Sportsman's Warehouse (SPWH)
NASDAQ:SPWH
Want to see SPWH full AI Analyst Report?
Top Page
Sportsman's Warehouse
(NASDAQ:SPWH)
Select Model
Select Model
Rating:46Neutral
Price Target:
$1.50
▲(3.45% Upside)
Action:ReiteratedDate:04/08/26
The score is held down primarily by deteriorated financial performance (shrinking sales, ongoing losses, and higher leverage despite only mixed cash-flow stability). Offsetting that, the latest earnings call points to measurable operational progress and cautious but improving guidance, while technicals are neutral and valuation is constrained by negative earnings and no dividend.
Positive Factors
Balance-sheet improvement & cash generation
Consistent free cash flow and explicit debt paydown materially improve financial flexibility versus prior years. With positive operating cash flow and ~$108M liquidity, the company has a buffer to fund inventory rhythm, capex and selective investments while reducing refinancing risk over the next 2–6 months.
Negative Factors
Multi-year revenue decline
A large, sustained top-line contraction erodes operating leverage and makes fixed-cost absorption harder, pressuring margins and cash flow. If revenue stabilizes at a lower level, structural profitability will require further cost rationalization or meaningful market-share gains to restore long-term earnings power.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet improvement & cash generation
Consistent free cash flow and explicit debt paydown materially improve financial flexibility versus prior years. With positive operating cash flow and ~$108M liquidity, the company has a buffer to fund inventory rhythm, capex and selective investments while reducing refinancing risk over the next 2–6 months.
Read all positive factors
Sportsman's Warehouse (SPWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$54.71M
Dividend YieldN/A
Average Volume (3M)695.47K
Price to Earnings (P/E)―
Beta (1Y)0.29
Revenue Growth0.96%
EPS Growth-48.94%
CountryUS
Employees2,050
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.10
Shares Outstanding38,804,440
10 Day Avg. Volume1,377,039
30 Day Avg. Volume695,471
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.28
Price to Sales (P/S)0.04
P/FCF Ratio5.92
Enterprise Value/Market Cap8.77
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit1.29
Enterprise Value/Ebitda275.87
Forecast
1Y Price Target
$2.63Price Target Upside81.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.47
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
Sportsman’s Warehouse primarily makes money by selling outdoor recreation merchandise to consumers through its brick-and-mortar stores and its website. Revenue is generated across major product categories that include (1) hunting and shooting spor...
Sportsman's Warehouse Key Performance Indicators (KPIs)
Any
Net Sales by Segment
Breaks down Sportsman's Warehouse’s revenue by business line and channel (e.g., hunting, fishing, apparel, accessories, in-store vs online), revealing which products and channels drive growth and profit. Highlights dependence on seasonal or cyclical categories, the balance between higher-margin and low-margin sales, and where inventory or promotional risk is concentrated—key for judging durability of revenue, margin trends, and strategic priorities like e-commerce expansion.
Breaks down Sportsman's Warehouse’s revenue by business line and channel (e.g., hunting, fishing, apparel, accessories, in-store vs online), revealing which products and channels drive growth and profit. Highlights dependence on seasonal or cyclical categories, the balance between higher-margin and low-margin sales, and where inventory or promotional risk is concentrated—key for judging durability of revenue, margin trends, and strategic priorities like e-commerce expansion.
Data provided by:
The Fly
The FlySportsman's Warehouse Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 09, 2026
Earnings Call Sentiment Neutral
The call conveyed a balanced message: clear operational and strategic progress (first positive comps since 2020, inventory reduction, debt paydown, strong fishing and hunting momentum, e-commerce growth, and defined 2026 initiatives) alongside meaningful near-term financial pressures (Q4 sales decline, margin compression, widened GAAP net loss and lower Q4 adjusted EBITDA), ongoing macro uncertainty and some portfolio rationalization via store closures. Management emphasized that the turnaround is underway but remains measured given consumer and external risks.Positive Updates
First Year of Positive Comparable Store Sales Since 2020
Full year 2025 net sales and comparable store sales grew 1%, marking the company's first year of positive comps since 2020 and signaling measurable progress in the turnaround.
Negative Updates
Q4 Top-Line Weakness
Fourth quarter net sales were $334.9 million, down 1.6% year-over-year, with comparable store sales declining 1.8%, reflecting a pressured promotional environment and specific holiday weakness.
Read all updates
Q4-2025 Updates
Positive
Negative
First Year of Positive Comparable Store Sales Since 2020
Full year 2025 net sales and comparable store sales grew 1%, marking the company's first year of positive comps since 2020 and signaling measurable progress in the turnaround.
Read all positive updates
Company Guidance
For 2026 management guided same‑store sales of down 1% to up 2%, adjusted EBITDA of $30–$36 million, and capital expenditures of $20–$25 million, while saying it will operate with lower average inventory levels than 2025 (ending inventory 2025 was $312.9M, down $29.1M or 8.5% YoY) and continue disciplined timing of receipts to improve turns and productivity; management plans to use excess free cash flow to reduce net debt (year‑end net debt $90M, total liquidity $107.8M, FY2025 free cash flow $8.9M) and expects roughly five store closures over the next 12 months that should not materially affect 2026 results.Sportsman's Warehouse Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
41
Neutral
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.21B | 1.20B | 1.29B | 1.40B | 1.51B |
| Gross Profit | 373.52M | 370.47M | 383.41M | 460.24M | 490.30M |
| EBITDA | 1.67M | 21.65M | 13.67M | 89.84M | 203.38M |
| Net Income | -50.06M | -33.06M | -29.00M | 40.52M | 108.47M |
Balance Sheet | |||||
| Total Assets | 762.58M | 852.10M | 886.21M | 858.96M | 840.58M |
| Cash, Cash Equivalents and Short-Term Investments | 1.66M | 2.83M | 3.14M | 2.39M | 57.02M |
| Total Debt | 426.57M | 455.27M | 481.74M | 393.45M | 343.20M |
| Total Liabilities | 574.02M | 616.40M | 621.65M | 565.85M | 526.41M |
| Stockholders Equity | 188.56M | 235.70M | 264.56M | 293.11M | 314.17M |
Cash Flow | |||||
| Free Cash Flow | 8.88M | 19.59M | -27.63M | -16.72M | -75.08M |
| Operating Cash Flow | 31.33M | 34.15M | 52.27M | 46.79M | -21.63M |
| Investing Cash Flow | -22.43M | -14.48M | -79.89M | -60.59M | -53.45M |
| Financing Cash Flow | -10.07M | -19.98M | 28.38M | -40.84M | 66.57M |
Sportsman's Warehouse Technical Analysis
Neutral
1.45
Price Trends
1.34
Positive
1.46
Positive
2.20
Negative
Market Momentum
0.06
Negative
57.98
Neutral
83.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWH, the sentiment is Neutral. The current price of 1.45 is above the 20-day moving average (MA) of 1.41, above the 50-day MA of 1.34, and below the 200-day MA of 2.20, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 57.98 is Neutral, neither overbought nor oversold. The STOCH value of 83.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPWH.
Sportsman's Warehouse Risk Analysis
Sportsman's Warehouse disclosed 32 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.53B | 9.73 | 18.07% | 1.04% | 2.02% | -3.69% | |
66 Neutral | $634.75M | 9.82 | 102.09% | 8.47% | 5.55% | 111.18% | |
64 Neutral | $20.21B | 35.01 | 19.45% | 2.33% | 28.06% | -27.66% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $226.79M | 0.88 | -77.77% | ― | -9.81% | -2900.45% | |
50 Neutral | $338.16M | 11.58 | -3.56% | ― | 10.09% | 99.49% | |
46 Neutral | $54.71M | -0.61 | -24.36% | ― | 0.96% | -48.94% |
* Consumer Cyclical Sector Average
SPWH
Sportsman's Warehouse
1.47
-0.22
-13.02%
FLWS
1-800 Flowers
3.72
-1.85
-33.21%
DKS
Dick's Sporting Goods
224.62
39.35
21.24%
BNED
Barnes & Noble Education
10.27
-0.03
-0.29%
BWMX
Betterware de Mexico
16.83
8.43
100.36%
ASO
Academy Sports and Outdoors
53.83
16.44
43.96%
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.