Stocks ASO Financial statements
Financial statementsAcademy Sports & Outdoors, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Academy Sports & Outdoors, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,784 | 4,830 | 5,689 | 6,773 | 6,395 | 6,159 | 5,933 | 6,053 |
| Cost of revenue | 3,416 | 3,399 | 3,955 | 4,422 | 4,183 | 4,049 | 3,922 | 3,948 |
| Gross profit | 1,368 | 1,431 | 1,734 | 2,351 | 2,213 | 2,110 | 2,011 | 2,106 |
| Selling, general and administrative | 1,239 | 1,252 | 1,314 | 1,443 | 1,366 | 1,432 | 1,473 | 1,593 |
| Operating income | 129 | 179 | 420 | 908 | 847 | 678 | 539 | 512 |
| Other non-operating income | 3.1 | 2.48 | 1.65 | 2.82 | 20.2 | 32.9 | 36.9 | 10.1 |
| Pre-tax income | 23.4 | 123 | 339 | 860 | 818 | 663 | 538 | 486 |
| Income tax | 1.95 | 2.82 | 30.4 | 188 | 190 | 144 | 120 | 109 |
| Net income | 21.4 | 120 | 309 | 671 | 628 | 519 | 418 | 377 |
| EBITDA | 262 | 297 | 526 | 1,013 | 953 | 789 | 657 | 635 |
| EPS, basic | 0.30 | 1.66 | 3.96 | 7.38 | 7.70 | 6.89 | 5.87 | 5.66 |
| EPS, diluted | 0.29 | 1.60 | 3.79 | 7.12 | 7.49 | 6.70 | 5.73 | 5.54 |
| Shares, basic (weighted) | 72.4 | 72.5 | 78 | 91 | 81.6 | 75.4 | 71.3 | 66.6 |
| Shares, diluted (weighted) | 75.2 | 74.8 | 81.4 | 94.3 | 83.9 | 77.5 | 73 | 68 |
| Dividend per share | 0.08 | 0.09 | 0.11 | 0.13 |
Balance sheet
| FY2020 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 75.7 | 149 | 378 | 486 | 337 | 348 | 289 | 330 |
| Receivables | 14 | 17.3 | 19.7 | 16.5 | 19.4 | 16.8 | 34.8 | |
| Inventory | 1,100 | 990 | 1,172 | 1,284 | 1,194 | 1,309 | 1,504 | |
| Other current assets | 24.5 | 28.3 | 36.5 | 47.7 | 83.5 | 95.6 | 82.5 | |
| Total current assets | 1,289 | 1,415 | 1,716 | 1,687 | 1,645 | 1,710 | 1,954 | |
| Property, plant and equipment | 441 | 378 | 346 | 351 | 445 | 525 | 584 | |
| Lease right-of-use assets | 1,146 | 1,144 | 1,080 | 1,100 | 1,111 | 1,173 | 1,234 | |
| Goodwill | 862 | 862 | 862 | 862 | 862 | 862 | 862 | |
| Intangible assets | 577 | 577 | 577 | 578 | 578 | 579 | 580 | |
| Other non-current assets | 15.8 | 8.58 | 4.68 | 17.6 | 35.2 | 51.7 | 62.8 | |
| Total assets | 4,331 | 4,384 | 4,585 | 4,595 | 4,677 | 4,901 | 5,277 | |
| Accounts payable | 429 | 791 | 738 | 686 | 541 | 612 | 638 | |
| Accrued liabilities | 54.1 | 113 | 115 | 57.5 | 30.9 | 46.2 | 55.9 | |
| Deferred revenue | 70.2 | 76.8 | 88.7 | 92.6 | 96.7 | 98.6 | 102 | |
| Short-term debt | 34.1 | 4 | 3 | 3 | 3 | 3 | 3 | |
| Total current liabilities | 751 | 1,167 | 1,127 | 1,039 | 880 | 961 | 1,032 | |
| Long-term debt | 1,429 | 781 | 684 | 584 | 485 | 483 | 481 | |
| Lease liabilities | 1,142 | 1,150 | 1,078 | 1,072 | 1,091 | 1,186 | 1,261 | |
| Other non-current liabilities | 19.2 | 35.1 | 12.4 | 12.7 | 11.6 | 10.8 | 30.8 | |
| Total liabilities | 3,340 | 3,272 | 3,118 | 2,967 | 2,722 | 2,897 | 3,106 | |
| Total debt | 1,463 | 785 | 687 | 587 | 488 | 486 | 484 | |
| Paid-in capital | 127 | 198 | 216 | 242 | 247 | 256 | ||
| Retained earnings | 987 | 1,268 | 1,411 | 1,712 | 1,756 | 1,914 | ||
| Other comprehensive income | -8.07 | -3.32 | 0 | |||||
| Shareholders' equity | 1,112 | 1,467 | 1,628 | 1,955 | 2,004 | 2,171 | ||
| Total equity | 1,112 | 1,467 | 1,628 | 1,955 | 2,004 | 2,171 | ||
| Total liabilities and equity | 4,331 | 4,384 | 4,585 | 4,595 | 4,677 | 4,901 | 5,277 | |
| Shares outstanding | 91.1 | 87.1 | 76.7 | 74.3 | 68.3 | 64.9 |
Cash flow statement
| FY2020 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 21.4 | 120 | 309 | 671 | 628 | 519 | 418 | 377 |
| Depreciation and amortization | 133 | 117 | 105 | 105 | 107 | 111 | 118 | 123 |
| Stock-based compensation | 4.63 | 7.88 | 31.6 | 39.3 | 21.2 | 24.4 | 26.6 | 21.2 |
| Deferred income tax | -0.49 | 0.3 | 0.7 | 79.5 | 41.8 | -4.25 | 37.8 | 88.8 |
| Change in receivables | 2.58 | 4.48 | -2.98 | -2.41 | 3.22 | -2.87 | 2.61 | -18 |
| Change in inventory | 89.3 | 34.4 | 110 | -182 | -112 | 89.4 | -115 | -195 |
| Change in payables | -70 | -2.9 | 362 | -50.6 | -55.4 | -142 | 65.8 | 27.3 |
| Cash from operations | 198 | 264 | 1,012 | 673 | 552 | 536 | 528 | 435 |
| Capital expenditures | -108 | -62.8 | -41.3 | -75.8 | -108 | -208 | -200 | -213 |
| Cash from investing | -99 | -66.8 | -33.1 | -76 | -109 | -206 | -186 | -172 |
| Stock issued | 0 | 0 | 207 | 0 | 0 | 16.6 | 4.32 | 4.4 |
| Share buybacks | 0 | 0 | -411 | -489 | -203 | -365 | -199 | |
| Dividends paid | 0 | 0 | -24.6 | -27.2 | -31.5 | -34.7 | ||
| Cash from financing | -54.8 | -123 | -750 | -489 | -592 | -319 | -401 | -221 |
| Net change in cash | 44.6 | 73.7 | 228 | 108 | -149 | 10.8 | -59 | 41.4 |
| Free cash flow | 90.6 | 201 | 970 | 597 | 444 | 328 | 328 | 222 |
| Interest paid | 108 | 93.6 | 87.2 | 44.7 | 43.3 | 45.4 | 34.9 | 35.1 |
| Income taxes paid | 2.45 | 2.59 | 15.5 | 125 | 168 | 132 | 88.4 | 37.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 35.8% | Gross profit / revenue. |
| Operating margin | 9.6% | Operating income / revenue. |
| EBITDA margin | 11.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 8.2% | Pre-tax income / revenue. |
| Net margin | 6.4% | Net income / revenue. |
| FCF margin | 5.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 8.8% | Cash from operations / revenue. |
| Effective tax rate | 21.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 18.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 7.2% | Net income / average total assets. |
| Return on invested capital (ROIC) | 19.5% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 26.2% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.5% | Capital expenditures / revenue. |
| D&A / revenue | 2.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 2.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -1.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 1.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 4.7% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -1.6% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 4.0% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -4.9% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -15.4% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 4.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -3.3% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -12.7% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 3.8% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -10.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -15.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 4.1% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -3.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -9.6% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 7.9% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -17.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -7.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -15.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -32.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -20.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -25.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 18.2% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 20.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 8.4% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 10.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 14.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 7.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 4.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 3.8% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -6.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -6.7% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -3.5% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.74x | Current assets / current liabilities. |
| Quick ratio | 0.27x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.25x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.23x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 9.0% | Total debt / total assets. |
| Liabilities / assets | 60.5% | Total liabilities / total assets. |
| Net debt | $195.9M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 0.27x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $883.0M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 26.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $736.5M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.12x | Revenue / average total assets. |
| Fixed asset turnover | 9.80x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.40x | Cost of revenue / average inventory. |
| Days inventory | 152 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 270x | Revenue / average receivables. |
| Days sales outstanding | 1 days | 365 x average receivables / revenue. |
| Days payables | 69 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 85 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 83.7% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 39.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $6.23 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $97.43 | Revenue / diluted weighted shares. |
| FCF per share | $5.22 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $8.62 | Cash from operations / diluted weighted shares. |
| Book value per share | $35.12 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $11.87 | Tangible book value / shares outstanding. |
| Cash per share | $4.81 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 9.2% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 10.9% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 84.6% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.05B | Share price x shares outstanding. |
| Enterprise value | $3.24B | Market cap + total debt - cash - short-term investments. |
| P/E | 7.70x | Market cap / net income. Only when net income is positive. |
| P/S | 0.49x | Market cap / revenue. |
| P/B | 1.40x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 4.14x | Market cap / tangible book value, when positive. |
| P/FCF | 9.20x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 5.56x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.52x | Enterprise value / revenue. |
| EV/EBIT | 5.48x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 4.54x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 9.79x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 10.9% | Free cash flow / market cap. |
| Earnings yield | 13.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.2% | Dividends paid over the period / market cap. |
| Shareholder yield | 10.4% | (Dividends paid + share buybacks) / market cap. |
What was Academy Sports & Outdoors, Inc.'s revenue in fiscal 2025?
Academy Sports & Outdoors, Inc. reported revenue of $6.05B for fiscal 2025, 2% higher than the year before.
Was Academy Sports & Outdoors, Inc. profitable in fiscal 2025?
Yes. Net income was $376.8M, a net margin of 6.2%.
How much free cash flow did Academy Sports & Outdoors, Inc. generate in fiscal 2025?
Cash from operations of $434.8M minus capital expenditures of $212.7M left free cash flow of $222.1M.