Boot Barn (BOOT) AI Stock Analysis

• Market Cap: $5.87B
• Dividend Yield: N/A
• Average Volume (3M): 498.13K
• Price to Earnings (P/E): 28.5
• Beta (1Y): 1.50
• Revenue Growth: 17.82%
• EPS Growth: 34.88%
• Country: US
• Employees: 3,100
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 1.37
• Shares Outstanding: 30,483,635
• 10 Day Avg. Volume: 538,570
• 30 Day Avg. Volume: 498,134
• PEG Ratio: 0.81
• Price to Book (P/B): 2.81
• Price to Sales (P/S): 1.66
• P/FCF Ratio: -4.22K
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 2.80
• Enterprise Value/Gross Profit: 7.36
• Enterprise Value/Ebitda: 16.65
• 1Y Price Target: $233.90
• Price Target Upside: 21.54% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: $214.00 ▲(11.20% Upside)

The score is driven primarily by strong financial performance (healthy margins, solid ROE, moderate leverage) and a notably upbeat guidance/outlook with strong growth. This is tempered by only mixed technical momentum (slightly negative MACD) and a relatively high P/E that leaves less valuation cushion; weaker profit-to-free-cash-flow conversion is an additional risk factor.

Positive Factors

Profitability & margins

High gross (38.08%), net (10.05%) and EBITDA (16.84%) margins reflect strong product mix, pricing power, and operational efficiency. These durable margins support reinvestment for store growth and brand building, bolster ROE, and provide resilience through economic cycles.

Large store growth runway & TAM expansion

Management's stated potential for 1,200 U.S. stores and an enlarged TAM ($40B to $58B) indicate a meaningful long-term growth runway. Continued unit growth can drive scale economics, broader geographic penetration and multi-year revenue expansion if executed sustainably.

Exclusive brands and omnichannel strength

Rising exclusive brand mix (41% of sales) enhances margin capture, assortment control and differentiation. Coupled with strong e-commerce comps and AI-driven site improvements, this structural shift supports higher margins, customer loyalty and durable omnichannel revenue growth.

Negative Factors

Weak free cash flow conversion

A FCF-to-net-income ratio of 0.26 shows limited conversion of accounting profits into discretionary cash. This constrains the company's ability to self-fund aggressive store rollouts, reduce debt, or return capital, increasing reliance on external financing during expansion.

Moderate leverage and rising debt

A debt-to-equity ratio around 0.55 signals moderate leverage. As management pursues rapid expansion, rising absolute debt can increase interest expense and reduce balance sheet flexibility, heightening vulnerability to margin or traffic shocks during economic downturns.

Tariffs and store operating cost pressures

Tariff-driven input cost increases and a noted 30bp occupancy cost deleverage from new stores create persistent margin pressure. As the footprint grows, higher fixed store costs and external tariff exposure can structurally compress margins unless offset by sourcing, pricing or exclusive-brand premium gains.

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 primarily generates revenue through the sale of its wide array of products, including footwear, apparel, and accessories, both in-store and online. The company’s revenue model is based on retail sales, with key revenue streams coming from their physical stores and e-commerce platform. Boot Barn also benefits from brand partnerships with popular Western and workwear brands, which enhance its product offerings and attract loyal customers. Additionally, the company may engage in promotional events and loyalty programs that drive repeat business and increase customer retention, further contributing to its overall earnings.

Boot Barn Financial Statement Overview

Summary

Boot Barn exhibits strong financial health with robust revenue growth, solid profitability margins, and efficient asset management. The company maintains a stable balance sheet with moderate leverage and excellent return on equity. Cash flow generation is improving, though capital expenditures remain high. Overall, Boot Barn is well-positioned for sustainable growth within the Apparel - Retail industry.

Income Statement

Boot Barn has demonstrated impressive revenue growth with a 19.2% increase from 2024 to 2025. The gross profit margin is strong at 38.0% TTM, indicating effective cost management. The net profit margin has improved to 9.8% TTM, reflecting enhanced profitability. EBIT and EBITDA margins are healthy at 13.0% and 15.6% TTM, respectively, showcasing operational efficiency.

Balance Sheet

The debt-to-equity ratio stands at 0.51 TTM, suggesting a balanced financial leverage. The return on equity is robust at 16.7% TTM, indicating good return on shareholder investments. The equity ratio has improved to 55.9% TTM, showing a stable asset base with a significant portion funded by equity. Overall, the balance sheet reflects a strong financial position with moderate risk.

Cash Flow

Free cash flow has significantly improved, growing from negative to a positive $27.39 million TTM, indicating improved cash generation. Operating cash flow to net income ratio is 0.92 TTM, reflecting strong cash conversion from profits. However, the free cash flow to net income ratio is lower at 0.14 TTM, suggesting that capital expenditures still consume a significant portion of cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.07B	1.91B	1.67B	1.66B	1.49B	893.49M
Gross Profit	788.81M	717.04M	614.42M	610.57M	575.07M	294.88M
EBITDA	348.72M	304.10M	249.19M	315.57M	325.01M	145.07M
Net Income	208.24M	180.94M	147.00M	170.55M	192.45M	59.39M
Balance Sheet
Total Assets	2.26B	2.02B	1.71B	1.52B	1.20B	991.91M
Cash, Cash Equivalents and Short-Term Investments	64.73M	69.77M	75.85M	18.19M	20.67M	73.15M
Total Debt	667.95M	563.04M	466.76M	447.72M	306.25M	331.02M
Total Liabilities	1.05B	886.96M	761.95M	740.93M	600.18M	597.02M
Stockholders Equity	1.21B	1.13B	943.64M	776.45M	599.68M	394.89M
Cash Flow
Free Cash Flow	56.00M	-753.00K	117.30M	-35.65M	28.42M	127.50M
Operating Cash Flow	213.58M	147.54M	236.08M	88.89M	88.86M	155.92M
Investing Cash Flow	-157.82M	-148.24M	-118.78M	-124.53M	-60.44M	-28.42M
Financing Cash Flow	-28.42M	-5.38M	-59.64M	33.17M	-80.89M	-123.91M

Boot Barn Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 192.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BOOT, the sentiment is Positive. The current price of 192.44 is above the 20-day moving average (MA) of 191.94, above the 50-day MA of 189.50, and above the 200-day MA of 163.47, indicating a bullish trend. The MACD of -0.48 indicates Negative momentum. The RSI at 52.24 is Neutral, neither overbought nor oversold. The STOCH value of 70.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BOOT.

Boot Barn Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANF	78 Outperform	$5.95B	12.45	40.72%	―	7.57%	1.75%
AEO	77 Outperform	$4.70B	23.15	12.36%	2.09%	-1.15%	-0.98%
GAP	76 Outperform	$10.57B	12.68	25.10%	2.45%	0.29%	3.65%
BOOT	72 Outperform	$5.87B	28.47	18.74%	―	17.82%	34.88%
BKE	72 Outperform	$2.84B	13.64	41.26%	6.82%	4.67%	3.46%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Boot Barn Corporate Events

Boot Barn Issues Strong Preliminary Q3 2026 Results

Boot Barn Holdings reported strong preliminary results for the third quarter of fiscal 2026, ended December 27, 2025, highlighted by net sales of approximately $705.6 million, up 16% year over year, and same-store sales growth of 5.7% driven by both retail stores and especially robust e-commerce growth of 19.6%. Income from operations is expected to rise to about $114.8 million from $99.5 million, and diluted EPS to about $2.79 from $2.43, with the prior-year period having benefited from a one-time gain tied to the former CEO’s resignation; the company also opened 25 new stores in the quarter, bringing its total to 514 and underscoring its aggressive expansion as merchandise margins improved on buying scale, supply chain efficiencies and higher penetration of exclusive brands. In conjunction with these preliminary results, Boot Barn announced its participation in the 2026 ICR Conference on January 12, 2026, where management will discuss performance and strategy, signaling confidence in continued sales momentum into the fourth quarter and reinforcing the retailer’s positioning as a growth leader in the western and workwear segment.

The most recent analyst rating on (BOOT) stock is a Buy with a $220.00 price target. To see the full list of analyst forecasts on Boot Barn stock, see the BOOT Stock Forecast page.

Boot Barn Completes CEO Transition and Board Realignment

Boot Barn Holdings, Inc. announced a leadership transition in which Peter Starrett, who had been serving as Executive Chairman to support the appointment of John Hazen as Chief Executive Officer, reverted to his prior role as non-executive Chairman of the Board effective January 1, 2026. As of that date, Starrett is no longer considered an executive officer under securities regulations and will receive the same compensation and benefits as the company’s other non-employee directors, signaling the completion of the planned CEO transition and a return to a more standard board governance structure.

The most recent analyst rating on (BOOT) stock is a Buy with a $225.00 price target. To see the full list of analyst forecasts on Boot Barn stock, see the BOOT Stock Forecast page.

Boot Barn Reports Strong Q2 Financial Results

Boot Barn Holdings, Inc. reported strong financial results for the second fiscal quarter ended September 27, 2025, with an 18.7% increase in net sales to $505.4 million and a net income rise to $42.2 million. The company opened 16 new stores, expanding its total to 489, and announced an increased store count potential of 1,200 locations, reflecting an expanded total addressable market of approximately $58 billion. These results highlight the company’s strategic execution and market growth potential, positioning it for continued success and strong returns for stakeholders.

The most recent analyst rating on (BOOT) stock is a Buy with a $229.00 price target. To see the full list of analyst forecasts on Boot Barn stock, see the BOOT Stock Forecast page.