Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Boot Barn Holdings, Inc.BOOT · shops | |
|---|---|
| Grade |  Astrongest fifth of 258 graded peers; percentile 1.9, sampling error 2.9 points; lower is stronger |
| Rank | 6 of 258 |
| Profitability | Cpercentile 50.7 |
| Solvency | Apercentile 15.5 |
| Growth and financing | A/Bpercentile 19.7 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $2.5B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through May 14, 2026148 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $121.572026-10-08; market equity $3.7B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received May 14, 2026; the document on sec.gov.
We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. With 539 stores in 49 states as of March 28, 2026, we have more than four times as many stores as our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 1,200 stores. Our stores, which are typically freestanding or located in strip centers, average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 50.7 | |||||||
| Gross profitability | 35.0% | [1,3] | 42.6% | 58.5 | 242 | 2026-03-28 | |
| Return on invested capital | not computable | 10.9% | |||||
| latest aligned inputs end 2016-03-26; latest annual assets end 2026-03-28 | |||||||
| Accruals ratio | (3.5%) | [1,4-6] | (4.9%) | 67.5 | 287 | 2026-03-28 | |
| Gross margin stability, five years | 0.7 pts | [2-3,7-14] | 1.2 pts | 26.1 | 219 | 2026-03-28 | |
| Solvency, sleeve percentile 15.5 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 5.27 | [1,15-20] | 1.92 | 14.0 | 208 | 2026-03-28 | |
| Net debt to EBITDA | not computable | 1.84x | |||||
| latest aligned inputs end 2016-03-26; latest annual assets end 2026-03-28 | |||||||
| Interest coverage | not computable | 2.26x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 2.65x | [15-16] | 1.37x | 17.0 | 295 | 2026-03-28 | |
| Growth and financing, sleeve percentile 19.7 | |||||||
| Revenue growth, three-year compound | 10.8% | [2,8,10,12] | 1.5% | 14.9 | 269 | 2026-03-28 | |
| Free cash flow growth, three-year compound | not computable | 5.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 103.5% | [15-16,18,21-26] | 7.3% | 11.9 | 152 | 2026-03-28 | |
| Asset growth, three years | 17.3% | [1,6,27-28] | 3.4% | 7.7 | 272 | 2026-03-28 | |
| Net share issuance, one year | (0.8%) | [29-30] | (0.6%) | 44.3 | 211 | 2026-05-08 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.498; sampling error 2.9 percentile points on 258 peers.
Among 258 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 1 | Shake Shack Inc. (SHAK) Shake Shack Inc. (SHAK) Astrongest fifth; percentile 0.0 NYSE · Retail-Eating & Drinking Places last close $67.39 Warnings: fortress balance sheet; 8 of 14 inputs | 0.0 | A | fortress balance sheet |
| 2 | Revolve Group, Inc. (RVLV) Revolve Group, Inc. (RVLV) Astrongest fifth; percentile 0.4 NYSE · Retail-Catalog & Mail-Order Houses last close $21.65 No active warnings; 9 of 14 inputs | 0.4 | A | |
| 3 | Yelp Inc. (YELP) Yelp Inc. (YELP) Astrongest fifth; percentile 0.8 NYSE · Services-Personal Services market equity $1.1B; last close $19.36 No active warnings; 9 of 14 inputs | 0.8 | A | |
| 4 | Five Below, Inc. (FIVE) Five Below, Inc. (FIVE) Astrongest fifth; percentile 1.2 Nasdaq · Retail-Variety Stores market equity $11.5B; last close $209.71 No active warnings; 11 of 14 inputs | 1.2 | A | |
| 5 | Ezcorp Inc. (EZPW) Ezcorp Inc. (EZPW) Astrongest fifth; percentile 1.6 Nasdaq · Retail-Miscellaneous Retail last close $31.16 No active warnings; 11 of 14 inputs | 1.6 | A | |
| 6 | Boot Barn Holdings, Inc. (BOOT) Boot Barn Holdings, Inc. (BOOT) Astrongest fifth; percentile 1.9 NYSE · Retail-Shoe Stores market equity $3.7B; last close $121.57 No active warnings; 9 of 14 inputs | 1.9 | A | |
| 7 | Brinker International, Inc. (EAT) Brinker International, Inc. (EAT) Astrongest fifth; percentile 2.3 NYSE · Retail-Eating Places market equity $7.9B; last close $190.09 No active warnings; 10 of 14 inputs | 2.3 | A | |
| 8 | Fastenal Co. (FAST) Fastenal Co. (FAST) Astrongest fifth; percentile 2.7 Nasdaq · Retail-Building Materials, Hardware, Garden Supply market equity $57.9B; last close $50.50 Warnings: fortress balance sheet; 11 of 14 inputs | 2.7 | A | fortress balance sheet |
| 9 | DXP Enterprises Inc. (DXPE) DXP Enterprises Inc. (DXPE) Astrongest fifth; percentile 3.1 Nasdaq · Wholesale-Industrial Machinery & Equipment market equity $2.8B; last close $178.33 No active warnings; 10 of 14 inputs | 3.1 | A | |
| 10 | Ross Stores, Inc. (ROST) Ross Stores, Inc. (ROST) Astrongest fifth; percentile 3.5 Nasdaq · Retail-Family Clothing Stores market equity $71.9B; last close $225.18 Warnings: fortress balance sheet; 11 of 14 inputs | 3.5 | A | fortress balance sheet |
| 11 | Global Industrial Co. (GIC) Global Industrial Co. (GIC) Astrongest fifth; percentile 3.9 NYSE · Wholesale-Industrial Machinery & Equipment market equity $1.6B; last close $42.63 No active warnings; 10 of 14 inputs | 3.9 | A |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 3.3 | 2204 |
| sector peers, equal sleeves (the grade) | A | 1.9 | 258 |
| same exchange, equal sleeves | A | 1.8 | 984 |
| sector peers, equal inputs | A | 1.6 | 258 |
Each letter is one fifth of the 258 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (9.1%) | (0.1%) | 39 | hotter than 39 of 100 peers |
| Distance from 52-week high | (41.5%) | (24.1%) | 25 | closer to its high than 25 of 100 peers |
| EBIT to enterprise value | 7.9% | 5.3% | 74 | pricier than 26 of 100 peers |
| Free cash flow yield | 3.4% | 4.2% | 43 | pricier than 57 of 100 peers |
| Book value to price | 0.37 | 0.36 | 51 | pricier than 49 of 100 peers |
| Sales to price | 0.61 | 1.75 | 21 | pricier than 79 of 100 peers |
| Composite equity issuance, five years | 3.5% | (16.7%) | 81 | more equity-funded than 81 of 100 peers |
| Relative strength against the sector, log excess return | (0.07) | 0.02 | 39 | ahead of 39 of 100 peers |
Inputs: market equity $3.7B; EBIT $299.1M; free cash flow $126.3M; book equity $1.4B; sales $2.3B; debt $258.2M; cash $139.3M[31].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-03-28 | ||
|---|---|---|
| Return on assets above zero | 11.2% | ✓ pass[4,6] |
| Operating cash flow above zero | $304.9M | ✓ pass[5] |
| Return on assets improved | 0.6 pts | ✓ pass[4,6,27,32] |
| Operating cash flow exceeds net income | $79.0M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,27] | |
| Current ratio improved | 20.1 pts | ✓ pass[15-16,25-26] |
| No new shares issued | (0.8%) | ✓ pass[29-30] |
| Gross margin improved | 0.6 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | (0.4 pts) | ✗ fail[2,6,8,27] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $139.3M[33] |
| Operating cash flow, four quarters | $314.9M[5,33-37] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $91.4M |
| 63 sessions | |
| Days since newest grade input | 148 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.5B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.3B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $858.4M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $225.9M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $304.9M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $2.0B | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $717.0M | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.9B | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $614.4M | 2024-03-30 | 2026-05-14 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.7B | 2024-03-30 | 2026-05-14 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $610.6M | 2023-04-01 | 2025-05-15 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.7B | 2023-04-01 | 2025-05-15 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $575.1M | 2022-03-26 | 2024-05-15 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.5B | 2022-03-26 | 2024-05-15 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $1.0B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $391.0M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $1.1B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $299.1M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $1.3B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $1.1B | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $178.6M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 22 | depreciation amortization | us-gaap:Depreciation | $78.7M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 23 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $300.6M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 24 | income tax | us-gaap:IncomeTaxExpenseBenefit | $74.7M | 2026-03-28 | 2026-05-14 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $864.0M | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $353.3M | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $1.7B | 2024-03-30 | 2025-05-15 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $1.5B | 2023-04-01 | 2024-05-15 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,347,473 | 2026-05-08 | 2026-05-14 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,594,094 | 2025-05-09 | 2025-05-15 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,284,844 | 2026-07-24 | 2026-07-29 | 10-Q | filing · viewer · series |
| 32 | net income | us-gaap:NetIncomeLoss | $180.9M | 2025-03-29 | 2026-05-14 | 10-K | filing · viewer · series |
| 33 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $139.3M | 2026-06-27 | 2026-07-29 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $83.8M | 2026-06-27 | 2026-07-29 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $309.3M | 2025-12-27 | 2026-02-05 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $99.6M | 2025-09-27 | 2025-11-03 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $73.8M | 2025-06-28 | 2026-07-29 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 1.9 is 18.1 points from the nearest band edge; sampling error is 2.9 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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