Academy Sports and Outdoors, Inc. (ASO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+10.6%

$68.41

vs $61.84 price

Levered DCF

$55.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.85

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.72×	8.91×	9.36×	7.23×	5.1×	6.34×	9.77×	46.39×
P/B	1.69×	1.86×	2.49×	2.79×	2.34×	1.76×	-145.66×	117.72×
P/S	0.61×	0.63×	0.79×	0.71×	0.51×	0.34×	0.24×	0.21×
EV / EBITDA	8.1×	7.54×	7.57×	6.15×	4.73×	6.9×	10.84×	9.65×
Gross margin	34.8%	33.9%	34.3%	34.6%	34.7%	30.5%	29.6%	28.6%
Operating margin	8.5%	9.1%	11.0%	13.2%	13.4%	7.4%	3.7%	2.7%
Net margin	6.2%	7.1%	8.4%	9.8%	9.9%	5.4%	2.5%	0.4%
Current ratio	1.89×	1.78×	1.87×	1.62×	1.52×	1.21×	1.72×	1.85×
Debt / equity	0.87×	0.89×	0.87×	1.09×	1.26×	1.81×	-332.37×	192.36×
Interest coverage	14.14×	14.61×	14.72×	18.23×	18.53×	4.86×	1.77×	1.19×
Dividend yield	0.9%	0.8%	0.6%	0.5%	0.0%	13.1%	0.0%	0.0%
Payout ratio	9.2%	7.5%	5.2%	3.9%	0.0%	83.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.4%	20.9%	26.6%	38.6%	45.8%	27.8%	-1488.3%	253.8%
Return on invested capital	9.0%	10.3%	13.5%	17.7%	20.0%	11.6%	4.7%	4.5%
Return on assets	7.1%	8.5%	11.1%	13.7%	14.6%	7.0%	2.8%	0.7%
Free cash flow yield	6.1%	8.8%	6.7%	9.8%	17.4%	49.5%	17.1%	9.1%
Earnings yield	10.3%	11.2%	10.7%	13.8%	19.6%	15.8%	10.2%	2.2%
Enterprise value	$5.2B	$5.2B	$6.2B	$6B	$4.8B	$3.6B	$3.7B	$2.5B
Net debt / EBITDA	2.42×	2.16×	1.64×	1.47×	1.34×	3.14×	7.41×	5.88×
Cash conversion cycle (days)	82	66	60	53	37	19	73	76