Sportsmans Warehouse Financials
This page shows Sportsmans Warehouse (SPWH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sportsmans Warehouse has an operating margin of -1.5%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -2.0% the prior year.
Sportsmans Warehouse's revenue declined 7% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 9/100.
Sportsmans Warehouse carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Sportsmans Warehouse's current ratio of 1.17 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.
Sportsmans Warehouse's free cash flow margin of 1.6% results in a low score of 8/100. Capital expenditures of $14.6M absorb a large share of operating cash flow.
Sportsmans Warehouse passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Sportsmans Warehouse generates $-1.03 in operating cash flow ($34.1M OCF vs -$33.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Sportsmans Warehouse earns $-1.5 in operating income for every $1 of interest expense (-$18.2M vs $12.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Sportsmans Warehouse generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 7.0% from the prior year.
Sportsmans Warehouse's EBITDA was $22.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 62.8% from the prior year.
Sportsmans Warehouse generated $19.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 170.9% from the prior year.
Sportsmans Warehouse reported -$33.1M in net income in fiscal year 2025. This represents a decrease of 14.0% from the prior year.
Sportsmans Warehouse earned $-0.87 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.0% from the prior year.
Sportsmans Warehouse held $3.6M in cash against $24.1M in long-term debt as of fiscal year 2025.
Sportsmans Warehouse had 38M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Sportsmans Warehouse's gross margin was 30.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Sportsmans Warehouse's operating margin was -1.5% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
Sportsmans Warehouse's net profit margin was -2.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.
Sportsmans Warehouse invested $14.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 81.8% from the prior year.
SPWH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $331.3M+12.7% | $293.9M+18.0% | $249.1M-23.2% | $324.3M+12.3% | $288.7M+18.2% | $244.2M-34.1% | $370.4M+8.8% | $340.6M |
| Cost of Revenue | $222.6M+11.3% | $199.9M+15.3% | $173.5M-21.6% | $221.2M+11.3% | $198.7M+16.6% | $170.5M-37.1% | $271.0M+14.2% | $237.4M |
| Gross Profit | $108.7M+15.7% | $93.9M+24.2% | $75.6M-26.6% | $103.1M+14.5% | $90.0M+22.0% | $73.8M-25.7% | $99.4M-3.7% | $103.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $104.5M+7.5% | $97.2M+2.0% | $95.3M-4.7% | $100.0M+6.0% | $94.3M-0.1% | $94.4M-12.0% | $107.3M+7.2% | $100.1M |
| Operating Income | $4.3M+232.6% | -$3.2M+83.6% | -$19.6M-729.6% | $3.1M+172.1% | -$4.3M+79.0% | -$20.6M-160.0% | -$7.9M-358.2% | $3.1M |
| Interest Expense | $4.1M+7.5% | $3.8M+26.9% | $3.0M-10.4% | $3.3M+4.2% | $3.2M+9.5% | $2.9M-13.2% | $3.4M-15.0% | $3.9M |
| Income Tax | $206K+112.4% | $97K+107.3% | -$1.3M-921.0% | $162K+107.9% | -$2.1M+62.4% | -$5.5M-114.9% | -$2.5M-654.5% | $459K |
| Net Income | $8K+100.1% | -$7.1M+66.7% | -$21.3M-5739.0% | -$364K+93.8% | -$5.9M+67.3% | -$18.1M-106.7% | -$8.7M-556.6% | -$1.3M |
| EPS (Diluted) | $0.00+100.0% | $-0.18+67.9% | $-0.56-5500.0% | $-0.01+93.8% | $-0.16+66.7% | $-0.48-118.2% | $-0.22-450.0% | $-0.04 |
SPWH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $913.9M-3.7% | $948.9M+2.1% | $929.7M-3.9% | $967.7M+7.3% | $901.9M-3.1% | $930.4M+5.0% | $886.2M-9.6% | $980.3M |
| Current Assets | $445.9M-4.8% | $468.3M+6.1% | $441.4M-4.6% | $462.5M+20.0% | $385.3M-7.2% | $415.1M+9.2% | $380.0M-21.2% | $482.6M |
| Cash & Equivalents | $2.2M+24.5% | $1.8M-49.3% | $3.6M+33.5% | $2.7M+4.1% | $2.6M+18.1% | $2.2M-31.0% | $3.1M+7.8% | $2.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $5.1M+89.9% | $2.7M-9.1% | $2.9M+102.8% | $1.4M-37.0% | $2.3M+9.3% | $2.1M-0.8% | $2.1M-31.8% | $3.1M |
| Goodwill | $1.5M0.0% | $1.5M0.0% | $1.5M0.0% | $1.5M0.0% | $1.5M0.0% | $1.5M0.0% | $1.5M0.0% | $1.5M |
| Total Liabilities | $704.3M-4.8% | $740.0M+3.5% | $714.6M-1.3% | $724.1M+9.9% | $658.9M-3.5% | $682.8M+9.8% | $621.6M-12.2% | $708.0M |
| Current Liabilities | $370.4M-5.7% | $392.8M+3.8% | $378.5M-2.1% | $386.7M+22.4% | $315.8M-14.2% | $368.0M+16.9% | $314.6M-22.5% | $405.8M |
| Long-Term Debt | $44.0M+0.4% | $43.9M+81.6% | $24.1M+0.7% | $24.0M-0.3% | $24.0M | N/A | $0 | N/A |
| Total Equity | $209.5M+0.3% | $208.9M-2.9% | $215.1M-11.7% | $243.6M+0.2% | $243.0M-1.8% | $247.5M-6.4% | $264.6M-2.8% | $272.3M |
| Retained Earnings | $121.0M0.0% | $121.0M-5.5% | $128.1M-19.0% | $158.0M-0.2% | $158.4M-3.6% | $164.3M-9.9% | $182.4M-4.6% | $191.1M |
SPWH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.3M+161.4% | -$26.6M+55.9% | -$60.2M-2272.4% | -$2.5M-113.7% | $18.5M+153.4% | -$34.6M-150.3% | $68.9M+65.3% | $41.7M |
| Capital Expenditures | $7.6M+2.7% | $7.4M+93.1% | $3.8M+5.4% | $3.6M-17.3% | $4.4M+32.1% | $3.3M-62.0% | $8.7M-54.6% | $19.2M |
| Free Cash Flow | $8.7M+125.8% | -$33.9M+47.0% | -$64.0M-940.1% | -$6.2M-143.5% | $14.1M+137.3% | -$38.0M-163.1% | $60.2M+167.6% | $22.5M |
| Investing Cash Flow | -$7.6M-2.7% | -$7.4M-93.6% | -$3.8M-5.1% | -$3.6M+16.7% | -$4.3M-32.1% | -$3.3M+62.3% | -$8.7M+54.6% | -$19.2M |
| Financing Cash Flow | -$8.3M-125.8% | $32.2M-50.3% | $64.8M+933.9% | $6.3M+145.4% | -$13.8M-137.3% | $37.0M+161.7% | -$60.0M-166.8% | -$22.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
SPWH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.8%+0.8pp | 32.0%+1.6pp | 30.4%-1.4pp | 31.8%+0.6pp | 31.2%+1.0pp | 30.2%+3.4pp | 26.8%-3.5pp | 30.3% |
| Operating Margin | 1.3%+2.4pp | -1.1%+6.8pp | -7.9%-8.8pp | 1.0%+2.5pp | -1.5%+7.0pp | -8.5%-6.3pp | -2.1%-3.0pp | 0.9% |
| Net Margin | 0.0%+2.4pp | -2.4%+6.1pp | -8.5%-8.4pp | -0.1%+1.9pp | -2.1%+5.3pp | -7.4%-5.0pp | -2.4%-2.0pp | -0.4% |
| Return on Equity | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.0%+0.8pp | -0.8%+1.5pp | -2.3%-2.3pp | -0.0%+0.6pp | -0.7%+1.3pp | -1.9%-0.9pp | -1.0%-0.9pp | -0.1% |
| Current Ratio | 1.20+0.0 | 1.19+0.0 | 1.17-0.0 | 1.20-0.0 | 1.22+0.1 | 1.13-0.1 | 1.21+0.0 | 1.19 |
| Debt-to-Equity | 0.210.0 | 0.21+0.1 | 0.11+0.0 | 0.100.0 | 0.10-2.7 | 2.76+2.8 | 0.00-2.6 | 2.60 |
| FCF Margin | 2.6%+14.2pp | -11.5%+14.2pp | -25.7%-23.8pp | -1.9%-6.8pp | 4.9%+20.4pp | -15.5%-31.8pp | 16.3%+9.7pp | 6.6% |
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Frequently Asked Questions
What is Sportsmans Warehouse's annual revenue?
Sportsmans Warehouse (SPWH) reported $1.2B in total revenue for fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sportsmans Warehouse's revenue growing?
Sportsmans Warehouse (SPWH) revenue declined by 7% year-over-year, from $1.3B to $1.2B in fiscal year 2025.
Is Sportsmans Warehouse profitable?
No, Sportsmans Warehouse (SPWH) reported a net income of -$33.1M in fiscal year 2025, with a net profit margin of -2.8%.
What is Sportsmans Warehouse's earnings per share (EPS)?
Sportsmans Warehouse (SPWH) reported diluted earnings per share of $-0.87 for fiscal year 2025. This represents a -13.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Sportsmans Warehouse's EBITDA?
Sportsmans Warehouse (SPWH) had EBITDA of $22.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sportsmans Warehouse have?
As of fiscal year 2025, Sportsmans Warehouse (SPWH) had $3.6M in cash and equivalents against $24.1M in long-term debt.
What is Sportsmans Warehouse's gross margin?
Sportsmans Warehouse (SPWH) had a gross margin of 30.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sportsmans Warehouse's operating margin?
Sportsmans Warehouse (SPWH) had an operating margin of -1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sportsmans Warehouse's net profit margin?
Sportsmans Warehouse (SPWH) had a net profit margin of -2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sportsmans Warehouse's free cash flow?
Sportsmans Warehouse (SPWH) generated $19.6M in free cash flow during fiscal year 2025. This represents a 170.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sportsmans Warehouse's operating cash flow?
Sportsmans Warehouse (SPWH) generated $34.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sportsmans Warehouse's total assets?
Sportsmans Warehouse (SPWH) had $929.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sportsmans Warehouse's capital expenditures?
Sportsmans Warehouse (SPWH) invested $14.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Sportsmans Warehouse have outstanding?
Sportsmans Warehouse (SPWH) had 38M shares outstanding as of fiscal year 2025.
What is Sportsmans Warehouse's current ratio?
Sportsmans Warehouse (SPWH) had a current ratio of 1.17 as of fiscal year 2025, which is considered adequate.
What is Sportsmans Warehouse's debt-to-equity ratio?
Sportsmans Warehouse (SPWH) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sportsmans Warehouse's return on assets (ROA)?
Sportsmans Warehouse (SPWH) had a return on assets of -3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sportsmans Warehouse's Piotroski F-Score?
Sportsmans Warehouse (SPWH) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sportsmans Warehouse's earnings high quality?
Sportsmans Warehouse (SPWH) has an earnings quality ratio of -1.03x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sportsmans Warehouse cover its interest payments?
Sportsmans Warehouse (SPWH) has an interest coverage ratio of -1.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sportsmans Warehouse?
Sportsmans Warehouse (SPWH) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.