Sportsman's Warehouse (SPWH) AI Stock Analysis

• Market Cap: $116.83M
• Dividend Yield: N/A
• Average Volume (3M): 476.45K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.12
• 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: 341,633
• 30 Day Avg. Volume: 476,451
• 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: 5.97
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 1.85
• Enterprise Value/Ebitda: 29.72
• 1Y Price Target: $3.81
• Price Target Upside: 31.83% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 48 Neutral
• Price Target: $3.00 ▲(3.81% Upside)

Sportsman's Warehouse's overall stock score reflects significant financial challenges, including high leverage and negative cash flows, which weigh heavily on the score. Despite some positive signals from the earnings call and technical analysis, the negative valuation and financial performance are the most impactful factors.

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 market reach and customer convenience, aligning with digital retail trends.

Gross Margin Improvement

Improved gross margins reflect better cost management and pricing strategies, which are crucial for long-term profitability.

Negative Factors

High Leverage

Increased leverage heightens financial risk and limits flexibility, potentially impacting future investment and growth opportunities.

Negative Cash Flows

Persistent negative cash flows indicate operational inefficiencies and could hinder the company's ability to fund growth initiatives.

Net Loss Increase

Rising net losses highlight ongoing profitability challenges, which may affect investor confidence and long-term financial health.

Sportsman's Warehouse Business Overview & Revenue Model

Company Description

Sportsman's Warehouse (SPWH) is a leading retailer specializing in outdoor sporting goods and equipment, primarily catering to enthusiasts of hunting, fishing, camping, and other outdoor recreational activities. Founded in 1986, the company operates a chain of retail stores across the United States, offering a wide range of products including firearms, ammunition, fishing gear, camping supplies, and apparel. Sportsman's Warehouse is dedicated to providing quality products and exceptional customer service to outdoor enthusiasts of all skill levels.

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 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.21B	1.20B	1.29B	1.40B	1.51B	1.45B
Gross Profit	376.25M	370.47M	383.41M	460.24M	490.30M	476.45M
EBITDA	23.45M	21.65M	13.67M	89.84M	203.38M	172.10M
Net Income	-37.42M	-33.06M	-29.00M	40.52M	108.47M	91.38M
Balance Sheet
Total Assets	948.85M	852.10M	886.21M	858.96M	840.58M	660.82M
Cash, Cash Equivalents and Short-Term Investments	1.80M	2.83M	3.14M	2.39M	57.02M	65.53M
Total Debt	506.76M	477.20M	481.74M	393.45M	343.20M	264.31M
Total Liabilities	739.97M	616.40M	621.65M	565.85M	526.41M	456.16M
Stockholders Equity	208.89M	235.70M	264.56M	293.11M	314.17M	204.66M
Cash Flow
Free Cash Flow	-54.57M	19.59M	-27.63M	-16.72M	-75.08M	219.06M
Operating Cash Flow	-36.52M	34.15M	52.27M	46.79M	-21.63M	238.82M
Investing Cash Flow	-18.02M	-14.48M	-79.89M	-60.59M	-53.45M	-26.23M
Financing Cash Flow	53.78M	-19.98M	28.38M	-40.84M	66.57M	-148.75M

Sportsman's Warehouse Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.89
• 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 2.89 is below the 20-day moving average (MA) of 3.03, below the 50-day MA of 3.12, and above the 200-day MA of 2.40, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.46 is Neutral, neither overbought nor oversold. The STOCH value of 17.59 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	$20.47B	15.93	34.98%	2.08%	2.70%	4.58%
LQDT	74 Outperform	$852.77M	33.05	12.77%	―	38.40%	32.42%
ASO	73 Outperform	$3.32B	9.34	17.87%	1.00%	-2.20%	-17.95%
ETSY	59 Neutral	$7.37B	59.45	-14.58%	―	2.38%	-38.88%
SPWH	48 Neutral	$116.83M	―	-16.56%	―	-2.92%	-8.22%
BGFV	46 Neutral	$33.00M	-0.34	-68.63%	―	-8.04%	-263.28%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Sportsman's Warehouse Corporate Events

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.