Sportsman's Warehouse Holdings, Inc. (SPWH) AI Stock Analysis
SPWH AI stock analysis summary
AI ResearchSportsman's Warehouse Holdings, Inc. (SPWH) is an outdoor sporting goods retailer offering camping, fishing, hunting, and apparel products. The company generated $1.22B in trailing twelve-month revenue but continues to operate at a net loss with a net margin of -3.9%. Balance sheet leverage remains significant, characterized by $507.2M in net debt and a market capitalization of $41.1M.
- Market cap
- $41.1M
- Revenue (TTM)
- $1.22B
- P/E
- — fwd 333.3x
- 1Y return
- -62.2% S&P 500 16.8%
- Avg. target
- $2.92 177.8% vs last close
Bull case
- Analysts maintain a unanimous positive stance with 3 Strong Buy ratings and a mean price target of $2.92.
- The business generated positive free cash flow of $8.9M in FY2026, marking two consecutive years of positive free cash generation.
- Consensus estimates project narrowing annual net losses, with EPS expected to improve from -$0.55 in FY2026 to -$0.33 for the current fiscal year.
Bear case
- The balance sheet is highly leveraged with $509.2M in total debt against just $2.0M in cash and short-term investments.
- Net profitability remains negative, with an annual net loss of -$50.1M in FY2026 and trailing twelve-month profit margin at -3.9%.
- Shareholder returns have suffered severe underperformance, dropping 62.2% over the trailing year and 94.1% over five years.
What Sportsman's Warehouse does
Sportsman's Warehouse Holdings, Inc. operates as an outdoor sporting goods retailer across the United States. Founded in 1986 and headquartered in West Jordan, Utah, the company offers camping essentials such as backpacks, tents, cooking gear, and sleeping bags, alongside a diverse selection of apparel, camouflage, technical gear, and workwear. It specializes in fishing rods, reels, and baits, as well as firearms, ammunition, archery equipment, outdoor optics, GPS devices, knives, and lighting solutions. Sportsman's Warehouse also delivers specialized services, including archery technician assistance, fishing reel line winding, firearm maintenance, and the issuance of hunting and fishing licenses.
Growth and profitability
Annual revenue decreased from $1.51B in FY2022 to $1.21B in FY2026, delivering a 5-year revenue CAGR of -3.6%. While gross margin stabilized at 30.9% in both FY2025 and FY2026, operating margin contracted from 6.0% in FY2022 to -1.2% in FY2026. Net losses widened to -$50.1M in FY2026, compared to net income of $108.5M in FY2022. For the trailing twelve months ending July 31, 2026, revenue stood at $1.22B with an operating margin of -0.3% and EPS of -$1.24. In the latest quarter, revenue grew 0.6% year-over-year, while quarterly earnings declined 77.6%.
Balance sheet and cash flow
As of July 31, 2026, Sportsman's Warehouse held $2.0M in cash and short-term investments against $509.2M in total debt, resulting in net debt of $507.2M. The company's current ratio stood at 1.17, while the debt-to-equity ratio reached 3.11 based on $163.8M in shareholders' equity. In FY2026, the company produced $31.3M in operating cash flow and $8.9M in free cash flow after funding capital expenditures of $22.4M. Cash flow uses also included $209,000 from share issuance, with the 5-year share count down 12.4%.
Valuation and performance
Sportsman's Warehouse closed at $1.05 on October 16, 2026, touching its 52-week low. The stock trades at a forward P/E of 333.3x, compared to 14.1x for the median of its US-listed Consumer Cyclical peers. Its EV/EBITDA stands at 198.7x versus the peer median of 11.1x, while its price-to-sales ratio is 0.0x compared to the peer median of 0.7x. Over the past year, SPWH shares declined 62.2%, lagging the 16.8% return of the S&P 500 (SPY). Over a 5-year timeframe, the stock declined 94.1% while SPY gained 83.0%.
What analysts expect
Consensus coverage shows 3 Strong Buy ratings, with zero Buy, Hold, Sell, or Strong Sell recommendations. The mean price target is $2.92, representing a 177.8% premium to the last close of $1.05. For the fiscal year ending January 31, 2027, analysts estimate an EPS loss of -$0.33 on revenue of $1.22B. For the following fiscal year, 3 analysts project EPS of -$0.28 on revenue of $1.21B. Sportsman's Warehouse beat EPS estimates in 3 of the last 4 quarters, and its next earnings release is scheduled for December 3, 2026.
Key risks and what to watch
- Liquidity buffers are lean with cash reserves of $2.0M as of July 31, 2026.
- A high debt-to-equity ratio of 3.11 exposes the company to debt servicing pressures given negative trailing operating margins of -0.3%.
- Quarterly earnings fell 77.6% year-over-year in the period ending July 31, 2026, signaling ongoing bottom-line volatility.
- Revenue growth remains weak, marked by a 5-year revenue CAGR of -3.6% and projected next fiscal year revenue contraction of 0.8%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this SPWH AI stock analysis
This page is an AI-written research summary of Sportsman's Warehouse Holdings, Inc. (SPWH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: SPWH income statement, SPWH balance sheet, SPWH key metrics, SPWH analyst forecast, SPWH chart. See the SPWH stock overview for the latest quote and news.
SPWH AI stock analysis FAQ
Does Sportsman's Warehouse pay a dividend?
No, Sportsman's Warehouse does not currently pay a dividend to shareholders.
What is Sportsman's Warehouse's debt position?
As of July 31, 2026, the company held $509.2M in total debt and $2.0M in cash, resulting in net debt of $507.2M and a debt-to-equity ratio of 3.11.
When is the next earnings report for SPWH?
The company's next earnings report is scheduled for December 3, 2026.
What do Wall Street analysts expect for SPWH stock?
All 3 covering analysts rate the stock a Strong Buy, with an average price target of $2.92, representing a 177.8% upside relative to the last close of $1.05.