FOX Factory Holding Corp key statistics and ratios

In fiscal 2025, FOX Factory Holding Corp had return on equity of -58.2%, an operating margin of -35.6%, debt equal to 79.2% of equity and a current ratio of 2.86. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

FOX Factory Holding Corp: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Jan 2020	2020Jan 2021	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Jan 2025	2025Jan 2026	LTMJul 2026
Gross margin	28.8%	26.6%	29.4%	30.8%	30.5%	31.4%	32.5%	33.2%	32.3%	32.5%	33.3%	33.2%	31.7%	30.4%	30.2%	29.5%
Operating margin	11.4%	11.1%	14.2%	11.3%	9.6%	11.3%	14.1%	15.3%	15.0%	12.8%	15.2%	15.4%	10.9%	4.1%	−35.6%	−18.3%
Net margin	6.8%	6.0%	8.8%	9.0%	6.8%	8.9%	9.1%	13.6%	12.4%	10.2%	12.6%	12.8%	8.3%	0.5%	−37.1%	−20.4%
Free-cash-flow margin	9.1%	5.3%	6.9%	9.2%	5.2%	6.7%	6.6%	5.7%	2.8%	2.9%	0.6%	8.9%	9.0%	6.3%	1.8%	0.9%
Return on equity	20.1%	29.3%	39.6%	25.0%	17.8%	21.2%	20.5%	30.2%	25.0%	15.9%	20.3%	20.4%	10.3%	0.5%	−58.2%	−44.7%
Return on assets	—	10.0%	16.1%	13.3%	9.3%	11.6%	11.3%	18.5%	17.0%	9.6%	11.7%	13.1%	6.3%	0.3%	−27.9%	−18.1%
Asset turnover	—	1.66	1.82	1.47	1.37	1.31	1.25	1.36	1.37	0.94	0.93	1.02	0.76	0.62	0.75	0.89
Current ratio	—	1.63	1.90	1.79	1.78	2.10	2.40	2.40	3.07	3.52	3.15	3.08	3.46	2.80	2.86	3.10
Debt to equity	0.0%	200.4%	8.7%	38.8%	31.0%	36.3%	27.0%	18.6%	16.1%	54.9%	42.8%	17.8%	31.5%	46.7%	79.2%	76.8%
Interest cover (operating income ÷ interest)	11.4x	7.5x	9.4x	34.7x	22.8x	21.8x	28.0x	30.9x	35.6x	12.3x	24.1x	27.6x	8.3x	1.0x	n/m	n/m
Effective tax rate	34.3%	36.5%	30.5%	19.3%	27.1%	17.2%	32.8%	6.1%	13.0%	12.2%	13.0%	12.2%	12.8%	—	—	—
R&D as % of revenue	4.9%	4.1%	3.8%	4.4%	4.6%	4.6%	4.2%	4.2%	4.2%	3.9%	3.6%	3.5%	3.6%	4.3%	4.7%	4.9%
Capital spending as % of revenue	1.6%	2.1%	1.4%	1.5%	3.0%	3.0%	3.5%	4.9%	7.1%	6.4%	4.2%	2.7%	3.2%	3.2%	2.3%	1.6%
Free cash flow ÷ net income	132.7%	87.5%	77.5%	102.1%	76.7%	75.2%	72.6%	41.9%	22.9%	28.4%	5.1%	69.9%	109.1%	>999%	—	—
Dividends ÷ net income	—	471.5%	0.0%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	538.9%	0.0%	2.0%	27.4%	29.6%	0.0%	0.0%	—	—	0.0%	0.0%	19.0%	28.5%	0.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

FOX Factory Holding Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Jan 2025	2025 Q1Apr 2025	2025 Q2Jul 2025	2025 Q3Oct 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Gross margin	29.9%	28.9%	30.9%	31.2%	30.4%	28.3%	28.9%	30.6%
Operating margin	5.2%	3.2%	−70.6%	4.9%	4.0%	−84.7%	1.6%	4.9%
Net margin	1.3%	−0.0%	−73.1%	0.7%	−0.2%	−79.5%	−4.1%	1.1%
Free-cash-flow margin	0.9%	19.8%	−1.8%	6.5%	−0.6%	3.1%	−5.8%	7.0%
Current ratio	3.21	2.80	3.18	3.03	2.98	2.86	2.99	3.10
Debt to equity	46.7%	46.0%	58.2%	56.5%	56.1%	78.1%	77.8%	75.7%
R&D as % of revenue	4.5%	4.2%	4.8%	4.8%	4.9%	4.4%	5.0%	5.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · July 3, 2026

What it owns · $1.6bn

Short-term assets $764mLonger-term assets $872m

What it owes, and who funded it · $1.6bn

Short-term liabilities $246mLonger-term liabilities $724mShareholders' equity $667m

Short-term assets cover short-term liabilities $764m of assets due within a year against $246m of liabilities due within a year.
Short-term assets cover long-term liabilities $764m short-term assets against $724m of longer-dated liabilities.
More cash than debt $61m of cash against $505m of debt.
Debt below 40% of shareholders' equity Debt is 76% of equity.
Debt burden no higher than five years ago Debt to equity moved from 40% to 76% over five years.
A year's operating cash flow covers at least 20% of debt $37m of operating cash flow against $505m of debt.
Operating profit covers interest at least five times over Operating income of −$267m against $50m of interest.

From FOX Factory Holding Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

54 /100

Moderate moat

How hard FOX Factory Holding's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 16 / 20

Cash operating profit has been a median 12.2% of total assets over 10 years.
Pricing power 12 / 20

Gross margin has been a median 32.5%, moving by 1.3 percentage points (standard deviation) across 10 years.
Durability 4 / 20

Operating margin has been a median 13.7%; its worst year was -18.3%.
Cash conversion 11 / 20

Free cash flow was positive in 8 of 10 years, at a median 6.8% of revenue.
Discipline 17 / 20

The diluted share count fell 0.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from FOX Factory Holding Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FOX Factory Holding Corp.