Sportsman's Warehouse (SPWH) AI Stock Analysis

• Market Cap: $101.46M
• Dividend Yield: N/A
• Average Volume (3M): 427.93K
• Price to Earnings (P/E): ―
• Beta (1Y): >-0.01
• Revenue Growth: -2.92%
• EPS Growth: -8.22%
• Country: US
• Employees: 2,050
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.12
• Shares Outstanding: 38,431,080
• 10 Day Avg. Volume: 282,162
• 30 Day Avg. Volume: 427,926
• PEG Ratio: -0.18
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.06
• P/FCF Ratio: 3.94
• Enterprise Value/Market Cap: 6.87
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 1.85
• Enterprise Value/Ebitda: 29.72
• 1Y Price Target: $3.75
• Price Target Upside: 38.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 49 Neutral
• Price Target: $3.00 ▲(10.70% Upside)

Sportsman's Warehouse's overall stock score reflects significant financial challenges, including declining profitability and high leverage. While the earnings call provided a positive outlook with growth in key categories, technical indicators and valuation metrics suggest caution. The company's strategic focus on growth and margin improvement offers some optimism, but financial stability remains a concern.

Positive Factors

Same-Store Sales Growth

Consistent same-store sales growth indicates strong customer retention and effective sales strategies, supporting long-term revenue stability.

E-commerce Expansion

Growth in e-commerce, especially with BOPUS, enhances customer convenience and expands market reach, vital for adapting to digital retail trends.

Improved Gross Margin

Improved gross margins reflect better cost management and pricing strategies, which can enhance profitability and financial resilience.

Negative Factors

Declining Revenue

Stagnant revenue growth suggests challenges in market expansion and product demand, impacting long-term financial performance.

High Leverage

Increased leverage heightens financial risk, limiting flexibility and potentially affecting the company's ability to invest in growth opportunities.

Negative Cash Flows

Negative cash flows indicate operational inefficiencies and financial strain, which can hinder the company's ability to sustain operations and fund growth.

Sportsman's Warehouse Business Overview & Revenue Model

Company Description

Sportsman's Warehouse Holdings, Inc., together with its subsidiaries, operates as an outdoor sporting goods retailer in the United States. It offers camping products, such as backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents, and tools; and apparel products, including camouflage, jackets, hats, outerwear, sportswear, technical gear, and work wear. The company also provides fishing products comprising bait, electronics, fishing rods, flotation items, fly fishing products, lines, lures, reels, tackles, and small boats; and foot wear products consisting of hiking and work boots, socks, sport sandals, technical footwear, trial and casual shoes, and waders. In addition, it offers hunting and shooting products, such as ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, firearms safety and storage products, reloading equipment, and shooting gear products; and optics, electronics, and accessories, including gift items, GPS devices, knives, lighting, optics, and two-way radios. Further, the company's stores provide archery technician services, fishing-reel line winding, bore sighting and scope mounting, and cleaning services, as well as issues hunting and fishing licenses. Additionally, it offers various private label and special make-up offerings under the Rustic Ridge, Killik, Vital Impact, Yukon Gold, Lost Creek, and Sportsman's Warehouse brands. As of May 26, 2022, the company operated through 126 stores. Sportsman's Warehouse Holdings, Inc. was founded in 1986 and is headquartered in West Jordan, Utah.

How the Company Makes Money

Sportsman's Warehouse generates revenue primarily through the sale of outdoor sporting goods and equipment in its retail stores and online platform. The company's key revenue streams include sales of firearms, fishing tackle, camping gear, and outdoor clothing. Additionally, Sportsman's Warehouse benefits from seasonal sales spikes related to hunting and fishing seasons, which drive increased demand for specific products. The company also engages in promotions and loyalty programs that encourage repeat purchases. Partnerships with various outdoor brands and manufacturers allow Sportsman's Warehouse to offer exclusive products and promotions, further enhancing its market position and revenue potential.

Sportsman's Warehouse Financial Statement Overview

Summary

Sportsman's Warehouse faces significant financial challenges, with declining revenue and profitability, high leverage, and negative cash flows. While the company has managed to maintain a stable gross profit margin, the overall financial health is weakened by operational inefficiencies and increased reliance on debt.

Income Statement

Sportsman's Warehouse has experienced a significant decline in revenue over the past few years, with a TTM revenue growth rate of 0.43% following several periods of negative growth. The gross profit margin remains relatively stable at around 31%, but the net profit margin has turned negative, indicating profitability challenges. The EBIT and EBITDA margins have also deteriorated, reflecting operational inefficiencies.

Balance Sheet

The company's balance sheet shows increasing leverage, with a TTM debt-to-equity ratio of 2.75, up from 1.34 in 2023. This high leverage poses a risk, especially with negative return on equity (ROE) of -16.57%, indicating that the company is not generating sufficient returns on its equity base. The equity ratio has decreased, suggesting a higher reliance on debt financing.

Cash Flow

Cash flow analysis reveals a concerning trend, with negative operating and free cash flows in the TTM period. However, the free cash flow to net income ratio is positive at 1.49, suggesting some ability to cover net losses with free cash flow. The operating cash flow to net income ratio is negative, highlighting cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2023	Dec 2022
Income Statement
Total Revenue	1.21B	1.20B	1.20B	1.29B	1.29B	1.40B
Gross Profit	376.25M	370.47M	370.47M	383.41M	383.41M	460.24M
EBITDA	23.45M	21.65M	21.65M	13.67M	13.67M	89.84M
Net Income	-37.42M	-33.06M	-33.06M	-29.00M	-29.00M	40.52M
Balance Sheet
Total Assets	948.85M	852.10M	852.10M	886.21M	886.21M	858.96M
Cash, Cash Equivalents and Short-Term Investments	1.80M	2.83M	2.83M	3.14M	3.14M	2.39M
Total Debt	506.76M	477.20M	477.20M	481.74M	481.74M	393.45M
Total Liabilities	739.97M	616.40M	616.40M	621.65M	621.65M	565.85M
Stockholders Equity	208.89M	235.70M	235.70M	264.56M	264.56M	293.11M
Cash Flow
Free Cash Flow	-54.57M	19.59M	19.59M	-27.63M	-27.63M	-16.72M
Operating Cash Flow	-36.52M	34.15M	34.15M	52.27M	52.27M	46.79M
Investing Cash Flow	-18.02M	-14.48M	-14.48M	-79.89M	-79.89M	-60.59M
Financing Cash Flow	53.78M	-19.98M	-19.98M	28.38M	28.38M	-40.84M

Sportsman's Warehouse Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.71
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWH, the sentiment is Negative. The current price of 2.71 is below the 20-day moving average (MA) of 2.83, below the 50-day MA of 2.89, and above the 200-day MA of 2.42, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 44.14 is Neutral, neither overbought nor oversold. The STOCH value of 14.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPWH.

Sportsman's Warehouse Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DKS	82 Outperform	$20.46B	15.91	37.37%	2.08%	2.70%	4.58%
ASO	72 Outperform	$3.36B	9.46	18.42%	1.02%	-2.20%	-17.95%
BWMX	68 Neutral	$477.28M	16.27	39.74%	9.38%	-8.56%	-57.78%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BNED	50 Neutral	$310.91M	―	―	―	1.38%	63.65%
SPWH	49 Neutral	$101.46M	-2.76	-16.56%	―	-2.92%	-8.22%
FLWS	45 Neutral	$279.29M	-1.51	-54.45%	―	-7.96%	-3078.36%

Sportsman's Warehouse Corporate Events

Michael Tucci Joins Sportsman’s Warehouse Board

On September 5, 2025, Steven R. Becker resigned from the Board of Directors of Sportsman’s Warehouse Holdings, Inc., where he served as Chairperson of the Compensation Committee and a member of the Nominating and Governance Committee. His resignation was not due to any disagreements with the company. Subsequently, on September 11, 2025, Michael Tucci was appointed as an independent director to fill the vacancy. Tucci, with over 30 years of experience in retail, including leadership roles at Rebel Capital, Rag & Bone, Coach, The Gap, and Macy’s, will serve as Chairperson of the Compensation Committee and a member of the Nominating and Governance Committee. His appointment is expected to strengthen the company’s position in the specialty retail industry and contribute to its growth and shareholder value.

The most recent analyst rating on (SPWH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Sportsman’s Warehouse stock, see the SPWH Stock Forecast page.

Sportsman’s Warehouse Reports Positive Earnings Outlook

The latest earnings call from Sportsman’s Warehouse painted a generally positive picture, with the company reporting consecutive quarters of sales growth and strong performance in key categories such as hunting and fishing. Improved gross margins also contributed to the optimistic outlook. However, challenges remain, including underperformance in the camping department, increased net losses, and a strategic but significant rise in inventory levels. Despite these hurdles, the company remains confident in its strategic initiatives and category growth, which provide a positive outlook for the future.

Sportsman’s Warehouse Reports Q2 2025 Financial Results

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer that caters to a wide range of outdoor enthusiasts, offering a variety of gear and services to inspire outdoor activities. The company operates primarily in the retail sector, focusing on outdoor sports and recreation.

Sportsman’s Warehouse Appoints New Chief Financial Officer

On August 4, 2025, Sportsman’s Warehouse announced the appointment of Jennifer Fall Jung as the new Chief Financial Officer and Secretary, effective August 18, 2025. She succeeds Jeff White, who will transition to a consulting role until September 9, 2025. Ms. Fall Jung brings over 25 years of experience in the consumer goods industry, having held significant financial roles at companies like The Duckhorn Portfolio, Funko, Inc., and The Gap, Inc. Her leadership is expected to be instrumental in executing the company’s long-term financial and strategic plans. The transition is part of the company’s ongoing efforts to strengthen its leadership team and enhance its market position.

The most recent analyst rating on (SPWH) stock is a Buy with a $3.50 price target. To see the full list of analyst forecasts on Sportsman’s Warehouse stock, see the SPWH Stock Forecast page.