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what it is
It sells hunting, fishing, camping, and outdoor gear through U.S. retail stores.
how it gets paid
Last year S Ware made $1.2B in revenue. hunting and shooting was the main engine at $0.42B, or 35% of sales.
why growth slowed
Revenue fell 7.0% last year. EDGAR shows Revenue of $874 million and gross margin of 31.8%.
what just happened
Revenue hit $874M, but the business still posted negative EPS and thin profitability.
At a glance
C balance sheet — red flag territory — real financial stress
25/100 earnings predictability — expect surprises
1.4x trailing p/e — the market's not buying it — or you found a deal
14.5% return on capital — nothing to write home about
-$0.87 fy2024 eps est
xvary composite: 25/100 — weak
What they do
It sells hunting, fishing, camping, and outdoor gear through U.S. retail stores.
This is a specialty retailer, not a generic big-box aisle. If you hunt, fish, or camp, you want staff who know the gear, and Sportsman’s Warehouse still does $1.2 billion in annual revenue with 5,100 employees. Retail category focus → selling into hobby-heavy purchases → your customer is less likely to trust a random shelf and leave for a generalist.
How they make money
$1.2B
annual revenue · their business grew -7.0% last year
hunting and shooting
$0.42B
fishing
$0.24B
camping and watersports
$0.18B
clothing and footwear
$0.24B
optics electronics and accessories
$0.12B
The products that matter
firearms, ammunition, optics
Hunting & Shooting
~$600M · about 50% of revenue
it's the largest category at roughly half of the $1B business, and demand fell around 8% last year. when this slows, the whole income statement notices.
largest category
rods, reels, tackle
Fishing
~$360M · about 30% of revenue
this category contributes roughly 30% of sales and declined around 5%. it's meaningful, but not large enough to offset weakness elsewhere by itself.
30% of sales
gear, apparel, footwear
Camping & Outdoor
~$240M · about 20% of revenue
it accounts for roughly 20% of revenue and fell near 10% last year, the steepest decline of the three categories shown here.
weakest trend
Key numbers
$334M
long-term debt
That debt load towers over a roughly $51 million market cap, which means creditors matter more than shareholders right now.
1.9%
operating margin
Operating margin → profit left after running the stores → so what: one bad sales quarter can erase the year.
$0.87
FY2024 EPS
EPS → profit per share → so what: the business is losing money even before you argue about valuation.
14.5%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: the stores can still generate decent unit economics despite the balance sheet strain.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $334M (87% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SPWH right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $874M, but the business still posted negative EPS and thin profitability.
EDGAR shows quarterly revenue of $874 million and gross margin of 31.8%. But annual revenue still fell 7.0% vs. prior year to $1.2 billion, and FY2024 EPS is estimated at -$0.87.
$874M
revenue
$0.74
eps
31.8%
gross margin
the number that mattered
The number that mattered was 1.9% operating margin, because a retailer carrying $334 million of debt does not have room for thin profits.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is negative same-store sales colliding with a $334M debt load. a retailer can survive weak demand for a while. it gets harder when lenders are also in the room.
high
debt load and liquidity pressure
long-term debt stands at $334M, equal to 87% of capital. the late-2025 $45M term loan suggests liquidity was tight enough to require another layer of financing.
if sales stay weak, debt service and covenant pressure can matter more than the merchandise mix.
high
guidance credibility is damaged
preliminary fy2025 results included weaker same-store sales and an operating loss of $22–$26M. once a retailer has to reset expectations like that, investors start discounting the next set of guidance too.
the stock can stay cheap longer than you expect because confidence, once lost, is slow to come back.
med
category concentration
Hunting & Shooting is about 50% of revenue, or roughly $600M of the $1B business. concentration works when demand is strong. it hurts when the lead category cools off.
there is no diversified profit engine here. one big category slowdown can reshape the full year.
med
commodity retail economics
gross margin was 31.2%. that is not luxury-goods territory. it leaves limited room for markdowns, freight pressure, or traffic misses before profitability rolls over.
small margin misses can create much larger earnings misses. welcome to retail leverage.
with $334M of debt against a market cap near $51M, the balance sheet can overwhelm the equity if the turnaround slips again.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number
final fy2025 operating loss
the preliminary range was $22–$26M. if final results come in worse, the balance-sheet debate gets louder immediately.
calendar
late-march fy2025 results
watch the final numbers for the period ended jan. 31, 2026. this is where the preliminary warning either gets confirmed or softened.
risk
term-loan covenant pressure
the $45M term loan bought time. now you need to see whether that time is being used to stabilize sales and preserve liquidity.
trend
same-store sales direction
this is the cleanest operating signal on the page. negative comps tell you traffic and ticket are still moving the wrong way.
Analyst rankings
earnings predictability
25 / 100
in human-speak: analysts do not trust the quarter-to-quarter earnings path here.
risk rank
5
safer than 5% of stocks means riskier than 95% of them. that is the opposite of a sleep-well holding.
source: institutional data
Institutional activity
institutional ownership data for SPWH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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