Boot Barn Holdings, Inc. BOOT

Consumer DiscretionarySpecialty RetailersUnited States of America

Last close 132.24 USD on Nov 1, 2026, −25.1% year to date

Quant rating

Quant rating B Rank 131 of 344 in Consumer Discretionary

Growth B 65 of 344
Valuation B 132 of 344
Quality A 51 of 344
Revisions C 225 of 344
Momentum C 218 of 344

Wall Street consensus Buy (1.67)Average target 180.70 USD +36.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 3.9B
52-week range: 110.67 – 209.65
3-year range: 68.57 – 209.65
Dividend yield: –
Beta (5 years): 1.73
Shares outstanding: 29.9M
Next earnings: Feb 2, 2027

About the company

Boot Barn Holdings, Inc. is a lifestyle retailer of western and work-related footwear, apparel and accessories for men, women, and children. The Company operates approximately 514 stores in 49 states, as well as its e-commerce websites consisting primarily of bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com, and third-party marketplaces, as well as the Boot Barn app. It offers cowboy boots, work boots & shoes, exotic boots, performance boots, roper boots, chelsea boots, casual boots, and patriotic boots for men and women. It also offers shirts, jeans & pants, hats, belts & buckles, outerwear, accessories, and workwear for men. It offers accessories which include hats, belts & buckles, jewelry & bolo ties, bags & purses, wallets & phone cases, scarves, fragrance, and hair accessories. The Company operates retail locations throughout the United States and sells its merchandise via the Internet.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,254	1,911	1,667	1,658	1,488	–
Revenue growth	17.9%	14.6%	0.6%	11.4%	66.6%	20.3%
EPS (basic, normalized)	7.35	5.88	4.80	5.62	6.33	–
EPS growth	25.0%	22.5%	−14.6%	−11.2%	–	–
Gross margin	38.1%	37.5%	36.9%	36.8%	38.6%	37.6%
Net margin	10.0%	9.5%	8.8%	10.3%	12.9%	10.3%
ROE	18.4%	17.4%	17.1%	24.8%	38.7%	23.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	97.4
Current ratio	2.44x
Long-term debt (mil)	11.7
Net debt (mil)	−84.5
Total equity (mil)	1,381
Net debt / equity	−0.06x
Net debt / EBITDA	−0.22x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,254	+17.9%	1.7x	378	+21.7%	10.2x	7.35	+25.0%	18.0x
2027	2,584	+14.7%	1.5x	463	+22.5%	8.4x	8.99	+22.3%	14.7x
2028	2,909	+12.6%	1.3x	505	+9.2%	7.7x	9.84	+9.5%	13.4x
2029	3,280	+12.8%	1.2x	570	+12.7%	6.8x	11.57	+17.6%	11.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,584	−0.9%	−1.0%	+0.9%	8.99	−1.8%	−0.6%	+6.1%
2028	2,909	−1.2%	−1.2%	+0.8%	9.84	−2.1%	−1.7%	+1.0%
2029	3,280	−0.8%	−1.0%	−0.2%	11.57	−1.2%	−1.2%	−3.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	388	423	426	608	454	504	505	706	539	594
Sales mean (mil)	385	417	423	607	458	494	494	701	533	583
Surprise	+0.9%	+1.6%	+0.6%	+0.2%	−1.0%	+1.9%	+2.3%	+0.6%	+1.1%	+1.8%
EPS reported	0.96	1.26	0.95	2.43	1.22	1.74	1.37	2.79	1.45	2.29
EPS mean	0.88	1.08	0.95	2.36	1.24	1.55	1.28	2.58	1.42	1.70
Surprise	+8.5%	+17.1%	−0.2%	+2.9%	−1.5%	+12.5%	+7.3%	+8.1%	+2.0%	+34.5%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BOOT Boot Barn Holdings, Inc.	4.0B	−0.22x	10.0%	2.88x	14.7x	13.4x	8.4x	7.7x
HD The Home Depot, Inc.	328.4B	2.03x	8.6%	19.77x	21.9x	20.6x	14.9x	14.3x
LOW Lowe's Companies Inc	117.3B	2.71x	7.7%	−15.77x	17.0x	16.1x	11.8x	11.5x
ROST Ross Stores Inc	72.9B	−1.02x	9.4%	10.82x	27.4x	25.4x	17.4x	16.5x
WSM Williams-Sonoma Inc	29.8B	−0.62x	13.9%	13.90x	26.6x	24.0x	16.5x	15.4x
BBY Best Buy Co., Inc.	20.1B	−0.42x	2.6%	6.32x	14.1x	13.2x	7.0x	6.8x
Mean		0.41x	8.7%	6.32x	20.3x	18.8x	12.7x	12.0x
Median		−0.32x	9.0%	8.57x	19.5x	18.4x	13.4x	12.9x

Technical analysis

1M+4.8%
3M−16.6%
1Y−33.4%
3Y+90.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Boot Barn Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,254	1,911	1,667	1,658	1,488	893
Cost of revenue	1,396	1,194	1,053	1,047	913	599
Gross profit	858	717	614	611	575	295
Selling, general & administrative expenses	559	478	414	379	317	208
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	0.1	0.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	2.0	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	299	239	198	232	258	86.3
Net interest income (expense)	−1.5	−1.5	−2.2	−5.9	−5.8	−9.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.0	2.3	1.4	0	0	0.4
Net income before taxes	301	240	197	226	253	77.2
Provision for taxes	74.7	59.2	50.4	55.3	60.1	17.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	226	181	147	171	192	59.4
Extraordinary items	–	–	–	–	–	–
Net income	226	181	147	171	192	59.4
EBIT, normalized	299	239	200	232	258	86.8
EBITDA, normalized	378	302	250	268	286	111
Basic EPS, normalized	7.35	5.88	4.80	5.62	6.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Boot Barn Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	141	69.8	75.8	18.2	20.7	73.1
Receivables	23.4	18.7	20.2	13.1	11.9	12.8
Total inventory	845	747	599	589	474	276
Prepaid expenses	18.2	20.8	27.4	37.5	28.1	12.5
Other current assets	7.1	7.5	7.1	10.9	6.8	0.3
Total current assets	1,034	864	730	669	542	374
Property, plant & equipment	1,153	892	714	584	396	297
Goodwill	198	198	198	198	198	198
Intangibles	59.0	58.7	58.7	60.8	60.8	60.9
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	6.7	6.3	5.6	6.2	3.3	3.5
Total assets	2,450	2,018	1,706	1,517	1,200	934
Liabilities
Accounts payable	142	134	133	134	131	105
Payable/accrued	–	–	–	–	–	–
Accrued expenses	184	165	134	127	121	85.2
Short-term debt	0	0	0	66.0	28.5	0
Current portion of long-term debt	1.0	0.9	0.9	0.9	0.8	1.2
Other current liabilities	63.6	52.9	44.9	46.6	54.5	30.7
Total current liabilities	391	353	313	375	336	222
Long-term debt	12.5	13.5	14.4	15.3	16.2	123
Minority interest	–	–	–	–	–	–
Other liabilities	728	520	435	351	248	194
Total liabilities	1,131	887	762	741	600	539
Shareholders' equity
Preferred stock	–	–	–	0	0	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	263	247	233	210	199	184
Retained earnings (accumulated deficit)	1,130	904	723	576	405	213
Treasury stock	−74.4	−19.6	−12.0	−9.5	−4.9	−2.0
Other equity	0	0	0	0	0	0
Total equity	1,319	1,131	944	776	600	395
Total liabilities & shareholders' equity	2,450	2,018	1,706	1,517	1,200	934

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Boot Barn Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	226	181	147	171	192	59.4
Depreciation, depletion & amortization	78.7	62.5	49.6	35.9	27.4	24.1
Deferred taxes	12.4	−2.7	8.8	6.4	4.9	2.2
Non-cash items	97.5	78.4	70.9	58.0	50.6	43.0
Changes in working capital	−110	−172	−40.1	−182	−186	27.2
Cash from operations	305	148	236	88.9	88.9	156
Investing activities
Capital expenditures	−179	−148	−119	−125	−60.4	−28.4
Other investing cash flows	0.1	0.1	0	0	0	0
Cash from investing	−179	−148	−119	−125	−60.4	−28.4
Financing activities
Financing cash flow items	−4.3	−7.6	−2.5	−4.7	−2.9	−0.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−50.5	2.2	−57.2	37.9	−78.0	−123
Cash from financing	−54.8	−5.4	−59.6	33.2	−80.9	−124
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	71.3	−6.1	57.7	−2.5	−52.5	3.6
Free cash flow	126	−0.8	117	−35.6	28.4	127

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.