SPORTSMAN'S WAREHOUSE HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SPORTSMAN'S WAREHOUSE HOLDINGS, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	780	810	849	886	1,452	1,506	1,400	1,288	1,198	1,209
Cost of revenue	517	536	564	590	975	1,016	939	905	827	836
Gross profit	263	274	285	297	476	490	460	383	370	374
Selling, general and administrative	203	227	241	263	354	400	402	409	389	393
Operating income	60.7	46.6	44	33.5	123	90.6	58.1	-25.3	-18.2	-37.4
Interest expense	13.4	13.7	13.2	8	3.51	1.38	4.2	12.9	12.3	13.7
Other non-operating income							3.42	6.67	3.36	4.89
Pre-tax income	47.3	32.8	30.8	25.5	121	144	53.9	-38.2	-31.1	-51.1
Income tax	17.6	15.1	7.06	5.25	30.1	35.8	13.4	-9.21	1.93	-1.09
Net income	29.7	17.7	23.8	20.2	91.4	108	40.5	-29	-33.1	-50.1
EBITDA	72.9	62.4	62	52.8	145	117	89.8	13.7	22.3	1.74
EPS, basic	0.70	0.42	0.55	0.47	2.10	2.47	1.00	-0.77	-0.87	-1.30
EPS, diluted	0.70	0.42	0.55	0.46	2.06	2.44	1.00	-0.77	-0.87	-1.30
Shares, basic (weighted)	42.2	42.5	42.9	43.2	43.5	43.8	40.5	37.5	37.8	38.4
Shares, diluted (weighted)	42.5	42.5	43	43.6	44.4	44.5	40.7	37.5	37.8	38.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash and equivalents	1.91	1.77	1.55	1.69	65.5	57	2.39	3.14	2.83	1.66
Receivables	0.41	0.32	0.25	0.9	0.58	1.94	2.05	2.12	2.41	4.39
Other current assets	7.31	8.07	15.2	12.7	15.1	22	22.3	20.1	18.8	18.8
Total current assets	256	281	294	292	325	467	426	380	366	338
Property, plant and equipment	83.1	94	92.1	98.8	99.1	128	163	194	168	133
Lease right-of-use assets				225	235	243	269	309	316	289
Goodwill				1.5	1.5	1.5	1.5	1.5	1.5	1.5
Intangible assets	2.12	0.28	0.25	0.22	0.29	0.26	0.39	0.33	0.27	0.21
Total assets	346	380	389	617	661	841	859	886	852	763
Accounts payable	31.5	36.8	25	38.2	77.4	58.9	61.9	56.1	64	44.9
Accrued liabilities	49.6	50.6	56.4	70.1	109	109	100	83.7	95.9	102
Deferred revenue	18	22.9	21.8	25.7	38.5	42.1	41.2	38	36.6	42.1
Short-term debt	0.98	0.99	7.92						0	0
Total current liabilities	147	156	241	265	227	284	296	315	284	249
Long-term debt	134	132	27.7	23.8				0	24.1	44.2
Lease liabilities				217	228	236	260	307	307	280
Total liabilities	316	330	310	506	456	526	566	622	616	574
Total debt	135	133	35.6	23.8				0	24.1	44.2
Paid-in capital	80.1	82.2	84.7	86.8	89.8	90.9	79.7	81.8	86	88.9
Retained earnings	-50.6	-32.8	-6.44	23	114	223	213	182	149	99.3
Shareholders' equity	30	49.8	78.7	110	205	314	293	265	236	189
Total equity	30	49.8	78.7	110	205	314	293	265	236	189
Total liabilities and equity	346	380	389	617	661	841	859	886	852	763
Shares outstanding	42.3	42.6	43	43.3	43.6	43.9	37.5	37.5	38.1	38.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Net income	29.7	17.7	23.8	20.2	91.4	108	40.5	-29	-33.1	-50.1
Depreciation and amortization	12.2	15.9	18	19.3	21.8	26.2	31.8	39	40.5	39.1
Stock-based compensation	3.19	2.29	2.83	2.1	3.3	3.33	4.67	4.24	4.23	3.06
Deferred income tax	0.17	0.5	0.71	0.71	-0.92	5.35	3.77	-10	1.45	-0.95
Change in receivables	0.06	0.09	0.07	-0.66	0.32	-1.36	-0.12	-0.07	-0.29	-1.98
Change in payables	-15.5	7.54	-11.7	12.7	37.8	-20.4	-1.51	1.79	8	-19.6
Cash from operations	15.5	30.8	32.2	77.9	239	-21.6	46.8	52.3	34.1	31.3
Capital expenditures	-39.4	-41.2	-17.9	-30.4	-19.8	-53.5	-63.5	-79.9	-14.6	-22.4
Acquisitions				-28.5	-6.47
Cash from investing	-27.5	-32.1	-16.3	-49.1	-26.2	-53.5	-60.6	-79.9	-14.5	-22.4
Debt issued			40
Debt repaid	-21.3	-1.6	-139	-6	-30
Share buybacks							-64.7	-2.75
Cash from financing	11.8	1.22	-16.1	-28.7	-149	66.6	-40.8	28.4	-20	-10.1
Net change in cash	-0.2	-0.14	-0.22	0.14	63.8	-8.51	-54.6	0.75	-0.31	-1.17
Free cash flow	-23.9	-10.4	14.2	47.5	219	-75.1	-16.7	-27.6	19.6	8.88
Interest paid	12	13.5	13.2	7.95	3.51	1.38	3.4	12.1	11.5	12.3
Income taxes paid	18.4	12.8	7.09	7.29	25.3	25.8	18.2	1.65	0.41	-0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $1.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.9%	Gross profit / revenue.
Operating margin	-2.8%	Operating income / revenue.
EBITDA margin	0.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.8%	Pre-tax income / revenue.
Net margin	-3.9%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.2%	Cash from operations / revenue.
Return on equity (ROE)	-29.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.7%	Net income / average total assets.
Return on invested capital (ROIC)	-13.0%	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	32.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.7%	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	-4.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-92.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-73.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-58.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.5%	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	-33.4%	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	-54.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-47.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-20.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.7%	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	-1.6%	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	-10.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.9%	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	2.9%	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	1.5%	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	-1.9%	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	-2.9%	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	1.17x	Current assets / current liabilities.
Quick ratio	0.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.3%	Total debt / total assets.
Liabilities / assets	80.4%	Total liabilities / total assets.
Net debt	$41.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	15.1x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.60x	Operating income / interest expense.
Working capital	$60.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$162.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.46x	Revenue / average total assets.
Fixed asset turnover	9.84x	Revenue / average property, plant and equipment.
Receivables turnover	457x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	37.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.23	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	$31.19	Revenue / diluted weighted shares.
FCF per share	$0.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.30	Cash from operations / diluted weighted shares.
Book value per share	$4.19	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.14	Tangible book value / shares outstanding.
Cash per share	$0.05	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$46.0M	Share price x shares outstanding.
Enterprise value	$88.0M	Market cap + total debt - cash - short-term investments.
P/S	0.04x	Market cap / revenue.
P/B	0.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.28x	Market cap / tangible book value, when positive.
P/FCF	1.45x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.91x	Market cap / cash from operations, when positive.
EV/Sales	0.07x	Enterprise value / revenue.
EV/EBITDA	31.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.77x	Enterprise value / free cash flow, when both are positive.
FCF yield	68.9%	Free cash flow / market cap.
Earnings yield	-104.2%	Net income / market cap (the inverse of P/E).

What was SPORTSMAN'S WAREHOUSE HOLDINGS, INC.'s revenue in fiscal 2025?

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. reported revenue of $1.21B for fiscal 2025, 1% higher than the year before.

Was SPORTSMAN'S WAREHOUSE HOLDINGS, INC. profitable in fiscal 2025?

No. It reported a net loss of $50.1M.

How much free cash flow did SPORTSMAN'S WAREHOUSE HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $31.3M minus capital expenditures of $22.4M left free cash flow of $8.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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