Sportsman's Warehouse Holdings

SPWH

Specialty Retail · Consumer Cyclical

Price

$1.17

-0.03 (-2.09%)

Market Cap

$45.7M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−13.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 44.5M (2022) → 38.4M (2026)

Sportsman's Warehouse Holdings, Inc., together with its subsidiaries, operates as an outdoor sporting goods retailer in the United States. It offers camping products, such as backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents, and tools; and apparel products, including camouflage, jackets, hats, outerwear, sportswear, technical gear, and work wear. The company also provides fishing products comprising bait, electronics, fishing rods, flotation

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

-1.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-143.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

13.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$2M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Sportsman's Warehouse Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

28.4%

Modest — 28.4% gross margin

Operating Margin

-0.2%

Losing money on operations — -0.2%

ROCE

-0.3%

Weak — -0.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+5.5%

Slow sales growth (5.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

9.4%

Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.49

Conservative — low debt load (0.49)

Interest Cover

0.86x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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