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Sportsman's Warehouse Holdings NasdaqGS:SPWH Stock Report

Last Price


Market Cap







02 Oct, 2022


Company Financials +
SPWH fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health6/6

SPWH Stock Overview

Sportsman's Warehouse Holdings, Inc., together with its subsidiaries, operates as an outdoor sporting goods retailer in the United States.

Sportsman's Warehouse Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Sportsman's Warehouse Holdings
Historical stock prices
Current Share PriceUS$8.30
52 Week HighUS$17.95
52 Week LowUS$7.75
1 Month Change-4.82%
3 Month Change-17.33%
1 Year Change-53.11%
3 Year Change56.46%
5 Year Change88.64%
Change since IPO-14.87%

Recent News & Updates

Sep 27

Sportsman's Warehouse: A Stock To Keep An Eye On

Summary Founded in 1986, SPWH operates as an outdoor sporting goods retailer in the United States. The company currently operates 126 stores, up from 33 in 2013. More than 50% of its revenue comes from hunting and shooting products. The remaining comes from its other product range, including camping, apparel, fishing, and footwear products. The main risks are its cash position and regulatory concerns due to its dependence on firearm sales. Investment Thesis Earlier this year, Sportsman's Warehouse (SPWH) was an acquisition target at USD 18 by Great Outdoors Group, owner of Bass Pro Shops chain. But the deal fell through because the competition authority had concerns. With the stock trading at USD 9.17 right now, seemingly at lower multiples than its peers, the company showing impressive growth potential, new store openings, and initiation of a buyback program open the discussion of whether SPWH is highly undervalued. We aim to address this through our analysis. We consider SPWH to be a good investment if you believe in the sustainability of its expected growth. Since SPWH does not appear to have a moat, we, as value investors, are not willing to pay for the growth. We believe that with the stated growth rates, it is fairly valued at current market prices while we look for a margin of safety before taking a long position on the stock. Comparison with Industry Leader, DICK'S Sporting Goods, Inc. (DKS) Moat Investing The above Table shows the comparison of both companies on different metrics and forms the basis of our comparison below. With a market cap of USD 8.83 billion, and 861 stores DKS is the leading company in this sector. DKS trades at P/E of 9.67 while SPWH trades at P/E of 4.04. We try to understand whether this discount on SPWH is justified. Gross profit Margins of both are relatively stable and similar; SG&A is where both differentiate themselves. SPWH has not been able to cope with inflationary pressures, and its operating margins squeezed from 9% to 7% in 21ye. During the same period, DKS increased its margins from 10% to 17% due to superior buying, bargaining, and pricing power. DKS posted a net income margin of 12% in 2021; even with lower financial leverage, SPWH's net income margin was 7% in the same period. Although SPWH beats DKS in revenue per square foot having a $25 difference per sq. ft., DKS reports a better revenue per store by a margin of 2.33k per store as per 21ye. This highlights a more extensive average square feet area of DKS stores. Based on the 10-year average, DKS has a net working capital requirement of 11% of sales relative to SPWH, having an average nwc requirement of 23% of sales. SPWH has a 10-year average inventory turnover ratio of 0.69, significantly lower than DKS which stands at 2.2, explaining the lower nwc requirements of DKS and highlighting the greater operational efficiency of DKS. Because of this reason, SPWH has typically invested more in inventory, having an average closing inventory difference of 8% of revenue. On an average basis, SPWH has a better ROIC than DKS, so we expect SPWH to recover its investment in opening new stores rather quickly. Both have a higher ROIC than their respective WACC, which suggests that value is being created when capital is deployed. Still, as value investors, we must check whether this positive spread between ROIC and WACC is protected by an Economic Moat, and by looking at the two companies DKS seems to have a higher chance of having a Moat than SPWH. DKS also has better geographic diversification than SPWH. In the picture below, we can see that stores of SPWH are very concentrated. Opening new stores in an already concentrated area may cause cannibalization from its stores. Also, DKS is not as reliant on one of its products as SPWH is and has a very good dividend program making it much less risky than SPWH. All these factors lead us to believe that on a comparable basis, the discount of SPWH relative to DKS is justified. But we will still dig further deeper and develop a DCF model to have a better understanding and further confirm our Investment Thesis. Investor Relations - SPWH Financial Analysis & Valuation Angle With a total sq foot of 4.94 million among 126 stores, management is looking to increase its square footage at a rate of 5% to 10% per year. SPWH growth has been through organic means, so their acquisition activity has not been very significant in recent years which can be confirmed by a small goodwill amount on the balance sheet. Since 2019 out of their four main acquisitions, three have been bargain purchases. SPWH had a growth of 68% in revenues over a period of 8 years till 2019. In 2020 there was a lot of speculation about firearms getting banned in the US, so everyone rushed to buy them giving a one-off boost in sales of firearms for the whole industry. Covid also positively impacted this industry as the lockdowns turned people's attention to these activities. These two factors gave a boost of 64% in revenues to SPWH in just one year. After this, the company passed a billion-dollars in revenue, and they wanted to stay there, so they opened 23 new stores in just two years. The future growth dramatically depends on the performance of these new stores. SPWH has a good ROIC of 20-24%, so we expect the investments to be recovered rather quickly. So being on the conservative side and since we don't want to pay for growth because SPWH has no competitive advantage, we are assuming a growth of 5% over the next five years. Doing a $52 million share buyback in the first half of 2022 left SPWH with a cash position of just $6.018 million, down from an opening balance of $57.018 million. This concerns us since SPWH still has $23 million left of the initially approved limit of $75 million in buybacks. They might not be able to complete that. To meet their operational needs in an already squeezing margins environment, they might go for a long-term loan or increase their already $90 million revolving credit facility. Operating Margins are squeezed because of inflationary pressures. Because of lower pricing power, SPWH has been unable to maintain its margins during these times, unlike its competitors, who managed to increase their margins in the same time period. Considering the historical margin data and the outlook, we are assuming an EBITDA margin of 8% for our model. Depreciation and amortization have been relatively stable for SPWH over the years because they don't own very complex assets and can depreciate them using a straight-line method giving a relatively stable D&A expense. On average, for the past ten years, D&A has been 2% of the sales. For our analysis, we are using the same rate. Since SPWH has started a buyback program this year, we assume they will not be opening new stores as they have been doing for the past three years, in which they opened 34 new stores. So, we assume a CAPEX requirement of 2.5% of the revenue. As SPWH was opening new stores, net working capital requirements have been increasing historically. 21ye saw an abnormal rise in nwc requirements which jumped up by $163 million due to deteriorating economic conditions and opening of new stores but going forward, we estimate these nwc requirements to normalize, so we are using a 1.5% of revenue as a nwc requirement rate each year. We are using a tax rate of 25%. Although historically WACC of SPWH has been quite low, ranging from 5% to 6% but being on the conservative side and to incorporate future and present risks, we are using a WACC of 9%. We are also relying on a terminal growth rate of 1%. DCF Analysis Moat Investing Sensitivity analysis We have performed a sensitivity analysis on the primary value drivers affecting the potential upside. It is worth noting that around 75% of the equity value is based on the terminal value. Thus, our valuation is extremely sensitive to changes in WACC and Terminal Growth. Also, since we are in an increasing interest rates environment, and SPWH might have to acquire more debt, it is helpful to see the valuation under different WACC and terminal growth scenarios. In the following table, we have a sensitivity analysis of potential upside and downside with respect to our intrinsic equity value.

Aug 31

Sportsmans Warehouse FQ2 2023 Earnings Preview

Sportsmans Warehouse (NASDAQ:SPWH) is scheduled to announce FQ2 earnings results on Thursday, September 1st, after market close. The consensus EPS Estimate is $0.26 (-40.34% Y/Y) and the consensus Revenue Estimate is $338.27M (-6.50% Y/Y). Over the last 2 years, SPWH has beaten EPS estimates 75% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 4 downward. Revenue estimates have seen 0 upward revisions and 4 downward.

Shareholder Returns

SPWHUS Specialty RetailUS Market

Return vs Industry: SPWH underperformed the US Specialty Retail industry which returned -36.5% over the past year.

Return vs Market: SPWH underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is SPWH's price volatile compared to industry and market?
SPWH volatility
SPWH Average Weekly Movement7.6%
Specialty Retail Industry Average Movement7.9%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: SPWH is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: SPWH's weekly volatility (8%) has been stable over the past year.

About the Company

19865,500Jon Barker

Sportsman's Warehouse Holdings, Inc., together with its subsidiaries, operates as an outdoor sporting goods retailer in the United States. It offers camping products, such as backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents, and tools; and apparel products, including camouflage, jackets, hats, outerwear, sportswear, technical gear, and work wear. The company also provides fishing products comprising bait, electronics, fishing rods, flotation items, fly fishing products, lines, lures, reels, tackles, and small boats; and foot wear products consisting of hiking and work boots, socks, sport sandals, technical footwear, trial and casual shoes, and waders.

Sportsman's Warehouse Holdings Fundamentals Summary

How do Sportsman's Warehouse Holdings's earnings and revenue compare to its market cap?
SPWH fundamental statistics
Market CapUS$322.60m
Earnings (TTM)US$96.91m
Revenue (TTM)US$1.48b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SPWH income statement (TTM)
Cost of RevenueUS$995.00m
Gross ProfitUS$482.83m
Other ExpensesUS$385.92m

Last Reported Earnings

Jul 30, 2022

Next Earnings Date


Earnings per share (EPS)2.49
Gross Margin32.67%
Net Profit Margin6.56%
Debt/Equity Ratio35.7%

How did SPWH perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


Is SPWH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPWH?

Other financial metrics that can be useful for relative valuation.

SPWH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.5x
Enterprise Value/EBITDA6.3x
PEG Ratio-0.2x

Price to Earnings Ratio vs Peers

How does SPWH's PE Ratio compare to its peers?

SPWH PE Ratio vs Peers
The above table shows the PE ratio for SPWH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.6x
TCS Container Store Group
BGFV Big 5 Sporting Goods
BBW Build-A-Bear Workshop
HZO MarineMax
SPWH Sportsman's Warehouse Holdings

Price-To-Earnings vs Peers: SPWH is good value based on its Price-To-Earnings Ratio (3.3x) compared to the peer average (3.6x).

Price to Earnings Ratio vs Industry

How does SPWH's PE Ratio compare vs other companies in the US Specialty Retail Industry?

Price-To-Earnings vs Industry: SPWH is good value based on its Price-To-Earnings Ratio (3.3x) compared to the US Specialty Retail industry average (6x)

Price to Earnings Ratio vs Fair Ratio

What is SPWH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPWH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.3x
Fair PE Ratio5.7x

Price-To-Earnings vs Fair Ratio: SPWH is good value based on its Price-To-Earnings Ratio (3.3x) compared to the estimated Fair Price-To-Earnings Ratio (5.7x).

Share Price vs Fair Value

What is the Fair Price of SPWH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPWH ($8.3) is trading below our estimate of fair value ($14.07)

Significantly Below Fair Value: SPWH is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Sportsman's Warehouse Holdings forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPWH's earnings are forecast to decline over the next 3 years (-18.1% per year).

Earnings vs Market: SPWH's earnings are forecast to decline over the next 3 years (-18.1% per year).

High Growth Earnings: SPWH's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SPWH's revenue (5.3% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: SPWH's revenue (5.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if SPWH's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Sportsman's Warehouse Holdings performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SPWH has a high level of non-cash earnings.

Growing Profit Margin: SPWH's current net profit margins (6.6%) are higher than last year (5.8%).

Past Earnings Growth Analysis

Earnings Trend: SPWH's earnings have grown significantly by 41.1% per year over the past 5 years.

Accelerating Growth: SPWH's earnings growth over the past year (9.6%) is below its 5-year average (41.1% per year).

Earnings vs Industry: SPWH earnings growth over the past year (9.6%) exceeded the Specialty Retail industry 0.1%.

Return on Equity

High ROE: SPWH's Return on Equity (34.6%) is considered high.

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Financial Health

How is Sportsman's Warehouse Holdings's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SPWH's short term assets ($466.2M) exceed its short term liabilities ($327.7M).

Long Term Liabilities: SPWH's short term assets ($466.2M) exceed its long term liabilities ($248.6M).

Debt to Equity History and Analysis

Debt Level: SPWH's net debt to equity ratio (33.5%) is considered satisfactory.

Reducing Debt: SPWH's debt to equity ratio has reduced from 759.9% to 35.7% over the past 5 years.

Debt Coverage: SPWH's debt is well covered by operating cash flow (54.2%).

Interest Coverage: SPWH's interest payments on its debt are well covered by EBIT (36.8x coverage).

Balance Sheet

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What is Sportsman's Warehouse Holdings's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Sportsman's Warehouse Holdings Dividend Yield vs Market
How does Sportsman's Warehouse Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Sportsman's Warehouse Holdings)0%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Specialty Retail)2.6%
Analyst forecast in 3 Years (Sportsman's Warehouse Holdings)n/a

Notable Dividend: Unable to evaluate SPWH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SPWH's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SPWH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SPWH's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: SPWH is not paying a notable dividend for the US market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as SPWH has not reported any payouts.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Jon Barker (54 yo)





Mr. Jon Barker has been the Chief Executive Officer and Director at Sportsman's Warehouse Holdings, Inc. since March 13, 2018 and has been its President since March 17, 2017. Mr. Barker served as Chief Ope...

CEO Compensation Analysis

Jon Barker's Compensation vs Sportsman's Warehouse Holdings Earnings
How has Jon Barker's remuneration changed compared to Sportsman's Warehouse Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 30 2022n/an/a


Apr 30 2022n/an/a


Jan 29 2022US$4mUS$833k


Oct 30 2021n/an/a


Jul 31 2021n/an/a


May 01 2021n/an/a


Jan 30 2021US$4mUS$780k


Oct 31 2020n/an/a


Aug 01 2020n/an/a


May 02 2020n/an/a


Feb 01 2020US$2mUS$748k


Nov 02 2019n/an/a


Aug 03 2019n/an/a


May 04 2019n/an/a


Feb 02 2019US$2mUS$610k


Nov 03 2018n/an/a


Aug 04 2018n/an/a


May 05 2018n/an/a


Feb 03 2018US$1mUS$284k


Compensation vs Market: Jon's total compensation ($USD4.03M) is above average for companies of similar size in the US market ($USD2.94M).

Compensation vs Earnings: Jon's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: SPWH's management team is considered experienced (3.8 years average tenure).

Board Members

Experienced Board: SPWH's board of directors are considered experienced (4.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NasdaqGS:SPWH Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Sep 22BuyUS$259,236GAMCO Investors, Inc.Company157,610US$10.00
14 Sep 22SellUS$2,678GAMCO Investors, Inc.Company92,662US$11.03
12 Sep 22BuyUS$0Gabelli & Company Investment Advisers, Inc.Company89,400US$10.00
07 Sep 22SellUS$0Gabelli & Company Investment Advisers, Inc.Company10,750US$9.19
15 Dec 21BuyUS$11,015Jon BarkerIndividual1,000US$11.02
14 Dec 21BuyUS$9,856Jeffrey WhiteIndividual857US$11.50
14 Dec 21BuyUS$111,000Joseph SchneiderIndividual10,000US$11.10
10 Dec 21BuyUS$30,025Jon BarkerIndividual2,500US$12.01
10 Dec 21BuyUS$12,010Jon BarkerIndividual1,000US$12.01

Ownership Breakdown

What is the ownership structure of SPWH?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders735,9461.7%
Hedge Funds5,737,65813.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 83.16% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Cannell Capital LLC
BlackRock, Inc.
3,031,988$25.2m1.42%no data
Kite Lake Capital Management (UK) LLP
Towle & Co
The Vanguard Group, Inc.
2,177,182$18.1m4.29%no data
Dimensional Fund Advisors LP
1,956,217$16.2m27.83%no data
Hawkeye Capital Management, LLC
Marshall Wace LLP
JB Capital Partners
GAMCO Investors, Inc.
State Street Global Advisors, Inc.
1,161,380$9.6m5.13%no data
Alberta Investment Management Corporation
Geode Capital Management, LLC
807,040$6.7m3.67%no data
Stephens Investment Management Group, LLC
Westchester Capital Management, LLC
Grantham Mayo Van Otterloo & Co. LLC
Goldman Sachs Group, Investment Banking and Securities Investments
742,894$6.2m-19.79%no data
State of Wisconsin Investment Board
Arbiter Partners Capital Management, LLC
Segantii Capital Management Limited
Gabelli & Company Investment Advisers, Inc.
Royce & Associates, LP
Jacobs Levy Equity Management Inc
Millennium Management LLC
Brandywine Global Investment Management, LLC

Company Information

Sportsman's Warehouse Holdings, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Sportsman's Warehouse Holdings, Inc.
  • Ticker: SPWH
  • Exchange: NasdaqGS
  • Founded: 1986
  • Industry: Specialty Stores
  • Sector: Retail
  • Implied Market Cap: US$322.605m
  • Shares outstanding: 38.87m
  • Website:

Number of Employees


  • Sportsman's Warehouse Holdings, Inc.
  • 1475 West 9000 South
  • Suite A
  • West Jordan
  • Utah
  • 84088
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPWHNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDApr 2014
06SDB (Deutsche Boerse AG)YesCommon StockDEEURApr 2014
0A8TLSE (London Stock Exchange)YesCommon StockGBUSDApr 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2022/01/29

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.