Boot Barn Holdings, Inc. (BOOT) 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

-85.9%

$19.52

vs $138.43 price

Levered DCF

$7.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.14

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.17×	17.57×	19.54×	13.4×	14.83×	30.88×	7.96×	21.18×
P/B	3.45×	2.81×	3.04×	2.94×	4.76×	4.64×	1.19×	3.13×
P/S	2.02×	1.66×	1.72×	1.38×	1.92×	2.05×	0.45×	1.06×
EV / EBITDA	13.62×	12.08×	13.09×	10.14×	10.99×	14.39×	7.87×	11.97×
Gross margin	38.1%	37.5%	36.9%	36.8%	38.6%	33.0%	32.7%	32.4%
Operating margin	13.3%	12.5%	11.9%	14.0%	17.4%	9.7%	8.7%	8.3%
Net margin	10.0%	9.5%	8.8%	10.3%	12.9%	6.6%	5.7%	5.0%
Current ratio	2.64×	2.45×	2.33×	1.79×	1.61×	1.69×	1.23×	1.83×
Debt / equity	0.59×	0.5×	0.49×	0.58×	0.51×	0.84×	1.35×	0.7×
Interest coverage	195.9×	159.89×	88.57×	39.42×	44.7×	9.14×	5.53×	3.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.1%	16.0%	15.6%	22.0%	32.1%	15.0%	14.9%	14.8%
Return on invested capital	9.5%	10.4%	10.1%	13.9%	21.0%	8.8%	7.5%	10.8%
Return on assets	8.5%	9.0%	8.6%	11.2%	16.0%	6.4%	5.2%	6.1%
Free cash flow yield	2.8%	-0.0%	4.1%	-1.6%	1.0%	7.0%	-3.1%	4.3%
Earnings yield	5.0%	5.7%	5.1%	7.5%	6.7%	3.2%	12.5%	4.7%
Enterprise value	$5.2B	$3.7B	$3.3B	$2.7B	$3.1B	$2.1B	$747.2M	$996M
Net debt / EBITDA	1.66×	1.62×	1.57×	1.6×	1×	1.78×	3.84×	2.03×
Cash conversion cycle (days)	188	191	166	162	140	110	131	99