Consumer | StableBread's Newsletter

Consumer

Aug 24, 2026

Deckers Gets Marked Down

A two-brand, share-gaining footwear business at ~12x earnings, ~40% ROE, and ~$1.1B of FCF, priced like it's done growing. Whether it's cheap or a value trap comes down to whether HOKA keeps its pricing power.

CELH

Jun 28, 2026

Celsius's Acquisition Hangover

A record $783M quarter, a first-ever buyback, and open-market buys from the CEO, COO, and a director, all built on the Alani Nu and Rockstar acquisitions. But flagship CELSIUS slowed to 6% and gross margin slipped to 48.3%

Consumer

Jun 10, 2026

Eggs Are Cheap Again

5x earnings, a 14.6% distribution yield, and net cash worth a third of the market cap. But each one leans on a bird-flu spike that's reversing