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Boot Barn Holdings (BOOT)
NYSE:BOOT
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Boot Barn
(NYSE:BOOT)
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Rating:80Outperform
Price Target:
$227.00
▲(27.34% Upside)
Boot Barn's strong financial performance and positive earnings call sentiment are major strengths, supported by solid technical indicators. However, the high valuation and potential macroeconomic risks slightly temper the overall score.
Positive Factors
Revenue Growth
Boot Barn's robust revenue growth, driven by new store openings and same-store sales increases, indicates strong market demand and effective expansion strategies.
Market Expansion
Expanding the total addressable market enhances Boot Barn's growth potential, allowing it to capture a larger share of the Western and workwear retail space.
Exclusive Brand Growth
Increased penetration of exclusive brands strengthens Boot Barn's competitive advantage by differentiating its product offerings and improving margins.
Negative Factors
Tariff Challenges
Tariff-related cost increases can pressure Boot Barn's margins, necessitating strategic pricing adjustments to maintain profitability.
Occupancy Cost Deleverage
Increased occupancy costs from new stores could impact profitability if not offset by higher sales, posing a risk to margin sustainability.
Macro Uncertainty
Macroeconomic uncertainties could affect consumer spending, impacting Boot Barn's sales growth and financial performance in the near term.
Boot Barn (BOOT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.44B
Dividend YieldN/A
Average Volume (3M)474.60K
Price to Earnings (P/E)26.4
Beta (1Y)1.52
Revenue Growth17.82%
EPS Growth34.88%
CountryUS
Employees3,100
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)1.37
Shares Outstanding30,483,635
10 Day Avg. Volume542,352
30 Day Avg. Volume474,595
Financial Highlights & Ratios
PEG Ratio0.81
Price to Book (P/B)2.81
Price to Sales (P/S)1.66
P/FCF Ratio-4.22K
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue2.80
Enterprise Value/Gross Profit7.36
Enterprise Value/Ebitda16.65
Forecast
1Y Price Target
$232.81Price Target Upside30.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)7.1
Revenue Forecast (FY)$2.23B
Boot Barn Business Overview & Revenue Model
Company DescriptionBoot 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 MoneyBoot 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 Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2026
Earnings Call Sentiment Positive
The earnings call was characterized by strong revenue and earnings growth, driven by new store openings and increased merchandise margins. The company's expansion of its total addressable market and growth in exclusive brands are notable positives. However, challenges such as tariff impacts, occupancy cost deleverage, and macroeconomic uncertainties present potential headwinds.Q2-2026 Updates
Positive Updates
Strong Revenue Growth
Revenue increased by 19% compared to the prior year, reaching $505 million, driven by sales from 64 new stores and a consolidated same-store sales growth of 8.4%.
Increased Merchandise Margin
Merchandise margin rate increased by 80 basis points compared to the prior year period.
Significant Earnings Growth
Earnings per diluted share were $1.37, equating to 44% growth compared to the prior year period of $0.95.
Expansion of Total Addressable Market
The estimated total addressable market increased from $40 billion to $58 billion.
Growth in Exclusive Brands
Exclusive brand penetration increased by 290 basis points to 41% of sales.
Positive October Performance
Consolidated same-store sales increased by 9.3% in October, driven by an increase in transactions.
E-commerce Success
E-commerce comp sales grew by 14.4%, with bootbarn.com comping positive high teens.
Negative Updates
Tariff Challenges
The company faced increases in product costs due to tariffs, affecting merchandise margin rates.
Occupancy Cost Deleverage
The company experienced a 30 basis point deleverage in buying, occupancy, and distribution center costs driven by the occupancy cost of new stores.
Potential Macro Uncertainty
There is caution around consumer sentiment and macro uncertainty as the company heads into the holiday season.
Pricing Strategy Adjustments
The company plans to implement price increases on exclusive brands after the holidays to mitigate tariff impacts.
Company Guidance
During Boot Barn Holdings, Inc.'s second quarter fiscal 2026 earnings call, the company provided strong guidance supported by a 19% increase in revenue to $505 million, driven by the addition of 64 new stores and an 8.4% rise in same-store sales. Merchandise margin improved by 80 basis points, leading to a 44% increase in earnings per diluted share to $1.37. The company plans to open 70 new stores this fiscal year, with long-term potential for 1,200 U.S. locations, and estimates a total addressable market expansion from $40 billion to $58 billion. Boot Barn's e-commerce sales surged 14.4%, bolstered by AI enhancements and new exclusive brand websites. The company's strategic initiatives focus on new store growth, omnichannel improvements, merchandise margin expansion, and exclusive brand development, aiming for a 50% penetration of exclusive brands in the coming years. Boot Barn raised its fiscal 2026 guidance, projecting total sales of $2.235 billion, with same-store sales growth of 6% and earnings per diluted share of $7.15.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
Negative
178.26
Price Trends
190.07
Negative
182.18
Negative
160.97
Positive
Market Momentum
-1.99
Positive
36.98
Neutral
7.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BOOT, the sentiment is Negative. The current price of 178.26 is below the 20-day moving average (MA) of 194.88, below the 50-day MA of 190.07, and above the 200-day MA of 160.97, indicating a neutral trend. The MACD of -1.99 indicates Positive momentum. The RSI at 36.98 is Neutral, neither overbought nor oversold. The STOCH value of 7.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BOOT.
Boot Barn Risk Analysis
Boot Barn disclosed 50 risk factors in its most recent earnings report. Boot Barn reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Boot Barn Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $5.44B | 26.37 | 18.74% | ― | 17.82% | 34.88% | |
78 Outperform | $5.95B | 12.23 | 40.72% | ― | 7.57% | 1.75% | |
77 Outperform | $4.56B | 23.04 | 12.36% | 2.09% | -1.15% | -0.98% | |
76 Outperform | $9.67B | 11.60 | 25.10% | 2.45% | 0.29% | 3.65% | |
72 Outperform | $2.76B | 13.19 | 41.26% | 6.82% | 4.67% | 3.46% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
| ― | ― | ― | ― | ― | ― | ― |
* Consumer Cyclical Sector Average
BOOT
Boot Barn
178.26
26.44
17.42%
ANF
Abercrombie Fitch
127.55
-21.92
-14.67%
AEO
American Eagle
26.69
10.67
66.60%
BKE
Buckle
53.70
6.82
14.55%
FL
Foot Locker
―
―
―
GAP
Gap Inc
25.90
2.99
13.05%
Boot Barn Corporate Events
Business Operations and StrategyFinancial Disclosures
Boot Barn Reports Strong Q2 Financial Results
Positive
Oct 29, 2025
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.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.