A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Boot Barn Holdings, Inc.
BOOT
$4.6B
Mkt Cap
$149.98
+1.50%
Boot Barn Holdings, Inc. (BOOT) has a current P/E ratio of 21.0, compared to its historical median P/E of 17.9. The stock is currently considered Fair based on its historical valuation range.
Boot Barn Holdings, Inc. (BOOT) has a 5-year average return on invested capital (ROIC) of 25.2%. This indicates strong capital allocation and a potential competitive advantage.
Boot Barn Holdings, Inc. (BOOT) has a market capitalization of $4.6B. It is classified as a mid-cap stock.
Boot Barn Holdings, Inc. (BOOT) does not currently pay a regular dividend.
Based on historical P/E analysis, Boot Barn Holdings, Inc. (BOOT) appears fair. The current P/E of 21.0 is 17% above its historical median of 17.9. The estimated fair value CAGR (P/E method) is 28.2%.
Boot Barn Holdings, Inc. (BOOT) operates in the Retail-Shoe Stores industry, within the Consumer Cyclical sector.
Boot Barn Holdings, Inc. (BOOT) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business. Our Company We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. With 459 stores in 49 states as of March 29, 2025, we have more than four times as many stores as our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 900 stores. Our stores, which are typically freestanding or located in strip centers, average 11,200 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. We target a broad and growing demographic, ranging from passionate western and country enthusiasts to workers seeking dependable, high-quality footwear and apparel.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 1.9B | 1.7B | 1.7B | 1.5B | 893M |
| Net Income | 219M | 181M | 147M | 171M | 192M | 59M |
| EPS | $7.18 | $5.88 | $4.80 | $5.62 | $6.33 | $2.01 |
| Free Cash Flow | 90M | -753K | 117M | -36M | 28M | 127M |
| ROIC | 19.9% | 18.4% | 17.8% | 25.6% | 42.3% | 22.1% |
| Gross Margin | 38.3% | 37.5% | 36.9% | 36.8% | 38.6% | 33.0% |
| Debt/Equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 292M | 239M | 198M | 232M | 258M | 86M |
| Operating Margin | 13.4% | 12.5% | 11.9% | 14.0% | 17.4% | 9.7% |
| ROE | 17.1% | 17.4% | 17.1% | 24.8% | 38.7% | 16.6% |
| Shares Outstanding | 30M | 31M | 31M | 30M | 30M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | -12M | -13M | -13M | 630M | 678M | 777M | 846M | 893M | 1.5B | 1.7B | 1.7B | 1.9B | 2.2B |
| Gross Margin | -976.4% | -1014.0% | -1340.3% | 30.1% | 30.7% | 32.4% | 32.7% | 33.0% | 38.6% | 36.8% | 36.9% | 37.5% | 38.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 92M | 99M | 142M | 152M | 162M | 187M | 203M | 209M | 317M | 379M | 416M | 478M | 540M |
| EBIT | 20M | 34M | 30M | 38M | 46M | 64M | 74M | 86M | 258M | 232M | 198M | 239M | 292M |
| Op. Margin | -175.0% | -256.1% | -234.0% | 6.0% | 6.8% | 8.3% | 8.7% | 9.7% | 17.4% | 14.0% | 11.9% | 12.5% | 13.4% |
| Net Income | 5.4M | 12M | 9.9M | 14M | 29M | 39M | 48M | 59M | 192M | 171M | 147M | 181M | 219M |
| Net Margin | -46.4% | -92.4% | -76.4% | 2.3% | 4.3% | 5.0% | 5.7% | 6.6% | 12.9% | 10.3% | 8.8% | 9.5% | 10.1% |
| Non-Recurring | -2.0M | -134K | -463K | -367K | -252K | -23K | -417K | -87K | -175K | -334K | -660K | -299K | -299K |
| Returns on Capital | |||||||||||||
| ROIC | 14.9% | 13.3% | 5.7% | 8.1% | 22.7% | 23.1% | 22.8% | 22.1% | 42.3% | 25.6% | 17.8% | 18.4% | 19.9% |
| ROE | 6.6% | 10.8% | 6.5% | 8.3% | 14.6% | 16.3% | 16.4% | 16.6% | 38.7% | 24.8% | 17.1% | 17.4% | 17.1% |
| ROA | 3.7% | 4.0% | 2.3% | 2.6% | 5.0% | 6.4% | 6.1% | 6.4% | 18.0% | 12.6% | 9.1% | 9.7% | 9.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 13M | 12M | 33M | 41M | 44M | 63M | 25M | 156M | 89M | 89M | 236M | 148M | 266M |
| Free Cash Flow | 1.4M | -2.6M | -3.2M | 19M | 20M | 36M | -12M | 127M | 28M | -36M | 117M | -753K | 90M |
| Owner Earnings | 4.0M | -4.5M | 5.2M | -337K | 25M | 41M | -42M | 125M | 52M | 43M | 174M | 74M | -6.9M |
| CapEx | 11M | 14M | 36M | 22M | 24M | 28M | 37M | 28M | 60M | 125M | 119M | 148M | 176M |
| Maint. CapEx | 7.5M | 14M | 25M | 38M | 17M | 19M | 62M | 24M | 27M | 36M | 50M | 62M | 258M |
| Growth CapEx | 3.9M | 126K | 11M | 0 | 7.3M | 8.6M | 0 | 4.3M | 33M | 89M | 69M | 86M | 0 |
| D&A | 7.5M | 14M | 25M | 38M | 17M | 19M | 62M | 24M | 27M | 36M | 50M | 62M | 258M |
| CapEx/OCF | N/A | 122.3% | 109.7% | 54.2% | 55.2% | 43.5% | 146.9% | 18.2% | 68.0% | 140.1% | 50.3% | 100.5% | 66.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | 8.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.3M | 2.0M | 2.9M | 3.0M | 2.2M | 2.9M | 4.9M | 7.2M | 9.5M | 9.7M | 13M | 11M | 15M |
| Debt Repayment | 70M | 130M | 78M | 2.4M | 10M | 11M | 66M | 667K | 112M | 838K | 863K | 873K | 873K |
| Balance Sheet | |||||||||||||
| Net Debt | -118K | 91M | 241M | -7.0M | N/A | N/A | -56M | -58M | -3.7M | -2.0M | -61M | -55M | -186M |
| Cash & Equiv. | 1.1M | 1.4M | 7.2M | 8.0M | 9.0M | 17M | 70M | 73M | 21M | 18M | 76M | 70M | 200M |
| Long-Term Debt | N/A | 91M | 247M | N/A | N/A | N/A | 13M | 14M | 16M | 15M | 14M | 13M | 13M |
| Debt/Equity | 0.01 | 0.65 | 1.54 | 0.01 | 1.74 | 1.41 | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 |
| Interest Coverage | 1.8 | 2.6 | 2.3 | 2.6 | 3.1 | 3.9 | 93.3 | 108.6 | 333.8 | 325.1 | 295.0 | 377.5 | 482.0 |
| Equity | 85M | 142M | 161M | 180M | 215M | 264M | 322M | 395M | 600M | 776M | 944M | 1.1B | 1.3B |
| Total Assets | 292M | 326M | 539M | 566M | 588M | 636M | 925M | 934M | 1.2B | 1.5B | 1.7B | 2.0B | 2.4B |
| Total Liabilities | 207M | 184M | 378M | 386M | 373M | 372M | 603M | 539M | 600M | 741M | 762M | 887M | 1.1B |
| Intangibles | 60M | 57M | 65M | 65M | 63M | 63M | 61M | 61M | 61M | 61M | 59M | 59M | 59M |
| Retained Earnings | 0 | 14M | 24M | 38M | 67M | 106M | 154M | 213M | 405M | 576M | 723M | 904M | 1.1B |
| Working Capital | 28M | 59M | 51M | 77M | 90M | 125M | 72M | 153M | 205M | 294M | 417M | 511M | 616M |
| Current Assets | 115M | 145M | 203M | 224M | 241M | 277M | 385M | 374M | 542M | 669M | 730M | 864M | 1.1B |
| Current Liabilities | 86M | 86M | 152M | 148M | 151M | 152M | 313M | 222M | 336M | 375M | 313M | 353M | 441M |
| Per Share Data | |||||||||||||
| EPS | 0.28 | 0.54 | 0.37 | 0.53 | 1.05 | 1.35 | 1.64 | 2.01 | 6.33 | 5.62 | 4.80 | 5.88 | 7.18 |
| Owner EPS | 0.21 | -0.20 | 0.19 | -0.01 | 0.90 | 1.44 | -1.43 | 4.22 | 1.71 | 1.42 | 5.67 | 2.41 | -0.23 |
| Book Value | 4.40 | 6.26 | 6.06 | 6.72 | 7.80 | 9.14 | 11.00 | 13.37 | 19.72 | 25.59 | 30.81 | 36.76 | 42.14 |
| Cash Flow/Share | 0.67 | 0.51 | 1.23 | 1.54 | 1.61 | 2.19 | 0.87 | 5.28 | 2.92 | 2.93 | 7.71 | 4.79 | 15.66 |
| Dividends/Share | N/A | 1.82 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 19.2M | 22.7M | 26.7M | 26.8M | 27.5M | 28.9M | 29.2M | 29.5M | 30.4M | 30.3M | 30.6M | 30.8M | 30.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 43.0 | 24.9 | 18.2 | 16.7 | 21.7 | 8.2 | 31.5 | 15.2 | 13.3 | 19.8 | 17.7 | 20.9 |
| P/FCF | N/A | N/A | N/A | 13.7 | 24.3 | 23.7 | N/A | 14.7 | 103.2 | N/A | 24.8 | N/A | 50.9 |
| EV/EBIT | N/A | 19.1 | 15.7 | 12.4 | 14.4 | 15.4 | 6.7 | 21.2 | 11.3 | 9.9 | N/A | N/A | 15.0 |
| Price/Book | N/A | 4.1 | 1.5 | 1.4 | 2.2 | 3.2 | 1.2 | 4.7 | 4.9 | 2.9 | 3.1 | 2.8 | 3.6 |
| Price/Sales | N/A | 1.3 | 0.9 | 0.5 | 0.5 | 0.9 | 1.2 | 1.1 | 1.9 | 1.3 | 1.5 | 2.1 | 2.1 |
| FCF Yield | N/A | -0.4% | -1.3% | 7.3% | 4.1% | 4.2% | -3.0% | 6.8% | 1.0% | -1.6% | 4.0% | -0.0% | 2.0% |
| Market Cap | N/A | 590M | 246M | 258M | 482M | 848M | 391M | 1.9B | 2.9B | 2.3B | 2.9B | 3.2B | 4.6B |
| Avg. Price | N/A | 21.16 | 18.98 | 10.71 | 11.54 | 23.84 | 33.88 | 34.33 | 91.43 | 72.59 | 80.23 | 132.90 | 149.98 |
| Year-End Price | N/A | 23.21 | 9.23 | 9.62 | 17.51 | 29.32 | 13.37 | 63.30 | 96.50 | 74.84 | 95.15 | 104.17 | 149.98 |
Boot Barn Holdings, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Boot Barn Holdings, Inc. trades at 21.0x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 50.8x vs a median of 23.7x. The company's 5-year average ROIC is 25.2% with a gross margin of 36.6%. At current prices, the estimated annualized return to fair value is +7.1%.
Boot Barn Holdings, Inc. (BOOT) has a net profit margin of 9.5%. This is a modest margin.
Boot Barn Holdings, Inc. (BOOT) generated $-753 thousand in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Boot Barn Holdings, Inc. (BOOT) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
Boot Barn Holdings, Inc. (BOOT) reported earnings per share (EPS) of $5.88 in its most recent fiscal year.
Boot Barn Holdings, Inc. (BOOT) has a return on equity (ROE) of 17.4%. This indicates the company generates strong returns for shareholders.
Boot Barn Holdings, Inc. (BOOT) has a 5-year average gross margin of 36.6%. This indicates decent pricing power.
The Ledger Terminal provides 13 years of financial data for Boot Barn Holdings, Inc. (BOOT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Boot Barn Holdings, Inc. (BOOT) has a book value per share of $36.76, based on its most recent annual SEC filing.