What is Sportsman's Warehouse Holdings, Inc.'s earnings per share (EPS)?

Sportsman's Warehouse Holdings, Inc. (SPWH) reported diluted earnings per share of -$1.30 for fiscal year 2025. This represents a -49.4% 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.

Sportsman's Warehouse Holdings, Inc. (SPWH) Financials

SPWH

FY2025 annual

Revenue $1.2B +1.0% YoY

Net Income -$50.1M -51.4% YoY

EPS (Diluted) -$1.30 -49.4% YoY

Free Cash Flow $8.9M -54.7% YoY

Market Cap $46.6M as of Sep 11, 2026

Price / Sales 0.0x on $1.2B revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 0.3x on $163.8M equity, Q3 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2027, ended Aug 1, 2026 Reported Sep 1, 2026 Currency USD FYE January

Newest figures come from the 10-Q for Q3 FY2027, filed Sep 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SPWH SEC filings page.

Sportsman's Warehouse Holdings, Inc. (SPWH) reported $1.2B in revenue for fiscal year 2025, up 1.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).

Rhea AI SPWH FY2025 2026-08-30

Sales have stabilized, but fixed-cost absorption and interest expense keep the retailer loss-making despite positive free cash flow.

Cash generation and accounting earnings have diverged: operating cash flow reached $31.3M in FY2025 while net income was -$50.1M, indicating that noncash charges and operating-balance movements are supporting cash despite reported losses. Lower capital spending—from $79.9M in FY2023 to $22.4M in FY2025—then allowed that operating cash to become positive free cash flow.

Gross margin recovered from 29.8% in FY2023 to 30.9% in FY2025, suggesting improvement in the profitability of merchandise sold. Yet operating margin worsened to -3.1%, so that gross-profit improvement still did not cover the operating cost base.

The capital cushion is shrinking: equity fell from $264.6M in FY2023 to $188.6M in FY2025 as losses accumulated. Debt-to-equity moved from 0.0x to 0.2x, while the current ratio improved to 1.4x, separating modestly higher leverage from adequate reported short-term coverage.

Financial Health Signals

Financial Health Score 21/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Sportsman's Warehouse Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Sportsman's Warehouse Holdings, Inc. has an operating margin of -3.1%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 22/100. This is down from -1.5% the prior year.

Growth

Sportsman's Warehouse Holdings, Inc.'s revenue grew a modest 1.0% year-over-year to $1.2B. This slow but positive growth earns a score of 21/100.

Leverage

Sportsman's Warehouse Holdings, Inc. has elevated debt relative to equity (D/E of 0.23), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.

Liquidity

Sportsman's Warehouse Holdings, Inc.'s current ratio of 1.36 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Sportsman's Warehouse Holdings, Inc. generated $31.3M in operating cash flow, capex of $22.4M consumed most of it, leaving $8.9M in free cash flow. This results in a low score of 27/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Sportsman's Warehouse Holdings, Inc. posts a -26.6% return on equity (ROE), meaning it loses $27 for every $100 of shareholders' equity. This results in a returns score of 18/100. This is down from -14.0% the prior year.

Altman Z-Score Distress

1.79

Sportsman's Warehouse Holdings, Inc. scores 1.79, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Sportsman's Warehouse Holdings, Inc. 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.

Earnings Quality Mixed

N/A

Sportsman's Warehouse Holdings, Inc. reported a net loss of $50.1M while generating $31.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Sportsman's Warehouse Holdings, Inc. reported an operating loss of $37.4M against $13.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$295.6M

YoY+0.6%

QoQ+15.4%

5Y CAGR-7.6%

10Y CAGR+4.4%

Sportsman's Warehouse Holdings, Inc. generated $295.6M in revenue in Q3 2027. This represents an increase of 0.6% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.

EBITDA

$7.5M

YoY+11.2%

QoQ+178.7%

5Y CAGR-30.3%

Sportsman's Warehouse Holdings, Inc.'s EBITDA was $7.5M in Q3 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.2% from the same quarter a year earlier. Against the prior quarter it is up 178.7%.

Net Income

-$4.4M

YoY+37.5%

QoQ+79.7%

Sportsman's Warehouse Holdings, Inc. reported -$4.4M in net income in Q3 2027. This represents an increase of 37.5% from the same quarter a year earlier. Against the prior quarter it is up 79.7%.

EPS (Diluted)

-$0.11

YoY+38.9%

QoQ+80.4%

Sportsman's Warehouse Holdings, Inc. earned -$0.11 per diluted share (EPS) in Q3 2027. This represents an increase of 38.9% from the same quarter a year earlier. Against the prior quarter it is up 80.4%.

Cash & Balance Sheet

Free Cash Flow

-$15.5M

YoY+54.2%

QoQ+73.9%

Sportsman's Warehouse Holdings, Inc. recorded an outflow of $15.5M in free cash flow in Q3 2027, representing a cash shortfall after capex. This represents an increase of 54.2% from the same quarter a year earlier. Against the prior quarter it is up 73.9%.

Cash & Debt

$2.0M

YoY+9.6%

QoQ-3.7%

5Y CAGR-50.3%

10Y CAGR+0.2%

Sportsman's Warehouse Holdings, Inc. held $2.0M in cash against $43.9M in long-term debt as of Q3 2027.

Shares Outstanding

39M

YoY+1.8%

QoQ+0.3%

Sportsman's Warehouse Holdings, Inc. had 39M shares outstanding in Q3 2027. This represents an increase of 1.8% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q3 2027.

Margins & Returns

Gross Margin

32.5%

YoY+0.5pp

QoQ+2.9pp

5Y change+0.1pp

Sportsman's Warehouse Holdings, Inc.'s gross margin was 32.5% in Q3 2027, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.

Operating Margin

-0.4%

YoY+0.7pp

QoQ+6.7pp

5Y change-9.4pp

Sportsman's Warehouse Holdings, Inc.'s operating margin was -0.4% in Q3 2027, reflecting core business profitability. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.7 percentage points.

Net Margin

-1.5%

YoY+0.9pp

QoQ+7.0pp

5Y change-8.3pp

Sportsman's Warehouse Holdings, Inc.'s net profit margin was -1.5% in Q3 2027, showing the share of revenue converted to profit. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.0 percentage points.

Return on Equity

-2.7%

YoY+0.7pp

QoQ+10.4pp

5Y change-17.1pp

Sportsman's Warehouse Holdings, Inc.'s ROE was -2.7% in Q3 2027, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.4 percentage points.

Capital Allocation

Capital Expenditures

$3.5M

YoY-53.0%

QoQ-18.4%

5Y CAGR-4.5%

10Y CAGR-10.4%

Sportsman's Warehouse Holdings, Inc. invested $3.5M in capex in Q3 2027, funding long-term assets and infrastructure. This represents a decrease of 53.0% from the same quarter a year earlier. Against the prior quarter it is down 18.4%.

R&D Spending

Not reported for Q3 2027.

Share Buybacks

Not reported for Q3 2027.

SPWH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SPWH quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$1.2B+1.0%	$1.2B-7.0%	$1.3B-8.0%	$1.4B-7.1%	$1.5B+3.7%	$1.5B+63.8%	$886.4M+4.4%	$849.1M+4.9%	$809.7M+3.8%	$780.0M+10.4%	$706.8M+10.5%	$639.9M-0.5%	$643.2M+22.1%	$526.9M
Cost of Revenue	$835.7M+1.0%	$827.2M-8.6%	$904.6M-3.7%	$939.3M-7.5%	$1.0B+4.1%	$975.3M+65.4%	$589.8M+4.5%	$564.2M+5.3%	$535.8M+3.7%	$516.7M+10.4%	$468.2M+10.3%	$424.7M-2.6%	$435.9M+19.7%	$364.3M
Gross Profit	$373.5M+0.8%	$370.5M-3.4%	$383.4M-16.7%	$460.2M-6.1%	$490.3M+2.9%	$476.5M+60.6%	$296.6M+4.1%	$284.9M+4.0%	$273.9M+4.0%	$263.2M+10.4%	$238.5M+10.8%	$215.2M+3.8%	$207.2M+27.4%	$162.6M
SG&A Expenses	$393.0M+1.1%	$388.7M-4.9%	$408.8M+1.6%	$402.2M+0.6%	$399.7M+13.0%	$353.7M+34.4%	$263.2M+9.2%	$240.9M+6.0%	$227.3M+12.2%	$202.5M+13.0%	$179.2M+5.2%	$170.3M+15.8%	$147.1M+34.5%	$109.4M
Operating Income	-$37.4M-104.8%	-$18.2M+28.0%	-$25.3M-143.6%	$58.1M-35.9%	$90.6M-26.2%	$122.7M+266.8%	$33.5M-24.0%	$44.0M-5.5%	$46.6M-23.3%	$60.7M+2.3%	$59.3M+32.1%	$44.9M-25.2%	$60.0M+12.3%	$53.5M
EBITDA	$1.7M-92.2%	$22.3M+62.8%	$13.7M-84.8%	$89.8M-23.1%	$116.8M-19.2%	$144.6M+173.9%	$52.8M-15.2%	$62.3M-3.1%	$64.3M-13.9%	$74.7M+5.3%	$70.9M+31.2%	$54.0M-18.5%	$66.3M+16.5%	$56.9M
Interest Expense	$13.7M+11.7%	$12.3M-4.6%	$12.9M+206.8%	$4.2M+204.0%	$1.4M-60.6%	$3.5M-56.1%	$8.0M-39.5%	$13.2M-3.9%	$13.7M+2.5%	$13.4M-5.3%	$14.2M-37.0%	$22.5M-11.7%	$25.4M+302.6%	$6.3M
Income Tax	-$1.1M-156.2%	$1.9M+121.0%	-$9.2M-169.0%	$13.3M-62.7%	$35.8M+18.9%	$30.1M+472.5%	$5.3M-25.6%	$7.1M-53.2%	$15.1M-14.4%	$17.6M+1.3%	$17.4M+101.5%	$8.6M-32.8%	$12.8M-32.7%	$19.1M
Net Income	-$50.1M-51.4%	-$33.1M-14.0%	-$29.0M-171.6%	$40.5M-62.6%	$108.5M+18.7%	$91.4M+352.0%	$20.2M-14.9%	$23.8M+33.9%	$17.7M-40.2%	$29.7M+6.8%	$27.8M+101.5%	$13.8M-36.6%	$21.8M-22.5%	$28.1M
EPS (Basic)	-$1.30-49.4%	-$0.87-13.0%	-$0.77-177.0%	$1.00-59.5%	$2.47+17.6%	$2.10+346.8%	$0.47-14.5%	$0.55+31.0%	$0.42-40.0%	$0.70+6.1%	$0.66+94.1%	$0.34-48.5%	$0.66-21.4%	$0.84
EPS (Diluted)	-$1.30-49.4%	-$0.87-13.0%	-$0.77-177.0%	$1.00-59.0%	$2.44+18.4%	$2.06+347.8%	$0.46-16.4%	$0.55+31.0%	$0.42-40.0%	$0.70+6.1%	$0.66+94.1%	$0.34-48.5%	$0.66-21.4%	$0.84
Diluted Shares (Avg)	38M+1.5%	38M+0.9%	37M-7.9%	41M-8.6%	45M+0.3%	44M+1.9%	44M+1.4%	43M+1.1%	43M+0.1%	42M+0.4%	42M+5.5%	40M+21.0%	33M-0.1%	33M

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-K	Q3'2510-Q
Revenue	$295.6M+0.6%	$256.1M+2.8%	$331.3M+2.2%	$293.9M+1.8%	$249.1M+2.0%	$335.5M-14.8%	$324.3M	$288.7M-15.2%
Cost of Revenue	$199.6M-0.2%	$180.3M+3.9%	$222.6M+0.6%	$199.9M+0.6%	$173.5M+1.8%	$233.8M-18.8%	$221.2M	$198.7M-16.3%
Gross Profit	$96.0M+2.2%	$75.8M+0.2%	$108.7M+5.5%	$93.9M+4.4%	$75.6M+2.5%	$101.7M-3.7%	$103.1M	$90.0M-12.8%
SG&A Expenses	$97.1M0.0%	$93.9M-1.4%	$104.5M+4.5%	$97.2M+3.0%	$95.3M+0.9%	$99.1M-11.4%	$100.0M	$94.3M-5.8%
Operating Income	-$1.1M+64.8%	-$18.1M+7.7%	$4.3M+37.0%	-$3.2M+25.6%	-$19.6M+4.9%	$2.6M+141.2%	$3.1M	-$4.3M-240.7%
EBITDA	$7.5M+11.2%	-$9.5M+2.9%	$13.9M+6.0%	$6.7M+14.9%	-$9.8M+4.7%	$13.1M+380.4%	$13.1M	$5.8M-57.5%
Interest Expense	$3.3M-12.3%	$2.6M-11.7%	$4.1M+22.2%	$3.8M+18.4%	$3.0M+2.2%	$2.8M+12.7%	$3.3M	$3.2M-19.3%
Income Tax	-$11K-111.3%	$1.0M+178.4%	$206K+27.2%	$97K+104.7%	-$1.3M+75.7%	$5.2M+311.0%	$162K	-$2.1M-548.1%
Net Income	-$4.4M+37.5%	-$21.8M-2.8%	$8K+102.2%	-$7.1M-19.9%	-$21.3M-17.6%	-$5.5M+12.3%	-$364K	-$5.9M-343.7%
EPS (Basic)	-$0.11+38.9%	-$0.560.0%	$0.00+100.0%	-$0.18-12.5%	-$0.56-16.7%	-$0.22+4.3%	-$0.01	-$0.16-300.0%
EPS (Diluted)	-$0.11+38.9%	-$0.560.0%	$0.00+100.0%	-$0.18-12.5%	-$0.56-16.7%	-$0.22+4.3%	-$0.01	-$0.16-300.0%
Diluted Shares (Avg)	39M+1.7%	39M+1.6%	39M+3.4%	38M+1.7%	38M+1.5%	N/A	38M	38M+1.0%

Not reported in any period shown, so not listed: R&D Expenses.

SPWH Balance Sheet

SPWH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$762.6M-10.5%	$852.1M-3.8%	$886.2M+3.2%	$859.0M+2.2%	$840.6M+27.2%	$660.8M+7.2%	$616.6M+58.6%	$388.9M+2.4%	$379.7M+9.7%	$346.2M+14.9%	$301.3M+11.3%	$270.7M+20.7%	$224.2M	N/A
Current Assets	$337.7M-7.7%	$366.0M-3.7%	$380.0M-10.8%	$425.9M-8.9%	$467.5M+44.0%	$324.7M+11.3%	$291.6M-0.7%	$293.6M+4.6%	$280.8M+9.7%	$255.9M+10.0%	$232.7M+14.3%	$203.7M+15.5%	$176.3M	N/A
Cash & Equivalents	$1.7M-41.4%	$2.8M-9.8%	$3.1M+31.5%	$2.4M-95.8%	$57.0M-13.0%	$65.5M+3788.7%	$1.7M+8.9%	$1.5M-12.5%	$1.8M-7.4%	$1.9M-9.4%	$2.1M+20.4%	$1.8M+29.3%	$1.4M-96.3%	$36.5M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$4.4M+82.2%	$2.4M+13.7%	$2.1M+3.2%	$2.1M+6.0%	$1.9M+233.4%	$581K-35.7%	$904K+263.1%	$249K-21.9%	$319K-22.4%	$411K-12.4%	$469K+10.4%	$425K+2.9%	$413K	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$574.0M-6.9%	$616.4M-0.8%	$621.6M+9.9%	$565.8M+7.5%	$526.4M+15.4%	$456.2M-9.9%	$506.4M+63.2%	$310.2M-5.9%	$329.9M+4.3%	$316.2M+4.2%	$303.4M+0.4%	$302.1M-12.5%	$345.3M	N/A
Current Liabilities	$249.0M-12.3%	$284.0M-9.8%	$314.6M+6.4%	$295.8M+4.0%	$284.4M+25.1%	$227.4M-14.1%	$264.8M+10.0%	$240.7M+54.7%	$155.6M+5.7%	$147.2M+15.1%	$127.9M+9.1%	$117.2M+25.9%	$93.1M	N/A
Non-Current Liabilities	$325.0M-2.2%	$332.4M+8.3%	$307.0M+13.7%	$270.0M+11.6%	$242.0M+5.8%	$228.7M-5.3%	$241.6M+247.3%	$69.6M-60.1%	$174.3M+3.1%	$169.0M-3.7%	$175.5M-5.1%	$184.8M-26.7%	$252.2M	N/A
Long-Term Debt	$44.2M+83.5%	$24.1M	$0	N/A	N/A	N/A	$23.8M-14.2%	$27.7M-79.1%	$132.3M-1.0%	$133.7M-8.6%	$146.3M-6.6%	$156.7M-31.6%	$229.3M	N/A
Total Equity	$188.6M-20.0%	$235.7M-10.9%	$264.6M-9.7%	$293.1M-6.7%	$314.2M+53.5%	$204.7M+85.6%	$110.3M+40.2%	$78.7M+58.0%	$49.8M+66.0%	$30.0M+1557.1%	-$2.1M+93.4%	-$31.3M+74.1%	-$121.1M-189.4%	-$41.8M
Retained Earnings	$99.3M-33.5%	$149.3M-18.1%	$182.4M-14.4%	$213.0M-4.4%	$222.9M+94.8%	$114.4M+396.8%	$23.0M+457.5%	-$6.4M+80.4%	-$32.8M+35.1%	-$50.6M+37.0%	-$80.2M+25.7%	-$108.0M+11.3%	-$121.8M	N/A

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-K	Q3'2510-Q
Total Assets	$836.1M-11.9%	$838.0M-9.9%	$913.9M-5.6%	$948.9M+5.2%	$929.7M-0.1%	$852.1M-3.8%	$967.7M	$901.9M-8.0%
Current Assets	$424.3M-9.4%	$410.7M-6.9%	$445.9M-3.6%	$468.3M+21.5%	$441.4M+6.3%	$366.0M-3.7%	$462.5M	$385.3M-20.2%
Cash & Equivalents	$2.0M+9.6%	$2.1M-42.3%	$2.2M-15.8%	$1.8M-29.5%	$3.6M+64.2%	$2.8M-9.8%	$2.7M	$2.6M-12.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$2.7M0.0%	$1.6M-44.0%	$5.1M+250.0%	$2.7M+16.1%	$2.9M+39.6%	$2.4M+13.7%	$1.4M	$2.3M-26.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M	$1.5M0.0%
Total Liabilities	$672.3M-9.1%	$670.8M-6.1%	$704.3M-2.7%	$740.0M+12.3%	$714.6M+4.7%	$616.4M-0.8%	$724.1M	$658.9M-6.9%
Current Liabilities	$363.4M-7.5%	$348.8M-7.9%	$370.4M-4.2%	$392.8M+24.4%	$378.5M+2.9%	$284.0M-9.8%	$386.7M	$315.8M-22.2%
Non-Current Liabilities	$308.9M-11.0%	$322.0M-4.2%	$333.9M-1.0%	$347.1M+1.2%	$336.1M+6.7%	$332.4M+8.3%	$337.4M	$343.1M+13.5%
Long-Term Debt	$43.9M+0.1%	$44.3M+83.6%	$44.0M+83.6%	$43.9M+82.5%	$24.1M	$24.1M	$24.0M	$24.0M
Total Equity	$163.8M-21.6%	$167.2M-22.3%	$209.5M-14.0%	$208.9M-14.1%	$215.1M-13.1%	$235.7M-10.9%	$243.6M	$243.0M-10.7%
Retained Earnings	$73.0M-39.7%	$77.4M-39.6%	$121.0M-23.4%	$121.0M-23.6%	$128.1M-22.1%	$149.3M-18.1%	$158.0M	$158.4M-17.1%

Not reported in any period shown, so not listed: Inventory.

SPWH Cash Flow Statement

SPWH quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	$31.3M-8.3%	$34.1M-34.7%	$52.3M+11.7%	$46.8M+316.4%	-$21.6M-109.1%	$238.8M+206.7%	$77.9M+142.0%	$32.2M+4.5%	$30.8M+98.8%	$15.5M-56.3%	$35.4M+73.0%	$20.5M+60114.7%	$34K-99.9%	$61.9M
Depreciation & Amortization	$39.1M-3.5%	$40.5M+3.8%	$39.0M+22.8%	$31.8M+21.2%	$26.2M+20.1%	$21.8M+13.0%	$19.3M+5.9%	$18.3M+3.1%	$17.7M+26.7%	$14.0M+20.8%	$11.6M+26.4%	$9.2M+45.8%	$6.3M+82.9%	$3.4M
Stock-Based Compensation	$3.1M-27.6%	$4.2M-0.2%	$4.2M-9.3%	$4.7M+40.4%	$3.3M+0.8%	$3.3M+56.9%	$2.1M-25.6%	$2.8M+23.3%	$2.3M-28.0%	$3.2M+41.2%	$2.3M-31.5%	$3.3M+802.2%	$365K	N/A
Capital Expenditures	$22.4M+54.2%	$14.6M-81.8%	$79.9M+25.8%	$63.5M+18.8%	$53.5M+170.6%	$19.8M-35.0%	$30.4M+69.3%	$17.9M-56.4%	$41.2M+4.5%	$39.4M+16.1%	$34.0M+12.6%	$30.2M+47.8%	$20.4M+197.8%	$6.9M
Free Cash Flow	$8.9M-54.7%	$19.6M+170.9%	-$27.6M-65.3%	-$16.7M+77.7%	-$75.1M-134.3%	$219.1M+361.2%	$47.5M+233.6%	$14.2M+236.9%	-$10.4M+56.6%	-$23.9M-1732.7%	$1.5M+115.1%	-$9.7M+52.4%	-$20.4M-137.0%	$55.0M
Investing Cash Flow	-$22.4M-54.9%	-$14.5M+81.9%	-$79.9M-31.9%	-$60.6M-13.4%	-$53.5M-103.8%	-$26.2M+46.5%	-$49.1M-201.9%	-$16.3M+49.4%	-$32.1M-16.9%	-$27.5M-83.9%	-$15.0M	N/A	N/A	N/A
Financing Cash Flow	-$10.1M+49.6%	-$20.0M-170.4%	$28.4M+169.5%	-$40.8M-161.3%	$66.6M+144.8%	-$148.7M-418.9%	-$28.7M-77.6%	-$16.1M-1424.3%	$1.2M-89.7%	$11.8M+158.7%	-$20.1M	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$101.1M-16.0%	$120.3M
Share Buybacks	N/A	N/A	$2.7M-95.8%	$64.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-K	Q3'2510-Q
Operating Cash Flow	-$12.1M+54.6%	-$55.4M+8.1%	$16.3M+742.1%	-$26.6M-243.5%	-$60.2M-73.8%	$52.8M-23.3%	-$2.5M	$18.5M-55.6%
Depreciation & Amortization	$8.6M-13.4%	$8.6M-12.4%	$9.6M-3.7%	$9.9M-2.3%	$9.9M-5.1%	$10.0M+10.8%	$10.0M	$10.2M-4.7%
Stock-Based Compensation	N/A	$779K-1.8%	N/A	N/A	$793K-32.5%	N/A	N/A	N/A
Capital Expenditures	$3.5M-53.0%	$4.2M+11.2%	$7.6M+108.9%	$7.4M+68.4%	$3.8M+15.2%	$3.3M-62.7%	$3.6M	$4.4M-77.2%
Free Cash Flow	-$15.5M+54.2%	-$59.6M+6.9%	$8.7M+242.0%	-$33.9M-339.9%	-$64.0M-68.7%	$49.6M-17.6%	-$6.2M	$14.1M-37.1%
Investing Cash Flow	-$3.5M+53.0%	-$4.2M-11.3%	-$7.6M-108.9%	-$7.4M-69.6%	-$3.8M-15.7%	-$3.2M+63.0%	-$3.6M	-$4.3M+77.4%
Financing Cash Flow	$15.5M-52.0%	$60.0M-7.4%	-$8.3M-232.5%	$32.2M+333.4%	$64.8M+75.2%	-$49.4M+17.6%	$6.3M	-$13.8M+38.7%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

SPWH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SPWH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Gross Margin	30.9%0.0pp	30.9%+1.2pp	29.8%-3.1pp	32.9%+0.3pp	32.6%-0.3pp	32.8%-0.6pp	33.5%-0.1pp	33.6%-0.3pp	33.8%+0.1pp	33.8%0.0pp	33.8%+0.1pp	33.6%+1.4pp	32.2%+1.4pp	30.9%
Operating Margin	-3.1%-1.6pp	-1.5%+0.4pp	-2.0%-6.1pp	4.2%-1.9pp	6.0%-2.4pp	8.5%+4.7pp	3.8%-1.4pp	5.2%-0.6pp	5.8%-2.0pp	7.8%-0.6pp	8.4%+1.4pp	7.0%-2.3pp	9.3%-0.8pp	10.2%
Net Margin	-4.1%-1.4pp	-2.8%-0.5pp	-2.3%-5.2pp	2.9%-4.3pp	7.2%+0.9pp	6.3%+4.0pp	2.3%-0.5pp	2.8%+0.6pp	2.2%-1.6pp	3.8%-0.1pp	3.9%+1.8pp	2.1%-1.2pp	3.4%-2.0pp	5.3%
Return on Equity	-26.6%-12.5pp	-14.0%-3.1pp	-11.0%-24.8pp	13.8%-20.7pp	34.5%-10.1pp	44.6%+26.3pp	18.3%-11.9pp	30.2%-5.4pp	35.6%-63.3pp	98.9%	N/A	N/A	N/A	N/A
Return on Assets	-6.6%-2.7pp	-3.9%-0.6pp	-3.3%-8.0pp	4.7%-8.2pp	12.9%-0.9pp	13.8%+10.6pp	3.3%-2.8pp	6.1%+1.4pp	4.7%-3.9pp	8.6%-0.7pp	9.2%+4.1pp	5.1%-4.6pp	9.7%	N/A
Current Ratio	1.36+0.1x	1.29+0.1x	1.21-0.2x	1.44-0.2x	1.64+0.2x	1.43+0.3x	1.10-0.1x	1.22-0.6x	1.80+0.1x	1.74-0.1x	1.82+0.1x	1.74-0.2x	1.89	N/A
Debt-to-Equity	0.23+0.1x	0.10+0.1x	0.00-1.9x	1.93+0.3x	1.68-0.6x	2.23+2.0x	0.22-0.1x	0.35-2.3x	2.66-1.8x	4.46	N/A	N/A	N/A	N/A
Asset Turnover	1.59+0.2x	1.410.0x	1.45-0.2x	1.63-0.2x	1.79-0.4x	2.20+0.8x	1.44-0.7x	2.18+0.1x	2.13-0.1x	2.25-0.1x	2.350.0x	2.36-0.5x	2.87	N/A
FCF Margin	0.7%-0.9pp	1.6%+3.8pp	-2.1%-1.0pp	-1.2%+3.8pp	-5.0%-20.1pp	15.1%+9.7pp	5.4%+3.7pp	1.7%+3.0pp	-1.3%+1.8pp	-3.1%-3.3pp	0.2%+1.7pp	-1.5%+1.7pp	-3.2%-13.6pp	10.4%

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-K	Q3'2510-Q
Gross Margin	32.5%+0.5pp	29.6%-0.8pp	32.8%+1.0pp	32.0%+0.8pp	30.4%+0.2pp	30.3%+3.5pp	31.8%	31.2%+0.9pp
Operating Margin	-0.4%+0.7pp	-7.1%+0.8pp	1.3%+0.3pp	-1.1%+0.4pp	-7.9%+0.6pp	0.8%+2.4pp	1.0%	-1.5%-2.4pp
Net Margin	-1.5%+0.9pp	-8.5%0.0pp	0.0%+0.1pp	-2.4%-0.4pp	-8.5%-1.1pp	-1.7%-0.1pp	-0.1%	-2.1%-1.7pp
Return on Equity	-2.7%+0.7pp	-13.1%-3.2pp	0.0%+0.1pp	-3.4%-1.0pp	-9.9%-2.6pp	-2.3%0.0pp	-0.1%	-2.4%-1.9pp
Return on Assets	-0.5%+0.2pp	-2.6%-0.3pp	0.0%0.0pp	-0.8%-0.1pp	-2.3%-0.3pp	-0.7%+0.1pp	0.0%	-0.7%-0.5pp
Current Ratio	1.170.0x	1.180.0x	1.200.0x	1.190.0x	1.170.0x	1.29+0.1x	1.20	1.220.0x
Debt-to-Equity	0.27+0.1x	0.27+0.2x	0.21+0.1x	0.21+0.1x	0.11-2.6x	0.10+0.1x	0.10	0.10-2.5x
Asset Turnover	0.350.0x	0.310.0x	0.360.0x	0.310.0x	0.270.0x	0.39-0.1x	0.34	0.320.0x
FCF Margin	-5.3%+6.3pp	-23.3%+2.4pp	2.6%+4.5pp	-11.5%-16.4pp	-25.7%-10.2pp	14.8%-0.5pp	-1.9%	4.9%-1.7pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Sportsman's Warehouse Holdings, Inc. SPWH	FY2025	$1.2B	-$50.1M	-4.1%	$46.6M	21/100
Growgeneration Corp GRWG	FY2025	$161.7M	-$24.0M	-14.9%	$92.5M	38/100
Bark Inc BARK	FY2026	$394.8M	-$39.0M	-9.9%	$86.7M	39/100
Leslie'S, Inc. LESL	FY2025	$1.2B	-$237.0M	-19.1%	$4.8M	20/100
Onewater Marine Inc. ONEW	FY2025	$1.9B	-$114.6M	-6.1%	$183.0M	30/100
Barnes & Noble Ed Inc BNED	FY2026	$1.7B	$16.9M	1.0%	$378.5M	40/100

Where Sportsman's Warehouse Holdings, Inc. Ranks

Frequently Asked Questions

What is Sportsman's Warehouse Holdings, Inc.'s annual revenue?

Sportsman's Warehouse Holdings, Inc. (SPWH) reported $1.2B in total revenue for fiscal year 2025. This represents a 1.0% 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 Sportsman's Warehouse Holdings, Inc.'s revenue growing?

Sportsman's Warehouse Holdings, Inc. (SPWH) revenue grew by 1.0% year-over-year, from $1.2B to $1.2B in fiscal year 2025.

Is Sportsman's Warehouse Holdings, Inc. profitable?

No, Sportsman's Warehouse Holdings, Inc. (SPWH) reported a net income of -$50.1M in fiscal year 2025, with a net profit margin of -4.1%.

What is Sportsman's Warehouse Holdings, Inc.'s EBITDA?

Sportsman's Warehouse Holdings, Inc. (SPWH) had EBITDA of $1.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Sportsman's Warehouse Holdings, Inc. have?

As of fiscal year 2025, Sportsman's Warehouse Holdings, Inc. (SPWH) had $1.7M in cash and equivalents against $44.2M in long-term debt.

What is Sportsman's Warehouse Holdings, Inc.'s gross margin?

Sportsman's Warehouse Holdings, Inc. (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 Sportsman's Warehouse Holdings, Inc.'s operating margin?

Sportsman's Warehouse Holdings, Inc. (SPWH) had an operating margin of -3.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Sportsman's Warehouse Holdings, Inc.'s net profit margin?

Sportsman's Warehouse Holdings, Inc. (SPWH) had a net profit margin of -4.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Sportsman's Warehouse Holdings, Inc.'s return on equity (ROE)?

Sportsman's Warehouse Holdings, Inc. (SPWH) has a return on equity of -26.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sportsman's Warehouse Holdings, Inc.'s free cash flow?

Sportsman's Warehouse Holdings, Inc. (SPWH) generated $8.9M in free cash flow during fiscal year 2025. This represents a -54.7% 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 Sportsman's Warehouse Holdings, Inc.'s operating cash flow?

Sportsman's Warehouse Holdings, Inc. (SPWH) generated $31.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sportsman's Warehouse Holdings, Inc.'s total assets?

Sportsman's Warehouse Holdings, Inc. (SPWH) had $762.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Sportsman's Warehouse Holdings, Inc.'s capital expenditures?

Sportsman's Warehouse Holdings, Inc. (SPWH) invested $22.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Sportsman's Warehouse Holdings, Inc. have outstanding?

Sportsman's Warehouse Holdings, Inc. (SPWH) had 39M shares outstanding as of fiscal year 2025.

What is Sportsman's Warehouse Holdings, Inc.'s current ratio?

Sportsman's Warehouse Holdings, Inc. (SPWH) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.

What is Sportsman's Warehouse Holdings, Inc.'s debt-to-equity ratio?

Sportsman's Warehouse Holdings, Inc. (SPWH) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sportsman's Warehouse Holdings, Inc.'s return on assets (ROA)?

Sportsman's Warehouse Holdings, Inc. (SPWH) had a return on assets of -6.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sportsman's Warehouse Holdings, Inc.'s P/E ratio?

Sportsman's Warehouse Holdings, Inc. (SPWH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $46.6M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Sportsman's Warehouse Holdings, Inc.'s price-to-sales ratio?

Sportsman's Warehouse Holdings, Inc. (SPWH) trades at 0.0x sales, its market capitalization divided by revenue of $1.2B revenue, FY2025. The market capitalization is $46.6M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Sportsman's Warehouse Holdings, Inc.'s Altman Z-Score?

Sportsman's Warehouse Holdings, Inc. (SPWH) has an Altman Z-Score of 1.79, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Sportsman's Warehouse Holdings, Inc.'s Piotroski F-Score?

Sportsman's Warehouse Holdings, Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sportsman's Warehouse Holdings, Inc.'s earnings high quality?

Sportsman's Warehouse Holdings, Inc. (SPWH) reported a net loss of $50.1M while generating $31.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Sportsman's Warehouse Holdings, Inc. cover its interest payments?

Sportsman's Warehouse Holdings, Inc. (SPWH) reported an operating loss of $37.4M against $13.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Sportsman's Warehouse Holdings, Inc.?

Sportsman's Warehouse Holdings, Inc. (SPWH) scores 21 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.