Boot Barn (BOOT) Financials

$197.97 +3.44 (+1.77%)

As of 11:38 AM Eastern

Annual Income Statements for Boot Barn

This table shows Boot Barn's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	3/28/2015	3/26/2016	4/1/2017	3/31/2018	3/30/2019	3/28/2020	3/27/2021	3/26/2022	4/1/2023	3/30/2024
Net Income / (Loss) Attributable to Common Shareholders	14	9.87	14	29	39	48	59	192	171	147
Consolidated Net Income / (Loss)	14	9.87	14	29	39	48	59	192	171	147
Net Income / (Loss) Continuing Operations	14	9.87	14	29	39	48	59	192	171	147
Total Pre-Tax Income	22	17	23	31	48	60	77	253	226	197
Total Operating Income	35	30	38	46	64	74	86	258	232	198
Total Gross Profit	135	173	190	208	251	276	295	575	611	614
Total Revenue	403	569	630	678	777	846	893	1,488	1,658	1,667
Operating Revenue	403	569	630	678	777	846	893	1,488	1,658	1,667
Total Cost of Revenue	268	396	440	470	525	569	599	913	1,047	1,053
Operating Cost of Revenue	268	396	440	470	525	569	599	913	1,047	1,053
Total Operating Expenses	99	143	152	162	187	203	209	317	379	416
Selling, General & Admin Expense	99	142	152	162	187	203	209	317	379	416
Total Other Income / (Expense), net	-13	-13	-15	-15	-16	-13	-9.08	-5.75	-5.91	-0.84
Interest & Investment Income	-	-	-	-15	-16	-13	-9.44	-5.78	-5.88	-2.24
Other Income / (Expense), net	0.05	-	0.00	0.00	0.01	-0.05	0.37	0.04	-0.03	1.40
Income Tax Expense	8.47	7.44	8.92	2.30	8.97	12	18	60	55	50
Basic Earnings per Share	$0.56	$0.38	$0.54	$1.08	$1.39	$1.68	$2.05	$6.51	$5.72	$4.87
Weighted Average Basic Shares Outstanding	22.13M	26.17M	26.46M	26.74M	28.09M	28.58M	28.93M	29.56M	29.81M	30.17M
Diluted Earnings per Share	$0.54	$0.37	$0.53	$1.05	$1.35	$1.64	$2.01	$6.33	$5.62	$4.80
Weighted Average Diluted Shares Outstanding	22.89M	26.96M	26.94M	27.53M	28.81M	29.22M	29.48M	30.39M	30.37M	30.61M
Weighted Average Basic & Diluted Shares Outstanding	24.50M	26M	26.30M	26.70M	28.10M	28.81M	29.25M	29.74M	29.91M	30.40M

This table shows Boot Barn's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/25/2022	9/24/2022	12/24/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	39	32	53	46	34	28	56	29	39	29	75
Consolidated Net Income / (Loss)	39	32	53	46	34	28	56	29	39	29	75
Net Income / (Loss) Continuing Operations	39	32	53	46	34	28	56	29	39	29	75
Total Pre-Tax Income	51	43	70	61	45	38	75	39	50	41	99
Total Operating Income	52	44	72	63	46	39	75	38	50	40	99
Total Gross Profit	138	129	188	156	142	134	199	139	157	153	239
Total Revenue	366	352	515	426	384	374	520	388	423	426	608
Operating Revenue	366	352	515	426	384	374	520	388	423	426	608
Total Cost of Revenue	228	222	327	270	242	241	321	249	267	273	369
Operating Cost of Revenue	228	222	327	270	242	241	321	249	267	273	369
Total Operating Expenses	85	85	115	93	96	95	124	101	107	113	139
Selling, General & Admin Expense	85	85	115	93	96	95	124	101	107	113	139
Total Other Income / (Expense), net	-1.00	-1.36	-2.20	-1.35	-0.80	-0.51	-0.17	0.64	0.25	0.57	-0.31
Interest & Investment Income	-0.73	-1.36	-2.26	-1.54	-1.02	-0.46	-0.52	-0.23	-0.35	-0.38	-0.42
Other Income / (Expense), net	-0.27	0.00	0.06	0.18	0.22	-0.05	0.35	0.87	0.60	0.95	0.11
Income Tax Expense	12	11	18	15	11	10	19	9.45	12	11	24
Basic Earnings per Share	$1.32	$1.08	$1.77	$1.55	$1.14	$0.92	$1.84	$0.97	$1.28	$0.96	$2.46
Weighted Average Basic Shares Outstanding	29.75M	29.81M	29.81M	29.81M	29.92M	30.14M	30.29M	30.17M	30.43M	30.51M	30.56M
Diluted Earnings per Share	$1.29	$1.06	$1.74	$1.53	$1.13	$0.90	$1.81	$0.96	$1.26	$0.95	$2.43
Weighted Average Diluted Shares Outstanding	30.39M	30.31M	30.29M	30.37M	30.44M	30.63M	30.65M	30.61M	30.82M	30.90M	30.90M
Weighted Average Basic & Diluted Shares Outstanding	29.81M	29.81M	29.82M	29.91M	29.99M	30.28M	30.30M	30.40M	30.50M	30.53M	30.59M

This table details how cash moves in and out of Boot Barn's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	3/28/2015	3/26/2016	4/1/2017	3/31/2018	3/30/2019	3/28/2020	3/27/2021	3/26/2022	4/1/2023	3/30/2024
Net Change in Cash & Equivalents	0.33	5.75	0.84	0.98	7.60	53	3.59	-52	-2.48	58
Net Cash From Operating Activities	12	33	41	44	63	25	156	89	89	236
Net Cash From Continuing Operating Activities	12	33	41	44	63	25	156	89	89	234
Net Income / (Loss) Continuing Operations	14	9.87	14	29	39	48	59	192	171	147
Consolidated Net Income / (Loss)	14	9.87	14	29	39	48	59	192	171	147
Depreciation Expense	6.62	11	15	16	18	21	24	27	36	50
Amortization Expense	6.28	4.31	3.30	2.33	1.88	32	35	41	0.19	55
Non-Cash Adjustments To Reconcile Net Income	1.35	-0.35	4.52	4.94	3.64	-25	-26	-28	29	-20
Changes in Operating Assets and Liabilities, net	-16	7.62	4.58	-7.94	0.47	-51	63	-144	-146	1.83
Net Cash From Investing Activities	-14	-183	-24	-24	-32	-40	-28	-60	-125	-119
Net Cash From Continuing Investing Activities	-14	-183	-24	-24	-32	-40	-28	-60	-125	-119
Purchase of Property, Plant & Equipment	-14	-36	-22	-24	-28	-37	-28	-60	-125	-119
Net Cash From Financing Activities	2.90	155	-17	-20	-24	68	-124	-81	33	-60
Net Cash From Continuing Financing Activities	2.90	155	-17	-20	-24	68	-124	-81	33	-60
Repayment of Debt	-144	-52	-2.38	-11	-11	-67	-0.67	-112	-0.84	-0.86
Issuance of Debt	105	201	-16	-12	-21	130	-130	29	37	-66
Other Financing Activities, net	1.15	6.32	1.21	3.57	7.66	4.67	6.65	2.86	-3.49	7.26
Cash Interest Paid	11	10	14	14	15	12	8.80	3.81	5.84	2.39
Cash Income Taxes Paid	8.30	3.30	4.19	0.61	0.65	13	11	42	60	57

This table details how cash moves in and out of Boot Barn's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/25/2022	9/24/2022	12/24/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Net Change in Cash & Equivalents	-4.66	3.67	31	-32	-1.09	22	69	-31	7.54	-46	116
Net Cash From Operating Activities	-26	-36	149	1.84	71	75	95	-4.38	41	-7.77	157
Net Cash From Continuing Operating Activities	-26	-36	149	1.84	71	75	95	-6.38	41	-7.77	157
Net Income / (Loss) Continuing Operations	39	32	53	46	34	28	56	29	39	29	75
Consolidated Net Income / (Loss)	39	32	53	46	34	28	56	29	39	29	75
Depreciation Expense	8.02	8.77	9.18	9.92	11	12	13	14	14	15	16
Amortization Expense	11	-11	0.04	0.04	13	13	14	55	16	16	17
Non-Cash Adjustments To Reconcile Net Income	-2.23	18	8.08	5.06	-0.22	-7.09	-8.68	-44	-4.59	-4.69	-19
Changes in Operating Assets and Liabilities, net	-82	-84	79	-60	13	29	21	-61	-23	-64	67
Net Cash From Investing Activities	-21	-32	-31	-41	-30	-35	-27	-27	-27	-38	-43
Net Cash From Continuing Investing Activities	-21	-32	-31	-41	-30	-35	-27	-27	-27	-38	-43
Purchase of Property, Plant & Equipment	-21	-32	-31	-41	-30	-35	-27	-27	-27	-38	-43
Net Cash From Financing Activities	42	72	-88	7.44	-42	-18	0.11	0.55	-6.71	0.10	1.30
Net Cash From Continuing Financing Activities	42	72	-88	7.44	-42	-18	0.11	0.55	-6.71	0.10	1.30
Repayment of Debt	-0.22	-0.20	-0.21	-0.21	-0.21	-0.22	-0.23	-0.21	-0.21	-0.21	-0.22
Other Financing Activities, net	-4.16	-0.09	0.08	0.68	-1.96	8.13	0.34	0.75	-6.49	0.31	1.52
Cash Interest Paid	0.53	1.11	2.36	1.83	1.15	0.25	0.53	0.45	0.32	0.36	0.37
Cash Income Taxes Paid	19	26	13	1.85	0.65	2.18	43	12	0.58	17	11

This table presents Boot Barn's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	3/28/2015	3/26/2016	4/1/2017	3/31/2018	3/30/2019	3/28/2020	3/27/2021	3/26/2022	4/1/2023	3/30/2024
Total Assets	326	539	566	588	636	925	934	1,200	1,517	1,706
Total Current Assets	145	203	224	241	277	385	374	542	669	730
Cash & Equivalents	1.45	7.20	8.04	9.02	17	70	73	21	18	76
Accounts Receivable	3.86	4.13	4.35	4.39	8.10	12	13	9.66	13	9.96
Inventories, net	129	176	189	211	241	289	276	474	589	599
Prepaid Expenses	11	16	23	16	12	14	13	37	48	45
Plant, Property, & Equipment, net	30	76	83	89	99	110	110	155	257	324
Total Noncurrent Assets	151	260	259	258	260	430	449	503	591	652
Goodwill	93	193	193	193	196	198	198	198	198	198
Intangible Assets	57	65	65	63	63	61	61	61	61	59
Other Noncurrent Operating Assets	0.57	2.08	0.96	1.13	1.37	172	190	244	333	396
Total Liabilities & Shareholders' Equity	326	539	566	588	636	925	934	1,200	1,517	1,706
Total Liabilities	184	378	386	373	372	603	539	600	741	762
Total Current Liabilities	86	152	148	151	152	313	222	336	375	313
Accounts Payable	45	67	77	90	105	95	105	131	134	133
Accrued Expenses	24	36	36	40	47	53	78	133	123	116
Other Current Liabilities	-	-	-	-	0.00	35	39	43	52	63
Total Noncurrent Liabilities	97	226	238	222	220	290	317	264	366	449
Noncurrent Deferred & Payable Income Tax Liabilities	21	12	21	13	17	20	22	27	33	42
Other Noncurrent Operating Liabilities	4.07	12	18	19	22	162	185	237	333	407
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	142	161	180	215	264	322	395	600	776	944
Total Preferred & Common Equity	142	161	180	215	264	322	395	600	776	944
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	142	161	180	215	264	322	395	600	776	944
Common Stock	129	138	142	148	159	169	184	199	210	233
Retained Earnings	14	24	38	67	106	154	213	405	576	723
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-12

This table presents Boot Barn's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/25/2021	6/25/2022	9/24/2022	12/24/2022	7/1/2023	9/30/2023	12/30/2023	6/29/2024	9/28/2024	12/28/2024
Total Assets	1,188	1,321	1,486	1,512	1,506	1,578	1,674	1,774	1,867	2,013
Total Current Assets	563	617	715	709	632	673	735	756	807	899
Cash & Equivalents	115	16	20	50	17	39	107	83	37	153
Accounts Receivable	7.89	9.24	11	15	12	9.32	10	7.92	7.89	10
Inventories, net	386	534	641	592	566	586	563	627	713	690
Prepaid Expenses	54	58	43	52	37	39	54	38	49	46
Plant, Property, & Equipment, net	137	177	204	232	276	294	308	347	368	398
Total Noncurrent Assets	489	526	567	572	598	612	630	672	691	715
Goodwill	198	198	198	198	198	198	198	198	198	198
Intangible Assets	61	61	61	61	61	61	61	59	59	59
Other Noncurrent Operating Assets	230	268	309	314	340	354	372	416	435	459
Total Liabilities & Shareholders' Equity	1,188	1,321	1,486	1,512	1,506	1,578	1,674	1,774	1,867	2,013
Total Liabilities	635	682	812	783	693	726	763	793	850	922
Total Current Liabilities	388	391	481	445	313	329	344	323	358	409
Accounts Payable	189	152	171	154	108	140	132	134	154	129
Accrued Expenses	157	119	117	183	124	133	153	121	134	209
Other Current Liabilities	42	45	47	49	55	56	59	68	71	70
Total Noncurrent Liabilities	246	291	331	338	380	397	419	470	492	513
Noncurrent Deferred & Payable Income Tax Liabilities	23	28	28	27	34	36	40	42	41	38
Other Noncurrent Operating Liabilities	224	262	302	311	346	361	379	427	450	476
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	553	640	674	729	814	852	911	982	1,017	1,091
Total Preferred & Common Equity	553	640	674	729	814	852	911	982	1,017	1,091
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	553	640	674	729	814	852	911	982	1,017	1,091
Common Stock	197	204	206	209	215	226	229	239	245	244
Retained Earnings	361	445	477	530	610	638	694	762	791	866
Other Equity Adjustments	-	-	-	-	-	-	-	-19	-20	-20

This table displays calculated financial ratios and metrics derived from Boot Barn's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	3/28/2015	3/26/2016	4/1/2017	3/31/2018	3/30/2019	3/28/2020	3/27/2021	3/26/2022	4/1/2023	3/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.43%	41.31%	10.68%	7.64%	14.59%	8.85%	5.67%	66.57%	11.38%	0.57%
EBITDA Growth	50.81%	-4.87%	20.97%	16.00%	30.79%	50.41%	14.89%	123.97%	-18.07%	13.67%
EBIT Growth	72.48%	-14.80%	25.08%	22.31%	39.07%	14.45%	17.75%	198.04%	-10.30%	-13.87%
NOPAT Growth	69.37%	-21.37%	34.75%	84.48%	22.06%	11.99%	13.31%	196.59%	-11.08%	-15.65%
Net Income Growth	142.58%	-28.13%	43.87%	103.42%	35.12%	22.88%	23.85%	224.07%	-11.38%	-13.81%
EPS Growth	92.86%	-31.48%	43.24%	98.11%	28.57%	21.48%	22.56%	214.93%	-11.22%	-14.59%
Operating Cash Flow Growth	-9.95%	186.14%	24.97%	7.41%	43.12%	-59.98%	515.88%	-43.01%	0.03%	165.60%
Free Cash Flow Firm Growth	101.35%	-5,943.13%	114.44%	38.07%	30.48%	-109.61%	3,306.82%	-83.48%	-300.64%	349.50%
Invested Capital Growth	9.09%	75.46%	0.14%	2.85%	2.75%	14.58%	-12.12%	40.79%	35.68%	5.28%
Revenue Q/Q Growth	0.00%	1.57%	8.80%	1.16%	2.91%	-0.49%	8.53%	9.12%	2.62%	-2.18%
EBITDA Q/Q Growth	0.00%	-2.75%	3.80%	5.60%	7.36%	1.52%	19.99%	22.89%	-11.92%	13.06%
EBIT Q/Q Growth	0.00%	-5.62%	5.76%	7.48%	8.84%	-8.57%	36.82%	12.81%	0.27%	-10.65%
NOPAT Q/Q Growth	0.00%	-10.16%	9.71%	12.92%	2.42%	-5.54%	37.52%	10.61%	1.38%	-11.11%
Net Income Q/Q Growth	0.00%	0.50%	-0.50%	17.34%	4.95%	-5.83%	46.40%	11.70%	1.00%	-10.35%
EPS Q/Q Growth	0.00%	-5.13%	-1.85%	16.67%	3.05%	-5.20%	45.65%	11.05%	1.26%	-10.61%
Operating Cash Flow Q/Q Growth	-22.95%	-29.32%	-9.41%	-3.13%	0.15%	-47.75%	48.33%	-53.20%	707.07%	-2.57%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-13.80%	-0.40%	-1.89%	-115.89%	68.47%	-84.62%	67.06%	3.93%
Invested Capital Q/Q Growth	0.00%	8.23%	9.89%	11.05%	11.31%	16.27%	9.01%	38.53%	11.71%	7.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.47%	30.44%	30.15%	30.67%	32.37%	32.70%	33.00%	38.64%	36.83%	36.86%
EBITDA Margin	12.01%	8.09%	8.84%	9.53%	10.87%	15.02%	16.34%	21.96%	16.16%	18.26%
Operating Margin	8.80%	5.31%	6.00%	6.82%	8.28%	8.71%	9.66%	17.36%	13.98%	11.89%
EBIT Margin	8.81%	5.31%	6.00%	6.82%	8.28%	8.71%	9.70%	17.36%	13.98%	11.97%
Profit (Net Income) Margin	3.41%	1.73%	2.25%	4.26%	5.02%	5.67%	6.65%	12.93%	10.29%	8.82%
Tax Burden Percent	61.86%	57.00%	61.41%	92.62%	81.30%	79.50%	76.88%	76.19%	75.51%	74.48%
Interest Burden Percent	62.55%	57.26%	61.13%	67.41%	74.61%	81.92%	89.11%	97.76%	97.46%	98.88%
Effective Tax Rate	38.14%	43.00%	38.59%	7.38%	18.70%	20.50%	23.12%	23.81%	24.49%	25.52%
Return on Invested Capital (ROIC)	9.91%	5.42%	5.73%	10.42%	12.37%	12.74%	14.39%	37.89%	24.45%	17.45%
ROIC Less NNEP Spread (ROIC-NNEP)	2.31%	0.98%	1.88%	3.89%	5.13%	6.37%	7.61%	18.22%	8.43%	21.93%
Return on Net Nonoperating Assets (RNNOA)	2.19%	1.07%	2.59%	4.22%	3.93%	3.63%	2.19%	0.82%	0.34%	-0.36%
Return on Equity (ROE)	12.10%	6.49%	8.32%	14.64%	16.30%	16.37%	16.57%	38.70%	24.79%	17.09%
Cash Return on Invested Capital (CROIC)	1.21%	-49.37%	5.59%	7.61%	9.66%	-0.85%	27.29%	4.00%	-5.83%	12.31%
Operating Return on Assets (OROA)	11.48%	6.99%	6.85%	8.02%	10.51%	9.43%	9.33%	24.22%	17.06%	12.39%
Return on Assets (ROA)	4.44%	2.28%	2.57%	5.01%	6.38%	6.14%	6.39%	18.04%	12.55%	9.12%
Return on Common Equity (ROCE)	11.88%	6.49%	8.32%	14.64%	16.30%	16.37%	16.57%	38.70%	24.79%	17.09%
Return on Equity Simple (ROE_SIMPLE)	9.64%	6.11%	7.89%	13.46%	14.77%	14.91%	15.04%	32.09%	21.97%	15.58%
Net Operating Profit after Tax (NOPAT)	22	17	23	43	52	59	66	197	175	148
NOPAT Margin	5.44%	3.03%	3.69%	6.32%	6.73%	6.93%	7.43%	13.23%	10.56%	8.86%
Net Nonoperating Expense Percent (NNEP)	7.60%	4.44%	3.85%	6.52%	7.24%	6.36%	6.77%	19.67%	16.01%	-4.48%
Cost of Revenue to Revenue	66.53%	69.56%	69.85%	69.33%	67.63%	67.30%	67.00%	61.36%	63.17%	63.14%
SG&A Expenses to Revenue	24.67%	24.97%	24.14%	23.85%	24.09%	23.99%	23.34%	21.28%	22.85%	24.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.67%	25.13%	24.14%	23.85%	24.09%	23.99%	23.34%	21.28%	22.85%	24.97%
Earnings before Interest and Taxes (EBIT)	35	30	38	46	64	74	87	258	232	200
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	48	46	56	65	84	127	146	327	268	304
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.19	1.52	1.46	2.24	3.16	1.20	4.65	4.78	2.94	3.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	152.72	6.09	13.45	8.39	4.41	4.19
Price to Revenue (P/Rev)	1.48	0.43	0.42	0.71	1.07	0.45	2.05	1.92	1.38	1.73
Price to Earnings (P/E)	43.47	24.94	18.49	16.65	21.37	8.02	30.92	14.88	13.40	19.61
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.30%	4.01%	5.41%	6.01%	4.68%	12.46%	3.23%	6.72%	7.46%	5.10%
Enterprise Value to Invested Capital (EV/IC)	2.97	1.21	1.20	1.64	2.33	1.13	4.34	4.73	2.83	3.24
Enterprise Value to Revenue (EV/Rev)	1.70	0.86	0.78	1.01	1.29	0.66	2.10	1.93	1.41	1.68
Enterprise Value to EBITDA (EV/EBITDA)	14.16	10.64	8.77	10.58	11.82	4.36	12.83	8.79	8.71	9.22
Enterprise Value to EBIT (EV/EBIT)	19.31	16.19	12.91	14.77	15.52	7.53	21.60	11.12	10.07	14.06
Enterprise Value to NOPAT (EV/NOPAT)	31.25	28.41	21.02	15.95	19.09	9.46	28.22	14.59	13.33	19.02
Enterprise Value to Operating Cash Flow (EV/OCF)	59.53	14.87	11.86	15.46	15.78	21.88	12.01	32.32	26.25	11.89
Enterprise Value to Free Cash Flow (EV/FCFF)	255.06	0.00	21.54	21.84	24.45	0.00	14.88	138.07	0.00	26.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	1.55	1.30	0.99	0.69	0.74	0.28	0.05	0.09	0.00
Long-Term Debt to Equity	0.51	1.24	1.11	0.89	0.69	0.34	0.28	0.00	0.00	0.00
Financial Leverage	0.95	1.09	1.37	1.09	0.77	0.57	0.29	0.04	0.04	-0.02
Leverage Ratio	2.72	2.85	3.24	2.92	2.56	2.66	2.59	2.15	1.97	1.87
Compound Leverage Factor	1.70	1.63	1.98	1.97	1.91	2.18	2.31	2.10	1.92	1.85
Debt to Total Capital	38.68%	60.82%	56.50%	49.64%	40.66%	42.62%	21.75%	4.54%	7.84%	0.00%
Short-Term Debt to Total Capital	7.66%	12.09%	8.30%	4.93%	0.00%	23.17%	0.00%	4.54%	7.84%	0.00%
Long-Term Debt to Total Capital	31.02%	48.73%	48.20%	44.71%	40.66%	19.45%	21.75%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.32%	39.18%	43.50%	50.36%	59.34%	57.38%	78.25%	95.46%	92.16%	100.00%
Debt to EBITDA	1.86	5.45	4.20	3.28	2.14	1.88	0.75	0.09	0.25	0.00
Net Debt to EBITDA	1.83	5.29	4.05	3.14	1.95	1.33	0.25	0.02	0.18	0.00
Long-Term Debt to EBITDA	1.49	4.36	3.58	2.95	2.14	0.86	0.75	0.00	0.00	0.00
Debt to NOPAT	4.10	14.55	10.06	4.94	3.46	4.08	1.65	0.15	0.38	0.00
Net Debt to NOPAT	4.03	14.13	9.72	4.73	3.14	2.89	0.55	0.04	0.27	0.00
Long-Term Debt to NOPAT	3.29	11.65	8.58	4.45	3.46	1.86	1.65	0.00	0.00	0.00
Altman Z-Score	3.82	1.81	2.00	2.53	3.37	1.89	3.82	5.49	4.21	4.52
Noncontrolling Interest Sharing Ratio	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.68	1.33	1.52	1.60	1.83	1.23	1.69	1.61	1.79	2.33
Quick Ratio	0.06	0.07	0.08	0.09	0.16	0.26	0.39	0.09	0.08	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.69	-157	23	31	41	-3.93	126	21	-42	104
Operating Cash Flow to CapEx	81.77%	91.15%	184.59%	181.01%	229.83%	68.07%	548.56%	147.02%	71.38%	198.75%
Free Cash Flow to Firm to Interest Expense	0.20	-12.14	1.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.87	2.55	2.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.19	-0.25	1.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.30	1.32	1.14	1.18	1.27	1.08	0.96	1.40	1.22	1.03
Accounts Receivable Turnover	133.03	142.36	148.45	155.08	124.46	83.80	71.89	132.68	145.36	144.27
Inventory Turnover	2.31	2.59	2.41	2.35	2.32	2.15	2.12	2.44	1.97	1.77
Fixed Asset Turnover	15.64	10.72	7.93	7.89	8.27	8.12	8.12	11.20	8.04	5.74
Accounts Payable Turnover	6.64	7.12	6.11	5.61	5.39	5.68	5.99	7.74	7.88	7.88
Days Sales Outstanding (DSO)	2.74	2.56	2.46	2.35	2.93	4.36	5.08	2.75	2.51	2.53
Days Inventory Outstanding (DIO)	158.05	140.93	151.59	155.53	157.07	169.79	172.09	149.90	185.42	206.09
Days Payable Outstanding (DPO)	54.95	51.27	59.75	65.01	67.70	64.23	60.97	47.17	46.30	46.31
Cash Conversion Cycle (CCC)	105.84	92.22	94.30	92.87	92.30	109.92	116.20	105.48	141.63	162.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	231	405	406	417	429	491	432	608	824	868
Invested Capital Turnover	1.82	1.79	1.55	1.65	1.84	1.84	1.94	2.86	2.32	1.97
Increase / (Decrease) in Invested Capital	19	174	0.56	12	11	62	-60	176	217	43
Enterprise Value (EV)	685	490	488	683	998	554	1,873	2,872	2,333	2,807
Market Capitalization	597	246	263	481	834	385	1,836	2,864	2,285	2,883
Book Value per Share	$5.54	$6.13	$6.78	$7.91	$9.32	$11.18	$13.61	$20.21	$26.04	$31.14
Tangible Book Value per Share	($0.30)	($3.66)	($2.93)	($1.54)	$0.19	$2.20	$4.71	$11.51	$17.38	$22.69
Total Capital	232	412	414	426	445	561	505	628	842	944
Total Debt	90	251	234	212	181	239	110	29	66	0.00
Total Long-Term Debt	72	201	199	191	181	109	110	0.00	0.00	0.00
Net Debt	88	244	226	202	164	169	37	7.88	48	-76
Capital Expenditures (CapEx)	14	36	22	24	28	37	28	60	125	119
Debt-free, Cash-free Net Working Capital (DFCFNWC)	75	94	103	102	109	132	80	213	342	341
Debt-free Net Working Capital (DFNWC)	77	101	111	111	125	202	153	234	360	417
Net Working Capital (NWC)	59	51	77	90	125	72	153	205	294	417
Net Nonoperating Expense (NNE)	8.19	7.37	9.03	14	13	11	6.98	4.38	4.46	0.63
Net Nonoperating Obligations (NNO)	88	244	226	202	164	169	37	7.88	48	-76
Total Depreciation and Amortization (D&A)	13	16	18	18	20	53	59	69	36	105
Debt-free, Cash-free Net Working Capital to Revenue	18.66%	16.44%	16.32%	15.06%	14.00%	15.65%	8.91%	14.33%	20.64%	20.46%
Debt-free Net Working Capital to Revenue	19.02%	17.71%	17.60%	16.39%	16.14%	23.88%	17.10%	15.72%	21.74%	25.01%
Net Working Capital to Revenue	14.60%	8.95%	12.15%	13.29%	16.14%	8.52%	17.10%	13.80%	17.76%	25.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.56	$0.38	$0.54	$1.08	$1.39	$1.68	$0.00	$6.51	$5.72	$4.87
Adjusted Weighted Average Basic Shares Outstanding	22.13M	26.17M	26.46M	26.74M	28.09M	28.58M	0.00	29.56M	29.81M	30.17M
Adjusted Diluted Earnings per Share	$0.54	$0.37	$0.53	$1.05	$1.35	$1.64	$0.00	$6.33	$5.62	$4.80
Adjusted Weighted Average Diluted Shares Outstanding	22.89M	26.96M	26.94M	27.53M	28.81M	29.22M	0.00	30.39M	30.37M	30.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.82M	26.41M	26.59M	27.48M	28.36M	28.81M	0.00	29.74M	29.91M	30.40M
Normalized Net Operating Profit after Tax (NOPAT)	22	18	23	43	52	59	66	197	175	148
Normalized NOPAT Margin	5.44%	3.12%	3.69%	6.32%	6.73%	6.93%	7.43%	13.23%	10.56%	8.86%
Pre Tax Income Margin	5.51%	3.04%	3.67%	4.60%	6.18%	7.13%	8.65%	16.97%	13.63%	11.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.67	2.34	2.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.65	1.33	1.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.61	-0.46	1.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.59	-1.46	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	300.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	300.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Boot Barn's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/25/2022	9/24/2022	12/24/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.43%	12.42%	5.90%	11.05%	4.88%	6.52%	1.14%	-8.74%	10.34%	13.71%	16.87%
EBITDA Growth	17.01%	-44.74%	0.85%	-33.22%	-1.57%	52.78%	25.48%	48.28%	15.38%	13.49%	29.56%
EBIT Growth	-2.97%	-11.93%	-21.33%	1.02%	-10.90%	-12.73%	4.05%	-37.81%	9.36%	6.23%	31.89%
NOPAT Growth	-5.91%	-14.64%	-22.78%	5.21%	-13.04%	-15.18%	2.45%	-38.96%	11.09%	3.44%	35.06%
Net Income Growth	-3.26%	-15.34%	-23.77%	3.79%	-12.88%	-13.65%	5.40%	-36.57%	13.59%	6.32%	34.95%
EPS Growth	-4.44%	-15.20%	-23.35%	4.79%	-12.40%	-15.09%	4.02%	-37.25%	11.50%	5.56%	34.25%
Operating Cash Flow Growth	-155.62%	-1,681.26%	5.11%	101.81%	374.77%	305.28%	-36.32%	-338.38%	-41.65%	-110.41%	65.42%
Free Cash Flow Firm Growth	-368.15%	-1,544.83%	-982.08%	-29.31%	59.06%	105.57%	95.86%	91.41%	58.80%	-985.89%	-477.77%
Invested Capital Growth	58.89%	63.12%	68.25%	35.68%	17.82%	1.58%	8.93%	5.28%	9.19%	20.35%	16.66%
Revenue Q/Q Growth	-4.55%	-3.91%	46.37%	-17.28%	-9.86%	-2.41%	38.97%	-25.35%	8.99%	0.57%	42.83%
EBITDA Q/Q Growth	-34.59%	-41.35%	95.42%	-10.91%	-3.60%	-8.97%	60.51%	73.53%	-24.99%	-10.46%	83.24%
EBIT Q/Q Growth	-16.24%	-15.34%	64.35%	-13.32%	-26.12%	-17.09%	95.96%	-48.19%	29.92%	-19.46%	143.29%
NOPAT Q/Q Growth	-11.10%	-17.48%	64.54%	-12.84%	-26.52%	-19.52%	98.73%	-48.07%	33.73%	-25.06%	159.49%
Net Income Q/Q Growth	-12.07%	-18.48%	64.63%	-12.06%	-26.19%	-19.19%	100.95%	-47.08%	32.17%	-24.37%	155.08%
EPS Q/Q Growth	-11.64%	-17.83%	64.15%	-12.07%	-26.14%	-20.35%	101.11%	-46.96%	31.25%	-24.60%	155.79%
Operating Cash Flow Q/Q Growth	74.66%	-41.14%	510.20%	-98.77%	3,754.22%	5.45%	27.25%	-104.61%	1,043.39%	-118.81%	2,122.72%
Free Cash Flow Firm Q/Q Growth	-67.07%	-26.57%	11.55%	30.86%	47.10%	117.21%	-165.78%	-43.43%	-153.76%	-270.00%	57.10%
Invested Capital Q/Q Growth	14.95%	14.70%	-7.89%	11.71%	-0.18%	-1.10%	-1.22%	7.96%	3.53%	9.00%	-4.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.67%	36.72%	36.50%	36.61%	37.00%	35.76%	38.26%	35.90%	37.02%	35.90%	39.28%
EBITDA Margin	19.50%	11.90%	15.89%	17.12%	18.30%	17.07%	19.72%	27.81%	19.14%	17.04%	21.86%
Operating Margin	14.33%	12.56%	14.09%	14.73%	12.05%	10.30%	14.44%	9.85%	11.86%	9.39%	16.35%
EBIT Margin	14.25%	12.56%	14.10%	14.78%	12.11%	10.29%	14.51%	10.07%	12.00%	9.61%	16.37%
Profit (Net Income) Margin	10.75%	9.12%	10.26%	10.90%	8.93%	7.39%	10.69%	7.58%	9.19%	6.91%	12.34%
Tax Burden Percent	76.45%	74.91%	75.07%	75.63%	75.37%	72.72%	74.19%	75.71%	77.10%	72.58%	75.70%
Interest Burden Percent	98.61%	96.92%	96.89%	97.56%	97.80%	98.80%	99.31%	99.41%	99.31%	99.06%	99.58%
Effective Tax Rate	23.55%	25.09%	24.93%	24.37%	24.63%	27.28%	25.81%	24.29%	22.90%	27.42%	24.30%
Return on Invested Capital (ROIC)	29.80%	23.10%	29.04%	25.80%	20.01%	15.76%	23.69%	14.69%	18.14%	13.36%	26.25%
ROIC Less NNEP Spread (ROIC-NNEP)	27.20%	21.61%	32.15%	22.13%	18.24%	14.92%	23.94%	11.22%	17.63%	12.29%	26.42%
Return on Net Nonoperating Assets (RNNOA)	1.47%	2.56%	-2.66%	0.90%	0.85%	0.86%	-1.44%	-0.18%	-0.73%	-0.50%	-3.43%
Return on Equity (ROE)	31.28%	25.67%	26.38%	26.70%	20.86%	16.62%	22.25%	14.50%	17.41%	12.86%	22.81%
Cash Return on Invested Capital (CROIC)	-11.33%	-18.77%	-21.54%	-5.83%	5.96%	18.84%	13.00%	12.31%	8.82%	-1.46%	4.38%
Operating Return on Assets (OROA)	19.42%	15.79%	16.87%	18.03%	14.35%	11.41%	15.52%	10.42%	12.49%	9.81%	16.40%
Return on Assets (ROA)	14.64%	11.47%	12.27%	13.30%	10.58%	8.19%	11.44%	7.84%	9.56%	7.05%	12.36%
Return on Common Equity (ROCE)	31.28%	25.67%	26.38%	26.70%	20.86%	16.62%	22.25%	14.50%	17.41%	12.86%	22.81%
Return on Equity Simple (ROE_SIMPLE)	29.88%	27.50%	23.16%	0.00%	20.34%	18.90%	18.00%	0.00%	15.45%	15.09%	15.85%
Net Operating Profit after Tax (NOPAT)	40	33	54	47	35	28	56	29	39	29	75
NOPAT Margin	10.96%	9.41%	10.58%	11.14%	9.08%	7.49%	10.71%	7.45%	9.15%	6.81%	12.38%
Net Nonoperating Expense Percent (NNEP)	2.61%	1.49%	-3.11%	3.68%	1.77%	0.84%	-0.26%	3.47%	0.51%	1.08%	-0.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	6.12%	-	-	-	6.90%
Cost of Revenue to Revenue	62.33%	63.28%	63.50%	63.39%	63.00%	64.24%	61.74%	64.10%	62.98%	64.10%	60.72%
SG&A Expenses to Revenue	23.34%	24.16%	22.41%	21.88%	24.95%	25.46%	23.82%	26.05%	25.16%	26.51%	22.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.34%	24.16%	22.41%	21.88%	24.95%	25.46%	23.82%	26.05%	25.16%	26.51%	22.92%
Earnings before Interest and Taxes (EBIT)	52	44	73	63	46	39	75	39	51	41	100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	42	82	73	70	64	103	108	81	73	133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.62	2.52	2.52	2.94	3.11	2.86	2.55	3.06	3.99	4.95	4.39
Price to Tangible Book Value (P/TBV)	6.08	4.09	3.91	4.41	4.56	4.10	3.56	4.19	5.40	6.62	5.73
Price to Revenue (P/Rev)	1.50	1.07	1.14	1.38	1.51	1.43	1.36	1.73	2.30	2.87	2.59
Price to Earnings (P/E)	12.13	9.17	10.89	13.40	15.31	15.11	14.18	19.61	25.84	32.83	27.67
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.24%	10.90%	9.18%	7.46%	6.53%	6.62%	7.05%	5.10%	3.87%	3.05%	3.61%
Enterprise Value to Invested Capital (EV/IC)	3.40	2.28	2.50	2.83	3.09	2.94	2.76	3.24	4.27	5.11	4.94
Enterprise Value to Revenue (EV/Rev)	1.54	1.15	1.14	1.41	1.52	1.41	1.30	1.68	2.25	2.84	2.51
Enterprise Value to EBITDA (EV/EBITDA)	7.05	6.02	6.08	8.71	9.53	8.30	7.16	9.22	12.17	15.44	13.07
Enterprise Value to EBIT (EV/EBIT)	9.26	7.28	8.00	10.07	11.24	10.87	9.93	14.06	18.81	24.23	20.09
Enterprise Value to NOPAT (EV/NOPAT)	12.23	9.68	10.70	13.33	14.97	14.55	13.35	19.02	25.32	32.80	26.92
Enterprise Value to Operating Cash Flow (EV/OCF)	141.76	0.00	0.00	26.25	13.71	8.08	9.15	11.89	18.57	40.27	24.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	56.04	15.75	22.13	26.96	50.55	0.00	121.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.22	0.08	0.09	0.03	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.05	0.12	-0.08	0.04	0.05	0.06	-0.06	-0.02	-0.04	-0.04	-0.13
Leverage Ratio	2.10	2.18	2.11	1.97	1.95	2.01	1.94	1.87	1.83	1.84	1.84
Compound Leverage Factor	2.08	2.12	2.04	1.93	1.90	1.98	1.93	1.86	1.81	1.83	1.83
Debt to Total Capital	10.48%	17.89%	7.49%	7.84%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	10.48%	17.89%	7.49%	7.84%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	89.52%	82.11%	92.51%	92.16%	96.88%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.22	0.48	0.19	0.25	0.10	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.17	0.42	0.03	0.18	0.03	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.39	0.78	0.34	0.38	0.15	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.30	0.67	0.05	0.27	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.02	3.06	3.33	3.84	4.23	4.00	3.86	4.21	4.92	5.45	5.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	1.48	1.59	1.79	2.02	2.05	2.14	2.33	2.34	2.25	2.20
Quick Ratio	0.06	0.06	0.15	0.08	0.09	0.15	0.34	0.27	0.28	0.13	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-219	-277	-245	-169	-90	15	-10	-15	-37	-137	-59
Operating Cash Flow to CapEx	-123.68%	-115.00%	487.59%	4.43%	236.84%	214.58%	357.00%	-15.93%	152.63%	-20.27%	365.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.36	1.26	1.20	1.22	1.19	1.11	1.07	1.03	1.04	1.02	1.00
Accounts Receivable Turnover	160.89	130.80	142.30	145.36	159.24	166.67	135.30	144.27	173.10	204.34	179.04
Inventory Turnover	2.29	1.98	2.07	1.97	1.93	1.76	1.86	1.77	1.81	1.71	1.85
Fixed Asset Turnover	10.60	9.67	8.77	8.04	7.39	6.82	6.32	5.74	5.48	5.31	5.23
Accounts Payable Turnover	7.25	6.28	5.90	7.88	8.16	6.94	7.52	7.88	8.90	7.57	8.88
Days Sales Outstanding (DSO)	2.27	2.79	2.57	2.51	2.29	2.19	2.70	2.53	2.11	1.79	2.04
Days Inventory Outstanding (DIO)	159.45	184.76	176.39	185.42	189.37	207.49	196.46	206.09	202.13	213.52	197.59
Days Payable Outstanding (DPO)	50.36	58.09	61.90	46.30	44.71	52.59	48.56	46.31	41.02	48.23	41.12
Cash Conversion Cycle (CCC)	111.35	129.46	117.05	141.63	146.96	157.09	150.61	162.30	163.22	167.08	158.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	698	801	738	824	823	814	804	868	898	979	938
Invested Capital Turnover	2.72	2.46	2.75	2.32	2.20	2.10	2.21	1.97	1.98	1.96	2.12
Increase / (Decrease) in Invested Capital	259	310	299	217	124	13	66	43	76	166	134
Enterprise Value (EV)	2,377	1,827	1,848	2,333	2,542	2,396	2,217	2,807	3,836	4,999	4,629
Market Capitalization	2,318	1,700	1,839	2,285	2,533	2,435	2,325	2,883	3,919	5,037	4,782
Book Value per Share	$21.50	$22.61	$24.46	$26.04	$27.21	$28.42	$30.08	$31.14	$32.30	$33.33	$35.73
Tangible Book Value per Share	$12.82	$13.95	$15.80	$17.38	$18.57	$19.81	$21.55	$22.69	$23.87	$24.93	$27.33
Total Capital	714	821	788	842	840	852	911	944	982	1,017	1,091
Total Debt	75	147	59	66	26	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	59	127	8.68	48	9.12	-39	-107	-76	-83	-37	-153
Capital Expenditures (CapEx)	21	32	31	41	30	35	27	27	27	38	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	285	361	273	342	328	305	284	341	349	411	337
Debt-free Net Working Capital (DFNWC)	301	380	323	360	345	344	392	417	433	449	490
Net Working Capital (NWC)	227	233	264	294	319	344	392	417	433	449	490
Net Nonoperating Expense (NNE)	0.76	1.02	1.65	1.02	0.60	0.37	0.13	-0.49	-0.19	-0.41	0.23
Net Nonoperating Obligations (NNO)	59	127	8.68	48	9.12	-39	-107	-76	-83	-37	-153
Total Depreciation and Amortization (D&A)	19	-2.30	9.22	9.96	24	25	27	69	30	32	33
Debt-free, Cash-free Net Working Capital to Revenue	18.44%	22.72%	16.87%	20.64%	19.58%	17.96%	16.69%	20.46%	20.48%	23.40%	18.28%
Debt-free Net Working Capital to Revenue	19.48%	23.96%	19.99%	21.74%	20.60%	20.24%	22.97%	25.01%	25.36%	25.52%	26.56%
Net Working Capital to Revenue	14.64%	14.71%	16.34%	17.76%	19.04%	20.24%	22.97%	25.01%	25.36%	25.52%	26.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.32	$1.08	$1.77	$1.55	$1.14	$0.92	$1.84	$0.97	$1.28	$0.96	$2.46
Adjusted Weighted Average Basic Shares Outstanding	29.75M	29.81M	29.81M	29.81M	29.92M	30.14M	30.29M	30.17M	30.43M	30.51M	30.56M
Adjusted Diluted Earnings per Share	$1.29	$1.06	$1.74	$1.53	$1.13	$0.90	$1.81	$0.96	$1.26	$0.95	$2.43
Adjusted Weighted Average Diluted Shares Outstanding	30.39M	30.31M	30.29M	30.37M	30.44M	30.63M	30.65M	30.61M	30.82M	30.90M	30.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.81M	29.81M	29.82M	29.91M	29.99M	30.28M	30.30M	30.40M	30.50M	30.53M	30.59M
Normalized Net Operating Profit after Tax (NOPAT)	40	33	54	47	35	28	56	29	39	29	75
Normalized NOPAT Margin	10.96%	9.41%	10.58%	11.14%	9.08%	7.49%	10.71%	7.45%	9.15%	6.81%	12.38%
Pre Tax Income Margin	14.06%	12.17%	13.66%	14.42%	11.84%	10.17%	14.41%	10.01%	11.92%	9.52%	16.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Boot Barn Holdings, Inc. (NYSE: BOOT) has shown notable financial trends over the past four years across key metrics including revenue growth, profitability, cash flow, and balance sheet strength.

Key Positive Trends:

Consistent Revenue Growth: Operating revenue increased from approximately $365.9 million in Q1 2023 to $608.2 million in Q3 2025, representing strong top-line growth.
Improvement in Net Income: Net income rose from $39.3 million in Q1 2023 to $75.1 million in Q3 2025, more than doubling over this period.
Operating Income Growth: Operating income expanded from $52.4 million in Q1 2023 to nearly $99.5 million in Q3 2025, indicating improved operational efficiency.
Substantial Cash Flow from Operations: Boot Barn exhibited strong cash generation, with operating cash flow improving significantly to $157.1 million in Q3 2025 compared to $70.8 million in Q1 2023.
Increasing Asset Base: Total assets grew from $1.32 billion in Q1 2023 to $2.01 billion in Q3 2025, reflecting expansion and investment in property, plant, equipment as well as inventory growth.
Healthy Equity Growth: Total common equity increased from about $640 million in early 2023 to over $1.09 billion by late 2024, strengthening Boot Barn’s financial foundation.
Diluted EPS Growth: Diluted earnings per share rose steadily from $1.29 in Q1 2023 to $2.43 in Q3 2025, benefiting shareholders through improved profitability and stable share count.
Inventory Expansion Tracking Revenue: Inventory levels increased in line with revenue growth from $534 million in Q1 2023 to $690 million in Q3 2025, supporting higher sales volume.
Controlled Debt Levels: Modest repayments and careful management of debt have kept liabilities in check with a manageable increase in total liabilities from $682 million in Q1 2023 to $922 million in Q3 2025.

Neutral Factors to Monitor:

Amortization Expense Fluctuations: Notable variations in amortization expenses, peaking at $55 million in Q4 2024, which could impact net income volatility.
Seasonal Changes in Accounts Payable and Accrued Expenses: Fluctuations in accounts payable and accrued expenses across quarters affect working capital management.
Stable Share Count: Weighted average diluted shares outstanding have remained fairly stable around 30.5 million, indicating no major dilution but limited share repurchases.
Cash Interest Paid Steady: Interest expense in cash terms remained mildly variable around $0.3 to $2.3 million quarterly, not a major drag currently.

Areas of Concern:

Declines in Operating Cash Flow Quarters: Some quarters in 2024 showed negative net cash from operating activities (e.g., -$7.8 million in Q2 2025) due to working capital changes, which may signal operational challenges.
Volatility in Free Cash Flow: Substantial capital expenditures, ranging from $20 million to $42 million quarterly, puts pressure on free cash flow generation.
Increase in Current Liabilities: Total current liabilities have increased notably from $390 million in Q1 2023 to $409 million in Q3 2025, requiring monitoring of liquidity risk.
Fluctuating Net Cash from Financing Activities: Significant swings in debt issuance and repayments (including issuance as high as $87 million and repayments) add uncertainty around capital structure management.

Summary: Boot Barn has demonstrated solid growth in revenues, earnings, and cash flows over the last several years, supported by investments in inventories and capital assets. Earnings per share growth has rewarded shareholders without significant dilution. However, investors should watch intermittent operating cash flow volatility and the impact of high capital expenditures on free cash flow. The balance sheet shows expanding but manageable liabilities. Overall, Boot Barn's financial trajectory indicates a company scaling profitably while navigating working capital and investment demands.

10/24/25 11:38 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Boot Barn's Financials

When does Boot Barn's financial year end?

According to the most recent income statement we have on file, Boot Barn's fiscal year ends in March. Their fiscal year 2024 ended on March 30, 2024.

How has Boot Barn's net income changed over the last 9 years?

Boot Barn's net income appears to be on an upward trend, with a most recent value of $147.00 million in 2024, rising from $13.73 million in 2015. The previous period was $170.55 million in 2023. See where experts think Boot Barn is headed by visiting Boot Barn's forecast page.

What is Boot Barn's operating income?

Boot Barn's total operating income in 2024 was $198.21 million, based on the following breakdown:

Total Gross Profit: $614.42 million
Total Operating Expenses: $416.21 million

How has Boot Barn's revenue changed over the last 9 years?

Over the last 9 years, Boot Barn's total revenue changed from $402.68 million in 2015 to $1.67 billion in 2024, a change of 314.0%.

How much debt does Boot Barn have?

Boot Barn's total liabilities were at $761.95 million at the end of 2024, a 2.8% increase from 2023, and a 314.8% increase since 2015.

How much cash does Boot Barn have?

In the past 9 years, Boot Barn's cash and equivalents has ranged from $1.45 million in 2015 to $75.85 million in 2024, and is currently $75.85 million as of their latest financial filing in 2024.

How has Boot Barn's book value per share changed over the last 9 years?

Over the last 9 years, Boot Barn's book value per share changed from 5.54 in 2015 to 31.14 in 2024, a change of 462.2%.

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This page (NYSE:BOOT) was last updated on 10/24/2025 by MarketBeat.com Staff

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Boot Barn (BOOT) Financials

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Boot Barn (BOOT) Financials

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