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Boot Barn Holdings

BOOT
62
Apparel - Retail · Consumer Cyclical
Price
$165.57
+5.35 (+3.34%)
Market Cap
$5.01B
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 27, 2026
How the score breaks down
Quality
Strong
Growth
Exceptional
Cash Flow
Strong
Stability
Good
Valuation
Good

Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.4M (2022) → 30.7M (2026)

Winston Score History

The full picture

Boot Barn is a retail chain that sells western and work-related clothing, boots, and accessories. Its main products include cowboy boots, hats, jeans, and durable workwear for people who work in industries like construction, oil and gas, and agriculture. It is the largest western and work-wear specialty retailer in the United States.

The company makes money by selling merchandise directly to customers in its physical stores and through its website. Boot Barn operates over 400 stores across more than 45 states, with a strong presence in the South, Southwest, and rural parts of the country. Its competitive edge comes from its scale, exclusive private-label brands, and a loyal customer base that shops for both functional work gear and western lifestyle products. The main risk is that its sales are tied to consumer spending, which tends to slow during economic downturns, making the business sensitive to broader economic conditions.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.5%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$141M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Boot Barn Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
40.4%
Healthy — 40.4% gross margin
Profit after running costs
Operating Margin
15.3%
Healthy — 15.3% operating margin
Return on the money invested
ROCE
23.5%
Exceptional — 23.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+17.6%
Fast-growing sales (+17.6% YoY)
Profit growth
EPS YoY
+24.5%
Earnings growing fast (+24.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
130%
Turns 130% of profit into real cash
Spare cash per sale
FCF Margin
5.0%
Thin free cash flow (5.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
208.33x
Comfortably covers interest (208.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.8x
Growth-priced — P/E 20.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.8 → 16.4)

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Dividends

Not applicable for this business.
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