Sportsman's Warehouse (SPWH) AI Stock Analysis

• Market Cap: $106.84M
• Dividend Yield: N/A
• Average Volume (3M): 603.16K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.04
• 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: 651,328
• 30 Day Avg. Volume: 603,164
• 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: 6.53
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 1.85
• Enterprise Value/Ebitda: 29.72
• 1Y Price Target: $3.56
• Price Target Upside: 28.06% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 48 Neutral
• Price Target: $3.00 ▲(7.91% Upside)

The overall stock score of 48 reflects significant financial challenges, including declining profitability and high leverage. While there are positive signals from recent earnings, such as sales growth and margin improvements, the technical indicators and valuation metrics suggest caution. The company's strategic initiatives and category growth provide some optimism, but financial stability remains a concern.

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 customer convenience and expands market reach, vital for adapting to digital retail trends.

Improved Gross Margin

Improved gross margins reflect better cost management and pricing strategies, which can enhance profitability and financial resilience.

Negative Factors

Declining Revenue

Stagnant revenue growth suggests challenges in market expansion and product demand, impacting long-term financial performance.

High Leverage

Increased leverage heightens financial risk, limiting flexibility and potentially affecting the company's ability to invest in growth opportunities.

Negative Cash Flows

Negative cash flows indicate operational inefficiencies and financial strain, which can hinder the company's ability to sustain operations and fund growth.

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 2024	Dec 2023	Dec 2023	Dec 2022
Income Statement
Total Revenue	1.21B	1.20B	1.20B	1.29B	1.29B	1.40B
Gross Profit	376.25M	370.47M	370.47M	383.41M	383.41M	460.24M
EBITDA	23.45M	21.65M	21.65M	13.67M	13.67M	89.84M
Net Income	-37.42M	-33.06M	-33.06M	-29.00M	-29.00M	40.52M
Balance Sheet
Total Assets	948.85M	852.10M	852.10M	886.21M	886.21M	858.96M
Cash, Cash Equivalents and Short-Term Investments	1.80M	2.83M	2.83M	3.14M	3.14M	2.39M
Total Debt	506.76M	477.20M	477.20M	481.74M	481.74M	393.45M
Total Liabilities	739.97M	616.40M	616.40M	621.65M	621.65M	565.85M
Stockholders Equity	208.89M	235.70M	235.70M	264.56M	264.56M	293.11M
Cash Flow
Free Cash Flow	-54.57M	19.59M	19.59M	-27.63M	-27.63M	-16.72M
Operating Cash Flow	-36.52M	34.15M	34.15M	52.27M	52.27M	46.79M
Investing Cash Flow	-18.02M	-14.48M	-14.48M	-79.89M	-79.89M	-60.59M
Financing Cash Flow	53.78M	-19.98M	-19.98M	28.38M	28.38M	-40.84M

Sportsman's Warehouse Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2.78 is below the 20-day moving average (MA) of 2.97, below the 50-day MA of 3.00, and above the 200-day MA of 2.41, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 56.96 is Neutral, 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	78 Outperform	$20.07B	15.62	37.37%	2.24%	2.70%	4.58%
BWMX	76 Outperform	$468.32M	15.96	39.74%	9.66%	-8.56%	-57.78%
ASO	73 Outperform	$3.50B	9.86	18.42%	1.01%	-2.20%	-17.95%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BNED	50 Neutral	$324.87M	―	-36.88%	―	1.38%	63.65%
SPWH	48 Neutral	$106.84M	―	-16.56%	―	-2.92%	-8.22%
FLWS	44 Neutral	$283.10M	―	-54.45%	―	-7.96%	-3078.36%

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.