Cash flow volatility remains extreme, highlighted by a $59.6 million free cash flow burn in 2026Q1, largely driven by a $43.6 million negative shift in working capital.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 |
|---|
| Cash from Operations | 36.19M | 31.33M | 34.15M | 52.27M | 46.79M | -21.63M | 238.82M | 77.87M | 32.17M | 30.77M | 15.48M | 35.66M | 20.47M | 34K | 61.9M | 15.05M |
| Operating CF Margin % | - | 2.59% | 2.85% | 4.06% | 3.34% | -1.44% | 16.45% | 8.78% | 3.79% | 3.8% | 1.98% | 4.89% | 3.1% | 0.01% | 11.75% | 4% |
| Operating CF Growth % | 599.53% | -8.27% | -34.66% | 11.69% | 316.38% | -109.06% | 206.7% | 142.02% | 4.54% | 98.78% | -56.59% | 74.19% | 60114.71% | -99.95% | 311.15% | - |
| Net Income | -50.66M | -50.06M | -33.06M | -29M | 40.52M | 108.47M | 91.38M | 20.21M | 23.75M | 17.74M | 29.67M | 27.77M | 13.78M | 21.75M | 28.07M | 33.69M |
| Depreciation & Amortization | 37.87M | 39.1M | 40.5M | 56.11M | 31.78M | 26.23M | 21.83M | 19.32M | 18.25M | 17.71M | 13.97M | 11.57M | 9.15M | 13.23M | 3.43M | 3.82M |
| Stock-Based Compensation | 3.05M | 3.06M | 4.23M | 4.45M | 4.67M | 3.33M | 3.3M | 2.1M | 2.83M | 2.29M | 3.19M | 2.26M | 3.29M | 365K | 0 | 0 |
| Deferred Taxes | 408K | -946K | 1.45M | -10.05M | 3.77M | 5.34M | -919K | 710K | 714K | 502K | 167K | 3.06M | -46K | 2.17M | 1.29M | -11.74M |
| Other Non-Cash Items | 29.89M | 18.58M | 9.29M | -60K | 28.77M | 31.79M | 24.43M | 27.04M | 2.64M | 9.32M | 6.98M | 1.69M | 11.89M | 320K | 3.98M | 790K |
| Working Capital Changes | 15.63M | 21.59M | 11.74M | 30.81M | -62.7M | -196.78M | 98.8M | 8.48M | -16.01M | -16.79M | -38.49M | -10.69M | -17.6M | -37.8M | 25.12M | -11.5M |
| Change in Receivables | 1.29M | -1.98M | -290K | -67K | -116K | -1.36M | 323K | -655K | 70K | 92K | 58K | -44K | -12K | 1.05M | 53K | -32K |
| Change in Inventory | 25.12M | 29.1M | 12.75M | 44.42M | -12.57M | -143.13M | 39.94M | 20.25M | -6.01M | -24.3M | -28.5M | -31.89M | -24.57M | -28.34M | 6.95M | -18.11M |
| Change in Payables | -11.69M | -19.64M | 8M | 1.79M | -1.51M | -20.38M | 37.81M | 12.71M | -11.73M | 7.54M | -15.53M | 18.2M | 836K | 1.33M | 7.35M | 5.63M |
| Cash from Investing | -22.86M | -22.43M | -14.48M | -79.89M | -60.59M | -53.45M | -26.23M | -49.06M | -16.25M | -32.14M | -27.49M | -14.95M | -30.17M | -68.06M | 38.34M | -6.64M |
| Capital Expenditures | -22.87M | -22.44M | -14.56M | -79.89M | -63.51M | -53.45M | -19.75M | -30.37M | -18.2M | -41.17M | -39.42M | -33.96M | -30.17M | -20.42M | -6.86M | -6.65M |
| CapEx % of Revenue | 1.88% | 1.86% | 1.22% | 6.2% | 4.54% | 3.55% | 1.36% | 3.43% | 2.14% | 5.08% | 5.05% | 4.65% | 4.57% | 3.17% | 1.3% | 1.77% |
| Acquisitions | -3K | 0 | 0 | 0 | 0 | 0 | -6.47M | -28.54M | 1.94M | 9.04M | 11.92M | 19.01M | 0 | -47.77M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11K | 11K | 76K | 0 | 2.92M | 0 | 0 | 9.84M | 1.94M | 9.04M | 11.92M | 19.01M | 0 | 124K | 45.2M | 10K |
| Cash from Financing | -14.83M | -10.07M | -19.98M | 28.38M | -40.84M | 66.57M | -148.75M | -28.66M | -16.14M | 1.22M | 11.81M | -20.35M | 10.09M | 32.86M | -63.97M | -9.73M |
| Debt Issued (Net) | -6.92M | -7.2M | -26.39M | 38.54M | 21.45M | 66.05M | -146.08M | -28.7M | -14.46M | -2.58M | 12.61M | -18.24M | -61.38M | 141.13M | 60.05M | -9.67M |
| Equity Issued (Net) | 0 | 209K | 304K | -2.75M | -64.75M | -2.29M | 580K | -369K | -703K | -635K | -1.23M | -1.04M | -993K | -302K | 0 | 227K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101.06M | -120.25M | 0 |
| Share Repurchases | 0 | 209K | 304K | -2.75M | -64.75M | -2.29M | 403K | -369K | -703K | -635K | -1.23M | -1.04M | -993K | -302K | 0 | 0 |
| Other Financing | -7.91M | -3.08M | 6.11M | -7.41M | 2.46M | 2.81M | -3.25M | 403K | -980K | 4.43M | 433K | -837K | 72.46M | -6.9M | -3.77M | -283K |
| Net Change in Cash | -1.51M | -1.17M | -309K | 752K | -54.63M | -8.51M | 63.84M | 138K | -222K | -142K | -198K | 358K | 397K | -35.16M | 36.27M | -1.31M |
| Free Cash Flow | 13.32M | 8.88M | 19.59M | -27.63M | -16.72M | -75.08M | 219.06M | 47.49M | 13.98M | -10.4M | -23.93M | 1.71M | -9.69M | -20.38M | 55.04M | 8.4M |
| FCF Margin % | 1.1% | 0.73% | 1.64% | -2.15% | -1.19% | -4.98% | 15.09% | 5.36% | 1.65% | -1.28% | -3.07% | 0.23% | -1.47% | -3.17% | 10.45% | 2.23% |
| FCF Growth % | 305.11% | -54.66% | 170.91% | -65.27% | 77.73% | -134.27% | 361.24% | 239.78% | 234.44% | 56.56% | -1503.81% | 117.59% | 52.44% | -137.03% | 554.96% | - |
| FCF per Share | 0.34 | 0.23 | 0.52 | -0.74 | -0.41 | -1.69 | 4.93 | 1.09 | 0.33 | -0.24 | -0.56 | 0.04 | -0.24 | -0.49 | 1.33 | 0.20 |
| FCF Conversion (FCF/Net Income) | -0.26x | -0.63x | -1.03x | -1.80x | 1.15x | -0.20x | 2.61x | 3.85x | 1.35x | 1.73x | 0.52x | 1.28x | 1.49x | 0.00x | 2.20x | 0.45x |
| Interest Paid | 5.99M | 0 | 11.46M | 12.09M | 3.4M | 1.38M | 3.51M | 7.95M | 13.24M | 13.53M | 11.96M | 16.41M | 16.41M | 18.98M | 3.99M | 4.96M |
| Taxes Paid | -676K | 0 | 411K | 1.65M | 18.15M | 25.84M | 25.3M | 7.29M | 7.09M | 12.84M | 18.44M | 10.33M | 10.33M | 23.09M | 8.88M | 43K |
Liquidity and working capital
According to the provided cash flow statements, SPWH exhibits a persistent disconnect between net income and operating cash flow, with the company reporting a negative $55.4 million in operating cash flow against a $21.8 million net loss during the most recent 2026Q1 reporting period.
The wide variance between net income and operating cash flow suggests that accruals and working capital swings are masking the underlying cash-generative capacity of the business. Investors should monitor this divergence, as it indicates that reported earnings are not being supported by actual cash inflows, potentially pointing to aggressive revenue recognition or inefficient collection cycles.
As reported in financial statements, SPWH's free cash flow trajectory remains highly erratic, swinging from a positive $98.1 million in 2025Q4 to a negative $59.6 million in 2026Q1, reflecting the company's extreme sensitivity to seasonal inventory cycles and fluctuating consumer demand patterns.
The inability to maintain positive free cash flow outside of peak holiday periods suggests that the current business model is structurally dependent on seasonal working capital releases. This volatility warrants further investigation into whether the company can achieve sustainable cash generation without relying on periodic inventory liquidations.
Based on the company's historical filings, working capital changes have been the primary driver of cash flow volatility, with a $43.6 million cash outflow in 2026Q1 alone, highlighting the difficulty in balancing inventory levels with the company's specialized retail footprint and seasonal demand.
The significant cash outflows associated with working capital changes suggest that inventory management is currently a major drain on liquidity. If the company cannot optimize its inventory turnover, it may continue to face liquidity constraints that limit its ability to fund operations without external financing.
Data from recent financial disclosures indicates that while capital expenditures remain relatively modest, ranging between 1.0% and 2.5% of revenue, the company's inability to generate sufficient operating cash flow makes even these maintenance-level investments a potential burden on the firm's limited liquidity.
The capital intensity appears low, yet the lack of internal cash generation means that even routine store maintenance and technology upgrades are effectively funded by debt or credit facilities. This reliance on external financing for basic capital needs suggests a vulnerable financial position that requires close monitoring by stakeholders.
Quick answers to the most common questions about buying SPWH stock.
Sportsman's Warehouse Holdings, Inc. (SPWH) generated $31.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sportsman's Warehouse Holdings, Inc. (SPWH) generated $8.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Sportsman's Warehouse Holdings, Inc. (SPWH) spent $22.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sportsman's Warehouse Holdings, Inc. (SPWH) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.