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Sportsman's Warehouse
(NASDAQ:SPWH)
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Rating:51Neutral
Price Target:
$1.50
▲(32.74% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak profitability and elevated leverage despite improving revenue and cash flow. Technicals are modestly supportive with improving momentum, but valuation remains challenged due to losses and no dividend yield provided. The latest earnings call adds some support via reiterated guidance and operational improvements (margin, inventory, debt reduction), tempered by ongoing promotional and consumer-demand pressures.
Positive Factors
Hunting and shooting growth
Strong performance in hunting and shooting, especially firearms and ammunition, reinforces the company’s position in core categories. Continued demand in these areas can support revenue resilience, improve merchandise productivity, and provide a durable foundation while weaker discretionary categories recover.
Negative Factors
Persistent operating losses
Ongoing operating and net losses show that revenue growth has not yet translated into durable earnings power. Breakeven EBITDA leaves limited cushion against category weakness or cost pressure, while continued losses can restrict reinvestment and make the business more dependent on operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Hunting and shooting growth
Strong performance in hunting and shooting, especially firearms and ammunition, reinforces the company’s position in core categories. Continued demand in these areas can support revenue resilience, improve merchandise productivity, and provide a durable foundation while weaker discretionary categories recover.
Read all positive factors
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.
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The Fly
The FlySportsman's Warehouse (SPWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.88M
Dividend YieldN/A
Average Volume (3M)524.76K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth0.84%
EPS Growth-26.47%
CountryUS
Employees4,800
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.23
Shares Outstanding39,141,464
10 Day Avg. Volume923,694
30 Day Avg. Volume524,762
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$2.88Price Target Upside154.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$1.22B
Sportsman's Warehouse Business Overview & Revenue Model
Company Description
Sportsman's Warehouse Holdings, Inc., along with its various affiliates, operates as a leading national retailer specializing in outdoor and sporting goods throughout the United States. Their extensive inventory caters to camping enthusiasts with ...
How the Company Makes Money
Sportsman’s Warehouse primarily makes money by selling outdoor and sporting goods to consumers through two main channels: (1) brick-and-mortar retail stores and (2) its e-commerce platform, including online ordering with in-store pickup where avai...
Sportsman's Warehouse Earnings Call Summary
Earnings Call Date:Sep 01, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 09, 2026
Earnings Call Sentiment Positive
The call was cautiously positive. Despite elevated fuel prices, consumer pressure, category declines in fishing, camping, apparel, and softlines, and the need for heavier promotions, the company reported improved gross margin and profitability, strong hunting and shooting performance, significant inventory and debt reductions, stronger in-stock levels, continued e-commerce growth, and reiterated full-year guidance. Management expressed high confidence in its back-half plan and inventory objectives.Positive Updates
Net Sales Increased and Same-Store Sales Were Essentially Flat
Second-quarter net sales were $295.6 million, up 0.6% from $293.9 million last year. Same-store sales were essentially flat versus the prior year and in line with expectations.
Negative Updates
Macroeconomic Pressure on Core Customers
The company cited tough macroeconomic conditions and persistently elevated fuel prices as headwinds. Management said fuel prices hit the business most severely in May and continue to constrain discretionary spending.
Read all updates
Q2-2026 Updates
Positive
Negative
Net Sales Increased and Same-Store Sales Were Essentially Flat
Second-quarter net sales were $295.6 million, up 0.6% from $293.9 million last year. Same-store sales were essentially flat versus the prior year and in line with expectations.
Read all positive updates
Company Guidance
The company reiterated guidance for fiscal 26 net sales to range between down 1% to up 1% compared to last year, adjusted EBITDA to be between $30 million and $36 million, and capital expenditures between $20 million and $25 million; it continues to expect average inventory to be lower throughout the year and to end the year with less total inventory than 2025, with “extreme high confidence” it will “go get below last year's levels by the end of the year,” while promotional cadence is expected to persist for the remainder of the year, camp and apparel are expected to get to “flattish to positive,” with Q3 first for camp and Q4 for apparel.Sportsman's Warehouse Financial Statement Overview
Summary
Income Statement
27
Negative
Balance Sheet
34
Negative
Cash Flow
52
Neutral
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.22B | 1.21B | 1.20B | 1.29B | 1.40B | 1.51B |
| Gross Profit | 367.09M | 373.52M | 370.47M | 383.41M | 460.24M | 490.30M |
| EBITDA | 2.97M | 1.67M | 21.65M | 13.67M | 89.84M | 203.38M |
| Net Income | -48.00M | -50.06M | -33.06M | -29.00M | 40.52M | 108.47M |
Balance Sheet | ||||||
| Total Assets | 836.10M | 762.58M | 852.10M | 886.21M | 858.96M | 840.58M |
| Cash, Cash Equivalents and Short-Term Investments | 1.98M | 1.66M | 2.83M | 3.14M | 2.39M | 57.02M |
| Total Debt | 509.20M | 426.57M | 455.27M | 481.74M | 393.45M | 343.20M |
| Total Liabilities | 672.31M | 574.02M | 616.40M | 621.65M | 565.85M | 526.41M |
| Stockholders Equity | 163.79M | 188.56M | 235.70M | 264.56M | 293.11M | 314.17M |
Cash Flow | ||||||
| Free Cash Flow | 29.71M | 8.88M | 19.59M | -27.63M | -16.72M | -75.08M |
| Operating Cash Flow | 48.68M | 31.33M | 34.15M | 52.27M | 46.79M | -21.63M |
| Investing Cash Flow | -18.96M | -22.43M | -14.48M | -79.89M | -60.59M | -53.45M |
| Financing Cash Flow | -29.55M | -10.07M | -19.98M | 28.38M | -40.84M | 66.57M |
Sportsman's Warehouse Technical Analysis
Positive
1.13
Price Trends
1.20
Positive
1.28
Positive
1.38
Negative
Market Momentum
0.02
Negative
66.14
Neutral
65.28
Neutral
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 1.13 is below the 20-day moving average (MA) of 1.19, below the 50-day MA of 1.20, and below the 200-day MA of 1.38, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 66.14 is Neutral, neither overbought nor oversold. The STOCH value of 65.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $586.22M | 7.84 | 17.36% | 7.60% | 15.53% | 136.38% | |
65 Neutral | $2.79B | 7.71 | 18.01% | 1.25% | 3.77% | 4.71% | |
63 Neutral | $440.94M | 18.85 | 7.76% | 0.65% | 6.50% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $12.37B | 13.96 | 14.99% | 3.72% | 53.54% | -35.49% | |
51 Neutral | $50.88M | -1.04 | -26.33% | ― | 0.84% | -26.47% | |
51 Neutral | $239.09M | -1.74 | -55.53% | ― | -9.53% | 20.64% |
* Consumer Cyclical Sector Average
SPWH
Sportsman's Warehouse
1.28
-1.71
-57.21%
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BWMX
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ASO
Academy Sports and Outdoors
44.71
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-7.29%
Sportsman's Warehouse Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Sportsman’s Warehouse Extends and Restructures Key Credit Facilities
Positive
Jun 24, 2026
On June 18, 2026, Sportsman’s Warehouse amended and restated its existing $45 million asset-based term loan, extending the maturity to June 18, 2031 and adjusting margins to 4.00% or 7.00% depending on loan type, with interest tied to SOFR a...
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.