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Sportsman's Warehouse
(NASDAQ:SPWH)
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Rating:46Neutral
Price Target:
$1.00
▼(-31.03% Downside)
Action:Reiterated
Date:06/25/26
The score is primarily constrained by weak financial performance (persistent losses and higher leverage despite steadier cash flow). Technicals add additional pressure given the stock’s downtrend and negative momentum. Offsetting these are moderately positive earnings-call indicators (reiterated guidance, inventory and SG&A progress) and supportive financing events that extend maturities, but valuation support is limited due to losses and no dividend yield provided.
Positive Factors
Core category strength (Hunting & Shooting)
Sustained same-store growth in hunting and shooting indicates durable demand in the company’s highest-contribution categories. This concentration supports steady cash conversion, higher transaction values and customer loyalty, helping stabilize revenue while management executes inventory and margin fixes.
Negative Factors
Persistent GAAP net losses
Ongoing GAAP losses show the company has yet to convert adjusted improvements into sustainable profitability. Continued full-GAAP unprofitability erodes equity, limits reinvestment capacity and prolongs dependence on external financing until consistent positive net income is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Core category strength (Hunting & Shooting)
Sustained same-store growth in hunting and shooting indicates durable demand in the company’s highest-contribution categories. This concentration supports steady cash conversion, higher transaction values and customer loyalty, helping stabilize revenue while management executes inventory and margin fixes.
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.
Data provided by:
The Fly
The FlySportsman's Warehouse (SPWH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.16M
Dividend YieldN/A
Average Volume (3M)732.01K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth1.14%
EPS Growth-37.68%
CountryUS
Employees2,050
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.30
Shares Outstanding39,019,794
10 Day Avg. Volume230,588
30 Day Avg. Volume732,012
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 Cap10.82
Enterprise Value/Revenue0.44
Enterprise Value/Gross Profit1.46
Enterprise Value/Ebitda273.42
Forecast
1Y Price Target
$2.92Price Target Upside101.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.39
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:Jun 02, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
Earnings Call Sentiment Positive
The call presented a mixture of clear operational progress and lingering challenges. Positive elements include modest top-line growth, strong performance in core categories (hunting/shooting and fishing), e-commerce momentum, tighter inventory control (inventory down 6.1%), SG&A leverage and a small improvement in adjusted EBITDA. Offsetting these gains are continued GAAP net losses, an ~80bp gross margin decline driven by category mix, softness in camping/softlines (partly intentional), and macro headwinds such as high fuel costs. On balance, the company showed constructive trajectory on key transformation initiatives and financial efficiencies while still needing to convert adjusted improvements into GAAP profitability and margin recovery.Positive Updates
Top-line Growth and Comps
Net sales of $256.1M in Q1, up 2.8% year-over-year (from $249.1M). Same-store sales increased 2.1% versus prior year. Management reiterated full-year fiscal 2026 net sales guidance of -1% to +2%.
Negative Updates
Continued GAAP Net Loss
GAAP net loss for Q1 was $21.8M or ($0.56) per diluted share, roughly flat versus a $21.3M loss ($0.56) in the prior-year quarter, indicating continued full-GAAP unprofitability despite adjusted improvements.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-line Growth and Comps
Net sales of $256.1M in Q1, up 2.8% year-over-year (from $249.1M). Same-store sales increased 2.1% versus prior year. Management reiterated full-year fiscal 2026 net sales guidance of -1% to +2%.
Read all positive updates
Company Guidance
Management reiterated fiscal 2026 guidance calling for net sales to be down 1% to up 2% versus last year, adjusted EBITDA of $30–$36 million, and capital expenditures of $20–$25 million, with the outlook to be driven by better gross margin performance, ongoing expense management and improved inventory discipline. They noted Q1 fundamentals that support the plan — Q1 net sales $256.1M (+2.8% YoY), same-store sales +2.1%, hunting & shooting same-store +6.3%, fishing +6% — and highlighted Q1 margin and cost metrics (gross margin 29.6% vs 30.4% LY; SG&A $93.9M or 36.7% of sales vs $95.3M/38.2% LY), adjusted EBITDA of -$8.1M (improved $0.9M YoY), net loss $21.8M (-$0.56/share) and adjusted net loss $15.1M (-$0.39/share). Balance sheet and working-capital targets tied to the guidance include ending Q1 inventory of $387.1M (down $25.1M or 6.1% YoY) with an expectation to finish 2026 with less inventory than 2025, improved turns, net debt of $148.4M, total liquidity of $116.7M, and a priority on generating positive free cash flow to pay down debt.Sportsman's Warehouse Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
33
Negative
Cash Flow
46
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 | 365.03M | 373.52M | 370.47M | 383.41M | 460.24M | 490.30M |
| EBITDA | 1.95M | 1.67M | 21.65M | 13.67M | 89.84M | 203.38M |
| Net Income | -50.66M | -50.06M | -33.06M | -29.00M | 40.52M | 108.47M |
Balance Sheet | ||||||
| Total Assets | 838.09M | 762.58M | 852.10M | 886.21M | 858.96M | 840.58M |
| Cash, Cash Equivalents and Short-Term Investments | 2.05M | 1.66M | 2.83M | 3.14M | 2.39M | 57.02M |
| Total Debt | 483.71M | 426.57M | 455.27M | 481.74M | 393.45M | 343.20M |
| Total Liabilities | 670.80M | 574.02M | 616.40M | 621.65M | 565.85M | 526.41M |
| Stockholders Equity | 167.20M | 188.56M | 235.70M | 264.56M | 293.11M | 314.17M |
Cash Flow | ||||||
| Free Cash Flow | 13.32M | 8.88M | 19.59M | -27.63M | -16.72M | -75.08M |
| Operating Cash Flow | 36.19M | 31.33M | 34.15M | 52.27M | 46.79M | -21.63M |
| Investing Cash Flow | -22.86M | -22.43M | -14.48M | -79.89M | -60.59M | -53.45M |
| Financing Cash Flow | -14.83M | -10.07M | -19.98M | 28.38M | -40.84M | 66.57M |
Sportsman's Warehouse Technical Analysis
Negative
1.45
Price Trends
1.36
Negative
1.35
Negative
1.75
Negative
Market Momentum
-0.03
Positive
46.39
Neutral
15.79
Positive
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 1.45 is above the 20-day moving average (MA) of 1.29, above the 50-day MA of 1.36, and below the 200-day MA of 1.75, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 46.39 is Neutral, neither overbought nor oversold. The STOCH value of 15.79 is Positive, 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 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $665.18M | 9.78 | 17.10% | 8.47% | 5.55% | 111.23% | |
65 Neutral | $3.01B | 8.36 | 18.01% | 1.04% | 3.77% | 4.71% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $21.41B | 22.25 | 18.08% | 2.33% | 41.22% | -25.28% | |
50 Neutral | $471.23M | -45.80 | -3.56% | ― | 10.09% | 99.49% | |
46 Neutral | $49.16M | -0.97 | -26.17% | ― | 1.14% | -37.68% | |
46 Neutral | $228.19M | -1.70 | -55.53% | ― | -9.53% | 20.64% |
* Consumer Cyclical Sector Average
SPWH
Sportsman's Warehouse
1.26
-2.19
-63.48%
FLWS
1-800 Flowers
3.56
-1.36
-27.64%
DKS
Dick's Sporting Goods
239.17
45.86
23.72%
BNED
Barnes & Noble Education
13.74
1.97
16.74%
BWMX
Betterware de Mexico
17.86
9.86
123.28%
ASO
Academy Sports and Outdoors
48.50
4.18
9.43%
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...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sportsman’s Warehouse Stockholders Approve Directors and Incentive Plan
Positive
May 28, 2026
At its May 27, 2026 annual meeting, Sportsman’s Warehouse stockholders elected six directors to serve until the 2027 meeting, approved on an advisory basis the compensation of named executive officers, and ratified Grant Thornton LLP as the ...
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.