Boot Barn Holdings, Inc. (BOOT) 10-Year Financial Performance & Capital Metrics

BOOT • • Industrial / General

Consumer CyclicalApparel RetailSpecialty & Niche Apparel RetailersWorkwear & Western Lifestyle Retailers

AboutBoot Barn Holdings, Inc., a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing. The company also provides gifts and home merchandise. As of May 10, 2022, it operated 304 stores in 38 states. The company also sells its products through e-commerce websites, including bootbarn.com; sheplers.com; and countryoutfitter.com. The company was formerly known as WW Top Investment Corporation and changed its name to Boot Barn Holdings, Inc. in June 2014. Boot Barn Holdings, Inc. was founded in 1978 and is based in Irvine, California.Show more

Revenue $1.91B +14.6%
EBITDA $302M +21.8%
Net Income $181M +23.1%
EPS (Diluted) 5.88 +22.5%
Gross Margin 37.52% +1.8%
EBITDA Margin 15.79% +6.2%
Operating Margin 12.52% +5.3%
Net Margin 9.47% +7.4%
ROE 17.44% +2.1%
ROIC 12.13% +3.7%
Debt/Equity 0.50 +0.6%
Interest Coverage 159.89 +80.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.4%
✓Strong 5Y sales CAGR of 17.7%
✓Good 3Y average ROE of 19.8%

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y16.85%

5Y17.71%

3Y8.69%

TTM17.82%

Profit (Net Income) CAGR

10Y29.42%

5Y30.42%

3Y-2.03%

TTM35.75%

EPS CAGR

10Y26.97%

5Y29.09%

3Y-2.43%

TTM35.74%

ROCE

10Y Avg15.47%

5Y Avg19.61%

3Y Avg18.13%

Latest15.66%

Peer Comparison

Workwear & Western Lifestyle Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BOOTBoot Barn Holdings, Inc.	5.71B	187.40	31.87	14.64%	10.05%	17.28%		0.50
DLTHDuluth Holdings Inc.	77.73M	2.33	-1.78	-3.1%	-4.68%	-17.53%		0.91

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	569.02M	629.82M	677.95M	776.85M	845.58M	893.49M	1.49B	1.66B	1.67B	1.91B
Revenue Growth %	0.41%	0.11%	0.08%	0.15%	0.09%	0.06%	0.67%	0.11%	0.01%	0.15%
Cost of Goods Sold+	395.82M	439.93M	470.03M	525.42M	569.08M	598.61M	913.18M	1.05B	1.05B	1.19B
COGS % of Revenue	0.7%	0.7%	0.69%	0.68%	0.67%	0.67%	0.61%	0.63%	0.63%	0.62%
Gross Profit+	173.2M	189.89M	207.91M	251.43M	276.49M	294.88M	575.07M	610.57M	614.42M	717.04M
Gross Margin %	0.3%	0.3%	0.31%	0.32%	0.33%	0.33%	0.39%	0.37%	0.37%	0.38%
Gross Profit Growth %	0.29%	0.1%	0.09%	0.21%	0.1%	0.07%	0.95%	0.06%	0.01%	0.17%
Operating Expenses+	142.08M	152.07M	161.66M	187.11M	202.82M	208.55M	316.74M	378.79M	416.16M	477.69M
OpEx % of Revenue	0.25%	0.24%	0.24%	0.24%	0.24%	0.23%	0.21%	0.23%	0.25%	0.25%
Selling, General & Admin	142.08M	152.07M	161.66M	187.11M	202.82M	208.55M	316.74M	378.79M	416.21M	477.69M
SG&A % of Revenue	0.25%	0.24%	0.24%	0.24%	0.24%	0.23%	0.21%	0.23%	0.25%	0.25%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	891K	0	0	5K	-45K	366K	35K	-29K	0	0
Operating Income+	30.23M	37.82M	46.26M	64.32M	73.67M	86.33M	258.34M	231.79M	198.21M	239.35M
Operating Margin %	0.05%	0.06%	0.07%	0.08%	0.09%	0.1%	0.17%	0.14%	0.12%	0.13%
Operating Income Growth %	-0.15%	0.25%	0.22%	0.39%	0.15%	0.17%	1.99%	-0.1%	-0.14%	0.21%
EBITDA+	44.25M	54.53M	63.38M	83.22M	126.14M	144.71M	324.98M	315.6M	247.8M	301.83M
EBITDA Margin %	0.08%	0.09%	0.09%	0.11%	0.15%	0.16%	0.22%	0.19%	0.15%	0.16%
EBITDA Growth %	-0.01%	0.23%	0.16%	0.31%	0.52%	0.15%	1.25%	-0.03%	-0.21%	0.22%
D&A (Non-Cash Add-back)	14.02M	16.71M	17.13M	18.9M	52.47M	58.38M	66.64M	83.81M	49.59M	62.48M
EBIT	30.23M	37.82M	46.26M	64.33M	73.62M	86.69M	258.37M	231.76M	199.61M	241.61M
Net Interest Income+	-12.92M	-14.7M	-15.08M	-16.33M	-13.31M	-9.44M	-5.78M	-5.88M	-2.24M	-1.5M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	12.92M	14.7M	15.08M	16.33M	13.31M	9.44M	5.78M	5.88M	2.24M	1.5M
Other Income/Expense	-12.92M	-14.7M	-15.08M	-16.33M	-13.36M	-9.08M	-5.75M	-5.91M	-842K	765K
Pretax Income+	17.31M	23.12M	31.18M	48M	60.31M	77.25M	252.59M	225.88M	197.37M	240.12M
Pretax Margin %	0.03%	0.04%	0.05%	0.06%	0.07%	0.09%	0.17%	0.14%	0.12%	0.13%
Income Tax+	7.44M	8.92M	2.3M	8.97M	12.36M	17.86M	60.14M	55.33M	50.38M	59.17M
Effective Tax Rate %	0.57%	0.61%	0.93%	0.81%	0.8%	0.77%	0.76%	0.76%	0.74%	0.75%
Net Income+	9.87M	14.2M	28.88M	39.02M	47.95M	59.39M	192.45M	170.55M	147M	180.94M
Net Margin %	0.02%	0.02%	0.04%	0.05%	0.06%	0.07%	0.13%	0.1%	0.09%	0.09%
Net Income Growth %	-0.28%	0.44%	1.03%	0.35%	0.23%	0.24%	2.24%	-0.11%	-0.14%	0.23%
Net Income (Continuing)	9.87M	14.2M	28.88M	39.02M	47.95M	59.39M	192.45M	170.55M	147M	180.94M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.37	0.53	1.05	1.35	1.64	2.01	6.33	5.62	4.80	5.88
EPS Growth %	-0.31%	0.43%	0.98%	0.29%	0.21%	0.23%	2.15%	-0.11%	-0.15%	0.23%
EPS (Basic)	0.38	0.54	1.08	1.39	1.68	2.05	6.51	5.72	4.87	5.93
Diluted Shares Outstanding	26.95M	26.94M	27.53M	28.81M	29.22M	29.48M	30.39M	30.37M	30.61M	30.77M
Basic Shares Outstanding	26.17M	26.46M	26.74M	28.09M	28.58M	28.93M	29.56M	29.8M	30.17M	30.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	203.22M	224.3M	241.13M	277.34M	384.27M	374.2M	541.83M	669.17M	729.65M	863.96M
Cash & Short-Term Investments	7.2M	8.04M	9.02M	16.61M	69.56M	73.15M	20.67M	18.19M	75.85M	69.77M
Cash Only	7.2M	8.04M	9.02M	16.61M	69.56M	73.15M	20.67M	18.19M	75.85M	69.77M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.13M	4.35M	4.39M	8.1M	17.26M	12.77M	11.87M	13.14M	20.23M	18.66M
Days Sales Outstanding	2.65	2.52	2.36	3.8	7.45	5.22	2.91	2.89	4.43	3.56
Inventory	176.34M	189.1M	211.47M	240.73M	288.72M	275.76M	474.3M	589.49M	599.12M	747.19M
Days Inventory Outstanding	162.61	156.89	164.22	167.23	185.18	168.14	189.58	205.5	207.75	228.4
Other Current Assets	15.56M	22.82M	16.25M	4.7M	2.02M	2.92M	6.84M	10.92M	10.51M	11.5M
Total Non-Current Assets+	336.11M	341.28M	346.81M	358.73M	594.61M	617.7M	658.02M	848.21M	975.94M	1.15B
Property, Plant & Equipment	76.08M	82.71M	89.21M	98.66M	279.85M	297.27M	396.39M	583.77M	714.17M	891.54M
Fixed Asset Turnover	7.48x	7.61x	7.60x	7.87x	3.02x	3.01x	3.75x	2.84x	2.33x	2.14x
Goodwill	193.09M	193.09M	193.09M	195.86M	197.5M	197.5M	197.5M	197.5M	197.5M	197.5M
Intangible Assets	64.86M	64.51M	63.38M	62.84M	60.97M	60.88M	60.81M	60.75M	58.7M	58.68M
Long-Term Investments	0	0	0	0	0	0	0	-101.7M	0	0
Other Non-Current Assets	2.08M	961K	1.13M	1.37M	2.11M	3.72M	3.31M	6.19M	5.58M	6.34M
Total Assets+	539.33M	565.58M	587.94M	636.08M	978.89M	991.91M	1.2B	1.52B	1.71B	2.02B
Asset Turnover	1.06x	1.11x	1.15x	1.22x	0.86x	0.90x	1.24x	1.09x	0.98x	0.95x
Asset Growth %	0.65%	0.05%	0.04%	0.08%	0.54%	0.01%	0.21%	0.26%	0.12%	0.18%
Total Current Liabilities+	152.3M	147.8M	151M	151.94M	312.63M	221.66M	336.47M	374.84M	312.81M	353.35M
Accounts Payable	66.55M	77.48M	89.96M	104.95M	95.33M	104.64M	131.39M	134.25M	132.88M	134.45M
Days Payables Outstanding	61.37	64.29	69.86	72.91	61.15	63.8	52.52	46.8	46.08	41.1
Short-Term Debt	49.85M	34.34M	21.01M	0	164.68M	39.4M	28.55M	66.04M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	22.14M	13.6M	17.51M	20.21M	26.57M	36.58M	35.74M	70.67M	38.34M	47.24M
Current Ratio	1.33x	1.52x	1.60x	1.83x	1.23x	1.69x	1.61x	1.79x	2.33x	2.45x
Quick Ratio	0.18x	0.24x	0.20x	0.24x	0.31x	0.44x	0.20x	0.21x	0.42x	0.33x
Cash Conversion Cycle	103.88	95.13	96.72	98.13	131.48	109.56	139.97	161.59	166.11	190.87
Total Non-Current Liabilities+	225.54M	237.87M	222.34M	219.97M	344.57M	375.36M	263.71M	366.09M	449.14M	533.62M
Long-Term Debt	192.58M	191.52M	183.2M	174.26M	109.02M	109.78M	0	0	0	0
Capital Lease Obligations	12.24M	11.79M	11.27M	10.71M	160.94M	181.84M	234.58M	330.08M	403.3M	490.18M
Deferred Tax Liabilities	12.26M	20.96M	13.03M	17.2M	73.98M	80.32M	26.89M	33.26M	42.03M	39.32M
Other Non-Current Liabilities	8.46M	13.6M	14.84M	17.79M	635K	3.42M	2.23M	2.75M	3.81M	4.12M
Total Liabilities	377.84M	385.67M	373.33M	371.91M	657.2M	597.02M	600.18M	740.93M	761.95M	886.96M
Total Debt+	250.7M	233.68M	211.51M	181.01M	434.64M	331.02M	306.25M	447.72M	466.76M	563.04M
Net Debt	243.51M	225.64M	202.49M	164.4M	365.07M	257.87M	285.58M	429.53M	390.91M	493.27M
Debt / Equity	1.55x	1.30x	0.99x	0.69x	1.35x	0.84x	0.51x	0.58x	0.49x	0.50x
Debt / EBITDA	5.67x	4.29x	3.34x	2.17x	3.45x	2.29x	0.94x	1.42x	1.88x	1.87x
Net Debt / EBITDA	5.50x	4.14x	3.19x	1.98x	2.89x	1.78x	0.88x	1.36x	1.58x	1.63x
Interest Coverage	2.34x	2.57x	3.07x	3.94x	5.53x	9.14x	44.70x	39.42x	88.57x	159.89x
Total Equity+	161.49M	179.91M	214.61M	264.16M	321.69M	394.89M	599.68M	776.45M	943.64M	1.13B
Equity Growth %	0.13%	0.11%	0.19%	0.23%	0.22%	0.23%	0.52%	0.29%	0.22%	0.2%
Book Value per Share	5.99	6.68	7.80	9.17	11.01	13.40	19.73	25.57	30.83	36.75
Total Shareholders' Equity	161.49M	179.91M	214.61M	264.16M	321.69M	394.89M	599.68M	776.45M	943.64M	1.13B
Common Stock	3K	3K	3K	3K	3K	3K	3K	3K	3K	3K
Retained Earnings	23.59M	37.79M	66.67M	105.69M	153.64M	213.03M	405.48M	576.03M	723.03M	903.97M
Treasury Stock	0	-69K	-194K	-668K	-1.2M	-1.95M	-4.86M	-9.55M	-12.02M	-19.64M
Accumulated OCI	-24.88M	-38.47M	-53.87M	-71.75M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	32.93M	41.15M	44.2M	63.26M	25.32M	155.92M	88.86M	88.89M	236.08M	147.54M
Operating CF Margin %	0.06%	0.07%	0.07%	0.08%	0.03%	0.17%	0.06%	0.05%	0.14%	0.08%
Operating CF Growth %	1.86%	0.25%	0.07%	0.43%	-0.6%	5.16%	-0.43%	0%	1.66%	-0.38%
Net Income	9.87M	14.2M	28.88M	39.02M	47.95M	59.39M	192.45M	170.55M	147M	180.94M
Depreciation & Amortization	14.02M	16.71M	17.13M	18.9M	21.38M	24.15M	27.35M	83.81M	49.59M	62.48M
Stock-Based Compensation	2.88M	3.02M	2.25M	2.87M	4.91M	7.16M	9.47M	0	12.94M	10.98M
Deferred Taxes	981K	6.17M	1.86M	4.17M	2.6M	2.19M	4.9M	6.37M	8.77M	-2.72M
Other Non-Cash Items	-1.46M	2.64M	3.89M	2M	32.46M	35.88M	41.08M	10.18M	57.92M	67.4M
Working Capital Changes	6.64M	-1.59M	-9.8M	-3.71M	-83.98M	27.16M	-186.4M	-182.02M	-40.13M	-171.55M
Change in Receivables	1.52M	-223K	-35K	-3.71M	5.72M	8.05M	5.22M	-2.72M	3.28M	-240K
Change in Inventory	-16.09M	-12.76M	-24.6M	-27.7M	-45.62M	12.96M	-198.54M	-115.19M	-9.63M	-148.07M
Change in Payables	6.83M	10.5M	13.06M	14.19M	-13.81M	12.36M	25.5M	-2.64M	425K	210K
Cash from Investing+	-182.67M	-23.6M	-23.55M	-31.77M	-40.17M	-28.42M	-60.44M	-124.53M	-118.78M	-148.24M
Capital Expenditures	-36.13M	-22.29M	-24.42M	-27.52M	-37.2M	-28.42M	-60.44M	-124.53M	-118.78M	-148.29M
CapEx % of Revenue	0.06%	0.04%	0.04%	0.04%	0.04%	0.03%	0.04%	0.08%	0.07%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-23.6M	865K	184K	717K	0	0	0	0	55K
Cash from Financing+	155.49M	-16.71M	-19.67M	-23.9M	67.8M	-123.91M	-80.89M	33.17M	-59.64M	-5.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-168K	1.21M	-645K	-474K	3.45M	6.65M	2.86M	-4.69M	7.26M	-4.51M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.2M	18.86M	19.78M	35.73M	-11.88M	127.5M	28.42M	-35.65M	117.3M	-753K
FCF Margin %	-0.01%	0.03%	0.03%	0.05%	-0.01%	0.14%	0.02%	-0.02%	0.07%	-0%
FCF Growth %	-0.25%	6.9%	0.05%	0.81%	-1.33%	11.73%	-0.78%	-2.25%	4.29%	-1.01%
FCF per Share	-0.12	0.70	0.72	1.24	-0.41	4.33	0.94	-1.17	3.83	-0.02
FCF Conversion (FCF/Net Income)	3.34x	2.90x	1.53x	1.62x	0.53x	2.63x	0.46x	0.52x	1.61x	0.82x
Interest Paid	10.33M	13.65M	13.74M	14.95M	11.96M	8.79M	3.81M	0	2.38M	1.38M
Taxes Paid	3.3M	4.19M	614K	649K	13.39M	11.46M	41.68M	0	57.16M	59.93M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	6.49%	8.32%	14.64%	16.3%	16.37%	16.57%	38.7%	24.79%	17.09%	17.44%
Return on Invested Capital (ROIC)	7.13%	7%	8.43%	11.41%	9.91%	9.67%	25.2%	16.63%	11.7%	12.13%
Gross Margin	30.44%	30.15%	30.67%	32.37%	32.7%	33%	38.64%	36.83%	36.86%	37.52%
Net Margin	1.73%	2.25%	4.26%	5.02%	5.67%	6.65%	12.93%	10.29%	8.82%	9.47%
Debt / Equity	1.55x	1.30x	0.99x	0.69x	1.35x	0.84x	0.51x	0.58x	0.49x	0.50x
Interest Coverage	2.34x	2.57x	3.07x	3.94x	5.53x	9.14x	44.70x	39.42x	88.57x	159.89x
FCF Conversion	3.34x	2.90x	1.53x	1.62x	0.53x	2.63x	0.46x	0.52x	1.61x	0.82x
Revenue Growth	41.31%	10.68%	7.64%	14.59%	8.85%	5.67%	66.57%	11.38%	0.57%	14.64%

Frequently Asked Questions

Valuation & Price

Boot Barn Holdings, Inc. (BOOT) has a price-to-earnings (P/E) ratio of 31.9x. This suggests investors expect higher future growth.

Growth & Financials

Boot Barn Holdings, Inc. (BOOT) reported $2.07B in revenue for fiscal year 2025. This represents a 788% increase from $233.2M in 2013.

Boot Barn Holdings, Inc. (BOOT) grew revenue by 14.6% over the past year. This is steady growth.

Yes, Boot Barn Holdings, Inc. (BOOT) is profitable, generating $208.2M in net income for fiscal year 2025 (9.5% net margin).

Dividend & Returns

Boot Barn Holdings, Inc. (BOOT) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

Boot Barn Holdings, Inc. (BOOT) generated $56.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...