc. told the SEC could break it.
YETI makes none of its own products and most are produced outside the U.S., historically with significant Drinkware manufacturing in China — which is exactly where its disclosures bite. U.S. import tariffs raised costs across its foreign-made goods and cut 2025 gross margin by 230 basis points, and the early-2025 spike in China tariffs pushed it to accelerate diversifying Drinkware manufacturing into other countries. Underlying that is a structural reliance on third-party contract manufacturers, ordered through purchase orders, where losing a supplier or failing to obtain raw materials could hurt it. A smaller thread is receivables concentration: one customer represented 19% of net accounts receivable as of early January 2026, up from 12% a year earlier, though no single customer was 10% of gross sales.
4 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.
Geographic concentration
- China manufacturing concentration (Drinkware)medium
Most products are made outside the U.S. with significant Drinkware manufacturing historically in China; YETI accelerated diversification beyond China in response to elevated 2025 China tariffs.
“For example, in response to the elevated tariffs on imports from China announced in early 2025, we accelerated the diversification of our Drinkware manufacturing to additional countries beyond China.”
Regulatory & policy
- U.S. import tariffs (230 bps gross-margin hit; China Drinkware exposure)medium
U.S. tariffs raised import costs across YETI's foreign-made products and cut 2025 gross margin by 230 basis points; elevated China tariffs forced accelerated diversification of Drinkware manufacturing beyond China.
“The decrease in gross margin was primarily driven by: higher tariff costs, which unfavorably impacted gross margin by 230 basis points; and a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 30 basis points.”
Supplier concentration
- third-party contract manufacturers (unnamed)medium
All products are produced by third-party contract manufacturers via purchase orders; loss of, or problems with, these suppliers or an inability to obtain raw materials could harm the business.
“Our products are produced by third-party contract manufacturers, typically through a series of purchase orders.”
SEC filing →As of 2026
Customer concentration
- one customer ~19% of accounts receivable (unnamed)low
As of Jan 3, 2026, one (unnamed) customer accounted for 19% of total net accounts receivable (up from 12% a year earlier), though no single customer was 10%+ of 2025 gross sales.
“As of January 3, 2026 and December 28, 2024, one customer accounted for 19 % and 12 % of our total accounts receivable, net, respectively.”
SEC filing →As of 2026
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