SPORTSMAN'S WAREHOUSE HOLDINGS, INC. SPWH
Sportsman's Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and everyone in between. Our mission is to provide outstanding gear and exceptional service to inspire outdoor memories. We strive to accomplish this goal by tailoring our deeply curated merchandise assortment to meet the seasonal needs of our local markets, offering everyday value pricing and providing friendly support from our knowledgeable and highly trained employees, who we refer to as "outfitters". We also offer an e-commerce experience, extensive in-store events and educational programming. These core strategies help position Sportsman's Warehouse as the "local outdoor experts" and the preferred place to not only shop, but to also share outdoor-based experiences in the communities we support and serve. We are working to grow our loyal customer base in existing markets, increase our omni-channel presence in both new and existing markets to capture new customers, and build our brand awareness as the local destination for hunting and fishing, which we believe will drive our growth and profitability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.20B | $1.29B | $1.40B | $1.51B | $1.45B | $886.4M | $849.1M | $809.7M | $780.0M |
| Cost of revenue | $835.7M | $827.2M | $904.6M | $939.3M | $1.02B | $975.3M | $589.8M | $564.2M | $535.8M | $516.7M |
| Gross profit | $373.5M | $370.5M | $383.4M | $460.2M | $490.3M | $476.5M | $296.6M | $284.9M | $273.9M | $263.2M |
| SG&A | $393.0M | $388.7M | $408.8M | $402.2M | $399.7M | $353.7M | $263.2M | $240.9M | $227.3M | $202.5M |
| Operating income | -$37.4M | -$18.2M | -$25.3M | $58.1M | $90.6M | $122.7M | $33.5M | $44.0M | $46.6M | $60.7M |
| Interest expense | $13.7M | $12.3M | $12.9M | $4.2M | $1.4M | $3.5M | $8.0M | $13.2M | $13.7M | $13.4M |
| Pre-tax income | -$51.1M | -$31.1M | -$38.2M | $53.9M | $144.2M | $121.5M | $25.5M | $30.8M | $32.8M | $47.3M |
| Income tax | $1.1M | $1.9M | $9.2M | $13.3M | $35.8M | $30.1M | $5.3M | $7.1M | $15.1M | $17.6M |
| Net income | -$50.1M | -$33.1M | -$29.0M | $40.5M | $108.5M | $91.4M | $20.2M | $23.8M | $17.7M | $29.7M |
| EPS, basic | -1.30 | -0.87 | -0.77 | 1.00 | 2.47 | 2.10 | 0.47 | 0.55 | 0.42 | 0.70 |
| EPS, diluted | -1.30 | -0.87 | -0.77 | 1.00 | 2.44 | 2.06 | 0.46 | 0.55 | 0.42 | 0.70 |
| Shares, diluted (wtd. avg.) | $38.4M | $37.8M | $37.5M | $40.7M | $44.5M | $44.4M | $43.6M | $43.0M | $42.5M | $42.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.7M | $2.8M | $3.1M | $2.4M | $57.0M | $65.5M | $1.7M | $1.5M | $1.8M | $1.9M |
| Receivables | $4.4M | $2.4M | $2.1M | $2.1M | $1.9M | $581.0K | $904.0K | $249.0K | $319.0K | $411.0K |
| Total current assets | $337.7M | $366.0M | $380.0M | $425.9M | $467.5M | $324.7M | $291.6M | $293.6M | $280.8M | $255.9M |
| Property, plant and equipment | $133.3M | $167.8M | $194.5M | $162.6M | $128.3M | $99.1M | $98.8M | $92.1M | $94.0M | $83.1M |
| Goodwill | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | — | — | — |
| Other intangibles | $211.0K | $267.0K | $327.0K | $389.0K | $264.0K | $289.0K | $220.0K | $246.0K | $276.0K | $2.1M |
| Total assets | $762.6M | $852.1M | $886.2M | $859.0M | $840.6M | $660.8M | $616.6M | $388.9M | $379.7M | $346.2M |
| Accounts payable | $44.9M | $64.0M | $56.1M | $61.9M | $58.9M | $77.4M | $38.2M | $25.0M | $36.8M | $31.5M |
| Short-term debt | $0 | $0 | — | — | — | — | — | $7.9M | $990.0K | $983.0K |
| Total current liabilities | $249.0M | $284.0M | $314.6M | $295.8M | $284.4M | $227.4M | $264.8M | $240.7M | $155.6M | $147.2M |
| Long-term debt | $44.2M | $24.1M | $0 | — | — | — | $23.8M | $27.7M | $132.3M | $133.7M |
| Total liabilities | $574.0M | $616.4M | $621.6M | $565.8M | $526.4M | $456.2M | $506.4M | $310.2M | $329.9M | $316.2M |
| Retained earnings | $99.3M | $149.3M | $182.4M | $213.0M | $222.9M | $114.4M | $23.0M | -$6.4M | -$32.8M | -$50.6M |
| Total equity | $188.6M | $235.7M | $264.6M | $293.1M | $314.2M | $204.7M | $110.3M | $78.7M | $49.8M | $30.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31.3M | $34.1M | $52.3M | $46.8M | -$21.6M | $238.8M | $77.9M | $32.2M | $30.8M | $15.5M |
| Depreciation and amortisation | $39.0M | $40.4M | $38.9M | $31.7M | $26.2M | $21.8M | $19.3M | $18.0M | $15.9M | $12.2M |
| Stock-based compensation | $3.1M | $4.2M | $4.2M | $4.7M | $3.3M | $3.3M | $2.1M | $2.8M | $2.3M | $3.2M |
| Capital expenditure | $22.4M | $14.6M | $79.9M | $63.5M | $53.5M | $19.8M | $30.4M | $17.9M | $41.2M | $39.4M |
| Investing cash flow | -$22.4M | -$14.5M | -$79.9M | -$60.6M | -$53.5M | -$26.2M | -$49.1M | -$16.3M | -$32.1M | -$27.5M |
| Financing cash flow | -$10.1M | -$20.0M | $28.4M | -$40.8M | $66.6M | -$148.7M | -$28.7M | -$16.1M | $1.2M | $11.8M |
| Buybacks | — | — | $2.7M | $64.7M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-154919.
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