Boot Barn Holdings, Inc.BOOT · NYSE

Results over the years

Fiscal years from SEC filings (10-K).

Why the market may be pricing it low

• Roughly a third of annual sales come from the Q3 holiday season, and this seasonal concentration contributes to the discounted valuation.

  In fiscal 2026, fiscal 2025 and fiscal 2024, we generated approximately 31%, 32% and 31% of our net sales during our third fiscal quarter, respectively.MD&A

What could close the gap

• Visible merchandise margin expansion from building out the exclusive brand portfolio could become a catalyst for re-rating the retailer's profitability.

  merchandise margin expansion and building our exclusive brand portfolioMD&A

How a buyer could still lose (value trap)

• Because over 30% of sales concentrate in Q3, a consumer slowdown could hit that single quarter hard and push an already-cheap stock lower still.

  In fiscal 2026, fiscal 2025 and fiscal 2024, we generated approximately 31%, 32% and 31% of our net sales during our third fiscal quarter, respectively.MD&A

• The 17.9% ROE and 30% capital return rely on continued store expansion, and the Piotroski check already flags no improvement in the liability ratio, so these efficiency metrics could fade if growth stalls.

  Based on the figures below

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✗Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

$2.4bn

Operating profit

$333m

Net profit

$253m

Operating cash flow

$329m

Cash

$97m

Debt

$0m

Equity

$1.4bn

Latest twelve months to 2026-09-26; F-score for the fiscal year to 2026-03-28