Quality Investor

Zumiez Inc.

Rank #70Capital Return

ZUMZ · Nasdaq · Consumer Cyclical

Zumiez Inc. (ZUMZ) — Rank #70 by gross profitability (GP/assets 0.53) · ROE 4.8% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001318008 · all metrics point-in-time as of the filing date.

About

Zumiez Inc. operates as a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women in the United States, Australia, Canada, Europe, and internationally.

Show more

It offers hardgoods, including skateboards, snowboards, bindings, components, and other equipment. The company operates stores under the names of Zumiez, Blue Tomato, and Fast Times through zumiez.com, zumiez.ca, blue-tomato.com, and fasttimes.com.au e-commerce websites. Zumiez Inc.

was incorporated in 1978 and is headquartered in Lynnwood, Washington.

Industry
Apparel Retail
Sector
Consumer Cyclical
State
WA
Filer Category
Accelerated filer
Fiscal Year End
February 3
Website
zumiez.com

Price History

ZUMZ-63.6% · -18.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$211.56M

P/E (annual)

17.7

P/S (annual)

0.2

P/B

0.8

P/OCF (annual)

4.0

Shareholder Yield

8.8%

Employees

2,400

Industry

Apparel Retail

Exchange

Nasdaq

Signal Flags

2 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue

Quality Profile

Profitability

1/1 pass
GP / assets
0.53
Return on equity
4.8%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.25
Current ratio
1.71×
Net cash
$97.27M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.8%

Growth

2/2 pass
Revenue growth
4.5%
Piotroski F-Score
N/A
Share dilution
-8.8%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-10.3%

incredible deal

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

Buyback tailwind: -8.8% — per-share value needs a total required return of -19.2% once share-count change is priced in.

vs. own 6-year median revenue growth: -1.3%

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

r = 8%

-13.5%

r = 10% (base)

-10.3%

r = 12%

-7.6%

Net debt / market cap: -40.9%

Base FCF: $42.4M3Y mean FCF: $14.2M

Valuation History

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

P / E

Price / diluted EPS

30.1xExpensive
7.1xmed 15.9x30.1x

P / S

Price / revenue per share

0.4xFair
0.3xmed 0.5x1.2x

P / B

Price / book value per share

1.2xFair
0.7xmed 1.4x2.1x

P / GP

Price / gross profit per share

1.2xFair
0.8xmed 1.6x3.3x

P / FCF

Price / free cash flow per share

9.5xFair
5.5xmed 11.8x42.4x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.53

Primary signal (Novy-Marx).

3rd of 6 SIC 56 peers

Return on equity

4.8%

Gross margin

35.8%

6th of 6 SIC 56 peers

Revenue growth (YoY)

4.5%

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)

-1.0%

Revenue CAGR (5Y)

-1.3%

Earnings CAGR (3Y)

-14.0%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.25

4th of 6 SIC 56 peers (best = lowest)

Current ratio

1.71×

5th of 6 SIC 56 peers

Quick ratio

0.59×

Net cash

$97.27M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$42.41M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.17

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20212026
Value
Capital Return
Decline
Startup