At a glance
Fox Factory Holding Corp is worth $651.1M. Revenue grew 5.3% to $1.47B in fiscal 2025, at a loss; over 5 years it has grown 10.5% a year. It pays no dividend; it spent $50.0M buying back its shares over FY2021–FY2025. The stock returned −33.8% over the past year with dividends reinvested and −36.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.2% in the 2020 crash (S&P 500: 33.7%) and 58.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Fox Factory designs, engineers, builds and markets premium suspension systems and other performance parts, such as wheels and cranks. Its parts go mainly on mountain bikes, e-bikes and gravel bikes. They also go on powered vehicles: on-road and off-road trucks, side-by-sides (small off-road vehicles where riders sit next to each other), all-terrain vehicles, snowmobiles, motorcycles, and military and other specialty vehicles. It also makes premium baseball and softball gear under brands such as Marucci, Victus and Baum Bat.
The company makes money in two main ways. First, it supplies parts to bike and vehicle makers, known as original equipment manufacturers (OEMs). These include Specialized, Trek, Giant, Ford, Polaris, Toyota and BRP, which often feature the FOX logo on their performance models. Second, it reaches riders through dealers, distributors and its own direct-to-consumer channels, with upgrades such as truck lift kits. Its products carry premium prices, backed by racing success and brands including FOX, Race Face, Marzocchi and BDS.
In the fiscal year ended January 2, 2026, revenue was about $1.47 billion. It was split almost evenly across three segments: the Specialty Sports group (SSG, which leans heavily on high-end bike parts and Marucci baseball gear) at 34.7%, Powered Vehicles at 33.3% and the Aftermarket Applications Group at 32%. North America brought in 76.3% of revenue, Europe 13.5% and Asia 8.5%.
Price history
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FOXF -33.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| SSG | $509.2M | 34.7% |
| Powered Vehicles | $488.1M | 33.3% |
| Aftermarket Applications Group | $470.0M | 32% |
By business segment
| SSG | $509.2M | 34.7% |
| PVG | $488.1M | 33.3% |
| Aftermarket Applications Group | $470.0M | 32% |
By geography
| North America | $1.12B | 76.3% |
| Europe | $198.5M | 13.5% |
| Asia | $124.0M | 8.5% |
| Rest of the World | $25.5M | 1.7% |
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $358.1M, down 4.5% from a year earlier, and net income was $4.1M (+47.7%).
- For fiscal 2025, revenue was $1.47B (+5.3% year over year; +10.5% a year from FY2020 to FY2025) with a -37.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.5% good |
|---|---|
| Operating margin | -35.6% weak |
| Free cash flow margin | 1.8% watch |
| Return on equity (FY2025) | -81.3% weak |
| Return on assets (FY2025) | -32.6% weak |
| Net cash (cash minus debt) | $-443.4M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $890.6M | $90.7M | $25.8M |
| FY2021 | $1.30B | $163.8M | $8.3M |
| FY2022 | $1.60B | $205.3M | $143.4M |
| FY2023 | $1.46B | $120.8M | $131.9M |
| FY2024 | $1.39B | $6.5M | $87.8M |
| FY2025 | $1.47B | $-544.6M | $27.0M |
Valuation snapshot
| Market value | $651.1M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Fox Factory Holding’s market value went from $1.02B at the end of 2016 to $651.1M on Oct 28, 2026, down 36%; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $651.1M | -9.0% |
| 2025 | $715.2M | -43.3% |
| 2024 | $1.26B | -55.9% |
| 2023 | $2.86B | -25.8% |
| 2022 | $3.86B | -46.2% |
| 2021 | $7.16B | +62.4% |
| 2020 | $4.41B | +64.5% |
| 2019 | $2.68B | +19.8% |
| 2018 | $2.24B | +53.3% |
| 2017 | $1.46B | +42.6% |
| 2016 | $1.02B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FOXF price data to Oct 28, 2026 | -9.5% | -33.8% | -42.4% | -36.8% | -3.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.5% |
| 2025 | -43.5% |
| 2024 | -55.1% |
| 2023 | -26.0% |
| 2022 | -46.4% |
| 2021 | +60.9% |
| 2020 | +52.0% |
| 2019 | +18.2% |
| 2018 | +51.5% |
| 2017 | +40.0% |
| 2016 | +67.9% |
| 2015 | +1.9% |
| 2014 | -7.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.3% over that stretch · deepest drop along the way 38.2%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 50.2% over that stretch · deepest drop along the way 58%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Mar 31, 2025 |
| RWWM, Inc. | 12.64% | Dec 31, 2025 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 4.32% | Dec 31, 2024 |
| Nantahala Capital Management, LLC | 3.55% | Mar 31, 2026 |
ETFs with the most weight in FOXF
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.3% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.26% |
| OASC OneAscent Small Cap Core ETF | 0.24% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.19% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.18% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.15% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.14% |
What could go wrong
- Dependence on high-end bikes and Marucci gear. The Specialty Sports group, 34.7% of fiscal 2025 revenue, depends heavily on demand for high-end bikes and Marucci baseball products. A sharp drop in either could materially hurt results.
- Heavy reliance on bike and vehicle makers. Fox relies on orders from bike and vehicle makers (OEMs), and a small group of customers accounts for a substantial share of sales. Misjudging their restocking and destocking cycles can leave excess or insufficient inventory.
- Sizable debt with a variable rate. Total debt was about $505 million against $61 million of cash as of July 3, 2026. The credit agreement carries a variable rate and operating restrictions, so rising rates increase interest costs.
- Supplier, tariff and Taiwan-China exposure. Fox depends on a limited number of suppliers for some materials and parts. U.S. tariff policies or international conflicts, including tensions between Taiwan and China, could raise costs or disrupt supply.
- Keeping a premium brand ahead of rivals. Fox faces intense competition, some from rivals with greater financial and marketing resources. It must keep launching products that justify premium prices, and a weaker brand image could hurt demand.
- Products are discretionary purchases. Premium bike parts, off-road upgrades and the vehicles they go on are purchases people can postpone. Economic slowdowns, inflation, higher interest rates or high fuel prices can reduce demand.
Recent events
- Quarterly results released; Executive or board change
- Major agreement signed; Acquisition or sale of assets completed
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Major agreement signed; Quarterly results released; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Executive or board change
- Major agreement signed; Executive or board change; Investor presentation or announcement
For income and retirement investors
Fox Factory does not pay a dividend, and it paid none from fiscal 2021 through fiscal 2025. For an income investor, that means no regular payouts: any return has to come from a rising share price. The company returned cash through share repurchases (buybacks) instead. It spent $25 million in each of fiscal 2023 and 2024 and nothing in fiscal 2025, or $50 million over five years. That barely moved the share count, which slipped 0.2% to about 42.0 million between August 2021 and July 2026.
The share price has fallen hard in downturns. In the 2020 COVID crash it dropped 38.2% but regained its prior peak by May 27, 2020. In the 2022 bear market it fell 58% from January 4 to June 16, 2022. It had not regained that peak as of October 28, 2026, by which point it was down 90% over five years. A single stock like this carries more risk than a diversified fund.
Questions investors ask
Does Fox Factory pay a dividend?
No. Fox Factory paid no dividends from fiscal 2021 through fiscal 2025, so it offers no income stream. It returned cash through share repurchases instead: $25 million in each of fiscal 2023 and 2024, and nothing in fiscal 2025. That makes $50 million over the five years. Any return for shareholders has to come from share price gains.
How does Fox Factory make money?
Fox Factory makes money by designing and building premium suspension systems and other performance parts for bikes, trucks, side-by-sides, snowmobiles and other vehicles. It supplies bike and vehicle makers such as Trek, Specialized, Ford, Polaris and Toyota. It also offers upgrades through dealers, distributors and direct-to-consumer channels, and owns baseball brands including Marucci and Victus. In the fiscal year ended January 2, 2026, revenue was about $1.47 billion. Specialty Sports (bikes and baseball) brought in 34.7%, Powered Vehicles 33.3% and Aftermarket Applications 32%.
Is Fox Factory profitable?
Not in its latest full fiscal year. For the year ended January 2, 2026, Fox Factory reported a net loss of $544.6 million, or $13.03 per diluted share, after earning $6.6 million the year before. Gross margin (revenue left after production costs) was 30.2%, but the operating loss reached $522.9 million. Free cash flow (cash from operations minus capital spending) stayed positive at about $27 million. The company earned a small profit of $4.1 million in the quarter ended July 3, 2026.
How much has Fox Factory stock fallen?
The share price fell about 90% over the five years to October 28, 2026, including a one-year drop of 33.8%. The stock lost 46.4% in 2022, 26.0% in 2023, 55.1% in 2024 and 43.5% in 2025. It was down another 9.5% in 2026 through October 28. Its deepest peak-to-trough decline was 93%. Over the same stretch, diluted earnings per share went from $4.84 in fiscal 2022 to a loss of $13.03 in fiscal 2025.
How much debt does Fox Factory have?
Fox Factory had about $505 million in total debt as of July 3, 2026. Against cash and investments of about $61 million, that leaves net debt of roughly $443 million. Shareholders' equity (assets minus liabilities) was $667 million. The company's credit agreement with Wells Fargo and other lenders carries a variable interest rate and operating restrictions. Higher rates can raise interest costs, and breaking its terms could trigger a default. For comparison, the company's stock market value was about $651 million as of October 28, 2026.