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SPWH

Sportsman's Warehouse Holdings, Inc.

SPWH

Sportsman's Warehouse Holdings, Inc. • NASDAQ
$2.23 ▲ 4.69% (+0.10)
Market Cap $85.59 M
52w High $4.33
52w Low $0.92
Dividend Yield 0%
P/E -2.3
Volume 166.70K
Outstanding Shares 38.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $293.899M ▲ $97.166M ▲ $-7.083M ▲ -2.41% ▲ $-0.18 ▲ $6.705M ▲
Q1-2025 $249.103M ▼ $95.256M ▼ $-21.254M ▼ -8.532% ▼ $-0.56 ▼ $-9.753M ▼
Q4-2024 $340.398M ▲ $99.978M ▲ $-8.723M ▼ -2.563% ▼ $-0.23 ▼ $13.403M ▲
Q3-2024 $324.261M ▲ $99.973M ▲ $-364K ▲ -0.112% ▲ $-0.01 ▲ $13.099M ▲
Q2-2024 $288.734M $94.341M $-5.906M -2.045% $-0.16 $5.38M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.804M ▼ $948.853M ▲ $739.966M ▲ $208.887M ▼
Q1-2025 $3.56M ▲ $929.669M ▲ $714.612M ▲ $215.057M ▼
Q4-2024 $2.832M ▲ $852.102M ▼ $616.398M ▼ $235.704M ▼
Q3-2024 $2.666M ▲ $967.685M ▲ $724.115M ▲ $243.57M ▲
Q2-2024 $2.56M $901.904M $658.869M $243.035M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-7.083M ▲ $-26.565M ▲ $-7.365M ▼ $32.174M ▼ $-1.756M ▼ $-33.93M ▲
Q1-2025 $-21.254M ▼ $-60.234M ▼ $-3.804M ▼ $64.766M ▲ $728K ▲ $-64.049M ▼
Q4-2024 $-8.723M ▼ $52.82M ▲ $-3.23M ▲ $-49.424M ▼ $166K ▲ $49.569M ▲
Q3-2024 $-364K ▲ $-2.539M ▼ $-3.619M ▲ $6.264M ▲ $106K ▼ $-6.158M ▼
Q2-2024 $-5.906M $18.518M $-4.343M $-13.783M $392K $14.144M

Five-Year Company Overview

Income Statement

Income Statement Revenue has slowly drifted down from its pandemic-era peak, and profitability has weakened noticeably. Early in the period the company was clearly profitable, but in the last two years operating results have slipped into losses. This suggests a mix of softer demand, more aggressive discounting, and higher costs that the company has not fully offset. Earnings quality has also compressed, with only a thin layer of underlying operating profitability. Overall, the income statement shows a business under earnings pressure, trying to adjust back to a more normal, less “boom-like” sales environment after the surge in outdoor demand earlier in the decade.

Balance Sheet

Balance Sheet The balance sheet looks reasonably sized for the business but clearly more stretched than a few years ago. Total assets have been broadly stable, but debt has climbed faster than equity, and cash on hand is now very lean. This means the company relies more heavily on borrowing capacity and efficient inventory management to fund operations. Equity remains positive, which is a cushion, but the capital structure is more leveraged and leaves less room for prolonged weak performance. The balance sheet is not distressed, but it is tighter and more sensitive to swings in sales and margins than it used to be.

Cash Flow

Cash Flow Cash generation has been uneven. Operating cash flow has generally been positive over time, but not consistently strong, and it dipped during at least one year when working capital absorbed cash. Free cash flow was robust during the outdoor demand surge, then turned negative as the company invested more heavily in new stores and infrastructure, before recently returning to only modest positive territory. This pattern shows a business that can generate cash but does not yet have a wide cash cushion. Future flexibility will depend on disciplined capital spending, careful inventory control, and stabilizing earnings so that cash flow becomes more predictable.

Competitive Edge

Competitive Edge Sportsman’s Warehouse occupies a focused niche in outdoor and sporting goods, with an emphasis on hunting, shooting, and local outdoor needs. Its main strengths are knowledgeable staff, a tailored “hyper-local” assortment, and strong community engagement through events and partnerships. These factors help differentiate it from big-box chains and pure online players, especially in firearms and hunting categories that some competitors have scaled back. However, it still faces intense competition from larger national retailers and e-commerce platforms, operates in a very cyclical, discretionary spending category, and is exposed to shifts in regulations and consumer sentiment around firearms. Its moat is real but narrow and must be actively maintained through service quality and local relevance.

Innovation and R&D

Innovation and R&D Instead of traditional lab-style R&D, the company is investing in technology, data, and new retail concepts. Back-end systems like advanced merchandising and warehouse management tools are meant to sharpen inventory decisions and reduce stockouts or overstocks. On the customer side, personalization software and improved digital experiences aim to translate in-store expertise to online shopping, while enhanced in-store security and layout improvements support a smoother visit. The push into private-label brands creates a path to better margins and stronger brand identity if customers embrace these lines. Experiential initiatives—such as “shop-in-shop” safety product areas and services like gunsmithing and bow tuning—are designed to make stores destinations rather than simple transaction points. These moves offer upside but depend heavily on execution and consistent follow-through across locations.

Summary

Overall, Sportsman’s Warehouse looks like a niche specialty retailer emerging from a post-pandemic comedown. Sales are off their highs and profitability has deteriorated, putting pressure on a balance sheet that now carries more debt and less cash flexibility than before. At the same time, the company retains meaningful strengths: local market focus, knowledgeable staff, community engagement, and a differentiated assortment in hunting and shooting sports. Management is leaning into technology modernization, private-label expansion, and experiential retail to restore margins and relevance. The key questions going forward are whether these initiatives can translate into a durable return to consistent profits, better cash generation, and a more comfortable balance sheet, in the face of strong competition and a cyclical, sometimes politically sensitive end market.

NEWS

November 20, 2025 · 4:10 PM UTC

Sportsman's Warehouse Holdings, Inc. Schedules Third Quarter 2025 Earnings Conference Call

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September 11, 2025 · 4:30 PM UTC

Sportsman's Warehouse Holdings, Inc. Appoints Michael Tucci to its Board of Directors

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September 4, 2025 · 4:05 PM UTC

Sportsman's Warehouse Holdings, Inc. Announces Second Quarter 2025 Financial Results

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