Sportsman's Warehouse Holdings, Inc.
SPWH Consumer Cyclical Specialty Retail
Sportsman's Warehouse Holdings, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.2 billion, up 0.96% from fiscal 2025. In the quarter to July 2026, revenue was flat, EPS grew 38.9%, free cash flow grew 54.2% and total debt fell 12.9%, each against the same quarter a year earlier.
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Sportsman's Warehouse Holdings, Inc. (SPWH) Altman Z-score
Sportsman's Warehouse Holdings, Inc.'s Altman Z-score for fiscal 2026 cannot be worked out: retained earnings not reported.
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.77 | (0.10) |
| FY2024 | 1.88 | (0.91) |
| FY2023 | 2.79 | (0.54) |
| FY2022 | 3.33 | (0.90) |
| FY2021 | 4.23 | 2.18 |
| FY2020 | 2.05 | (1.07) |
| FY2019 | 3.12 | (0.08) |
| FY2018 | 3.20 | (0.39) |
| FY2017 | 3.60 | (0.53) |
| FY2016 | 4.13 | 0.83 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | — | — | n/a | — |
| EBIT / total assets | (0.05) | — | −0.16 | |
| Market value of equity / total liabilities | 0.09 | — | 0.05 | |
| Sales / total assets | 1.59 | — | 1.59 | |
| Altman Z-score | n/a — retained earnings not reported | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — retained earnings not reported | — | ||
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 |
|---|---|
| PTLE PTL Limited compare | 54.5× |
| JBDI JBDI Holdings Limited compare | 3.4× |
| TLF Tandy Leather Factory, Inc. compare | 2.8× |
| ZOOZ ZOOZ Strategy Ltd. compare | 2.2× |
| GRWG GrowGeneration Corp. compare | −0.4× |
| BARK BARK, Inc. compare | −1.0× |
| NAAS NaaS Technology Inc. Sponsored ADR compare | −44.8× |
| SPWH Sportsman's Warehouse Holdings, Inc. | — |
| NPT Texxon Holding Limited compare | — |
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