Sportsman's Warehouse (SPWH)
NASDAQ:SPWH
Top Page
Sportsman's Warehouse
(NASDAQ:SPWH)
Select Model
Select Model
Rating:44Neutral
Price Target:
$1.50
▲(13.64% Upside)
Action:ReiteratedDate:03/04/26
The score is held down primarily by weak financial performance (ongoing losses, higher leverage, and negative operating/free cash flow). Technicals add caution with longer-term downtrend signals despite a short-term bounce. The earnings call provides some offset via improving comps, margins, and inventory discipline, but tempered guidance and elevated SG&A keep the overall risk profile high. Valuation is difficult to support with negative earnings and no dividend yield provided.
Positive Factors
Revenue rebound & category strength
A large TTM revenue rebound (+58.5%) signals demand recovery and validates the company’s core merchandising mix. Durable because top-line recovery across multiple periods supports scale advantages in purchasing, vendor terms and fixed-cost absorption if sustained over coming quarters.
Negative Factors
Negative cash flow and recurring losses
Sustained net losses and negative operating and free cash flow materially weaken internal funding ability. This increases reliance on external financing, constrains reinvestment in stores and digital initiatives, and raises the risk that operational improvements may be insufficient to restore durable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound & category strength
A large TTM revenue rebound (+58.5%) signals demand recovery and validates the company’s core merchandising mix. Durable because top-line recovery across multiple periods supports scale advantages in purchasing, vendor terms and fixed-cost absorption if sustained over coming quarters.
Read all positive factors
Sportsman's Warehouse (SPWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$48.87M
Dividend YieldN/A
Average Volume (3M)416.70K
Price to Earnings (P/E)2968.4
Beta (1Y)0.19
Revenue Growth-1.05%
EPS Growth-10.28%
CountryUS
Employees2,050
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.08
Shares Outstanding38,481,094
10 Day Avg. Volume212,672
30 Day Avg. Volume416,699
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)0.33
Price to Sales (P/S)0.06
P/FCF Ratio3.94
Enterprise Value/Market Cap12.27
Enterprise Value/Revenue0.49
Enterprise Value/Gross Profit1.61
Enterprise Value/Ebitda23.80
Forecast
1Y Price Target
$2.25Price Target Upside70.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$1.21B
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 ...
How the Company Makes Money
The company generates revenue primarily through the sale of outdoor sporting goods, including firearms, fishing equipment, and camping gear. Its revenue model includes both in-store sales and e-commerce transactions, allowing it to reach a broader...
Sportsman's Warehouse Key Performance Indicators (KPIs)
Sportsman's Warehouse Earnings Call Summary
Earnings Call Date:Dec 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted positive same-store sales growth and segment successes, particularly in hunting, shooting sports, and fishing. The company's strategic initiatives in e-commerce and inventory management showed promising results. However, the company faced challenges due to a tough consumer environment, increased SG&A expenses, and a revised full-year guidance reflecting macroeconomic pressures.Positive Updates
Positive Same-Store Sales Growth
The company achieved its third consecutive quarter of positive same-store sales growth, with a 2.2% increase year-over-year.
Negative Updates
Challenging Market Conditions
A slowdown in sales trends was noted starting mid-October due to a prolonged government shutdown and a tough consumer environment.
Read all updates
Q3-2025 Updates
Positive
Negative
Positive Same-Store Sales Growth
The company achieved its third consecutive quarter of positive same-store sales growth, with a 2.2% increase year-over-year.
Read all positive updates
Company Guidance
During the third quarter of 2025, Sportsman's Warehouse Holdings, Inc. reported a 2.2% increase in same-store sales, marking their third consecutive quarter of growth. Net sales reached $331.3 million, also up 2.2% year-over-year. The company achieved a gross margin of 32.8%, a 100 basis point improvement from the previous year, driven by better product margins and reduced freight expenses. SG&A expenses rose to $104.5 million, or 31.5% of net sales. Adjusted EBITDA increased by 13% to $18.6 million. Total inventory decreased by 3.2% year-over-year to $424 million. Despite macroeconomic headwinds and a challenging Q4 outlook, the company remains optimistic about finishing the year with lower inventory levels and positive free cash flow, with adjusted EBITDA expected to range between $22 million and $26 million. The company's focus remains on strategic initiatives, including inventory efficiency and disciplined cost management, to drive modest growth and improved profitability into 2026.Sportsman's Warehouse Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 | Jan 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21B | 1.20B | 1.29B | 1.40B | 1.51B | 1.45B |
| Gross Profit | 372.27M | 370.47M | 383.41M | 460.24M | 490.30M | 476.45M |
| EBITDA | 25.20M | 21.65M | 13.67M | 89.84M | 203.38M | 172.10M |
| Net Income | -37.05M | -33.06M | -29.00M | 40.52M | 108.47M | 91.38M |
Balance Sheet | ||||||
| Total Assets | 913.87M | 852.10M | 886.21M | 858.96M | 840.58M | 660.82M |
| Cash, Cash Equivalents and Short-Term Investments | 2.25M | 2.83M | 3.14M | 2.39M | 57.02M | 65.53M |
| Total Debt | 553.09M | 455.27M | 481.74M | 393.45M | 343.20M | 277.75M |
| Total Liabilities | 704.35M | 616.40M | 621.65M | 565.85M | 526.41M | 456.16M |
| Stockholders Equity | 209.52M | 235.70M | 264.56M | 293.11M | 314.17M | 204.66M |
Cash Flow | ||||||
| Free Cash Flow | -39.67M | 19.59M | -27.63M | -16.72M | -75.08M | 219.06M |
| Operating Cash Flow | -17.68M | 34.15M | 52.27M | 46.79M | -21.63M | 238.82M |
| Investing Cash Flow | -21.96M | -14.48M | -79.89M | -60.59M | -53.45M | -26.23M |
| Financing Cash Flow | 39.22M | -19.98M | 28.38M | -40.84M | 66.57M | -148.75M |
Sportsman's Warehouse Technical Analysis
Negative
1.32
Price Trends
1.34
Negative
1.55
Negative
2.35
Negative
Market Momentum
<0.01
Positive
43.18
Neutral
35.37
Neutral
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 1.32 is below the 20-day moving average (MA) of 1.36, below the 50-day MA of 1.34, and below the 200-day MA of 2.35, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 43.18 is Neutral, neither overbought nor oversold. The STOCH value of 35.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPWH.
Sportsman's Warehouse Risk Analysis
Sportsman's Warehouse disclosed 31 risk factors in its most recent earnings report. Sportsman's Warehouse reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sportsman's Warehouse Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $629.53M | 0.38 | 87.45% | 8.47% | -7.03% | 1.04% | |
64 Neutral | $17.04B | 35.01 | 19.45% | 2.33% | 10.86% | -11.63% | |
62 Neutral | $3.45B | 9.73 | 18.07% | 1.04% | -0.65% | -10.35% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $299.06M | 11.58 | -3.56% | ― | 1.38% | 63.65% | |
47 Neutral | $198.60M | 0.88 | -67.22% | ― | -8.07% | -2206.16% | |
44 Neutral | $48.87M | 2,968.40 | -17.05% | ― | -1.05% | -10.28% |
* Consumer Cyclical Sector Average
SPWH
Sportsman's Warehouse
1.27
0.28
28.28%
FLWS
1-800 Flowers
3.10
-2.80
-47.46%
DKS
Dick's Sporting Goods
189.36
-7.42
-3.77%
BNED
Barnes & Noble Education
8.72
-1.78
-16.95%
BWMX
Betterware de Mexico
16.87
6.47
62.13%
ASO
Academy Sports and Outdoors
53.51
8.39
18.60%
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.