The stock has struggled due to capital dilution, though some investors are still holding.

Presented as a high conviction trade due to the explosive growth and brand heat of Arcteryx and Salomon, which Wall Street is believed to have not fully noticed. The company has high gross margins and is successfully shifting to higher-margin D2C sales.

Investors should be aware that its popular brand, Arcteryx, has a military contracting component which contributes to revenue diversification but may also carry brand and ESG risk among its core consumer base.