Latest Ratios: P/E Ratio -1.0x · EV/EBITDA 18.9x · ROE -23.6%. (2011–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $50M | $53M | $77M | $144M | $384M | $488M | $778M | $282M | $221M | $216M | $316M |
| Enterprise Value | $475M | $478M | $530M | $623M | $775M | $774M | $991M | $678M | $399M | $407M | $510M |
| P/E Ratio → | -0.98 | — | — | — | 9.43 | 4.49 | 8.50 | 14.09 | 9.35 | 12.07 | 10.63 |
| P/S Ratio | 0.04 | 0.04 | 0.06 | 0.11 | 0.27 | 0.32 | 0.54 | 0.32 | 0.26 | 0.27 | 0.41 |
| P/B Ratio | 0.26 | 0.28 | 0.33 | 0.55 | 1.31 | 1.55 | 3.80 | 2.56 | 2.81 | 4.33 | 10.54 |
| P/FCF | 5.62 | 5.92 | 3.94 | — | — | — | 3.55 | 5.95 | 15.80 | — | — |
| P/OCF | 1.59 | 1.68 | 2.26 | 2.76 | 8.21 | — | 3.26 | 3.63 | 6.87 | 7.01 | 20.42 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.39 | 0.44 | 0.48 | 0.55 | 0.51 | 0.68 | 0.77 | 0.47 | 0.50 | 0.65 |
| EV / EBITDA | 18.87 | 18.98 | 23.79 | 23.85 | 8.63 | 5.22 | 5.83 | 8.50 | 6.41 | 6.33 | 6.83 |
| EV / EBIT | — | — | — | — | 13.35 | 5.32 | 7.93 | 20.27 | 9.07 | 8.74 | 8.40 |
| EV / FCF | — | 53.75 | 27.03 | — | — | — | 4.52 | 14.28 | 28.57 | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.9% | 30.9% | 30.9% | 29.8% | 32.9% | 32.6% | 32.8% | 33.5% | 33.6% | 33.8% | 33.7% |
| Operating Margin | -1.2% | -1.2% | -1.5% | -1.0% | 4.1% | 6.0% | 8.5% | 3.8% | 5.2% | 5.8% | 7.8% |
| Net Profit Margin | -4.1% | -4.1% | -2.8% | -2.3% | 2.9% | 7.2% | 6.3% | 2.3% | 2.8% | 2.2% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.6% | -23.6% | -13.2% | -10.4% | 13.3% | 41.8% | 58.0% | 21.4% | 37.0% | 44.5% | 212.4% |
| ROA | -6.2% | -6.2% | -3.8% | -3.3% | 4.8% | 14.4% | 14.3% | 4.0% | 6.2% | 4.9% | 9.2% |
| ROIC | -1.6% | -1.6% | -1.9% | -1.4% | 6.8% | 13.4% | 19.9% | 6.6% | 13.2% | 15.0% | 22.8% |
| ROCE | -2.6% | -2.6% | -3.2% | -2.3% | 10.4% | 18.3% | 31.3% | 13.4% | 23.6% | 22.0% | 32.6% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.26 | 2.26 | 1.93 | 1.82 | 1.34 | 1.09 | 1.36 | 3.61 | 2.29 | 3.88 | 6.52 |
| Debt / EBITDA | 16.95 | 16.95 | 20.45 | 18.44 | 4.38 | 2.31 | 1.63 | 4.98 | 2.89 | 3.01 | 2.62 |
| Net Debt / Equity | — | 2.25 | 1.92 | 1.81 | 1.33 | 0.91 | 1.04 | 3.59 | 2.27 | 3.85 | 6.46 |
| Net Debt / EBITDA | 16.89 | 16.89 | 20.33 | 18.32 | 4.35 | 1.93 | 1.25 | 4.96 | 2.86 | 2.98 | 2.60 |
| Debt / FCF | — | 47.83 | 23.09 | — | — | — | 0.97 | 8.33 | 12.76 | — | — |
| Interest Coverage | -2.73 | -2.73 | -1.54 | -1.97 | 13.84 | 105.52 | 35.64 | 4.19 | 3.33 | 3.39 | 4.53 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.29 | 1.21 | 1.44 | 1.64 | 1.43 | 1.10 | 1.22 | 1.80 | 1.74 |
| Quick Ratio | 0.10 | 0.10 | 0.08 | 0.08 | 0.09 | 0.28 | 0.36 | 0.06 | 0.07 | 0.07 | 0.07 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.20 | 0.29 | 0.01 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 1.59 | 1.41 | 1.45 | 1.63 | 1.79 | 2.20 | 1.44 | 2.18 | 2.13 | 2.25 |
| Inventory Turnover | 2.67 | 2.67 | 2.42 | 2.55 | 2.35 | 2.63 | 4.01 | 2.14 | 2.04 | 1.98 | 2.10 |
| Days Sales Outstanding | — | 1.33 | 0.73 | 0.60 | 0.54 | 0.47 | 0.15 | 0.71 | 0.11 | 0.14 | 0.19 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 10.6% | 22.3% | 11.8% | 7.1% | 10.7% | 8.3% | 9.4% |
| FCF Yield | 17.8% | 16.9% | 25.4% | — | — | — | 28.1% | 16.8% | 6.3% | — | — |
| Buyback Yield | 0.4% | 0.4% | 0.4% | 1.9% | 16.9% | 0.5% | 0.1% | 0.1% | 0.3% | 0.3% | 0.4% |
| Total Shareholder Yield | 0.4% | 0.4% | 0.4% | 1.9% | 16.9% | 0.5% | 0.1% | 0.1% | 0.3% | 0.3% | 0.4% |
| Shares Outstanding | — | $38M | $38M | $37M | $41M | $45M | $44M | $44M | $43M | $43M | $42M |
Liquidity and solvency constraints
Based on reported figures, SPWH trades at a P/S ratio of 0.04 and a P/FCF of 5.53, which suggests that the market is heavily discounting the company's future earnings potential due to the persistent negative net margins observed over the last ten quarters.
The absence of a meaningful P/E ratio underscores the market's skepticism regarding the company's ability to return to profitability in the near term. Investors should monitor whether the current low valuation represents a deep-value opportunity or a structural trap, as the current multiples imply that the market expects continued earnings volatility rather than a sustained recovery.
According to recent financial statements, SPWH's ROIC has trended into negative territory, reaching -2.1% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its existing store-level investments and operational footprint.
The consistent decline in ROIC suggests that the company's capital-intensive retail model is failing to generate returns above its cost of capital. This trend warrants further investigation into whether the current store base is fundamentally unviable or if the negative returns are merely a temporary byproduct of the recent inventory clearing cycle.
As reported in quarterly filings, the company's cash conversion cycle has expanded to 141 days in 2026Q1, driven by high inventory days of 169, which highlights significant inefficiencies in managing stock levels relative to the company's seasonal sales patterns.
The inability to tighten the cash conversion cycle suggests that SPWH is carrying excessive inventory, which ties up critical liquidity and increases the risk of future markdowns. This inefficiency appears structural, as the company struggles to align its procurement strategy with the highly variable demand of its Western U.S. customer base.
Based on the company's reported figures, the debt-to-equity ratio has climbed to 2.89 in 2026Q1, indicating that the firm is increasingly reliant on debt to fund its operations as its equity base continues to erode from persistent net losses.
The negative interest coverage ratio of -6.93 in the most recent quarter suggests that the company's ability to service its debt obligations is severely compromised. Investors should monitor the company's access to credit facilities, as any tightening in lending terms could pose a material risk to the firm's ongoing viability.
The P/E ratio is frequently misapplied to SPWH, as the company's current negative earnings profile renders this metric useless for assessing the firm's underlying value or its potential for a turnaround in the highly seasonal outdoor retail sector.
Instead of relying on P/E, analysts should focus on EV/Sales or normalized EBITDA metrics to better understand the company's enterprise value relative to its revenue-generating capacity. Using P/E in this context obscures the reality of the company's cash burn and the significant liquidity risks that are currently the primary drivers of the stock's performance.
Includes 30+ ratios · 15 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPWH stock.
Sportsman's Warehouse Holdings, Inc.'s current P/E ratio is -1.0x. The historical average is 12.2x.
Sportsman's Warehouse Holdings, Inc.'s current EV/EBITDA is 18.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Sportsman's Warehouse Holdings, Inc.'s return on equity (ROE) is -23.6%. The historical average is 40.7%.
Based on historical data, Sportsman's Warehouse Holdings, Inc. is trading at a P/E of -1.0x. Compare with industry peers and growth rates for a complete picture.
Sportsman's Warehouse Holdings, Inc. has 30.9% gross margin and -1.2% operating margin.
Sportsman's Warehouse Holdings, Inc.'s Debt/EBITDA ratio is 17.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.