Boot Barn Holdings, Inc.
BOOT Consumer Cyclical Apparel Retail
Boot Barn Holdings, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.3 billion, up 17.9% from fiscal 2025. In the quarter to June 2026, revenue grew 17.8%, EPS grew 32.0% and free cash flow fell 22.7%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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Boot Barn Holdings, Inc. (BOOT) Altman Z-score
Boot Barn Holdings, Inc.'s Altman Z-score for fiscal 2026 is 4.65, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.65 | 0.16 |
| FY2025 | 4.49 | (0.02) |
| FY2024 | 4.51 | 0.30 |
| FY2023 | 4.21 | (1.22) |
| FY2022 | 5.43 | 1.64 |
| FY2021 | 3.79 | 1.91 |
| FY2020 | 1.87 | (1.49) |
| FY2019 | 3.36 | 0.84 |
| FY2018 | 2.52 | 0.52 |
| FY2017 | 2.00 | 0.19 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.32 | |
| Retained earnings / total assets | 0.46 | — | 0.65 | |
| EBIT / total assets | 0.12 | — | 0.40 | |
| Market value of equity / total liabilities | 3.95 | — | 2.37 | |
| Sales / total assets | 0.92 | — | 0.92 | |
| Altman Z-score | Safe zone | 4.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.27 | ||
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 |
|---|---|
| LULU lululemon athletica inc. compare | 6.8× |
| BKE Buckle, Inc. (The) compare | 5.2× |
| ANF Abercrombie & Fitch Company compare | 5.1× |
| BOOT Boot Barn Holdings, Inc. | 4.7× |
| URBN Urban Outfitters, Inc. compare | 4.3× |
| AEO American Eagle Outfitters, Inc. compare | 3.6× |
| GAP The Gap, Inc. compare | 2.9× |
| CRI Carter's, Inc. compare | 2.6× |
| VSXY Victoria's Secret & Co. compare | 2.4× |
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