olivLaw · US equity research
Outdoor Holding Company POWW
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Outdoor Holding Company owns GunBroker, an online marketplace for firearms, hunting and shooting products that facilitates legally compliant transactions through a network of federally licensed dealers. After selling its ammunition segment, the company has focused on the marketplace, and in the first quarter of fiscal 2027 net revenue rose 22.1% to 14.5 million USD.
At the close of 04 Nov 2026, Outdoor Holding Company (POWW) stock was 2.40 USD (+2.56% on the day), with market capitalisation 278.4 m USD, P/E 70.8 on diluted EPS of 0.03 USD over the last 12 months, beta 1.04, 52-week range 1.62–2.56 USD. Latest reported quarter (Q1 2027): revenue of 14.5 m USD (+22.1% YoY), net income of 3.6 m USD, diluted EPS 0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 2.14 – 2.51
- in the upper half of the band · %B 0.70 · band width 16.0%
- SMA 50 / 200
- 2.25 / 2.11
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −2.0% | +9.1 pp | — |
| 3 months | +10.1% | −2.2% | +12.3 pp | — |
| 6 months | +20.0% | +4.3% | +15.7 pp | — |
| Year to date | +40.4% | +10.6% | +29.8 pp | — |
| 1 year | +50.0% | +10.5% | +39.5 pp | −7.1% |
| 3 years | −20.5% | +73.7% | −94.2 pp | +1.0% |
| 5 years | −63.9% | +61.7% | −125.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.0 m | 12.5 m | 12.6 m | 11.9 m | 12.0 m | 13.4 m | 13.9 m | 14.5 m |
| Cost of revenue | 1.6 m | 1.6 m | 1.6 m | 1.5 m | 1.5 m | 1.7 m | 1.7 m | 2.2 m |
| Gross profit | 10.4 m | 11.0 m | 11.0 m | 10.3 m | 10.4 m | 11.7 m | 12.2 m | 12.2 m |
| SG&A | 16.3 m | 30.5 m | — | — | — | — | — | — |
| Operating income | -6.0 m | -20.5 m | -26.9 m | -6.0 m | 707.0 k | 2.0 m | -3.0 m | 3.3 m |
| Depreciation & amortisation | 3.4 m | 3.4 m | 3.5 m | 3.5 m | 3.6 m | 3.6 m | 3.7 m | 3.7 m |
| Pre-tax income | -5.9 m | -20.4 m | -26.6 m | -5.9 m | 1.4 m | 2.2 m | -2.7 m | 3.6 m |
| Income tax | 0 | 0 | 317.9 k | — | — | — | — | 36.7 k |
| Net income | -12.4 m | -26.1 m | -77.5 m | -6.5 m | 1.4 m | 2.2 m | -714.4 k | 3.6 m |
| Diluted EPS | -0.11 | -0.23 | -0.67 ≈ | -0.06 | 0.01 | 0.01 | -0.01 ≈ | 0.02 |
| Operating cash flow | -9.3 m ≈ | 1.3 m ≈ | — | — | — | — | — | — |
| Capex | 1.2 m ≈ | 545.4 k ≈ | 816.3 k | 889.8 k | 700.6 k ≈ | 645.2 k ≈ | 655.3 k | 669.3 k |
| Share repurchases | 94.5 k ≈ | 81.1 k ≈ | 121.8 k | 171.2 k | 0 ≈ | 82.0 k ≈ | 60.9 k | 52.8 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 83 percentile of its own 6-quarter history (min 21.4, median 34.8, max 129.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | ⚠ 2021 | 2022 | ⚠ 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 m | 14.8 m | 62.5 m | 240.3 m | 63.1 m | 53.9 m | 49.4 m | 51.1 m |
| Revenue YoY | unavailable | +223.7% | — | +284.5% | — | −14.6% | −8.4% | +3.5% |
| Net income | -11.7 m | -14.6 m | -7.8 m | 25.9 m | -8.8 m | -16.6 m | -130.8 m | -3.5 m |
| Net income YoY | unavailable | unavailable | — | unavailable | — | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.14 | 0.20 | -0.11 | -0.17 | -1.14 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | — | unavailable | unavailable | unavailable |
| net % | -256.5% | -98.5% | -12.5% | 10.8% | -13.9% | -30.8% | -264.8% | -6.9% |
| Free cash flow | -9.6 m | -5.8 m | -21.9 m | -17.5 m | 33.8 m | 30.0 m | unavailable | unavailable |
The series breaks before 2021, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 68.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 235.0 m USD
- Total assets
- 267.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.96x
- ROE
- -1.5%
- ROA
- -1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 62.5 m | 240.3 m | 63.1 m | 53.9 m | 49.4 m | 51.1 m | SEC (XBRL)· 22 Jun 2026verified |
| Cost of revenue | 51.1 m | 151.6 m | 9.1 m | 7.7 m | 6.5 m | 6.5 m | SEC (XBRL)· 22 Jun 2026verified |
| Gross profit | 11.4 m | 88.7 m | 54.0 m | 46.3 m | 42.9 m | 44.6 m | SEC (XBRL)· 22 Jun 2026verified |
| SG&A | 15.1 m | 46.5 m | 49.5 m | 48.7 m | — | — | SEC (XBRL)· 20 May 2025verified |
| Operating income | -5.4 m | 28.5 m | 2.4 m | -6.4 m | -59.7 m | -6.3 m | SEC (XBRL)· 22 Jun 2026verified |
| Depreciation & amortisation | 1.7 m | 13.7 m | 12.7 m | 13.0 m | 13.6 m | 14.4 m | SEC (XBRL)· 22 Jun 2026verified |
| EBITDA | -3.7 m ≈ | 42.3 m ≈ | 15.1 m ≈ | 6.6 m ≈ | -46.1 m ≈ | 8.1 m ≈ | SEC (XBRL)· 22 Jun 2026derived |
| Interest expense | — | — | — | — | 82.2 k | 1.8 m | SEC (XBRL)· 22 Jun 2026verified |
| Pre-tax income | -7.8 m | 27.9 m | 2.3 m | -6.3 m | -58.9 m | -4.9 m | SEC (XBRL)· 22 Jun 2026verified |
| Income tax | — | 2.0 m | -1.3 m | -948.3 k | 6.3 m | 49.5 k | SEC (XBRL)· 22 Jun 2026verified |
| Net income | -7.8 m | 25.9 m | -8.8 m | -16.6 m | -130.8 m | -3.5 m | SEC (XBRL)· 22 Jun 2026verified |
| Diluted EPS | -0.14 | 0.20 | -0.11 | -0.17 | -1.14 | -0.05 | SEC (XBRL)· 22 Jun 2026verified |
| Weighted average diluted shares | 55.0 m | 114.8 m | 117.2 m | 118.2 m | 117.6 m | 117.1 m | SEC (XBRL)· 22 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 118.3 m | 23.3 m | 39.1 m | 55.6 m | 30.2 m | 68.1 m | SEC (XBRL)· 22 Jun 2026verified |
| Receivables | 9.0 m | 44.0 m | 29.3 m | 10.8 m | 10.2 m | 10.4 m | SEC (XBRL)· 22 Jun 2026verified |
| Inventories | 15.9 m | 59.0 m | 54.3 m | 45.6 m | — | — | SEC (XBRL)· 13 Jun 2024verified |
| Current assets | 145.6 m | 129.7 m | 128.5 m | 131.5 m | 72.1 m | 82.0 m | SEC (XBRL)· 22 Jun 2026verified |
| Property, plant & equipment, net | 21.6 m | 37.6 m | 56.0 m | 4.5 m | 6.5 m | 6.9 m | SEC (XBRL)· 22 Jun 2026verified |
| Goodwill | — | 90.9 m | 90.9 m | 90.9 m | 90.9 m | 90.9 m | SEC (XBRL)· 22 Jun 2026verified |
| Intangibles (excl. goodwill) | 8.3 m | 141.8 m | 128.8 m | 111.0 m | 98.9 m | 86.9 m | SEC (XBRL)· 22 Jun 2026verified |
| Total assets | 179.4 m | 415.8 m | 413.2 m | 403.0 m | 297.3 m | 267.5 m | SEC (XBRL)· 22 Jun 2026verified |
| Accounts payable | 4.4 m | 26.8 m | 18.1 m | 15.6 m | 18.1 m | 15.7 m | SEC (XBRL)· 22 Jun 2026verified |
| Current liabilities | 12.1 m | 35.9 m | 25.5 m | 31.0 m | 62.1 m | 20.7 m | SEC (XBRL)· 22 Jun 2026verified |
| Total liabilities | 19.0 m | 40.0 m | 39.1 m | 45.0 m | 75.3 m | 32.5 m | SEC (XBRL)· 22 Jun 2026verified |
| Equity | 160.7 m † | 375.9 m † | 374.1 m † | 358.0 m † | 222.0 m † | 235.0 m † | SEC (XBRL)· 22 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.4 m | 1.8 m | 35.6 m | 32.6 m | — | — | SEC (XBRL)· 13 Jun 2024verified |
| Capex | 7.4 m | 19.2 m | 1.8 m | 2.7 m | 3.4 m | 2.9 m | SEC (XBRL)· 22 Jun 2026verified |
| Free cash flow | -21.9 m ≈ | -17.5 m ≈ | 33.8 m ≈ | 30.0 m ≈ | — | — | SEC (XBRL)· 13 Jun 2024derived |
| Investing cash flow | -7.4 m | -69.7 m | -12.5 m | -8.0 m | — | — | SEC (XBRL)· 13 Jun 2024verified |
| Financing cash flow | 139.3 m | -27.1 m | -6.7 m | -8.7 m | — | — | SEC (XBRL)· 13 Jun 2024verified |
| Share repurchases | 1.5 m | — | 522.4 k | 2.2 m | 663.5 k | 314.1 k | SEC (XBRL)· 22 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 278.4 m USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.61 – 1.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.61 – 1.19 (Mid 0.77)20 companies used · median multiple 22.8x · quartiles 18.0x – 35.2xACN, BR, CASS, CBZ, CPAY, EBAY, FICO, FIS, FISV, GRAB, HQY, MA, MELI, MSCI, PAYS, PYPL, RBA, RSSS, UBER, WEX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.1% | 62 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -6.8% | 0 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.7x | 3 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 4.7x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 70.8x | 23 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial62/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial23/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Outdoor Holding Company (POWW). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 51.1 m USD in 2026; YoY growth 3.5%; net margin 12.1%; ROE 2.8%.
The estimated value range is 0.61–1.19 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.77 USD, the price of 2.40 USD leaves a potential of -67.8% (value / price − 1) and a margin of safety of -210.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.7x
What contradicts it
- Revenue CAGR 3Y: -6.8%
- Interest coverage: 1.7x
- P/E (TTM): 70.8x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BABAAlibaba Group Holding Ltd | 195.6 bn | 131.6 | 10.3% | 10.1% | +8.1% | −33% / +41% |
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +21% / +2% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +94% / +364% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | −0% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| AHGAkso Health Group | 2.2 bn | 133.0 | -9.8% | -135.0% | −6.4% | −11% / +56% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +194% / +551% |
| PHRPhreesia, Inc. | 818.1 m | 77.1 | 3.1% | 2.1% | +14.5% | −36% / −14% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +31% / +33% |
| PSFEPaysafe Ltd | 339.5 m | — | -23.8% | -10.7% | −0.2% | −15% / −35% |
1- and 3-year price returns: for POWW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.12 Total return -12% · Per year -12% | 3.76 Total return 57% · Per year 57% | 5.70 Total return 137% · Per year 137% |
| 3 years | 1.68 Total return -30% · Per year -11% | 3.40 Total return 42% · Per year 12% | 5.70 Total return 137% · Per year 33% |
| 5 years | 1.34 Total return -44% · Per year -11% | 3.07 Total return 28% · Per year 5% | 5.70 Total return 137% · Per year 19% |
- Exit P/E± 0.85
- Net margin± 0.59
- Annual revenue growth± 0.54
- Annual dilution± 0.05
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Outdoor Holding Company owns GunBroker, an online marketplace for firearms, hunting and shooting products that facilitates legally compliant transactions through a network of federally licensed dealers. After selling its ammunition segment, the company has focused on the marketplace, and in the first quarter of fiscal 2027 net revenue rose 22.1% to 14.5 million USD 13.
SWOT
Strengths
- The GunBroker platform has a large user base and an extensive network of licensed dealers, supporting its leading position in its niche.
- High gross margins of the legacy marketplace and a leaner cost structure enabled the return to profitability.
- The balance sheet strengthened after the sale of the ammunition segment, and operating cash flow turned positive in the latest quarter.
Weaknesses
- Revenue is concentrated in the most active buyers and sellers, and losing them could significantly affect results.
- The company's financial reporting history was subject to an SEC investigation, and internal controls required remediation.
- New FFL transfer revenue carries lower margins, which could dilute total gross margin in the short term.
Opportunities
- Expanding universal payments and value-added services could increase revenue per transaction without raising the base fee.
- If AI tools and data analytics are adopted widely, the company could gain share of NICS-linked activity.
- The share repurchase program could support shareholder value if financial conditions allow.
Threats
- Federal or state changes to firearm sales rules could directly restrict the platform's activity.
- Competitors with greater resources or direct-sales models could pressure prices and services and affect user acquisition.
- Demand for firearms is volatile and can fall quickly depending on consumer preferences and discretionary income.
Risks
- Dependence on active usershigh
Revenue depends on a limited number of very active buyers and sellers, and losing them could affect results 1.
- Changing regulationhigh
Changes in federal or state firearm and ammunition law could directly limit the platform's services 1.
- Internal controls and reportingmedium
The company has had reporting and internal control problems, and compliance costs under the SEC settlement could remain material in some periods 2.
- Legislative effect on demandmedium
Recent GMV growth was partly driven by purchases ahead of the Virginia law; if these effects do not repeat, growth could slow 2.
- AI and technology implementationlow
New AI tools and third-party integrations could produce inaccurate content or technical disruptions, affecting user satisfaction 1.
Investment thesis
What would need to be true (bull case)
- If GMV and market share growth persist alongside cost discipline, profitability could prove durable rather than the result of expense cuts alone 3.
- New FFL transfer revenue and payment services could increase monetization of each transaction without changing the base fee 23.
- A stronger balance sheet and positive operating cash flow could provide flexibility for platform investment and share repurchases 3.
What would break the thesis
- Recent growth could be partly temporary, since some demand was pulled forward ahead of legislative deadlines, and the company does not expect that effect to repeat 2.
- Gross margin is declining as FFL transfer revenue grows, and if competition forces fee reductions, profitability could be affected 23.
- The reporting history and obligations to shareholders and related-party noteholders could limit financial flexibility if results weaken 1.
What to watch
- Concluzia SEC privind certificarea de remediere a controalelor internenext 10-Q
- GMV trend and take rate after the Virginia effectQ2 fiscal 2027
- Adoption rate of universal payments and FFL transfersfiscal 2027
- SEC staff conclusion on the internal-control remediation certificationnext 10-Q
- Pace of use of the share repurchase authorizationfiscal 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Outdoor Holding Company, formerly AMMO, Inc., began in 2017 as a producer of high-performance ammunition. After acquiring GunBroker in 2021, the company operated two segments, ammunition and marketplace, and the ammunition segment was sold to Olin Winchester, LLC, with the transaction closing on April 18, 2025 1. Today it operates only GunBroker, which holds no inventory and facilitates transactions between third-party buyers and sellers 1.
The marketplace offers a solution compliant with federal and state rules by routing regulated transfers through licensed dealers, and the Master FFL integration started in November 2025 expanded the verified dealer network 1. Revenue comes from marketplace fees, service fees, advertising, FFL transfers and shipping 2.
Management outlines fiscal 2027 priorities of launching universal payments, growing FFL transfer revenue, reducing operating costs and using AI in listings and customer service 23. The first quarter of fiscal 2027 showed net income from continuing operations of 3.6 million USD, compared with a loss in the prior-year period 3.
Segments
GunBroker Marketplace
The company's sole segment is the GunBroker online marketplace, which had 8.8 million registered users as of March 31, 2026 and a network of more than 32,000 licensed dealers 1. Revenue is earned from fees, and in the first quarter of fiscal 2027 GMV grew 18.1% to 223.7 million USD 3.
FFL transfer revenue
The new FFL transfer revenue stream began in April 2026 and contributed 39 basis points to take rate, but carries a lower gross margin than legacy marketplace revenue 3.
Market context
Using NICS background checks as an indicator, the US firearms market showed firearm unit sales on GunBroker rising 11.6% in the first quarter of fiscal 2027, against a 5.3% rise in adjusted NICS checks 3. The company estimates its share of adjusted NICS activity at about 6.4% 3.
Because transactions are online, the platform has a granular view of domestic sales, while seasonality is moderate, with peaks in the second half of the fiscal year tied to fall hunting season and holidays 1.
Trends
- Legislation and pulled-forward demandmixed
Purchases ahead of a Virginia law restricting future sales of certain semiautomatic firearms contributed to GMV growth, but the law is temporarily blocked by preliminary injunctions and the company does not assume the effect will repeat 2. If regulations change, demand could fluctuate significantly.
- Cost reduction and operating efficiencytailwind
Operating expenses fell sharply from the prior year, helped by resolution of legacy legal matters and cost discipline, which contributed to the return to profitability 3.
- AI integration in the platformmixed
The AI listing tool and a customer-service agent in pilot could reduce listing time and transaction friction, but depend on data quality, and inaccurate generated content could cause buyer dissatisfaction and legal exposure 13.
- Changing federal and state rulesmixed
Federal and state firearm and ammunition rules change frequently and the platform must adapt; however, the reduced federal transfer tax on silencers coincided with higher sales of such products 13.
Competitive position
The company competes with peer-to-peer marketplaces, e-commerce-enabled dealers, manufacturers selling direct to consumers and traditional auction houses that have moved online 1. Brick-and-mortar retailers such as Sportsman's Warehouse, Bass Pro Shops, Cabela's and Academy Sports can attract customers with in-store pickup and no FFL transfer fees 1.
Several competitors have greater resources and can spend more on marketing, pricing and technology, and the company may struggle to match their shipping and return offers, which could affect user acquisition 1.
- Sportsman's WarehouseSPWH
Brick-and-mortar outdoor and shooting retailer that can attract customers with in-store pickup and no transfer fees.
- Bass Pro Shops
Brick-and-mortar outdoor retailer with an omnichannel model that can draw GunBroker's customers.
- Academy SportsASO
Sporting goods chain that also sells hunting and shooting products in competition with online channels.
- Palmetto State Armory
Manufacturer selling direct to consumers through its own online store, keeping higher margins.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Other events · Financial statements and exhibits
- Current report02 Oct 2026Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement03 Sept 2026
- Current report10 Aug 2026Results of operations · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report29 Jun 2026Item 4.01 · Financial statements and exhibits
- Current report22 Jun 2026Results of operations · Financial statements and exhibits
- Annual report22 Jun 2026
- Current report23 Feb 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report09 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Outdoor Holding Company · 22 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Outdoor Holding Company · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Outdoor Holding Company · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.