Sportsman's Warehouse Holdings, Inc.
- Open
- 1.17
- Day high
- 1.18
- Day low
- 1.16
- Prev close
- 1.16
- Volume
- 30K
- Mkt cap
- $45M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.3
- P/S
- 0.0
- Yield
- —
- Per share
- —
Sportsman's Warehouse Holdings, Inc. (SPWH) is a Consumer Cyclical company listed on NASDAQ. The stock is down 67% over the past year.
Sportsman's Warehouse Holdings, Inc. (SPWH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPWH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 2, 2026 | $-0.58 | $-0.39 | +32.8% | $256M | +1.5% |
| Mar 31, 2026 | $-0.09 | $-0.10 | -11.1% | $335M | -0.0% |
| Dec 4, 2025 | $0.09 | $0.08 | -11.1% | $331M | +0.3% |
| Sep 4, 2025 | $-0.12 | $-0.12 | +0.0% | $294M | -11.2% |
| Jun 3, 2025 | $-0.48 | $-0.41 | +14.6% | $249M | -14.2% |
| Dec 10, 2024 | $-0.02 | $0.04 | +300.0% | $324M | -1.6% |
| Sep 3, 2024 | $-0.09 | $-0.14 | -55.6% | $289M | -8.8% |
| Jun 4, 2024 | $-0.38 | $-0.47 | -23.7% | $244M | -2.1% |
| Dec 6, 2023 | $-0.11 | $-0.01 | +90.9% | $341M | -8.6% |
| Sep 6, 2023 | $-0.02 | $-0.04 | -148.0% | $309M | -5.0% |
| May 30, 2023 | $-0.37 | $-0.39 | -5.4% | $268M | -2.6% |
| Dec 7, 2022 | $0.29 | $0.34 | +17.2% | $360M | +0.4% |
SPWH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Fall Jung Jenniferofficer: CFO AND SECRETARY | Grant | 108,620 | — |
| May 28, 2026 | Walsh Nancy Adirector | Grant | 62,992 | — |
| May 28, 2026 | MCBEE RICHARD Ddirector | Grant | 72,440 | — |
| May 28, 2026 | Bejar Martha Helenadirector | Grant | 62,992 | — |
| May 28, 2026 | Sansom Steven W.director | Grant | 62,992 | — |
| May 28, 2026 | TUCCI MICHAEL Ddirector | Grant | 62,992 | — |
| May 5, 2026 | Stone Pauldirector, officer: PRESIDENT AND CEO | Tax | 17,839 | $1.47 |
| Apr 2, 2026 | Stone Pauldirector, officer: PRESIDENT AND CEO | Tax | 58,484 | $1.32 |
| Mar 27, 2026 | Stone Pauldirector, officer: PRESIDENT AND CEO | Grant | 434,783 | — |
| Mar 27, 2026 | Fall Jung Jenniferofficer: CFO AND SECRETARY | Grant | 235,507 | — |
| Mar 27, 2026 | Stone Pauldirector, officer: PRESIDENT AND CEO | Tax | 28,598 | $1.34 |
| Nov 4, 2025 | Stone Pauldirector, officer: PRESIDENT AND CEO | Tax | 47,947 | $2.47 |
| Oct 6, 2025 | TUCCI MICHAEL Ddirector | Buy | 50,000 | $2.81 |
| Oct 3, 2025 | Stone Pauldirector, officer: PRESIDENT AND CEO | Buy | 8,300 | $2.46 |
| Oct 3, 2025 | Stone Pauldirector, officer: PRESIDENT AND CEO | Buy | 59,979 | $2.80 |
Source: SPWH SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full SPWH insider & 13F page →Sportsman's Warehouse Holdings, Inc. company profile
Overview
Sportsman's Warehouse Holdings, Inc. (NASDAQ:SPWH) is a specialty outdoor sporting goods retailer founded in 1986 and headquartered in West Jordan, Utah. The company went public in 2014 and operates as one of the leading outdoor retail chains in the United States, serving customers who participate in hunting, fishing, camping, and other outdoor recreational activities. With 126 stores across 32 states as of 2024, Sportsman's Warehouse has positioned itself as a destination for outdoor enthusiasts seeking gear, apparel, and expertise for their recreational pursuits.
Business
Sportsman's Warehouse operates in the specialty retail sector, specifically focusing on outdoor sporting goods and recreational equipment. The company serves outdoor enthusiasts through both physical retail locations and e-commerce platforms, offering a comprehensive selection of products across multiple categories. The company's core product offerings are organized into several key departments. The hunting and shooting sports department represents the largest segment, providing firearms, ammunition, archery equipment, hunting accessories like blinds and tree stands, decoys, and shooting gear. This category has historically been the company's bread and butter, though it faces cyclical demand patterns. The fishing department has emerged as a strong growth driver, offering fishing rods, reels, tackle, bait, electronics, fly fishing products, and small boats. The camping department provides outdoor recreation essentials including backpacks, tents, sleeping bags, coolers, outdoor cooking equipment, canoes, and kayaks. Additional product categories include apparel and footwear, featuring technical outdoor clothing, camouflage gear, hiking boots, work boots, and weather-appropriate outerwear. The optics, electronics, and accessories segment offers GPS devices, hunting optics, lighting equipment, knives, and two-way radios. Beyond product sales, stores provide various services including archery technician services, fishing reel line winding, bore sighting and scope mounting, firearm cleaning, and the issuance of hunting and fishing licenses. The company also develops private label products under brands including Rustic Ridge, Killik, Vital Impact, Yukon Gold, Lost Creek, and Sportsman's Warehouse, allowing for better margin control and product differentiation. E-commerce has become increasingly important, representing over 17% of total sales with double-digit growth rates, though over 75% of online orders are fulfilled through physical stores, creating an integrated omnichannel experience.
Revenue model
Sportsman's Warehouse generates revenue primarily through direct product sales to consumers, operating on a traditional retail markup model. The company purchases inventory from manufacturers and suppliers, then sells these products at retail prices that include their gross margin. Revenue streams include in-store sales, e-commerce transactions, and ancillary services like equipment maintenance and license sales. The company's customer base consists primarily of outdoor recreation enthusiasts, hunters, anglers, and campers who represent both occasional and frequent purchasers. These customers often exhibit strong brand loyalty and seasonal purchasing patterns, with hunting season driving significant fourth-quarter sales and fishing/camping seasons boosting spring and summer performance. Several factors significantly impact the company's margins and profitability. Seasonal demand patterns create inventory management challenges, as the company must stock appropriately for hunting seasons while managing slower periods. Commodity pricing, particularly for ammunition and firearms, affects both cost of goods sold and customer demand patterns. Regulatory changes in firearms laws can create demand spikes or slowdowns, while economic conditions heavily influence discretionary spending on outdoor recreation equipment. The company faces margin pressure from promotional activities needed to clear seasonal inventory and compete with online retailers and big-box stores. Supply chain disruptions can affect product availability and costs, while inventory obsolescence in rapidly evolving categories like electronics and technical gear requires careful management. Conversely, the company's private label development and supplier relationship optimization provide opportunities for margin improvement, as does their omnichannel strategy that leverages stores for e-commerce fulfillment, reducing shipping costs while maintaining customer service levels.
Competitive moat
Sportsman's Warehouse operates in a highly competitive retail environment with limited sustainable competitive advantages. The company's primary moat lies in its specialized product knowledge and customer service expertise, positioning employees as "outfitters" who can provide technical advice and recommendations that general retailers cannot match. This expertise is particularly valuable in complex categories like firearms, archery equipment, and technical fishing gear where product selection requires specific knowledge. The company benefits from geographic positioning in markets with strong outdoor recreation cultures, particularly in western and rural areas where outdoor activities are deeply embedded in local lifestyles. Their store locations often serve as community gathering points for outdoor enthusiasts, creating some customer loyalty and local market presence that pure e-commerce players struggle to replicate. However, these competitive advantages are relatively weak and face significant challenges. Large retailers like Bass Pro Shops, Cabela's (now owned by Bass Pro), and Dick's Sporting Goods offer similar products with greater scale advantages, better supplier relationships, and more resources for inventory management and marketing. E-commerce giants like Amazon provide convenience and often better pricing, while specialized online retailers can offer deeper product selections in specific categories. The company's moat is further weakened by the commoditized nature of many products they sell, where customers can easily compare prices and find alternatives. Firearms regulations provide some protection since licensed dealers are required for firearm sales, but this represents a small portion of overall revenue. The outdoor recreation retail market is mature with limited barriers to entry, and the company's small scale relative to major competitors limits their negotiating power with suppliers and ability to invest in technology and omnichannel capabilities that increasingly define retail success.
Risks & safety
The company exhibits significant financial stress with limited margin of safety for investors. • Liquidity concerns: Cash position of only $2.8 million against current liabilities of $284 million, creating potential working capital challenges • High leverage: Debt-to-equity ratio of 1.93, indicating substantial financial leverage and interest payment obligations • Negative profitability: Net loss of $33 million in fiscal 2024 with negative return on equity of -14% • Weak current ratio: 1.29 suggests tight working capital management with limited buffer • Extremely low quick ratio: 0.08 indicates heavy reliance on inventory conversion for liquidity • Valuation metrics: Trading at 0.33x book value suggests market expects continued struggles, though negative earnings make P/E ratio meaningless • Operational cash flow: Positive $34 million provides some comfort, but free cash flow of only $20 million limits financial flexibility • Other considerations: Seasonal business model creates quarterly cash flow volatility; inventory-heavy business model ties up significant working capital
Recent development
Over the past few years, Sportsman's Warehouse has undergone significant strategic transformation under new leadership. The company brought in CEO Paul Stone in Q3 2023, followed by a comprehensive operational reset focused on inventory optimization and cost management. The strategic reset involved reducing supplier relationships from 50-70 vendors to approximately a dozen key partners, enabling better inventory management and supplier negotiations. A major initiative has been the physical transformation of stores, with the company completing resets of 87 stores to improve customer shopping experiences through enhanced sightlines, strategic drive aisles, and better feature spaces. The company rebranded employees as "outfitters" to emphasize their expertise and customer service focus, moving away from a traditional retail approach toward positioning as outdoor recreation specialists. The company has made substantial investments in technology and omnichannel capabilities, hiring Susan Sanderson to lead unified marketing efforts and implementing new supply chain and workforce management systems. E-commerce has become a critical growth driver, achieving double-digit growth and representing over 17% of total sales, with over 75% of online orders fulfilled through physical stores. Inventory management has been a key focus, with the company reducing total inventory by approximately $90 million while implementing more sophisticated demand planning and seasonal merchandise management. The company paused new store openings in 2024 to focus on debt reduction and operational efficiency, though they still plan selective expansion with one new store planned for late 2024. For 2025, management has outlined four strategic priorities: becoming narrow and deep in hunting and fishing inventory, leveraging local market knowledge, establishing authority in personal protection, and strengthening brand awareness through enhanced marketing efforts.
SPWH company profile · for informational purposes only — not investment advice.
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