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Boot Barn Holdings logo

Boot Barn Holdings

BOOT
53
Apparel - Retail · Consumer Cyclical
Price
$152.47
-1.33 (-0.86%)
Market Cap
$4.63B
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.4M (2022) → 30.7M (2026)

Boot Barn is a retail chain that sells western and work-related clothing, boots, and accessories. Its main products include cowboy boots, hats, jeans, and durable workwear for people who work in industries like construction, oil and gas, and agriculture. It is the largest western and work-wear specialty retailer in the United States.

The company makes money by selling merchandise directly to customers in its physical stores and through its website. Boot Barn operates over 400 stores across more than 45 states, with a strong presence in the South, Southwest, and rural parts of the country. Its competitive edge comes from its scale, exclusive private-label brands, and a loyal customer base that shops for both functional work gear and western lifestyle products. The main risk is that its sales are tied to consumer spending, which tends to slow during economic downturns, making the business sensitive to broader economic conditions.

Winston Score History

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.6%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$141M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Boot Barn Holdings is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
36.3%
Modest — 36.3% gross margin
Operating Margin
10.6%
Modest — 10.6% operating margin
ROCE
2.7%
Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+14.4%
Fast-growing sales (14.4% YoY)
EPS YoY
+12.2%
Earnings growing (12.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
222%
Turns 222% of profit into real cash
FCF Margin
13.0%
Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.59
Conservative — low debt load (0.59)
Interest Cover
181.77x
Comfortably covers interest (181.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
22.1x
Growth-priced — P/E 22.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+6.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.1 → 15.9)

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Dividends

Not applicable for this business.
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