Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Sportsman'S Warehouse Holdings, Inc.SPWH · shops | |
|---|---|
| Grade |  Eweakest fifth of 258 graded peers; percentile 86.0, sampling error 2.9 points; lower is stronger |
| Rank | 222 of 258 |
| Profitability | Cpercentile 50.6 |
| Solvency | Dpercentile 73.0 |
| Growth and financing | D/Epercentile 77.3 |
| 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 $762.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 11 of 14 |
| Graded from | filings received through Mar 31, 2026192 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $1.122026-10-08; market equity $44.0M; 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 Mar 31, 2026; the document on sec.gov.
Sportsman’s Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and everyone in between. Our mission is to provide outstanding gear and exceptional service to inspire outdoor memories. We strive to accomplish this goal by tailoring our deeply curated merchandise assortment to meet the seasonal needs of our local markets, offering everyday value pricing and providing friendly support from our knowledgeable and highly trained employees, who we refer to as "outfitters". We also offer an e-commerce experience, extensive in-store events and educational programming.
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 50.6 | |||||||
| Gross profitability | 49.0% | [1,3] | 42.6% | 40.7 | 242 | 2026-01-31 | |
| Return on invested capital | (15.0%) | [4-12] | 10.9% | 92.8 | 84 | 2026-01-31 | |
| Accruals ratio | (10.1%) | [1,13-15] | (4.9%) | 23.4 | 287 | 2026-01-31 | |
| Gross margin stability, five years | 1.2 pts | [2-3,16-23] | 1.2 pts | 45.4 | 219 | 2026-01-31 | |
| Solvency, sleeve percentile 73.0 | |||||||
| 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 | 1.20 | [1,4,8,24-27] | 1.92 | 55.1 | 208 | 2026-01-31 | |
| Net debt to EBITDA | 25.24x | [4,7,9,28] | 1.84x | 100.0 | 100 | 2026-01-31 | |
| Interest coverage | (2.72x) | [4,29] | 2.26x | 85.7 | 64 | 2026-01-31 | |
| Current ratio | 1.36x | [24-25] | 1.37x | 51.0 | 295 | 2026-01-31 | |
| Growth and financing, sleeve percentile 77.3 | |||||||
| Revenue growth, three-year compound | (4.8%) | [2,17,19,21] | 1.5% | 74.3 | 269 | 2026-01-31 | |
| 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 | not computable | 7.3% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (3.9%) | [1,15,30-31] | 3.4% | 75.6 | 272 | 2026-01-31 | |
| Net share issuance, one year | 1.8% | [32-33] | (0.6%) | 81.9 | 211 | 2026-03-31 | |
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 0.341; 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 |
|---|---|---|---|---|
| 217 | TheRealReal, Inc. (REAL) TheRealReal, Inc. (REAL) Eweakest fifth; percentile 84.0 Nasdaq · Retail-Miscellaneous Retail market equity $1.2B; last close $9.62 No active warnings; 8 of 14 inputs | 84.0 | E | |
| 218 | RH (RH) RH (RH) Eweakest fifth; percentile 84.4 NYSE · Retail-Furniture Stores market equity $2.2B; last close $113.66 No active warnings; 10 of 14 inputs | 84.4 | E | |
| 219 | ThredUp Inc. (TDUP) ThredUp Inc. (TDUP) Eweakest fifth; percentile 84.8 Nasdaq · Retail-Catalog & Mail-Order Houses market equity $308.5M; last close $2.35 No active warnings; 8 of 14 inputs | 84.8 | E | |
| 220 | Citi Trends Inc. (CTRN) Citi Trends Inc. (CTRN) Eweakest fifth; percentile 85.2 Nasdaq · Retail-Apparel & Accessory Stores market equity $423.7M; last close $50.73 No active warnings; 7 of 14 inputs | 85.2 | E | |
| 221 | Restaurant Brands International Inc. (QSR) Restaurant Brands International Inc. (QSR) Eweakest fifth; percentile 85.6 NYSE · Retail-Eating Places market equity $24.7B; last close $70.64 No active warnings; 8 of 14 inputs | 85.6 | E | |
| 222 | Sportsman'S Warehouse Holdings, Inc. (SPWH) Sportsman'S Warehouse Holdings, Inc. (SPWH) Eweakest fifth; percentile 86.0 Nasdaq · Retail-Miscellaneous Shopping Goods Stores market equity $44.2M; last close $1.12 No active warnings; 11 of 14 inputs | 86.0 | E | |
| 223 | Petmed Express Inc. (PETS) Petmed Express Inc. (PETS) Eweakest fifth; percentile 86.4 Nasdaq · Retail-Drug Stores and Proprietary Stores market equity $27.7M; last close $1.27 Warnings: late filer; 7 of 14 inputs | 86.4 | E | late filer |
| 224 | Tilly'S, Inc. (TLYS) Tilly'S, Inc. (TLYS) Eweakest fifth; percentile 86.8 NYSE · Retail-Apparel & Accessory Stores last close $4.43 No active warnings; 7 of 14 inputs | 86.8 | E | |
| 225 | Bark, Inc. (BARK) Bark, Inc. (BARK) Eweakest fifth; percentile 87.2 NYSE · Retail-Retail Stores, NEC market equity $74.2M; last close $8.25 Warnings: fortress balance sheet; 8 of 14 inputs | 87.2 | E | fortress balance sheet |
| 226 | Greenlane Holdings, Inc. (GNLN) Greenlane Holdings, Inc. (GNLN) Eweakest fifth; percentile 87.5 Nasdaq · Wholesale-Durable Goods, NEC market equity $2.0M; last close $2.77 Warnings: short runway; 7 of 14 inputs | 87.5 | E | short runway |
| 227 | Greenwave Technology Solutions, Inc. (GWAV) Greenwave Technology Solutions, Inc. (GWAV) Eweakest fifth; percentile 87.9 Nasdaq · Wholesale-Metals Service Centers & of fices market equity $1.9M; last close $2.37 Warnings: dilution, late filer; 8 of 14 inputs | 87.9 | E | dilution, late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 78.2 | 2204 |
| sector peers, equal sleeves (the grade) | E | 86.0 | 258 |
| same exchange, equal sleeves | D | 71.8 | 1219 |
| sector peers, equal inputs | E | 86.0 | 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 | (57.0%) | (0.1%) | 6 | hotter than 6 of 100 peers |
| Distance from 52-week high | (63.3%) | (24.1%) | 10 | closer to its high than 10 of 100 peers |
| EBIT to enterprise value | (43.4%) | 5.3% | 7 | pricier than 93 of 100 peers |
| Free cash flow yield | 20.1% | 4.2% | 95 | pricier than 5 of 100 peers |
| Book value to price | 3.70 | 0.36 | 96 | pricier than 4 of 100 peers |
| Sales to price | 27.34 | 1.75 | 98 | pricier than 2 of 100 peers |
| Composite equity issuance, five years | (10.9%) | (16.7%) | 58 | more equity-funded than 58 of 100 peers |
| Relative strength against the sector, log excess return | (0.82) | 0.02 | 6 | ahead of 6 of 100 peers |
Inputs: market equity $44.2M; EBIT -$37.4M; free cash flow $8.9M; book equity $163.8M; sales $1.2B; debt $43.9M; cash $2.0M[34].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2026-01-31 | ||
|---|---|---|
| Return on assets above zero | (5.9%) | ✗ fail[13,15] |
| Operating cash flow above zero | $31.3M | ✓ pass[14] |
| Return on assets improved | (2.1 pts) | ✗ fail[13,15,30,35] |
| Operating cash flow exceeds net income | $81.4M | ✓ pass[13-14] |
| Long-term leverage fell | 2.7 pts | ✗ fail[1,15,30,36-37] |
| Current ratio improved | 6.7 pts | ✓ pass[24-25,38-39] |
| No new shares issued | 1.8% | ✗ fail[32-33] |
| Gross margin improved | (0.0 pts) | ✗ fail[2-3,16-17] |
| Asset turnover improved | 6.8 pts | ✓ pass[2,15,17,30] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $2.0M[40] |
| Operating cash flow, four quarters | $50.7M[14,40-44] |
| 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 | 38 |
| 10-Q received Sep 1, 2026 | |
| Median daily dollar volume | $324,750 |
| 63 sessions | |
| Days since newest grade input | 192 |
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 | $762.6M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $1.2B | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $373.5M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | -$37.4M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$51.1M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$1.1M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $44.2M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $188.6M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.7M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $24.1M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $235.7M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $2.8M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$50.1M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $31.3M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $852.1M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $370.5M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:Revenues | $1.2B | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $383.4M | 2024-02-03 | 2026-03-31 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:Revenues | $1.3B | 2024-02-03 | 2026-03-31 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $460.2M | 2023-01-28 | 2025-04-02 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:Revenues | $1.4B | 2023-01-28 | 2025-04-02 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | $490.3M | 2022-01-29 | 2024-04-04 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:Revenues | $1.5B | 2022-01-29 | 2024-04-04 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $337.7M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $249.0M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 26 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $99.3M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 27 | liabilities | us-gaap:Liabilities | $574.0M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:Depreciation | $39.0M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 29 | interest expense | us-gaap:InterestExpense | $13.7M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $886.2M | 2024-02-03 | 2025-04-02 | 10-K | filing · viewer · series |
| 31 | assets | us-gaap:Assets | $859.0M | 2023-01-28 | 2024-04-04 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 38,804,440 | 2026-03-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 38,120,087 | 2025-03-24 | 2025-04-02 | 10-K | filing · viewer · series |
| 34 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 39,141,465 | 2026-09-01 | 2026-09-01 | 10-Q | filing · viewer · series |
| 35 | net income | us-gaap:NetIncomeLoss | -$33.1M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $44.2M | 2026-01-31 | 2026-03-31 | 10-K | filing · viewer · series |
| 37 | long term debt | us-gaap:LongTermDebtNoncurrent | $24.1M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 38 | current assets | us-gaap:AssetsCurrent | $366.0M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 39 | current liabilities | us-gaap:LiabilitiesCurrent | $284.0M | 2025-02-01 | 2026-03-31 | 10-K | filing · viewer · series |
| 40 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $2.0M | 2026-08-01 | 2026-09-01 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$67.4M | 2026-08-01 | 2026-09-01 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$55.4M | 2026-05-02 | 2026-06-02 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$70.5M | 2025-11-01 | 2025-12-04 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$86.8M | 2025-08-02 | 2026-09-01 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 86.0 is 6.0 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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