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ZYBERNO

Stock Report

Updated Sep 1, 2026

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH)

Consumer Discretionary • NASDAQ

$1.19

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

19.0/100

POOR BUSINESS

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH) scores 19/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full SPWH quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+77.9%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

41.8%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

24.8%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full SPWH valuation analysis · → View full SPWH Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-26.2%)

Debt-to-Equity (Solvency Risk):CRITICAL (3.97x)

Operating Margin (Operational Efficiency):CRITICAL (-2.9%)

Return on Capital (Capital Efficiency):CRITICAL (-5.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH) stock report — Zyberno Score 19/100 (POOR BUSINESS), Margin of Safety +77.9%, 42% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, SPORTSMAN’S WAREHOUSE HOLDINGS, INC. (SPWH) trades at $1.19 against an estimated intrinsic value per share of $5.39 — a +77.9% Margin of Safety based on Owner Earnings of $13.32M TTM, projected at 5.4% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 41.8% annually.

Over the trailing twelve months, SPWH generated $13.32M in Owner Earnings. Capital was deployed as follows: $22.87M invested in capital expenditures. Reinvestment rate: 62.0%. Owner Earnings have grown at 5.4% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:1.19

Market Cap:$46.13M

Valuation Multiples (3)

P/B Ratio:0.28x

P/S Ratio:0.04x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$375.56M

Ev Ebitda Ratio:181.87x

Pfcf Ratio:3.55x

Price Action & Momentum (3)

12-1 Momentum:

-57.1% (5th pctile)

📈 Click to view full SPWH Momentum analysis →

Momentum Percentile:5 / 100

% of 52-Week High:33.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-26.2%

📊 Click to view full SPWH ROE analysis →

ROA:-5.9%

Roic:

-5.4%

📊 Click to view full SPWH ROIC analysis →

Reinvestment Rate:62.0%

Fundamental Growth Rate (g):-3.4%

Margin Analysis (3)

Operating Margin Ttm:-2.9%

Net Margin Ttm:-4.2%

Ebitda Margin:0.2%

TTM Performance (3)

Gross Margin Ttm:30.7%

Operating Margin Ttm:-2.9%

Net Margin Ttm:-4.2%

Yield Metrics (3)

Earnings Yield:-$106.56

Owner Earnings Yield:$28.17

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.54

📊 Click to view full SPWH Earnings Surprise analysis →

EPS Surprise vs Expected:24.8%

Latest Earnings Filed:2026-06-02

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-4.2%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):14.8%

Operating Cash Flow Growth Rate (Linear):16.6%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-29.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.18x

Quick Ratio:1.18x

Cash Ratio:0.01x

Leverage Analysis (3)

Debt To Equity Ttm:3.97x

Debt-to-Equity Ratio:3.97x

Debt To Ebitda:160.52x

Coverage Ratios (2)

Interest Coverage Ratio:-2.80x

Times Interest Earned:-2.80

Capital Structure (4)

Working Capital:61,949,000.00

Cash And Cash Equivalents:2,054,000.00

Long Term Debt:$276.49M

Net Debt:$329.43M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.22B

Linear Growth: -4.2%

📊 Click to view full SPWH Revenue analysis & methodology →

Cost Of Revenue Ttm:$842.50M

Profitability Breakdown (2)

Gross profit TTM: $373.66M

Linear Growth: -5.9%

📊 Click to view full SPWH Gross Profit analysis & methodology →

Operating income TTM: -$35.85M

Linear Growth: -29.3%

📊 Click to view full SPWH Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$50.66M

Linear Growth: -50.0%

📊 Click to view full SPWH Net Income analysis & methodology →

Income Before Tax:-$49.37M

Ebitda Ttm:2,065,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:391,672,000.00

Income Tax Expense:$1.29M

Interest Expense:13,364,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:153.0%

Ebitda Margin:0.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$838.00M

Current Assets:$410.70M

Ppe Net:417,107,000.00

Goodwill:1,496,000.00

Intangible Assets:$197.00K

Liability Structure (4)

Total Liabilities:670,799,000.00

Current Liabilities:348,755,000.00

Long Term Debt:$276.49M

Short Term Debt:$54.99M

Equity & Capital (3)

Equity:$167.20M

Retained Earnings:$77.42M

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:1,644,000.00

Inventory:0.00

Accounts Payable:75,892,000.00

Special Items (2)

Contract Liabilities:38,780,000.00

Stock Based Compensation:779,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $36.19M

Linear Growth: 16.6%

Free cash flow TTM: $13.32M

Linear Growth: 14.8%

📊 Click to view full SPWH Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$4.24M

Capital Expenditures Ttm:22,870,000.00

Financing Activities (3)

Financing Cash Flow:$60.00M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:37,916,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.30

Eps diluted TTM: -$1.30

Linear Growth: -50.0%

📊 Click to view full SPWH EPS analysis & methodology →

Earnings Per Share Ttm:-$1.31

Revenue & Cash Per Share (3)

Sales Per Share Ttm:31.37

Operating Cash Flow Per Share:$0.81

Fcf Per Share Ttm:0.34

Book Value & Capital (2)

Book Value Per Share:$4.31

Cash Per Share:0.05

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.40x

Working Capital Turnover Ttm:19.63x

Receivables Management (2)

Receivables Turnover Ttm:739.75x

Days Sales Outstanding Ttm:0.49

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:32.88

Cash Conversion Cycle:-1,031.39

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $13.32M

Linear Growth: 5.4%

📊 Click to view full SPWH Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.34

Owner Earnings Yield:$28.17

Growth Assessment (1)

Owner Earnings Growth Rate:$5.36

Damodaran Growth Analysis (2)

Reinvestment Rate:62.0%

Fundamental Growth Rate (g):-3.4%

Intrinsic Value Models (1)

Intrinsic Value:

$208.95M

📊 Click to view full SPWH DCF valuation →

Margin of Safety (1)

Margin Of Safety:

77.9%

📊 Click to view full SPWH valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

41.8%

📊 Click to view full SPWH expected return analysis →

Forward Expected Return (Yield + Growth):

24.8%

📊 Click to view full SPWH expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-4.2%

Net Income Growth Rate (Linear):-50.0%

Operating Income Growth Rate (Linear):-29.3%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):14.8%

Operating Cash Flow Growth Rate (Linear):16.6%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-5.9%

Book Value Growth Rate (Linear):-8.1%

Owner Earnings Growth Rate:$5.36

C. Company Profile & Context

Corporate Information (6)

Symbol:SPWH

Company Name:SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

Sector:Consumer Discretionary

Industry:Retail-Miscellaneous Shopping Goods Stores

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:38.76M

Shares Outstanding Basic:38.76M

Shares Outstanding Diluted:38.76M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 02:59:59 UTC

Data Timestamp:2026-08-20T10:28:43.335150