Academy Sports and Outdoors, Inc.
ASO Consumer Cyclical Specialty Retail
Academy Sports and Outdoors, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $6.1 billion, up 2.02% from fiscal 2025. In the quarter to July 2026, revenue grew 2.97%, EPS grew 16.9%, free cash flow grew 435.2% and total debt rose 1.94%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Academy Sports and Outdoors, Inc. (ASO) Altman Z-score
Academy Sports and Outdoors, Inc.'s Altman Z-score for fiscal 2026 is 2.89, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.89 | (0.14) |
| FY2025 | 3.03 | (0.52) |
| FY2024 | 3.55 | (0.02) |
| FY2023 | 3.56 | 0.21 |
| FY2022 | 3.35 | 1.05 |
| FY2021 | 2.30 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | 0.36 | — | 0.51 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 1.18 | — | 0.71 | |
| Sales / total assets | 1.15 | — | 1.15 | |
| Altman Z-score | Grey zone | 2.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.72 | ||
Z and Z″ put Academy Sports and Outdoors, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MUSA Murphy USA Inc. compare | 6.9× |
| MNSO MINISO Group Holding Limited Unsponsored ADR compare | 3.0× |
| ASO Academy Sports and Outdoors, Inc. | 2.9× |
| SBH Sally Beauty Holdings, Inc. compare | 2.9× |
| ARHS Arhaus, Inc. compare | 2.5× |
| BBWI Bath & Body Works, Inc. compare | 2.3× |
| EYE National Vision Holdings, Inc. compare | 2.3× |
| SVV Savers Value Village, Inc. compare | 1.4× |
| RH RH compare | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets