| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 1 | 1 | — | 1 | — | — | 1 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | ‡‡‡ |
|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 75.85 | 69.77 | 141.04 | 139.26 |
| Receivables | 9.96 | 10.26 | 15.26 | 29.39 |
| Inventory | 599.12 | 747.19 | 844.64 | 900.04 |
| Other | — | — | — | — |
| 729.65 | 863.96 | 1,034.40 | 1,093.86 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 132.88 | 134.45 | 142.13 | 176.48 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 312.81 | 353.35 | 390.97 | 432.33 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 593.52 | — | — | — |
—
|
| ’26 | 504.07 | 505.40 | 705.64 | 538.75 |
2,253.86
|
| ’25 | 423.39 | 425.80 | 608.17 | 453.75 |
1,911.10
|
| ’24 | 383.70 | 374.46 | 520.40 | 388.46 |
1,667.01
|
| ’23 | 365.86 | 351.55 | 514.55 | 425.66 |
1,657.62
|
| ’22 | 306.33 | 312.72 | 485.90 | 383.31 |
1,488.26
|
| ’21 | 147.77 | 184.52 | 302.34 | 258.87 |
893.49
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 83.84 | — | — | — |
—
|
| ’26 | 73.85 | 25.74 | 209.70 | (4.38) |
304.90
|
| ’25 | 41.31 | (7.77) | 157.15 | (43.15) |
147.54
|
| ’24 | 70.80 | 74.66 | 95.00 | (4.38) |
236.08
|
| ’23 | (25.77) | (36.37) | 149.19 | 1.84 |
88.89
|
| ’22 | 46.33 | 2.30 | 141.93 | (101.69) |
88.86
|
| ’21 | 23.13 | 20.76 | 112.71 | (0.68) |
155.92
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 32.75 | — | — | — |
—
|
| ’26 | 42.39 | (17.78) | 147.99 | (46.50) |
126.10
|
| ’25 | 14.25 | (46.11) | 114.24 | (83.08) |
(0.70)
|
| ’24 | 40.91 | 39.87 | 68.39 | (31.86) |
117.30
|
| ’23 | (46.60) | (67.99) | 118.59 | (39.64) |
(35.65)
|
| ’22 | 37.03 | (10.66) | 124.43 | (122.39) |
28.42
|
| ’21 | 14.19 | 14.82 | 107.09 | (8.60) |
127.50
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 2.29 | — | — | — |
—
|
| ’26 | 1.74 | 1.37 | 2.79 | 1.45 |
7.35
|
| ’25 | 1.26 | 0.95 | 2.43 | 1.22 |
5.88
|
| ’24 | 1.13 | 0.90 | 1.81 | 0.96 |
4.80
|
| ’23 | 1.29 | 1.06 | 1.74 | 1.53 |
5.62
|
| ’22 | 1.35 | 1.25 | 2.27 | 1.47 |
6.33
|
| ’21 | (0.02) | 0.20 | 1.00 | 0.82 |
2.01
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 50.20 | 59.21 | 68.37 | 86.17 | 120.64 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 126.70 | 104.91 | 169.83 | 210.25 | 207.77 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,400 | 8,800 | 11,300 | 10,400 | 12,700 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.18 | 0.19 | 0.15 | 0.18 | 0.18 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,488.26 | 1,657.62 | 1,667.01 | 1,911.10 | 2,253.86 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 38.64% | 36.83% | 36.86% | 37.52% | 38.08% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 252.59 | 225.88 | 197.37 | 240.12 | 300.59 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.97% | 13.63% | 11.84% | 12.56% | 13.34% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 192.45 | 170.55 | 147.00 | 180.94 | 225.88 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.23 | 36.08 | 51.69 | 62.59 | 78.76 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 50.35 | 55.62 | 55.26 | 62.61 | 73.88 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 6.51 | 5.72 | 4.87 | 5.93 | 7.40 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.01 | 2.98 | 7.83 | 4.83 | 10.00 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.04) | (4.18) | (3.94) | (4.86) | (5.86) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.96 | (1.20) | 3.89 | (0.02) | 4.13 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.29 | 26.05 | 31.28 | 37.05 | 43.23 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.56 | 29.81 | 30.17 | 30.52 | 30.51 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.56 | 13.40 | 20.46 | 18.12 | 19.75 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.88 | 1.38 | 1.80 | 1.72 | 1.98 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.67 | 2.94 | 3.19 | 2.90 | 3.39 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.05 | 1.61 | 2.01 | 1.90 | 2.10 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 107.11 | (74.68) | 28.50 | (5,189.72) | 37.56 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 88.86 | 88.89 | 236.08 | 147.54 | 304.90 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (60.44) | (124.53) | (118.78) | (148.24) | (178.80) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.42 | (35.65) | 117.30 | (0.70) | 126.10 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 205.36 | 294.33 | 416.84 | 510.61 | 643.43 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 263.13 | 396.12 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 242.46 | 377.93 | (75.85) | (69.77) | (141.04) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 599.68 | 776.45 | 943.64 | 1,131.06 | 1,318.66 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.04% | 12.55% | 9.12% | 9.72% | 10.11% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.17% | 12.55% | 14.28% | 14.10% | 15.88% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.70% | 24.79% | 17.09% | 17.44% | 18.44% | ‡‡‡‡‡ | — | — |
ROE
|
Boot Barn Holdings (BOOT) has delivered impressive revenue growth, from $569 million in 2016 to a projected $1.911 billion in 2025 (14% CAGR), fueled by e-commerce gains, acquisitions, and store expansions in its niche western and workwear market. However, as a risk-averse analyst, I highlight volatility: flat 2024 sales amid post-pandemic normalization, erratic free cash flow from heavy capex ($148 million in 2024), and declining revenue per employee signaling efficiency risks in a competitive landscape with Tractor Supply and online rivals.
The balance sheet shines with shareholders’ equity up 602% to $1.131 billion by 2025 and a net cash position, supporting ROIC above sector averages (14.2% projected). Gross margins have expanded to 37.5%, but EBT margins dipped to 11.8% in 2024, with ROE moderating from 38.7%. Insider selling exceeding $4 million over the past year—without buys—raises red flags amid projected EPS doubling to $9.79 by 2028.
Valuation appears balanced at 18x forward PE and 1.8x PS, with analyst targets implying 4-50% upside, but hinges on 15%+ growth and capex returns. Key downside risks include margin compression, reemerging debt, and macro headwinds like inflation or rural slowdowns—warranting a hold for steady performers, with trims on rallies to protect against overexpansion.
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