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Boot Barn Holdings, Inc.

Rank #198Op. LeverageWatchlistCompare with other stocks

BOOT · NYSE · Consumer Cyclical

Boot Barn Holdings, Inc. (BOOT) — Rank #198 by gross profitability (GP/assets 0.32) · ROE 16.4% · Piotroski F-Score N/A.

As-of 2026-10-30 · 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

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

3,800

Industry

Apparel Retail

Exchange

NYSE

11/11

Flags passed

BOOT passes 11/11 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Deferred revenue growing · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
16.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.93
Current ratio
2.44×
Net cash
$97.42M

Cash Flow

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

Growth

2/2 pass
Revenue growth
17.9%
Piotroski F-Score
N/A
Share dilution
-0.1%

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.32

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

6th of 6 SIC 56 peers

Return on equity

16.4%

Gross margin

38.1%

3rd of 6 SIC 56 peers

Revenue growth (YoY)

17.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
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)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 44% below net income

Free cash flow

$126.34M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-44.1%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.7%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $97.42M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.93

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

Current ratio

2.44×

2nd of 6 SIC 56 peers

Quick ratio

0.24×

Net cash

$97.42M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend(net buybacks)
-0.1%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
2.9%4/5 Strong

Lifecycle Phase History

20212026
Value
Hypergrowth
Op. Leverage

Price History

BOOT+43.3% · +7.4% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports