SPWH Financials SPORTSMAN'S WAREHOUSE HOLDINGS, INC.
14 years of revenue, profit, cash flow and balance-sheet history through FY2026,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 103.6% per year over the past 5 years.
Operating margin has contracted, at -3.1% in the latest year.
Free cash flow has declined 47.3% per year over the past 5 years.
Financial health
Total debt ($44M) exceeds cash ($2M); net debt is $43M.
Operating income covered interest expense -2.7× in the latest year, down from 35× 5 years ago.
Total debt is 25× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2026
$1.2B
-$50M
30.9%
-3.1%
-26.5%
-6.6%
$9M
$44M
$2M
2025
$1.2B
-$33M
30.9%
-1.5%
-14.0%
-3.9%
$20M
$24M
$3M
2024
$1.3B
-$29M
29.8%
-2.0%
-11.0%
-3.3%
-$28M
$0
$3M
2023
$1.4B
$41M
32.9%
4.1%
13.8%
4.7%
-$17M
—
$2M
2022
$1.5B
$108M
32.6%
6.0%
34.5%
12.9%
-$75M
—
$57M
2021
$35M
$5M
1378.8%
355.2%
2.3%
0.7%
$219M
—
$66M
2020
$886M
$20M
33.5%
3.8%
18.3%
3.3%
$47M
$24M
$2M
2019
$849M
$24M
33.6%
5.2%
30.2%
6.1%
$14M
$36M
$2M
2018
$810M
$18M
33.8%
5.8%
35.6%
4.7%
-$10M
$133M
$2M
2017
$780M
$30M
33.7%
7.8%
98.9%
8.6%
-$24M
$135M
$2M
2016
—
$28M
—
—
-1348.8%
9.2%
$1M
$155M
$2M
2015
—
$14M
—
—
-44.0%
5.1%
—
$158M
$2M
2014
—
$22M
—
—
-18.0%
9.7%
—
$231M
$1M
2013
—
$28M
—
—
-67.1%
—
—
—
$37M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Aug '26
$296M
-$4M
32.5%
-0.4%
-2.7%
-0.5%
-$16M
$44M
$2M
May '26
$256M
-$22M
29.6%
-7.1%
-13.1%
-2.6%
-$60M
$44M
$2M
Jan '26
$335M
-$22M
28.4%
-5.6%
-11.5%
-2.8%
$98M
$44M
$2M
Nov '25
$331M
$8000
32.8%
1.3%
0.0%
0.0%
$9M
$44M
$2M
Aug '25
$294M
-$7M
32.0%
-1.1%
-3.4%
-0.7%
-$34M
$44M
$2M
May '25
$249M
-$21M
30.4%
-7.9%
-9.9%
-2.3%
-$64M
$24M
$4M
Feb '25
$340M
-$9M
30.4%
1.1%
-3.7%
-1.0%
$50M
$24M
$3M
Nov '24
$324M
$364000
31.8%
1.0%
0.1%
0.0%
-$6M
$24M
$3M
Aug '24
$289M
-$6M
31.2%
-1.5%
-2.4%
-0.7%
$14M
$24M
$3M
May '24
$244M
-$18M
30.2%
-8.4%
-7.3%
-1.9%
-$38M
—
$2M
Feb '24
$370M
-$9M
26.8%
-2.1%
-3.3%
-1.0%
$60M
$0
$3M
Oct '23
$341M
-$1M
30.3%
0.9%
-0.5%
-0.1%
$22M
—
$3M
Jul '23
$309M
-$3M
32.6%
-0.5%
-1.2%
-0.3%
-$51M
—
$3M
Apr '23
$268M
-$16M
29.9%
-7.1%
-5.7%
-1.6%
-$60M
—
$3M
Jan '23
$379M
$11M
32.4%
4.2%
3.8%
1.3%
$7M
—
$2M
Oct '22
$360M
$13M
33.6%
5.1%
4.5%
1.4%
-$9M
—
$3M
Jul '22
$351M
$15M
33.5%
5.8%
5.2%
1.7%
$14M
—
$6M
Apr '22
$310M
$2M
32.0%
1.0%
0.6%
0.2%
-$29M
—
$58M
Jan '22
$416M
$58M
32.8%
5.6%
18.6%
7.0%
$42M
—
$57M
Oct '21
$401M
$22M
32.3%
7.4%
8.6%
2.7%
-$31M
—
$3M
Valuation over time
How the market has priced SPWH against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 8.2× (Mar '23) to 3.7× (Jan '24).
The price-to-sales ratio has fallen from 0.2× (Mar '23) to 0.0× (Sep '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is SPWH growing its revenue and profit?
Over the past 5 years, SPORTSMAN'S WAREHOUSE HOLDINGS, INC.'s revenue has grown 103.6% per year. These are computed facts, not advice.
How much debt does SPWH have?
As of FY2026, SPORTSMAN'S WAREHOUSE HOLDINGS, INC. reported $44M of total debt against $2M of cash; operating income covered interest expense -2.7×.
What is SPWH's profit margin?
In FY2026, gross margin was 30.9%, operating margin -3.1%, and net margin -4.1%.
What is SPWH's P/E ratio?
As of Sep '26, SPORTSMAN'S WAREHOUSE HOLDINGS, INC. traded at a price-to-earnings ratio of about 3.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.