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Boot Barn Holdings, Inc.

Rank #190Hypergrowth

BOOT · NYSE · Consumer Cyclical

Boot Barn Holdings, Inc. (BOOT) — Rank #190 by gross profitability (GP/assets 0.33) · ROE 16.6% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001610250 · all metrics point-in-time as of the filing date.

About

Boot Barn Holdings, Inc. operates specialty retail stores in the United States and internationally.

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The company's lifestyle retail chain engages in the sale of western and work-related footwear, apparel and accessories for men, women, and kids. It offers denim, western shirts, cowboy hats, belts and belt buckles, rugged footwear, outerwear, overalls, shirts, safety-toe boots, hats, flame-resistant and high-visibility clothing, and western-style jewelry and accessories, as well as gifts and home merchandise. The company provides its products under the Ariat, Cinch, Cody James, Dan Post, Durango, Horsepower, Idyllwind, Justin, Kimes Ranch, Laredo, Levi's, Miss Me, Montana Silversmiths, Moonshine Spirit, Resistol, Shyanne, Stetson, Tony Lama, Twisted X, Wrangler, Brunt, Carhartt, Cody James Work, Georgia Boot, Hawx, Thorogood, Timberland Pro, Wolverine, Rank 45, Cody James Black 1978, Gibson, Cleo + Wolf, and El Dorado brand names. It sells its products through various e-commerce platform, including websites, mobile app, and third-party marketplaces, as well as retail stores under the Boot Barn brand name. The company was formerly known as WW Top Investment Corporation and changed its name to Boot Barn Holdings, Inc. in June 2014. Boot Barn Holdings, Inc.

was founded in 1978 and is based in Irvine, California.

Industry
Apparel Retail
Sector
Consumer Cyclical
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
March 27

Price History

BOOT+68.8% · +11.0% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$3.97B

P/E (annual)

17.8

P/S (annual)

1.8

P/B

2.9

P/OCF (annual)

13.0

Shareholder Yield

-11.6%

Employees

3,800

Industry

Apparel Retail

Exchange

NYSE

Signal Flags

4 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Quality Profile

Profitability

1/1 pass
GP / assets
0.33
Return on equity
16.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.89
Current ratio
2.53×
Net cash
$139.26M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.7%

Growth

1/2 pass
Revenue growth
232.5%
Piotroski F-Score
N/A
Share dilution
11.6%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

14.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 11.6% — per-share value needs a total required return of 25.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 23.2%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

9.4%

r = 10% (base)

14.1%

r = 12%

18.1%

Net debt / market cap: -3.5%

Base FCF: $126.3M3Y mean FCF: $35.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

11.9xCheap
11.9xmed 22.3x56.8x

P / S

Price / revenue per share

1.2xFair
0.7xmed 1.2x2.4x

P / B

Price / book value per share

2.6xCheap
1.9xmed 3.9x5.5x

P / GP

Price / gross profit per share

3.3xCheap
2.2xmed 4.0x7.4x

P / FCF

Price / free cash flow per share

N/A
17.1xmed 41.9x93.0x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.33

Primary signal (Novy-Marx).

6th of 6 SIC 56 peers

Return on equity

16.6%

Gross margin

38.1%

3rd of 6 SIC 56 peers

Revenue growth (YoY)

232.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2019202120222023
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

10.8%

Revenue CAGR (5Y)

20.3%

Earnings CAGR (3Y)

9.8%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.89

3rd of 6 SIC 56 peers (best = lowest)

Current ratio

2.53×

2nd of 6 SIC 56 peers

Quick ratio

0.39×

Net cash

$139.26M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$126.34M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.44

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.7%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20172023
Op. Leverage
Hypergrowth
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