Latest Ratios: P/E Ratio 8.5x · EV/EBITDA 7.1x · ROE 18.0%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $3.7B | $3.8B | $4.9B | $4.9B | $3.7B | $2.0B | — | — |
| Enterprise Value | $4.5B | $5.3B | $5.3B | $6.2B | $6.3B | $5.1B | $3.7B | — | — |
| P/E Ratio → | 8.46 | 9.93 | 9.13 | 9.36 | 7.80 | 5.46 | 6.34 | — | — |
| P/S Ratio | 0.49 | 0.62 | 0.64 | 0.79 | 0.77 | 0.54 | 0.34 | — | — |
| P/B Ratio | 1.47 | 1.72 | 1.91 | 2.49 | 3.01 | 2.50 | 1.76 | — | — |
| P/FCF | 13.40 | 16.85 | 11.63 | 14.84 | 11.06 | 6.14 | 2.02 | — | — |
| P/OCF | 6.85 | 8.61 | 7.24 | 9.07 | 8.88 | 5.45 | 1.94 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.90 | 1.01 | 0.99 | 0.75 | 0.65 | — | — |
| EV / EBITDA | 7.15 | 8.35 | 8.10 | 7.87 | 6.64 | 5.07 | 6.81 | — | — |
| EV / EBIT | 8.86 | 10.16 | 9.25 | 8.75 | 7.32 | 5.65 | 8.85 | — | — |
| EV / FCF | — | 23.88 | 16.19 | 18.96 | 14.29 | 8.56 | 3.79 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.8% | 34.8% | 33.9% | 34.3% | 34.6% | 34.7% | 30.5% | 29.6% | 28.6% |
| Operating Margin | 8.5% | 8.5% | 9.1% | 11.0% | 13.2% | 13.4% | 7.4% | 3.7% | 2.7% |
| Net Profit Margin | 6.2% | 6.2% | 7.1% | 8.4% | 9.8% | 9.9% | 5.4% | 2.5% | 0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.0% | 18.0% | 21.1% | 29.0% | 40.6% | 52.1% | 55.9% | 62849.7% | 253.8% |
| ROA | 7.4% | 7.4% | 8.7% | 11.2% | 13.7% | 15.0% | 7.1% | 3.2% | 0.7% |
| ROIC | 10.6% | 10.6% | 11.9% | 16.0% | 21.3% | 23.7% | 11.8% | 6.6% | 6.2% |
| ROCE | 12.5% | 12.5% | 13.9% | 18.4% | 24.1% | 27.2% | 12.4% | 5.8% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.87 | 0.87 | 0.89 | 0.87 | 1.09 | 1.32 | 1.89 | — | 192.36 |
| Debt / EBITDA | 2.98 | 2.98 | 2.72 | 2.15 | 1.86 | 1.92 | 3.88 | 8.92 | 6.18 |
| Net Debt / Equity | — | 0.72 | 0.75 | 0.69 | 0.88 | 0.98 | 1.55 | — | 183.40 |
| Net Debt / EBITDA | 2.46 | 2.46 | 2.28 | 1.71 | 1.50 | 1.43 | 3.18 | 8.42 | 5.89 |
| Debt / FCF | — | 7.03 | 4.56 | 4.12 | 3.23 | 2.42 | 1.77 | 12.60 | 17.11 |
| Interest Coverage | 14.42 | 14.42 | 15.60 | 15.40 | 18.62 | 18.48 | 4.80 | 2.22 | 1.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 1.78 | 1.87 | 1.62 | 1.52 | 1.21 | 1.72 | 1.85 |
| Quick Ratio | 0.44 | 0.44 | 0.42 | 0.51 | 0.39 | 0.48 | 0.36 | 0.25 | 0.19 |
| Cash Ratio | 0.32 | 0.32 | 0.30 | 0.40 | 0.32 | 0.43 | 0.32 | 0.20 | 0.11 |
| Asset Turnover | — | 1.15 | 1.21 | 1.32 | 1.39 | 1.48 | 1.30 | 1.12 | 1.48 |
| Inventory Turnover | 2.63 | 2.63 | 3.00 | 3.39 | 3.26 | 3.77 | 4.00 | 3.09 | 3.01 |
| Days Sales Outstanding | — | 2.10 | 1.03 | 1.15 | 0.94 | 1.06 | 1.11 | 1.06 | 1.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.9% | 0.8% | 0.6% | 0.5% | — | 13.1% | — | — |
| Payout Ratio | 9.2% | 9.2% | 7.5% | 5.2% | 3.9% | — | 83.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 10.1% | 11.0% | 10.7% | 12.8% | 18.3% | 15.8% | — | — |
| FCF Yield | 7.5% | 5.9% | 8.6% | 6.7% | 9.0% | 16.3% | 49.5% | — | — |
| Buyback Yield | 6.7% | 5.3% | 9.5% | 4.2% | 10.0% | 11.2% | 0.0% | — | — |
| Total Shareholder Yield | 7.8% | 6.2% | 10.4% | 4.7% | 10.5% | 11.2% | 13.1% | — | — |
| Shares Outstanding | — | $68M | $73M | $77M | $84M | $94M | $91M | $90M | $79M |
Regional economic concentration
According to current market data, ASO trades at a forward P/E of 8.25x, which represents a significant valuation discount compared to national peers like Dick’s Sporting Goods, suggesting that investors remain cautious regarding the company's ability to scale its regional model into broader, more competitive national markets.
The current P/E and EV/EBITDA multiples imply that the market is pricing in limited long-term growth, potentially overlooking the resilience of the company's high-margin hunting and fishing categories. This valuation gap warrants further investigation into whether the market is mispricing ASO as a regional follower rather than a distinct, value-oriented logistics play.
Based on reported financial figures, ASO’s ROIC has fluctuated between 1.5% and 4.5% over the last ten quarters, indicating that the company is currently struggling to consistently compound returns on invested capital above its cost of capital in a post-pandemic retail environment.
The volatility in ROIC appears to be driven by the inherent seasonality of the outdoor retail business and the periodic need for inventory markdowns. Investors should monitor whether management's disciplined store expansion can eventually drive higher asset utilization and stabilize these returns over the long term.
As reported in recent quarterly filings, ASO’s cash conversion cycle has shown significant variability, ranging from 52 to 88 days, which highlights the company's ongoing challenge in balancing inventory levels with the highly seasonal demand patterns of its core outdoor and sporting goods categories.
The fluctuations in DIO and DPO suggest that inventory management remains the primary lever for cash flow, yet the current asset turnover of 0.27x indicates that the company is not yet maximizing the productivity of its physical store footprint. This inefficiency may be a structural byproduct of the company's large-format, destination-retail model.
According to recent balance sheet data, ASO maintains a disciplined capital structure with a debt-to-equity ratio of 0.69 as of 2026Q1, which represents a notable improvement from previous periods and provides the company with significant flexibility to navigate potential regional economic downturns.
The company's interest coverage ratio, which has remained generally robust, suggests that debt service is well-supported by current operating cash flows. This conservative approach to leverage appears to be a strategic choice that prioritizes balance sheet stability over aggressive, debt-funded expansion.
As indicated by the company's unique category mix, the P/E ratio is frequently misapplied to ASO, as it obscures the high-margin, pseudo-recurring nature of the company's hunting and fishing consumables which differentiate it from traditional apparel-focused sporting goods retailers.
Analysts should instead focus on EV/EBITDA and free cash flow yield to better capture the underlying cash-generating power of the business model. Relying solely on P/E ignores the impact of non-cash stock-based compensation and the specific capital allocation strategies that management employs to return value to shareholders.
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Quick answers to the most common questions about buying ASO stock.
Academy Sports and Outdoors, Inc.'s current P/E ratio is 8.5x. The historical average is 8.0x. This places it at the 50th percentile of its historical range.
Academy Sports and Outdoors, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
Academy Sports and Outdoors, Inc.'s return on equity (ROE) is 18.0%. The historical average is 67.2%.
Based on historical data, Academy Sports and Outdoors, Inc. is trading at a P/E of 8.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Academy Sports and Outdoors, Inc.'s current dividend yield is 1.09% with a payout ratio of 9.2%.
Academy Sports and Outdoors, Inc. has 34.8% gross margin and 8.5% operating margin.
Academy Sports and Outdoors, Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.