olivLaw · US equity research
Sportsman's Warehouse, Inc. SPWH
Retail-Miscellaneous Shopping Goods Stores · SIC 5940 · Vertical: Miscellaneous retail (SIC 594x)
Sportsman's Warehouse is an outdoor sporting goods retailer with a store network concentrated in the West and Alaska, pursuing higher same-store sales and omni-channel growth. Its relevance now lies in consumer discretionary pressure, tariff costs and uncertain firearm regulation in Oregon.
At the close of 04 Nov 2026, Sportsman's Warehouse, Inc. (SPWH) stock was 1.16 USD (+0.00% on the day), with market capitalisation 45.4 m USD, beta 1.70, 52-week range 1.04–2.45 USD. Latest reported quarter (Q2 2027): revenue of 295.6 m USD (+0.6% YoY), net income of -4.4 m USD, diluted EPS -0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.3
- strong (55–70)
- Bollinger (20, 2)
- 1.02 – 1.16
- above the upper band · %B 1.01 · band width 12.6%
- SMA 50 / 200
- 1.15 / 1.27
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | 0.0% | −2.0% | +2.0 pp | — |
| 3 months | −1.7% | −2.2% | +0.5 pp | — |
| 6 months | −18.9% | +4.3% | −23.1 pp | — |
| Year to date | −20.5% | +10.6% | −31.1 pp | — |
| 1 year | −49.1% | +10.5% | −59.6 pp | −13.5% |
| 3 years | −77.6% | +73.7% | −151.3 pp | +29.1% |
| 5 years | −93.3% | +61.7% | −155.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 324.3 m | 340.4 m | 249.1 m | 293.9 m | 331.3 m | 334.9 m | 256.1 m | 295.6 m |
| Cost of revenue | 221.2 m | 236.8 m | 173.5 m | 200.0 m | 222.6 m | 239.6 m | 180.3 m | 199.6 m |
| Gross profit | 103.1 m | 103.6 m | 75.6 m | 93.9 m | 108.7 m | 95.2 m | 75.8 m | 96.0 m |
| SG&A | 100.0 m | 100.0 m | 95.3 m | 97.2 m | 104.5 m | 96.2 m | 93.9 m | 97.1 m |
| Operating income | 3.1 m | 3.6 m | -19.6 m | -3.2 m | 4.3 m | -18.8 m | -18.1 m | -1.1 m |
| Depreciation & amortisation | 10.0 m | 10.0 m | 9.9 m | 9.9 m | 9.6 m | 9.7 m | 8.6 m | 8.6 m |
| Interest expense | 3.3 m | 2.9 m | 3.0 m | 3.8 m | 4.1 m | 3.0 m | 2.6 m | 3.3 m |
| Pre-tax income | -202.0 k | 571.0 k | -22.6 m | -7.0 m | 214.0 k | -21.8 m | -20.8 m | -4.4 m |
| Income tax | 162.0 k | 9.3 m | -1.3 m | 97.0 k | 206.0 k | -58.0 k | 1.0 m | -11.0 k |
| Net income | -364.0 k | -8.7 m | -21.3 m | -7.1 m | 8.0 k | -21.7 m | -21.8 m | -4.4 m |
| Diluted EPS | -0.01 | -0.23 ≈ | -0.56 | -0.18 | 0.00 | -0.56 ≈ | -0.56 | -0.11 |
| Operating cash flow | -2.5 m ≈ | 52.8 m | -60.2 m | -26.6 m ≈ | 16.3 m ≈ | 101.8 m | -55.4 m | -12.1 m ≈ |
| Capex | 3.6 m ≈ | 3.3 m | 3.8 m | 7.4 m ≈ | 7.6 m ≈ | 3.7 m | 4.2 m | 3.5 m ≈ |
≈ 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.
Fiscal years
| Fiscal year | 2015 | 2016 | 2017 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 639.9 m | 706.8 m | 780.0 m | 1.5 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | −0.5% | +10.5% | +10.4% | unavailable | −7.1% | −8.0% | −7.0% | +1.0% |
| Net income | 13.8 m | 27.8 m | 29.7 m | 108.5 m | 40.5 m | -29.0 m | -33.1 m | -50.1 m |
| Net income YoY | −36.6% | +101.5% | +6.8% | unavailable | −62.6% | −171.6% | unavailable | unavailable |
| Diluted EPS | 0.34 | 0.66 | 0.70 | 2.44 | 1.00 | -0.77 | -0.87 | -1.30 |
| Diluted EPS YoY | −48.5% | +94.1% | +6.1% | unavailable | −59.0% | −177.0% | unavailable | unavailable |
| net % | 2.2% | 3.9% | 3.8% | 7.2% | 2.9% | -2.3% | -2.8% | -4.1% |
| Free cash flow | unavailable | 1.5 m | -23.9 m | -75.1 m | -16.7 m | -27.6 m | 19.6 m | 8.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 1.7 m USD
- Financial debt
- 44.2 m USD
- Net debt
- 42.5 m USD
- Equity
- 188.6 m USD
- Total assets
- 762.6 m USD
- Debt / equity
- 0.23x
- Current ratio
- 1.36x
- ROE
- -23.6%
- ROA
- -6.2%
- FCF margin
- 0.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2017 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 780.0 m | 1.5 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 516.7 m | 1.0 bn | 939.3 m | 904.6 m | 827.2 m | 835.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 263.2 m | 490.3 m | 460.2 m | 383.4 m | 370.5 m | 373.5 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 202.5 m | 399.7 m | 402.2 m | 408.8 m | 388.7 m | 393.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 60.7 m | 90.6 m | 58.1 m | -25.3 m | -18.2 m | -37.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | — | — | 31.8 m | 39.0 m | 40.5 m | 39.1 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | — | — | 89.8 m ≈ | 13.7 m ≈ | 22.3 m ≈ | 1.7 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 13.4 m | 1.4 m | 4.2 m | 12.9 m | 12.3 m | 13.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 47.3 m | 144.2 m | 53.9 m | -38.2 m | -31.1 m | -51.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 17.6 m | 35.8 m | 13.4 m | -9.2 m | 1.9 m | -1.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 29.7 m | 108.5 m | 40.5 m | -29.0 m | -33.1 m | -50.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.70 | 2.44 | 1.00 | -0.77 | -0.87 | -1.30 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 42.5 m | 44.5 m | 40.7 m | 37.5 m | 37.8 m | 38.4 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2017 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 m | 57.0 m | 2.4 m | 3.1 m | 2.8 m | 1.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 411.0 k | 1.9 m | 2.1 m | 2.1 m | 2.4 m | 4.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 255.9 m | 467.5 m | 425.9 m | 380.0 m | 366.0 m | 337.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 83.1 m | 128.3 m | 162.6 m | 194.5 m | 167.8 m | 133.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 1.5 m | 1.5 m | 1.5 m | 1.5 m | 1.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.1 m | 264.0 k | 389.0 k | 327.0 k | 267.0 k | 211.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 346.2 m | 840.6 m | 859.0 m | 886.2 m | 852.1 m | 762.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 31.5 m | 58.9 m | 61.9 m | 56.1 m | 64.0 m | 44.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 983.0 k | — | — | — | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 133.7 m | — | — | 0 | 24.1 m | 44.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 147.2 m | 284.4 m | 295.8 m | 314.6 m | 284.0 m | 249.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 316.2 m | 526.4 m | 565.8 m | 621.6 m | 616.4 m | 574.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 30.0 m † | 314.2 m † | 293.1 m † | 264.6 m † | 235.7 m † | 188.6 m † | SEC (XBRL)· 31 Mar 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 | 2017 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 15.5 m | -21.6 m | 46.8 m | 52.3 m | 34.1 m | 31.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 39.4 m | 53.5 m | 63.5 m | 79.9 m | 14.6 m | 22.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -23.9 m ≈ | -75.1 m ≈ | -16.7 m ≈ | -27.6 m ≈ | 19.6 m ≈ | 8.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -27.5 m | -53.5 m | -60.6 m | -79.9 m | -14.5 m | -22.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 11.8 m | 66.6 m | -40.8 m | 28.4 m | -20.0 m | -10.1 m | SEC (XBRL)· 31 Mar 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: 16 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 45.4 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet6
- Growth0
- Valuation44
- Quality5
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: 14.34 – 27.60 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)14.34 – 27.60 (Mid 18.86)WACC 7.2% · starting FCFF 42.6 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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
Unattractive profile · Score 16/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.4% | 0 (on a fixed band) | 16% |
| Net margin · Quality | -3.9% | 13 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.8% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 15.1x | 0 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | -2.6x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 31.5x | 0 (on a fixed band) | 16% |
| FCF yield · Valuation | 69.9% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 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
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 1.2 bn USD in 2026; YoY growth 1.0%; net margin -3.9%; ROE -25.8%; net debt/EBITDA 15.1x.
The estimated value range is 14.34–27.60 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 18.86 USD, the price of 1.16 USD leaves a potential of 1,525.9% (value / price − 1) and a margin of safety of 93.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 16/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 69.9%
- The price is below the estimated value range
What contradicts it
- ROIC: -12.4%
- Net margin: -3.9%
- Revenue CAGR 3Y: -4.8%
- Net debt / EBITDA: 15.1x
- Interest coverage: -2.6x
- EV/EBITDA: 31.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Miscellaneous retail (SIC 594x) · same industry group (3-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| SIGSignet Jewelers Limited | 4.9 bn | 14.8 | 19.9% | 5.2% | +1.6% | +28% / +56% |
| ASOAcademy Sports and Outdoors, Inc. | 4.2 bn | 11.3 | 18.6% | 6.4% | +2.0% | +40% / +33% |
| BNEDBarnes & Noble Education, Inc. | 457.9 m | 20.6 | 8.3% | 1.3% | +6.5% | +41% / −88% |
| BBWBuild-A-Bear Workshop Inc | 388.6 m | 7.8 | 32.8% | 10.0% | +6.7% | −41% / +29% |
| ELAEnvela Corporation | 303.8 m | 13.6 | 32.4% | 7.6% | +33.6% | +1% / +167% |
| HEREHere Group Limited | 72.2 m | 7.7 | 9.1% | 10.6% | −76.9% | −70% / −22% |
| PEWGrabAGun Digital Holdings Inc. | 59.9 m | — | -13.7% | -7.0% | +3.6% | −42% / unavailable |
| SPWHSportsman’s Warehouse Holdings, Inc. | 45.4 m | — | -25.8% | -3.9% | +1.0% | −49% / −78% |
| DKSDICK'S Sporting Goods, Inc. | — | 15.9 | 18.5% | 4.0% | +28.1% | −29% / +13% |
1- and 3-year price returns: for SPWH 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Sportsman's Warehouse is an outdoor sporting goods retailer with a store network concentrated in the West and Alaska, pursuing higher same-store sales and omni-channel growth. Its relevance now lies in consumer discretionary pressure, tariff costs and uncertain firearm regulation in Oregon.
SWOT
Strengths
- A store network concentrated in the West gives local leadership and a lean cost model that allows openings in smaller markets.
- Specialized staff called outfitters provide advice and support loyalty through a customer-focused buying experience.
- Locally tailored assortment and vendor relationships allow everyday value pricing and access to exclusive products.
Weaknesses
- Impairment losses for unprofitable stores and the planned closure of several locations point to performance problems in some areas.
- Dependence on firearm and ammunition sales makes the company vulnerable to regulatory changes and falling demand.
- Concentration of stores in the Western United States exposes the company to that region's economic and weather conditions.
Opportunities
- Growing same-store sales through e-commerce and omni-channel improvements could support revenue if the momentum holds.
- Expanding the higher-margin fishing category could improve profitability if demand continues.
- Markets without another national specialty retailer could offer room for growth if new store performance holds.
Threats
- Higher tariffs and shifts in trade policy could raise purchase costs and pressure margins.
- Stricter firearm rules, including the Oregon measure, could reduce sales and store traffic.
- Inflation and high interest rates could reduce consumers' discretionary spending.
Risks
- Firearm and ammunition regulationhigh
Changing federal, state and local laws could restrict sales of key products and raise compliance costs.
- Oregon situationhigh
If courts uphold the Oregon regulation, firearm sales in the state could fall substantially, affecting traffic and margins.
- Tariffs and inventory costsmedium
Unstable trade policy could raise merchandise costs, and offsets through suppliers or alternative sourcing are not assured.
- Consumer discretionary spendingmedium
Inflation, interest rates and fuel costs could reduce store traffic and average ticket value.
- Store closures and impairmentlow
Closing unprofitable stores could bring added costs and impairment charges, and the expansion strategy remains uncertain.
Investment thesis
What would need to be true (bull case)
- If the tailored assortment and specialized service keep attracting customers, the company could regain same-store sales.
- Inventory reduction and disciplined buying could support margins as demand in core categories stabilizes.
- A low-cost opening model could allow selective expansion in markets where specialized competition is limited.
What would break the thesis
- Dependence on firearms and ammunition could expose the company to new restrictions that cut sales faster than they can be offset.
- Tariff and inflation pressures could compress gross margins if they cannot be passed on to prices or absorbed by suppliers.
- Recent impairments and planned closures suggest some locations are unprofitable, which could limit growth.
What to watch
- Oregon Supreme Court decision on the firearm ballot measurelate 2026
- Closure of about five unprofitable storesafter the 2026 holiday season
- Tariff policy developments and their effect on inventory costsfiscal 2026
- Same-store sales and store traffic trendsnext quarterly report
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
The company, founded in 1986 as a single store in Midvale, Utah, now operates 147 stores in 32 states, mainly in the Western United States and Alaska 1. Its model combines warehouse-style stores with locally tailored merchandise, specialized staff called 'outfitters' and an e-commerce site, sportsmans.com 1. Management said its strategy focuses on growing same-store sales, improving gross margin and strengthening loyalty and co-branded credit card programs 1.
The cost structure is described as lean, and the store format allows entry into markets of varied sizes with comparatively small capital outlays 1. In fiscal 2025 the company recorded impairment losses for ten underperforming stores and said it expects to close about five of them after the 2026 holiday season 1. No new store openings are planned for fiscal 2026 1.
Management noted it has reduced inventory and tightened inventory discipline while keeping growth in key categories a priority 1. The company reports as a single operating and reportable segment that includes both stores and e-commerce 2.
Segments
Stores and e-commerce
Stores and the e-commerce platform are aggregated into one operating and reportable segment 12. In-store sales are the main revenue source, with e-commerce adding sales including buy-online-pickup-in-store 1.
Market context
The company operates in the specialized market for hunting, fishing and shooting sports, where customers seek both products and local advice 1. According to management, approximately 62% of its markets lack another nationally recognized outdoor specialty retailer 1. Consumer behaviour is however shaped by inflation, elevated interest rates and fuel prices, which weigh on discretionary spending 2.
The market is sensitive to firearm and ammunition regulation, which could shift demand significantly in certain states 1. The company said it bought additional inventory ahead of expected tariff increases 1.
Trends
- Tariffs and trade policyheadwind
Changes in trade policy and higher tariffs could raise inventory costs, especially in hunting, shooting sports and optics, and the ultimate impact is hard to predict 1.
- Inflation and discretionary spendingheadwind
Inflation and elevated interest rates have pressured consumers and weighed on sales in recent years, and management expects inflation to keep pressuring gross margins in fiscal 2026 12.
- Oregon firearm measureheadwind
A ballot measure in Oregon, now delayed to January 1, 2028, could sharply reduce firearm sales in the state if the state Supreme Court upholds the appeals court ruling 2.
- Inventory and margin disciplinetailwind
The company reduced inventory and refocused on fast-turning key products, which could support margins if demand in core categories holds 1.
Competitive position
The company competes with specialized retailers and large general merchandise chains that operate bigger stores and have greater purchasing scale 1. Management said it negotiates vendor terms similar to those of larger competitors and that its low-cost model lets it enter smaller markets 1.
Compared with main rivals, the company points to its smaller stores, low capital cost of opening and locally tailored assortment 1. Pressure persists from large mass retail chains and e-commerce platforms 1.
- Cabela's (part of Bass Pro Shops)
Hunting and fishing retailer named as a direct competitor in specialty categories; the sources give no listing details.
- Dick's Sporting GoodsDKS
National sporting goods chain with a broad assortment that partly overlaps with the company's range.
- Big 5 Sporting GoodsBGFV
Sporting goods retailer with stores in the Western United States, where the company is also present.
- General merchandise and supercenter retailers
Large supercenter chains, cited in the source as anchors of shopping centers where the company operates, represent indirect competition for outdoor products.
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.
Loading the links…
News & filings
In the press
- Sportsman's Warehouse Holdings, Inc. Q2 2026 Earnings Call SummaryYahoo Finance — News · 02 Sept 2026 · EN
SEC filings
- Quarterly report01 Sept 2026
- Current report01 Sept 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report02 Jun 2026
- Current report02 Jun 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement14 Apr 2026
- Annual report31 Mar 2026
- Current report31 Mar 2026Results of operations · Financial statements and exhibits
- Current report03 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Sportsman's Warehouse, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / Sportsman's Warehouse, Inc. · 01 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.