Sportsman's Warehouse (SPWH) AI Stock Analysis

• Market Cap: $159.40M
• Dividend Yield: N/A
• Average Volume (3M): 834.86K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.05
• Revenue Growth: -4.92%
• EPS Growth: -13.73%
• Country: US
• Employees: 2,050
• Sector: Consumer Cyclical
• Sector Strength: 58
• Industry: Specialty Retail
• EPS (TTM): -0.41
• Shares Outstanding: 38,318,170
• 10 Day Avg. Volume: 1,939,070
• 30 Day Avg. Volume: 834,862
• PEG Ratio: -0.16
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -22.72
• Enterprise Value/Market Cap: 4.84
• Enterprise Value/Revenue: 0.16
• Enterprise Value/Gross Profit: 2.14
• Enterprise Value/Ebitda: 21.18
• 1Y Price Target: $3.33
• Price Target Upside: -12.60% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 57 Neutral
• Price Target: $4.50 ▲(18.11%Upside)

The stock score is primarily influenced by financial difficulties marked by declining revenues and profitability issues. Despite strong technical indicators suggesting bullish momentum, valuation concerns due to negative earnings and lack of dividends are significant. The earnings call provided a mix of positive growth in certain areas and continuing challenges, contributing to a moderate overall assessment.

Positive Factors

Cost Management

The solid adj. EBITDA outlook reflects a turnaround effort on cost management, with initiatives helping to keep SG&A in check and potentially increase gross margins in the future.

Earnings

SPWH reported results that were above expectations, indicating strong financial performance.

Strategy

The company's successful strategy to target value-conscious customers during the holiday season drove traffic and maintained solid margins.

Negative Factors

Consumer Environment

The consumer spending environment remains difficult, with no significant signs of positive macro trends developing.

Economic Conditions

Challenging economic conditions persist, limiting the potential for immediate growth.

Sportsman's Warehouse Business Overview & Revenue Model

Company Description

Sportsman's Warehouse (SPWH) is a prominent American retail company specializing in outdoor sporting goods. The company primarily caters to enthusiasts of outdoor activities such as hunting, fishing, camping, and hiking. Sportsman's Warehouse offers a wide range of products including firearms, ammunition, fishing gear, camping equipment, and apparel. With a strong focus on providing quality products and exceptional customer service, the company operates numerous stores across the United States, positioning itself as a go-to destination for outdoor adventure needs.

How the Company Makes Money

Sportsman's Warehouse generates revenue through the sale of outdoor sporting goods and related accessories. The company's primary revenue stream is its extensive retail operations, which include both physical stores and an online presence. By offering a broad assortment of products across categories like hunting, fishing, camping, and apparel, SPWH attracts a diverse customer base of outdoor enthusiasts. Additionally, the company may benefit from vendor relationships and exclusive product offerings, as well as services like firearm safety training and workshops. These factors, combined with strategic store locations and an emphasis on customer experience, contribute to the company's ability to generate consistent earnings.

Sportsman's Warehouse Financial Statement Overview

Summary

Sportsman's Warehouse is facing financial difficulties, with declining revenues and shrinking profit margins. The income statement shows a negative net profit margin, and the balance sheet reflects increased leverage with a debt-to-equity ratio of 1.83. Although cash flow management shows some resilience, the overall financial health is concerning.

Income Statement

The income statement reflects a challenging period for Sportsman's Warehouse. Over the past few years, there has been a clear downward trend in revenue, decreasing from $1.5 billion in 2022 to $1.2 billion in 2025. Gross profit margin has also decreased, and the net profit margin turned negative in 2025, indicating a struggle with profitability. EBIT and EBITDA margins have both deteriorated, reflecting operational challenges.

Balance Sheet

The balance sheet shows a moderate level of stability with a debt-to-equity ratio that increased over time, reaching approximately 1.83 in 2025, signifying increased leverage. Stockholders' equity has fallen, but the equity ratio remains reasonably stable. However, the return on equity (ROE) has turned negative, indicating inefficiencies in generating returns on shareholders' investments.

Cash Flow

Cash flow analysis reveals some positive aspects, like the improvement in free cash flow from negative to positive in 2025. Operating cash flow to net income ratio is favorable, suggesting effective cash generation from operations. However, free cash flow growth has been inconsistent, and there are ongoing challenges in maintaining a stable cash flow trajectory.

Breakdown
Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement		Total Revenue
1.20B	1.29B	1.40B	1.51B	1.45B
	Gross Profit
370.47M	383.41M	460.24M	490.30M	476.45M
	EBIT
-18.24M	-25.34M	58.06M	90.62M	122.75M
	EBITDA
21.65M	13.67M	89.84M	203.38M	172.10M
	Net Income Common Stockholders
-33.06M	-29.00M	40.52M	108.47M	91.38M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
2.83M	3.14M	2.39M	57.02M	65.53M
	Total Assets
852.10M	886.21M	858.96M	840.58M	660.82M
	Total Debt
455.27M	481.74M	393.45M	343.20M	264.31M
	Net Debt
452.44M	478.60M	391.06M	286.19M	198.78M
	Total Liabilities
616.40M	621.65M	565.85M	526.41M	456.16M
	Stockholders Equity
235.70M	264.56M	293.11M	314.17M	204.66M
Cash Flow		Free Cash Flow
19.59M	-27.63M	-16.72M	-75.08M	219.06M
	Operating Cash Flow
34.15M	52.27M	46.79M	-21.63M	238.82M
	Investing Cash Flow
-14.48M	-79.89M	-60.59M	-53.45M	-26.23M
	Financing Cash Flow
-19.98M	28.38M	-40.84M	66.57M	-148.75M

Sportsman's Warehouse Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.81
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPWH, the sentiment is Positive. The current price of 3.81 is above the 20-day moving average (MA) of 2.65, above the 50-day MA of 2.06, and above the 200-day MA of 2.15, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 76.37 is Negative, neither overbought nor oversold. The STOCH value of 91.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPWH.

Sportsman's Warehouse Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DKS	77 Outperform	$14.15B	12.63	40.22%	2.74%	3.33%	15.47%
ASO	75 Outperform	$2.90B	8.02	20.14%	1.19%	-3.57%	-17.43%
LQDT	74 Outperform	$730.56M	29.67	14.01%	―	35.78%	23.49%
ETSY	68 Neutral	$5.84B	39.77	-39.97%	―	2.18%	-32.87%
Sector *	62 Neutral	$6.88B	11.07	2.77%	4.28%	2.67%	-24.94%
SPWH	57 Neutral	$159.40M	―	-15.67%	―	-4.92%	-13.73%
BGFV	52 Neutral	$27.43M	―	-39.57%	39.58%	-8.85%	-397.36%

Sportsman's Warehouse Corporate Events

Sportsman’s Warehouse Holds Annual Stockholders Meeting

On May 28, 2025, Sportsman’s Warehouse held its annual stockholders meeting where key decisions were made regarding the company’s governance and financial oversight. Stockholders elected four board members, approved executive compensation, and ratified Grant Thornton LLP as the independent accounting firm for fiscal year 2025, indicating continued confidence in the company’s leadership and financial management.

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.