FOXF

FOXF's FY2026 numbers look catastrophic on the surface — a $545M net loss, -37.1% net margin, and -81.3% ROE — and the 10-K MD&A confirms the bulk of the damage is a $557.3 million goodwill impairment recognized during the year ended January 2, 2026, with management explicitly noting 'No goodwill impairments were identified in the years ended January 3, 2025 and December 29, 2023.' That is a one-shot non-cash charge, but it is also a hard admission that prior reporting-unit acquisitions are worth materially less than carried. Strip the impairment out and the underlying business is still deteriorating: revenue grew only 5.3% to $1.47B while operating cash flow collapsed 53.8% to $60.9M and retained earnings fell 62.2% to $331M. Net income trajectory over five years (FY21 $164M → FY22 $205M → FY23 $121M → FY25 $6.55M → FY26 -$545M) is a clean line down even before the writedown.