Compass Diversified (CODI), the parent of the 5.11 Tactical, BOA, Primaloft and Velocity Outdoor businesses, reported that its 5.11, BOA and  PrimaLoft subsidiaries saw sales growth continue in the fourth quarter while the Velocity Outdoor subsidiary, which includes the Ravin crossbows and CenterPoint archery products, and the King’s Camo hunting and casual apparel brand, dipped ever so slightly for the period, driven by the divestiture of Crosman air gun business, which was sold on April 30, 2024 to Daisy Manufacturing Co.

But the wins came on the podium as well, at least for BOA.

“For anyone who watched the 2026 winter games, Athletes equipped with the BOA Fit Systems tallied more than 100 medals in Nordic skiing, snowboarding and freestyle skiing,” boasted Elias Sabo, CEO,  Compass Diversified, on a conference call with analysts. That’s up from 10 podium winners just four years ago. And we’re confident BOA’s presence will be even greater 4 years from now.”

Inside the Branded Consumer Business
The Branded Consumer segment saw revenues dip slightly for the fourth quarter to $274.9 million in q4, compared to $276. 7 million in the prior-year Q4 period, due almost entirely to the sharp drop in Lugano revenues, and to a lesser extent, a slight dip at Velocity Outdoor.

Branded Consumer segment net loss from continuing operations was $79.4 million in Q4, compared to $70.5 million in Q4 2024.

  • Excluding Lugano, subsidiary adjusted EBITDA was $88.8 million in Q4, up 18.4 percent vs Q4 2024.

On November 16, 2025, CODI de-consolidated Lugano. GAAP results include Lugano’s operating results through that date and include a loss on de-consolidation of $111.9 million. Subsidiary adjusted EBITDA at the basis was $88.8 million, up 18.4 percent versus Q4 2024.

Branded Consumer Full Year 2025 sales totaled  $1.11 billion in 2025, up 5.2 percent year-over-year.

  • Excluding Lugano, Branded Consumer Full Year 2025 sales totaled $1.04 billion in 2025, up 3.7 percent year-over-year.

Branded Consumer Full Year 2025  net loss from continuing operations was $129.1 million, compared to $309.5 million in 2024.

  • Excluding Lugano, Branded Consumer adjusted EBITDA totaled $219.7 million in 2025, up 13.8 percent versus 2024.

“2025 was a challenging year as we navigated the Lugano investigation and completed the related restatement,” offered Sabo in an earnings release. “Despite this, our operating companies, excluding Lugano, delivered solid performance in 2025, reflecting the strength of our diversified subsidiaries and our ability to perform across a range of economic conditions“We remain focused on driving profitable growth while continuing to deleverage.”

Sales by Subsidiary

Adjusted EBITDA by Subsidiary

5.11 Brand Brand Summary
5.11 brand sales in the fourth quarter rose 2.1 percent to $147.8 million from $144.8 million in the prior-year Q4 period. Adjusted EBITDA for the maker of tactical apparel, footwear, and gear more than doubled to $22.7 million from $11.0 million a year ago.

5.11’s sales for full-year 2025 rose 3.7 percent to $551.8 million from $532.2 million the prior year. CODI said in its 10K that the increase was driven primarily by a $19.5 million increase in domestic wholesale sales, reflecting strong demand and the fulfillment of large contracts; a $2.1 million increase in direct-to-consumer sales, resulting from higher full-price sales of new products; and a $2.8 million increase in international sales, supported by continued demand across key markets. These increases were partially offset by a $3.4 million decline in direct-to-agency sales, which were said to be “typically non-recurring.”

  • Full-year gross margin improved to 53.5 percent of subsidiary net sales in 2025 from 51.3 percent in 2024 as margins in the prior year were unfavorably impacted by a non-recurring increase in specific inventory reserves for finished goods that include PFAS.
  • SG&A expenses increased to $234.2 million or 42.4 percent of sales, compared to $224.7 million or 42.2 percent. The net increase was said to be primarily driven by non-recurring payroll costs associated with restructuring, higher performance-based bonuses, and increased marketing investments to support sales growth.
  • Subsidiary operating income rose 32.4 percent to $51.4 million in 2025 from $38.8 million in 2024.
  • Adjusted EBITDA improved 19.2 percent in the year to $75.6 million from $63.4 million.

In 2024, 5.11’s sales had declined 0.2 percent to $532.2 million due to a planned reduction in promotional and off-price in direct-to-consumer channel. Segment operating income was down 16.8 percent to $38.8 million in the prior year as well.

BOA Brand Summary
BOA’s sales in the fourth quarter increased 2.4 percent to $49.3 million from $48.1 million a year ago. Adjusted EBITDA for the maker of the alternative lacing system for footwear, packs, and ski and snowboard boots improved 5.4 percent to $18.1 million from $17.2 million in Q4 2024.

For the year, sales eased 0.2 percent to $190.5 million from $190.8 million in 2024. CODI said in its 10K that BOA’s adult premium performance sales increased across key industries including Workwear, Cycling, Snow Sports, Outdoor, Helmets, and Performance Bracing, primarily as a result of market share gains, offset by reduced kids-based business in China.

  • Gross margins improved to 64.2 percent of net sales from 62.5 percent in 2024, driven by manufacturing efficiencies and product mix.
  • SG&A expense was flat at 29.0 percent of net sales in 2025.
  • Subsidiary operating income rose 5.9 percent to $50.0 million from $47.2 million a year ago.
  • Adjusted EBITDA in the year gained 2.9 percent to $75.8 million from $73.6 million.

PrimaLoft Brand Summary
PrimaLoft Q4 sales advanced 15.8 percent to $14.7 million from $12.7 million in Q4 2024. Adjusted EBITDA for the maker of synthetic insulation and materials used primarily in consumer outerwear and accessories rose 6.5 percent to $3.23 million in Q4 from $3.1 million in the prior-year Q4 period.

Sales for full-year 2025 grew 3.1 percent to $76.5 million from $74.2 million in 2024. CODI said in its annual report that sales gains reflect new programs with European and Asia brand partners that were offset by a pullback in orders from PrimaLoft’s brand partners in the U.S. “as they remain cautious due to the economic uncertainties from the evolving tariff policy in the United States.”

  • Gross margins improved to 63.8 percent of net sales in 2025 as compared to 62.7 percent in 2024 due to a decrease in sales of lower margin products in 2025 compared to the prior year and a reduction in manufacturing costs that was negotiated with third party contractors earlier in the year.
  • SG&A expenses rose to 30.2 percent of PrimaLoft’s sales for the full year, compared to 27.9 percent in 2024, reportedly due to added headcount in 2025, an increase in marketing expenses and a one-time charge of $1.7 million to restructure contract agreements with a key third party supplier. This was reportedly offset by a reduction in severance payments and board of director fees of $0.9 million in 2025.
  • Subsidiary operating income for the year was $3.9 million in 2025 compared to operating income of $4.0 million for 2024.
  • Adjusted EBITDA for the full year was $27.9 million against $27.4 million in 2024, a gain of 1.9 percent.

In leadership news, on February 23, CODI said it had appointed , to president of PrimaLoft, succeeding Anne Cassava. Shawn Neville, BOA’s CEO and a PrimaLoft Board member, assumed the chairman role of PrimaLoft.

Velocity Outdoor Summary
The Velocity Outdoor subsidiary archery business sales were roughly flat in Q4, down 0.2 percent year-over-year to $18.96 million. Adjusted EBITDA in the quarter rose 50.6 percent to $2.1 million from $1.4 million in Q4 2024. The Velocity Outdoor subsidiary includes Ravin crossbows and CenterPoint archery products, and the King’s Camo hunting and casual apparel brand.

For the year, Velocity Outdoor’s sales slumped 20.8 percent to $76.4 million from $96.4 million the prior year. The decrease for the year was said to be driven by the divestiture of Crosman air gun business, which was sold on April 30, 2024 to Daisy Manufacturing Co. The remaining product categories increased 9.8 percent compared to the same period in 2024 due to increased archery sales across all channels.

  • Gross margins improved to 30.7 percent of subsidiary sales in 2025, compared to 27.3 percent in 2024, said to be primarily attributable to customer and product mix, as the Crosman product line had lower gross margins compared to the remaining archery and hunting apparel product categories post divestiture of the airgun product category.
  • SG&A expenses were reduced to 25.6 percent of subsidiary sales in 2025, compared to 26.4 percent in 2024, said to be primarily due to the divestiture of Crosman.
  • Subsidiary operating loss for the full year was $1.4 million in 2025, compared to an operating loss of $12.8 million in 2024. The prior year included an impairment expense of $8.2 million following CODI’s annual goodwill impairment test in March of that year. Last year (2025) did not include an impairment charge.
  • Adjusted EBITDA at Velocity Outdoor rose 39.7 percent in the year to $5.52 million in 2025 from $3.95 million in 2024.

Sabo continued, “Despite ongoing macro uncertainty, we are confident in our ability to generate top and bottom-line growth in 2026 for our remaining subsidiary companies. Our focus is on rebuilding investor confidence by creating consistent, long-term shareholder value through our differentiated business model, strong operating subsidiaries, and permanent capital base.”

2026 Outlook
The company is forecasting that Branded Consumer Adjusted EBITDA for 2026 to be in the range of $240 million  to $260 million.

CODI also operates an Industrial segment that includes Altor Solutions, Arnold Magnetics, and Sterno.

Image courtesy 5.11 Tactical/CODI