Boot Barn (BOOT) AI Stock Analysis

• Market Cap: $3.20B
• Dividend Yield: N/A
• Average Volume (3M): 902.19K
• Price to Earnings (P/E): 20.1
• Beta (1Y): 1.53
• Revenue Growth: 8.31%
• EPS Growth: 3.96%
• Country: US
• Employees: 3,100
• Sector: Consumer Cyclical
• Sector Strength: 48
• Industry: Apparel - Retail
• EPS (TTM): 5.60
• Shares Outstanding: 30,592,974
• 10 Day Avg. Volume: 815,294
• 30 Day Avg. Volume: 902,186
• PEG Ratio: 5.06
• Price to Book (P/B): N/A
• Price to Sales (P/S): 1.74
• Price to Cash Flow (P/CF): 5.10
• P/FCF Ratio: 5.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $187.80
• Price Target Upside: 71.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12

Boot Barn's robust financial performance and positive earnings call insights are tempered by technical analysis indicating bearish momentum. Although the company demonstrates strong revenue growth and operational efficiencies, investors should be cautious of potential cash flow and debt concerns. The valuation is reasonable, but the lack of a dividend yield and current technical indicators suggest some caution in the short term.

Positive Factors

Customer Base Expansion

Confidence in the new store pipeline, a growing customer base in a market with limited competition, and the ability for operating margin expansion despite tariffs.

Growth Opportunities

The recent pullback offers a particularly attractive opportunity to own one of the more compelling growth stories in retail.

Leadership and Strategy

Mr. Hazlet's leadership is anticipated to bring improved customer tracking and improved customer retention, leading to better sales and margin results.

Negative Factors

Guidance and Projections

Shares could see some near-term pressure on a somewhat conservative guide that fell below expectations and questions around occupancy leverage points.

Occupancy Costs

Occupancy deleverage is outsized given both a greater number of stores that open in 4Q and many stores open late in the quarter, yielding outsized dead rent.

Tariff Impact

Tariffs and the related impact to both margins and consumer sentiment are weighing on the stock.

Boot Barn Business Overview & Revenue Model

Company Description

Boot Barn Holdings, Inc., a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing. The company also provides gifts and home merchandise. As of May 10, 2022, it operated 304 stores in 38 states. The company also sells its products through e-commerce websites, including bootbarn.com; sheplers.com; and countryoutfitter.com. The company was formerly known as WW Top Investment Corporation and changed its name to Boot Barn Holdings, Inc. in June 2014. Boot Barn Holdings, Inc. was founded in 1978 and is based in Irvine, California.

How the Company Makes Money

Boot Barn generates revenue primarily through the sale of its extensive range of products including boots, jeans, shirts, hats, belts, and accessories. The company's revenue model is based on retail sales through its physical store locations and e-commerce platform. Key revenue streams include the sale of exclusive private label brands, such as Cody James, Idyllwind, and Shyanne, alongside popular third-party brands like Ariat, Wrangler, and Carhartt. Boot Barn also benefits from strategic partnerships with well-known brands and suppliers, which help to enhance its product offerings and appeal to a wide customer base. Seasonal promotions, loyalty programs, and in-store services further contribute to driving sales and customer retention.

Boot Barn Financial Statement Overview

Summary

Boot Barn shows strong revenue growth and solid profitability, although there are pressures on net profit margins. The balance sheet is stable with moderate leverage, though increasing debt levels warrant attention. Cash flow generation has seen some decline, but remains positive, supporting ongoing operational and capital expenditures. Overall, Boot Barn is in a sound financial position, but should monitor debt levels and cash flow efficiency closely.

Income Statement

Boot Barn has demonstrated strong revenue growth, with an increase from $1,487 million in 2022 to $1,846 million in TTM 2024, reflecting a robust growth trajectory. The gross profit margin remained solid at 37.26%, indicating effective cost management. However, the net profit margin slightly declined to 9.36% in TTM 2024 from 11.54% in 2022, suggesting some pressure on bottom-line profitability.

Balance Sheet

The company’s debt-to-equity ratio improved slightly over the years, indicating stable financial leverage. The equity ratio stands at 54.18%, showing a healthy balance between debt and equity. Return on equity was strong at 15.85% in TTM 2024, demonstrating effective use of shareholder funds. However, the total debt level has increased, which could pose a risk if not managed well.

Cash Flow

Operating cash flow has decreased from $236 million in 2023 to $186 million in TTM 2024, reflecting a decline in cash-generating efficiency. Free cash flow has also declined, although it remains positive. The operating cash flow to net income ratio is slightly above 1, indicating adequate cash generation relative to net income.

Breakdown
TTM	Mar 2024	Jun 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement		Total Revenue
1.85B	1.67B	1.66B	1.49B	893.49M	845.58M
	Gross Profit
687.89M	614.42M	610.57M	575.07M	294.88M	276.49M
	EBIT
227.91M	198.21M	231.79M	258.34M	86.33M	73.67M
	EBITDA
273.63M	249.19M	315.57M	325.01M	145.07M	126.10M
	Net Income Common Stockholders
172.84M	147.00M	170.55M	192.45M	59.39M	47.95M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
152.91M	75.85M	18.19M	20.67M	73.15M	69.56M
	Total Assets
2.01B	1.71B	1.52B	1.20B	933.58M	924.71M
	Total Debt
541.45M	466.76M	447.72M	306.25M	331.02M	434.64M
	Net Debt
388.54M	390.91M	429.53M	285.58M	257.87M	365.07M
	Total Liabilities
922.45M	761.95M	740.93M	600.18M	538.69M	603.02M
	Stockholders Equity
1.09B	943.64M	776.45M	599.68M	394.89M	321.69M
Cash Flow		Free Cash Flow
50.46M	117.30M	-35.65M	28.42M	127.50M	-11.88M
	Operating Cash Flow
186.31M	236.08M	88.89M	88.86M	155.92M	25.32M
	Investing Cash Flow
-135.79M	-118.78M	-124.53M	-60.44M	-28.42M	-40.17M
	Financing Cash Flow
-4.77M	-59.64M	33.17M	-80.89M	-123.91M	67.80M

Boot Barn Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 109.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BOOT, the sentiment is Neutral. The current price of 109.53 is below the 20-day moving average (MA) of 110.51, below the 50-day MA of 133.97, and below the 200-day MA of 139.68, indicating a neutral trend. The MACD of -7.74 indicates Negative momentum. The RSI at 45.48 is Neutral, neither overbought nor oversold. The STOCH value of 80.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BOOT.

Boot Barn Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
URBN	80 Outperform	$4.94B	12.56	17.56%	―	7.71%	40.01%
ANF	74 Outperform	$4.00B	7.41	47.77%	―	15.60%	71.45%
BOOT	71 Outperform	$3.20B	20.05	17.27%	―	8.31%	3.96%
SCVL	67 Neutral	$605.17M	8.03	11.97%	2.51%	2.30%	0.88%
Sector *	59 Neutral	$12.50B	11.24	1.20%	3.72%	1.27%	-20.93%
CATO	41 Neutral	$72.29M	―	-10.61%	19.43%	-6.38%	-726.55%

Boot Barn Corporate Events

Boot Barn Reports Strong Q3 Financial Performance

Boot Barn Holdings, Inc. reported strong financial results for the third fiscal quarter ended December 28, 2024, with net sales increasing by 16.9% to $608.2 million compared to the prior year. The company saw significant growth across all channels, including an 8.6% rise in same-store sales and the opening of 13 new stores, which contributed to a total store count of 438. The increase in net income to $75.1 million, up from $55.6 million in the prior-year period, was bolstered by broad-based sales growth, merchandise margin expansion, and operational efficiencies. The company’s strategic expansion and efficient operations have positioned it well in the market, showcasing its potential for continued growth.

Boot Barn Reports Strong Q3 and New CDO Appointment

Boot Barn Holdings, Inc. reported a robust third quarter for fiscal year 2025, with net sales reaching approximately $608.2 million, marking a 16.9% increase from the previous year. The company experienced a same-store sales growth of 8.6% and enhanced its income from operations to approximately $99.5 million. The company also announced the appointment of Jonathon D. Kosoff as its new Chief Digital Officer, aiming to strengthen its digital strategy. Boot Barn’s strong performance in the third quarter and strategic leadership appointment underscore its commitment to growth and digital transformation, enhancing its market position in the lifestyle retail sector.